MEDICAL INSURANCE
Medical Insurance is one of most common names in Insurance industry, which is against the risk of Occurring medical expenses among individuals. An Insurer, who is the Authority of Insuring Company can develop Financial Structure such as premium, to cover the medical Expanses of the Person who is insured. Using the premiums paid by the Customers, the Insurer makes sure the money is available to pay the Health Care as provided in the Insurance Agreement. The Insured person has to Estimate the overall estimate overall risk of Medical expenses and had to choose his medical Insurance accordingly. The principle behind the Medical insurance is that there is an agreement between the Insurance provider and an Individual, which can be renewed Annually or monthly by paying a Premium. For a time period of X years, the Insurance Company provides the Cover for Medical expenses. If the agreement is not renewed periodically, the Medical insurance policy becomes invalid. In India, almost all the medical insurance come up with Life Insurance Cover. Assuming that we take a Medical Insurance for a period of 15 years, The Insurer will take responsibility of the Medical Expenses for that period of time and also pay the Same amount at the End of the Tenure.