Tips to Choose India’s Best Health Insurance Policy

Today a certain section of millennials has realised the importance of health insurance plans while there are still many who are unaware of its significance. Furthermore, if a person wants to buy a health insurance plan, then he/she may not be entirely aware of the ways to select the best health insurance plan.

In this article, we will explain the factors that you need to consider while selecting India’s best health insurance plan.

A large section of the population considers health insurance plans as tax saving instrument. However, health insurance policies provide a variety of benefits. Health problems can occur even when a person tries to stay fit and fine. Treating these problems can be expensive. In such a situation, health insurance can provide financial assistance to pay for medical costs.

With the availability of several riders, health benefits, and different variants of health insurance, it is imperative to choose a policy that would best suit your requirements. Here are the tips that would help you to select India’s best health insurance plan.

  1. Choose the Right Coverage Amount

With the drastically increasing prices of medical costs dealing with health care expenses can be difficult in the future. Thus, it is paramount to select the insurance amount that can adequately cover any treatment.

  1. Choose Family Floater Plan Over Individual Plan

Individual health plans cover the health expenses of a single person, and if you have a family to support, then you would require one policy for every member of the family. Purchasing a plan for every person of the family can be expensive. Therefore, most experts recommend buying a Family Floater Plan instead of Individual Plans in order to avail a higher sum assured at lower premiums.

  1. Precision in Selecting The Sum Assured

The health risks increase as you age, and you may be prone to a few lifestyle-related diseases. Same will be the case with your spouse if you are married. Therefore, before finalising the sum assured, consider the age factor and your marital status.

Health Insurance Policy

  1. Choose minimum waiting period in case of Pre-existing Illness

Health insurance plans for a pre-existing disease have a waiting period before you can avail the benefits of the policy. In most cases, the waiting period is from 2-4 years. Thus, before you choose a health plan, do look for a policy that offers a minimum waiting period.

  1. Look for an Insurer with a high Claim Settlement Ratio

Claim settlement ratio (CSR) should be one of the deciding factors to choose an insurance provider. CSR shows the number of claims settled by an insurance provider in response to the number of claims received. The higher the CSR, the more the chances of getting your claim settled. However, at the time of making a claim, attach all the necessary documents required for filing the claim.

Compare The Premiums

To choose one of India’s best health insurance plans, you need to compare the premiums of multiple policies. With the help of online premium calculators, you can select a health insurance plan that will offer you maximum coverage at a low premium.

Do not miss out on reading the terms and conditions thoroughly to check the exclusions. You can also compare the offers of other insurance providers before you renew your health insurance plan.

Author: Robin Gupta