How To Choose Health Insurance Policy In India

Life expectancy has improved in recent years however one can never predict the onslaught of a disease or such other ailment or accident for that matter.

One must invest a fair amount of thought process in the selection of the same by comparing the vast array of health insurance options available for Health Insurance policy in India. Hence the following tips should come in good stead when deciding on a health cover for self and family:

1.) Future planning of probable needs:

One has to take a reckoning of the requirements which may arise in future in the form of ageing parents or family expansion in the form of children. Thus, it become essential to consider family health insurance policies which will cover for instance costs such as that of maternity along with increased medical expenses at
the behest of parents.

2.) Kind of health insurance:

One must make an informed decision as to the type of plan. A cashless plan sounds less hassle but may not cover all hospitals and thus a reimbursement plan may also prove more beneficial. In India, there are two kinds of policies the traditional indemnity options offered by the top general insurance companies in India.

An Indemnity policy which primarily offers reimbursement plans covering hospitalisation expenses or cashless. The other type is a defined benefit plan, which of a specified critical disease diagnosis provides lump sum compensations.

3.) Sum assured:

This value is the maximum figure or amount which will be received by the policy holder in a year in case of medical exigencies covered by the policy. While selecting the policy one should aim at achieving a balance between the cost and the amount of cover provided.

4.) Choice of Policy Provider Company:

The best health insurance in India is being provided by a number of Indian and multinational companies. It is advisable to purchase a health plan from a general insurance company as opposed to a life insurance due to the wider portfolio and lower costs provided by general insurance companies in India.

5.) Tenure, sub limits and co payment:

Life insurers offer covers with three year renewals and mediclaims have annual renewals. The premium thus gets locked for three years and can be changes only with the approval IRDA as opposed to annual revision from mediclaims options.

Health care costs are perennially on the rise and hence in order to safeguard against the same, the insurers put ceiling limits on the amount of billing possible against room rents or doctor’s fees.

Co payment is a rarity and is done with the objective of making the insured more judicious with pay outs.

It is thus advisable to have comprehensive health cover plans.

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