We are living in fortunate times – today, there are a plethora of health insurance options available in the country. However, this large pool of options also makes the process of buying the best health insurance in India that much trickier. Especially for those who are buying health insurance for the first time, the process can get extremely daunting.
Wipe out the confusion from the process – ask yourselves these five questions before you buy the best health insurance policy.
1. What is the sum assured?
The higher the sum assured, the better the benefit for you when the need for treatment or hospitalisation arises. When browsing through insurance plans, find out what the sum assured will be at every stage of the plan, especially when you are over 45 years of age, when the need for the plan may arise.
2. What is the maximum coverage provided?
You will need a health insurance plan that takes into account future expenses based on the current state of your health. If there is a history of heart disease in the family, you will need a high coverage amount to take care of a probable heart surgery for either your parents or yourself. The best health insurance policy will give coverage of even up to Rs 50 lakh.
3. Do you need individual plans or family plans?
If you have a family’s expenses to consider, you should go for low premium but high benefit health family plans. These take the pressure off when a family member meets with an accident or falls ill, and you don’t need to depend on your savings to meet the expenses.
4. What is the insurer’s renewal policy?
The best health insurance in India provides for renewals up to a high age, even up to 75 years. This is an important feature which you may overlook if you are buying insurance when you’re still in your 20s or 30s. But consider the future, when you will fall ill and have the option of renewing the policy even when you are a senior citizen.
5. What is the insurer’s claim settlement ratio?
The higher the insurer’s claim settlement ratio, the better the idea to take a policy from that insurer. Avoid a company that rejects more claims than it settles.
