How to Choose the Right Health Insurance Policy?

Sep 18, 2020 11:00 IST 403 views

You may have various financial goals. To achieve them, you will be required to build an adequate corpus that would be useful for you at different life stages. While saving for the future is an important thing, you must not ignore the importance of securing your loved ones against medical emergencies.

In India, health insurance is highly undervalued. It is a type of coverage that pays for the insured person's costs in case of an illness or an injury. There are various types of health insurance, including:

  • Individual Health Insurance
  • Family Floater Health Insurance
  • Critical Illness Insurance
  • Senior Citizen Health Insurance


Now that you know the various health cover types, it would help to understand how you can choose the right insurance cover.

  1. Type of policy: You must first identify the kind of health cover you would need. If you have a family, you can opt for a Family Floater Health Insurance Plan covering your spouse, child, and parents. You can also consider buying a separate Senior Citizen Health Insurance along with the Family Health Insurance to get wider coverage. You can also avail Individual Health Insurance policy for everyone, based on the requirement.
     
  2. Know the Policy Coverage: Check about the policy inclusions & exclusions before selecting a plan. While almost all health insurance policies have a standardized offering, yet you need to check whether it covers pre- existing illness, day care procedures, accident expenses, among other things. Make sure the policy offers sufficient cover to you and your loved ones.
     
  3. Sum Assured as Required: Another vital factor to consider while choosing the best health insurance plan is the sum assured. Check whether the Health insurance sum assured would be adequate for all members. You should also consider the inflation factor while deciding on the sum assured of the plan.
     
  4. Waiting Period of the Policy: The waiting period is a timeframe for which an insured person has to wait until the health insurance comes into effect. It is also known as the elimination period or qualifying period. The number of months for waiting period varies as per plans and insurers. Waiting period is also applicable for pre-existing diseases and certain treatments like hernia, which varies basis plans.Make sure you check the duration for waiting period in detail before purchasing the policy.
     
  5. Know the Premium Rate: The premium you are going to pay in exchange for a health cover is also crucial. It should be as per your budget and requirements. A low or a high premium cost doesn't indicate the credibility of the policy.
     
  6. Look for additional benefits: While choosing the right Health Insurance policy, you also need to factor in add-ons or riders. Riders help to enhance policy coverage. However, you will have to pay an additional premium while you opt for any riders.
     
  7. Claim Settlement Procedure: Always choose an insurer with a quick and hasslefree claim settlement process and minimal paperwork. Also, opt for an insurer with a wide range of network hospitals as cashless treatment can availed in the empanelled hospitals.


Considering today's situation, protecting your health with insurance is of utmost importance. You can easily buy a policy online or offline, as per your needs.

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