How To Select the Best Health Insurance Plan in India?

Health insurances are a form of contract between the policyholder and the insurance company where the insurance company pays specific portions of your medical expenses. When you are selecting a health insurance policy, it is important for you to understand the different benefits that it provides, the amount of sum insured that you are promised and whether it provides a comprehensive cover against diseases or not.

There are certain factors that you should keep in my mind while choosing a health insurance policy that offers the best coverage. The following are a list of factors to help you to select the best life insurance policy in India -

How Can You Select The Best Health Insurance Plan In India?

1. Select A Plan That Offers Comprehensive Benefits

While selecting a health insurance plan, choosing one that offers a low cost premium is not the right way to go about it. Low cost premium health insurances often come with restricted health benefits that do not address your health concerns adequately. Given high medical costs associated with any illness or an accident, it is necessary to select a health insurance that comprehensively covers critical illnesses, accidents, disabilities and a life cover benefit. This way you can be assured of financial protection for you and your family with a comprehensive cover that lies within the range of your budget as well.

2. Choose A Sum Insured That Suits Your Personal Requirements

One of the many dilemmas that young people face while buying health insurance is in choosing a policy with a substantial sum insured. The sum insured amount in most policies corresponds with the age of the policyholder and so the younger you are, the lesser is the amount. Hence, it would be wise to select a policy that offers a considerably large amount of sum insured when you are young. If you are married, then you should also take into account the health and medical history of your spouse in selecting a superior amount of sum insured.

3. Make Sure That Your Policy Has A Nominal Waiting Period

All health insurance plans come with a waiting period that varies between 2 to 4 years, depending on the terms and conditions of the health insurance. You should be conscious that during this period, no claims made by you are payable by the insurance company. Many pre-existing medical conditions are not covered by health insurance policies before this waiting period is over and so you should look for plans that come with a lesser waiting period. It ensures the coverage of any immediate medical treatment that you might require.

4. Your Policy Should Have An Extended Age Limit For Renewal

Health insurance policies come with a renewal feature that allows policyholders to renew their policy after a certain period once their policy has lapsed or ceased to function. While most insurance companies have a renewal period of 5 years, when you are buying a health policy you should look for a plan that gives you the offer of policy renewal till the age of 70 to 80 years. By doing so, you can enjoy a secured post-retirement life, without a nagging concern for securing financial protection.

6. Compare The Policy You Want To Buy With Other Policies

Last but not the least is the most important aspect of comparing the health insurance that you want to invest in with other plans. It is the best way to bring out the contradictions, restrictions and limitations in terms of coverage, sum insured and other benefits. It is advised that you compare the available policies to get the one best suited for your needs. While comparing, you should take into consideration some additional benefits like daycare medical expenses, psychiatric illness cover and maternity benefit.

These are some of the important points that will help you to select the best health insurance policy in India. You should be aware of these factors before you finally settle for any health policy. Being adrift of these methods will ensure that your finances are not spent erroneously and you are substantially protected against medical expenses in future.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.