Compare Health Insurance Plans Online Before You Pick One for Your Loved Ones

With a lot of options available in the market, selecting the suitable health insurance product for yourself and your loved ones can be a daunting task. But if you know which coverage features to compare among different plans or even different variants of the same plan, the task gets less tricky and less exhausting. Sharing a similar opinion, the President of Personal Lines, Bancassurance & Affinity and Marketing, Liberty General Insurance, Amit Jain says, “With multiple health insurance plans available in the market, it may sometimes become a little daunting to choose the right one to buy for oneself.”

But more than comparisons, people are often confused about the right age for buying health insurance. So, before jumping onto the features, one must learn it from Shanai Ghosh, CEO Designate, Edelweiss General Insurance, who believes that one should purchase health insurance while he/she is fit and fine. This way, premium loading or proposal rejection in most cases can be dodged.

While choosing the best plan for self or dear ones, it is imperative to consider features as per your age. For youngsters, hospitalisation cover may be important but for senior citizens, AYUSH benefits and reload of critical illness cover might hold greater importance. However, adults may choose a policy that offers maternity benefits and personal accident cover along with standard hospitalisation.

Next, you have to decide on whether you require an individual health insurance plan or a family floater plan. Single or unmarried can go for individual sum insured plan and get their parents covered under a separate floater policy.

Now come the variants. Several insurers offer more than one variant of the same plan. For instance, Basic, Silver, Gold/Executive, Premium, etc. You can compare the inclusions and exclusions of different variants of the basic plan to get a fair idea.

To shortlist the right health insurance product, you must look for the ones without room rent capping, co-payment and sub-limit. You must search for more evolved insurance providers who have fair Claim Settlement Ratio. Vikas Mathur, Head of Health Marketing in Universal Sompo General Insurance informs, “Insurers who have minimal claim rejection ratio and lesser customer grievance along with high solvency margins are suggested.”

The customers must not decide the purchase only considering the premium amount to be paid for a particular policy, but checking on the coverage features in accordance to the premium charged is equally important in order to make an informed choice. Summing up with another important factor to consider, Jain shares, “Determining the right cover at the right price is the most critical point to evaluate in choosing a health cover. The lifestyle of the family, family history of any specific ailment and any pre-existing disease in the family should be the key factors you should consider while selecting the right health insurance plan.”