The Indian insurance industry has given a significant boost to the country’s GDP, considering that its gross premium reached Rs. 5.53 trillion in FY 18 alone. Of this, Rs. 4.58 trillion can be attributed to life insurance policies. This industry is predicted to touch $ 280 billion by 2020.
Such escalated growth of the industry can be credited to the emerging middle class, affordable premiums and a simultaneous rise in the expenses incurred in medical healthcare. Thus, a significant share of India’s population has opted to buy health insurance online.
Choosing one is essential, considering that it needs to cater to your financial and healthcare requirements. Thus, despite the host of benefits that health insurance plans, one must take into consideration several aspects. These pointers would help them to choose the best insurance policy in the country.
Here is what potential insured individuals should keep in mind to choose the best health insurance plans in India –
- Make sure to compare insurers and the coverage offered by them
At present, there are multiple insurers that offer their schemes along with several add-ons. However, in case of the best health insurance company in India, you can purchase the ideal plans at minimum premium. You can also opt for aggregators that help you compare policies in terms of features, benefits, maximum returns, etc. Make sure to compare the issuer and opt for one that requires you to pay a minimum premium and gain maximum benefits.
- Look into the sum assured
Looking into the sum assured in an important part of choosing a health insurance plan. Take into consideration your age and marital status. At a comparatively younger age, the risk factor is less; however, with ageing, your financial requirements evolve. This age calls for the inclusion of additional medical expenses. Again, post-marriage, the sum insured of the plan must necessarily include the consideration of your spouse as well.
- Compare the various health insurance policy covers
Taking into account the financial coverage requirement of the prospective policyholder, insurance providers offer several health insurance policies like –
- Individual health insurance policies
- Top-up health insurance covers
- Group/employee health insurance schemes
- Family floater health insurance covers
- Maternity health insurance schemes
- Critical illness health insurance policies
- Senior citizen health insurance schemes
- Personal accident insurance covers
Bajaj Finserv is an NBFC that provides a range of health insurance solutions that you might be interested in.
- Consider the network healthcare facilities
While opting to buy health insurance online, make sure to research well into the network hospitals where they offer their medical care facility. Approaching an insurer that offers a wide range of hospitals that are close to your area ensures that you can enjoy the hassle-free and cashless financial coverage.
- Opt for an insurer who has a high claim-settlement ratio
The claim settle ratio refers to the number of claims settled by the insurer in question against the total claims received by it. Make sure to opt for insurance companies that hold a high claim settlement ratio. It ensures a higher chance of recovering your claim.
- Buy a health insurance online that comes with a minimum waiting period
Considering that each issuer has its terms and conditions related to a potential insured individual’s pre-existing illness, make sure to read into the finer lines in case you have any disease before buying a plan. The pre-existing disease often takes a toll on the waiting period of the policy. Thus, before you settle upon an insurance cover, ensure that the plan has a minimum waiting period.
Taking into account the above-mentioned pointers, you can conveniently choose the best health insurance plans in India that suit your financial and health requirements.