Purchasing a health insurance policy for the first time can be overwhelming. There are so many options, multiple features, a variety of benefits; it is natural to be confused in such a scenario. The key to purchasing right is to focus on what you want rather than what is being offered.
In today’s digital age, you do not have to depend on an insurance agent or visit an insurance company’s branch to purchase health insurance in India. You can insure yourself easily by using a smartphone. If you are buying health insurance in India for the first time, make sure to go through the following checklist to make an informed choice.
It is good to purchase a health insurance policy. In spite of knowing the benefits, some people delay buying medical insurance in India. If you are going to purchase it sooner or later it is better to buy it early and stay covered.
Your age plays a crucial role in determining the premium of your health plan. As a result, a policy purchased by a 30-year-old individual will be less expensive than that purchased by a 40-year-old. Note that age is not the only factor but overall, it is better to purchase the policy early to avoid getting into complications such as pre-existing diseases, premium loading, etc.
Analyze and purchase
You need to purchase medical insurance in India as per your requirements. Your lifestyle dictates how your health is going to shape up in the future. You should decide on the sum insured and the type of cover after analyzing your individual health history, family’s health history, current health condition, future scenarios that might affect your health, habits, etc.
Selecting the right cover
Sticking to what you want will help you narrow down your choices and help in selecting the right cover. You might have a Group Insurance cover provided by your employer, but is it enough? Has someone in your family purchased a Family Floater plan and included you in it? Do you want a heart-specific Critical Illness cover or a policy that offers a cover against a long list of illnesses? Do you want one individual plan or widen your coverage with two plans? Answering such questions will lead you towards purchasing suitable medical insurance in India.
If you are unsure about a particular policy or have any doubts, you can simply call up the insurance executive of your preferred insurer and get your queries resolved.
Be wary of the conditions
Health insurance policies come with a lot of terms and conditions. You need to look into the sub limits of a policy, the room rent clause, co-pay, waiting period, coverage related to pre-existing diseases, etc. before buying.
Compare health insurance
Once you have decided that it is the right time to buy health insurance, have analyzed your requirements, selected the kind of cover you need, and gone through the terms and conditions of the policy, then it is time to compare health insurance.
The above-mentioned points will limit your comparison options and thus make it easy for you to decide your cover. Also, take into consideration the insurer offering the policy. You can check online reviews, and go through their website to check the service quotient.
If you are operating on a tight budget, you can compare policies first based on the premium charged. A certified web aggregator website might come in handy. If you have a few brands in mind, you can compare policies by visiting their websites.
Whichever method you choose, do not purchase the first policy you see just for the sake of it. Remember, health insurance offers the much-needed financial support in case of medical issues, hospitalization, etc. Make an informed decision.
Peace of mind:
With rising medical inflation, it is necessary to buy an ideal health policy in order to avoid financial losses. Most importantly, an extensive health insurance policy offers peace of mind, something that is sought after in today’s high-pressure world.
Read informative Health Insurance Articles at Acko.
Read all our insurance & non insurance related articles here.