Here’s How You Can Find the Best Health Insurance Policy
17 January 2022: There are two major types of insurance- life insurance and non-life insurance. Both types have a few features in common. However, they provide different coverage. Life insurance gives life coverage in case of the insured person’s demise. A health insurance plan provides coverage to meet the expenses of any unexpected medical emergencies or diseases.
The best health insurance policy will ensure that you don’t have to worry about any aspect of treatment. It covers pre- or post-treatment, medicine, tests, scanning, hospitalization, and even transportation to medical facilities. But, before knowing how to find the best health insurance plans in India, it would be better to learn what a health insurance policy is.
Health Insurance Policy
Health insurance policies function like any other insurance policy. They require premium payment and have a pre-defined term duration. If some unforeseen medical incidents happen to the insured person during this term, they can raise a claim. With the help of an adequate insured sum, you can get most treatments without the need for extra funds.
Any health insurance policy from a decent insurer who follows the government rules has maximum customer benefits. All the best health insurance plans in India have similar benefits. Some of the standard and valuable advantages an insured person enjoys from the best health insurance plans are as follows:
Tax Exemptions
Wide Coverage
Zero-cash Treatment
Mediclaim Portability
No-Claim Bonus
Cover Restoration
Rider Benefits
Regular Free Check-ups
Non-Allopathy Treatment
How To Find Out the Best Health Insurance Policy
There are 33 IRDA-approved non-life insurers in India as of December 2021. And most of them have a variety of health insurance of different types. Because of so many different policies, it is hard to find out the best health insurance. So, you must do your research to find a good health insurance policy.
You can get reliable information on the best health insurance plans from several sources, online and offline. Make sure to never take any financial advice from social media and other public platforms. Most of the information is from online marketers or associates hired by different insurers. So, there are high chances that these suggestions may be promotions and have no actual value.
You can trust three sources for reliable information to find a good Mediclaim policy. They are Referrals, Agents, and Online Insurance Calculators.
Referrals
You can get referrals from various sources like friends, family, colleagues, existing customers, financial advisors, employers. But the most trusted referrals are from existing customers and financial advisors.
Existing customers can give insights into their experience and the benefits received from the insurance policy. Such existing customer reviews are always helpful in selecting a health insurance policy. A drawback of existing customer referrals is that you do not get any information on other insurance policies from them. As they have only one policy, they have knowledge about a single policy.
Another great source to know about the best health insurance is referrals from financial advisors. The advantage of taking advice from financial advisors is that they have a better knowledge of insurance schemes. They develop their knowledge from interaction with different people having different insurance policies.
Agents
Insurance agents can give you better information on policies than referrals. They show you a comparison of health insurance policies to clearly understand different policies’ benefits. Make sure to check the insurance agent’s legitimacy and registration status before taking their advice.
Online Insurance Calculators
Online insurance premium calculators are a new technology used by insurance companies. Companies host these calculators on their official websites for free use. You can easily find out the exact premium amount and the different plans of the insurance provider. The calculator will need some personal information and preferences before providing the results. Most of the calculators follow the same layout and have common fields. Given below is the step-by-step procedure to find out the best health insurance plans in India with the help of an insurance calculator.
Step 1: Enter your name, age, smoking/tobacco habits.
Step 2: Enter your required insured sum.
Step 3: Enter your preferred policy duration.
Step 4: Enter your preferred premium payment duration and intervals.
Step 5: Choose any add-ons from the list. (The add-ons are available with their price)
Step 6: If you want to add any riders, enter their details.
Step 7: Click on calculate.
After clicking on the calculate button, the results show the premium amount and other taxes and charges. It will also show different suitable plans that are investment worthy. If you find the premium amount costly, you can change the insured sum or add-ons to reduce the price to an affordable range.
What is stopping you from buying the best health insurance policy, now that you know how to find it? Use these methods to ensure that you get reliable insurance providers and plans. Before purchasing a plan, always read the terms and conditions. These will help you to know if the information that you got from different sources on add-ons and benefits are accurate or not.
