A Health insurance plan provides financial protection against the expenses that might arise out of a medical emergency. By having a health insurance policy, you will be able to get coverage for hospitalization expenses, medication costs, laboratory tests, treatment of critical illnesses, and so on. Additionally, you can avail tax deductions u/s 80D for the premiums paid towards a health plan.

However, with more 50 registered insurance companies offering several types of health insurance policies in India, choosing a right plan for yourself can be a difficult task.
That’s why, in order to make an informed decision, we recommend you make a thorough comparison of various health insurance policies based on the following pointers:

• The right premium and coverage combination

While you may consider a health insurance plan with the lowest premium, make sure it provides you optimal coverage. Do not buy a health plan at the cost of inadequate insurance coverage in terms of sum assured. Also, check for any additional clause of co-payment, deductibles, or sub-limits that you may need to pay at the time of claim, should you opt for such a plan.
While choosing a health insurance plan, you need to strike a balance between the sum assured that you think is necessary and the premium that you can afford to pay.

• Coverage for pre-existing diseases

Many health insurance policies exclude the pre-existing diseases from the scope of its coverage. Therefore, check if the policy you’re willing to buy provides coverage for pre-existing illnesses or not. Also, look for the waiting period i.e. the period for which you need to wait before you can make a claim. It’s better to opt for the policy with the minimum waiting period.

• No-claim bonus (NCB)

No-claim bonus is the bonus provided to the insured at the time of policy renewal for every claim-free year. It is offered either as an increment in the sum assured or as a discount on the premium amount. So, before purchasing any policy, do confirm the NCB that you’ll be entitled for.

• Network of Hospitals

All health insurance providers have tie-ups with network hospitals that offer cashless treatment in case of medical emergencies. Go for the insurer that has the maximum number of network hospitals. Also, check for the network hospitals located near your residential or official address. You can find the list of these hospitals on the insurer’s website.

By comparing various health insurance plans, offered by different insurers in India, on the basis of these parameters, you will be able to choose the policy that’s best suited to your requirements.

Learn more about different Health Insurance Plans here.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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