Compare Health Insurance Plans and Medical Policies in India

What Is The Importance Of Health Insurance?

With the medical treatment sky-rocketing every day, it is important for every individual to insure themselves and have comprehensive health insurance that includes hospitalization, medicines, laboratory tests, etc. It is important to have all this included in a medical policy as we never know what life will throw at us. The health insurance industry is growing every day, still, according to data, a small percentage of the total population has a health insurance policy. This just shows we still have a lot of ground to cover in terms of health insurance

Comparing Various Health Insurance Plans

With so many players in the market offering so many policies and so many features. One can always get confused with the plethora of options that are available. As simple as a health insurance policy may sound, the clause and terms can be pretty confusing. This generally results in people buying policies for features they don’t need or claims they couldn’t settle because of the terms laid by underwriting. Therefore, an insurance policy must be only purchased after each and every clause is understood and appears beneficial to the insured. 

Benefits of Comparing Health Insurance 

Apart from the features and clauses, there are several other features of comparing insurance, and they are as follows:

Gives Proper Information –

Thanks to the internet, one can easily learn about the reputation and the claim settlement of a company just at the click of a button. 

Saves Time –

Comparing insurance online saves a lot of time as you don’t have to visit multiple branches and don’t have to meet numerous agents, just to purchase a policy.

Saves Money –

A customer can also save a lot of money if he purchases the policy directly online and doesn’t go through any channel. 

Plan Review –

A customer can review any plan that he likes or express the desire to purchase it. This helps the customer to make an informed decision and not to purchase the policy in haste.

Ways to Compare Health Insurance Plans In India

With so many companies and hundreds of medical insurance plans available in the market, it is impossible to select just one insurance policy with ease. One has to compare it with the rest, to understand the perks better. Some of the tested ways to compare policies are as follows:

Sum Assured of the Plan –

Inflation is real, and no industry has been able to escape the brunt of inflation. Health Insurance policy is also no different. So, when you purchase a policy, make sure that the sum assured that is offered to you is in tune with the rise in inflation from now.

Furnish Correct Information –

This bit is for the applicant. While selecting a policy, ensure that you provide all the correct details. Failing to do that, will lead to rejection of the claim. 

Insurance Premium –

The premium of your insurance policy is decided by the insurance company based on factors like personal life, family history, lifestyle, smoking habits, etc. 

Company Reputation –

A well-reputed insurance company will always have the highest claim settlement ratio. So, if you want to gauge the credibility of the company, always see their claim settlement ratio. This also includes the claim process. If the claim process is difficult people will move away from purchasing any policy from the company. 

Therefore, it is vital to compare Mediclaim policies, so that in the hour of need, our claims don’t get rejected and we’ll have to search for alternate sources to fund the treatment.