Steps to buy the best health insurance plan

Three important tips to find the best health insurance plan


Deciding which the best medical insurance plan is for you and your family can be quite a tricky process. So when you have to buy health insurance for yourself and your family, how do you ensure you are getting the best deal? You should neither focus on buying the cheapest policy nor one that offers a plethora of benefits. The best cashless health insurance plan should simply be a policy that fulfils your specific medical requirements.

These days several health insurers have come out with premium variants that offer services like doctors' second opinion, vaccination cover, wellness benefits, etc. With a number of similar sounding insurance plans available, selecting the right one can be quite confusing. Here are a few tips to remember before you sign the papers and buy the health insurance product for your loved ones.

  1. Before buying a health insurance plan, it is imperative to check who all can you cover under the plan. Every insurance plan has an age limit. The number of family members and their age is critical. It doesn't make sense to buy a plan that doesn't cover your entire family if the premiums are too high. If the parents are too old, opt for separate cover for them, and not include them in your floater cover. Similarly, if you are planning a baby within two years' time, you will be better off without the maternity cover which comes with a long waiting period and almost doubles the policy premium. The best mediclaim policy should cover your immediate family members at the very least.

  2. Another important thing worth considering is planning for the future. The primary purpose of buying insurance is coverage for future contingencies. If you prefer access to high-end hospitals with better rooms, then plans with room rent sub-limits will not be a good option for you. Given healthcare inflation, the room rent sub limits of an inadequate policy may not even suffice for a good hospital room a few years from now. All the other expenses are linked to room rent eligibility, bringing down your entire claim eligibility.

  3. Hence, understanding the terms and conditions of your policy is very important. Go through the fine print to understand the limitation and exclusions of the plans. Read the document carefully in order to understand the deal. Many people end up buying an insurance plan in which the company will not bear the entire costs. As per Insurance Regulatory and Development Authority of India (IRDA) there are many plans in which the consumer ends up becoming the co-bearer. Ensure, you know these things before signing the documents.

When it comes to selecting a policy, buyers often forget to keep crucial factors in mind. The insurer's experience, financial strength and service record is quite crucial. An insurer with a lower claim settlement ratio is best avoided. If possible, you should also take into account solvency margins or an insurer's ability to pay out claims and also premium growth registered by insurers. Paying higher premiums for benefits you may never use is not advisable just like it is not advisable to buy a high-end cover merely for availing tax saving schemes that offer greater rewards.



Presented by :

Category : Family Health Insurance

*premium Amount for Male, 35 yrs, 10 year term, Silver option, including tax.
HDFC Standard Life Insurance Company Limited.

Insurance is the subject matter of the solicitation. For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale. HDFC Life Health Assure Plan (Form No. P501-105, UIN: 101N087V01) is the name of traditional health plan offered by HDFC Life. HDFC Standard Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Health Assure Plan is only the name of the product. The name of the company, name of the brand and the name of the product does not in any way indicate the quality of the contract, its future prospects or returns. HDFC Standard Life Insurance Company Ltd. IRDAI Reg No. : 101. ARN: MC/03/2015/6186.
CIN: U99999MH2000PLC128245. Tax benefits are subject to change in tax laws.

Corporate Office & Registered Address

HDFC Standard Life Insurance Company Ltd.
Lodha Excelus, 13th Floor Apollo Mills Compound,
N.M. Joshi Marg, Mahalaxmi
Mumbai, Maharashtra 400011
Telephone: (022) 67516666

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