Factors You Must Keep in Mind While Choosing an Health Insurance Policy

Health Insurance, which is also known as medical insurance is a type of insurance policy which covers medical and surgical expenses of an insured individual. Either the insured pays costs out of own pocket and is ensuing reimbursed or the insurance company reimburses costs directly.

You must be interested in taking health insurance policy. But nowadays there are so many medical insurance companies in the market that it is very difficult for us to decide, which health insurance policy is the best. We all want to take the best health insurance policy for ourselves and our family.

The Popular Types of Health Insurance Policies

  • Critical Illness Health Insurance – A critical medical insurance policy covers life threatening diseases such as cancer, stroke, kidney failure, paralysis etc. The sum insured amount is paid in lump sum that can cover all medical expenses.
  • Individual Health Insurance – It offers coverage on an individual basis. However, you can pay extra premium and add other members of your family including spouse, children, parents etc.
  • Family Floater Health Insurance – In this plan, the coverage is offered to all the family members including spouse, children, parents and all other dependent members. It is quite similar to individual health insurance, only difference is the policy will cover all the members under a single sum assured.
  • Group Health Insurance – This insurance plan is usually provided by the employer of an organisation. Moreover, the policy will get terminated as soon as you leave the organisation. So, you should check with your organisation and insurance company if you want to continue with the plan.
  • Maternity Health Insurance – Maternity health plan basically gives maternity coverage. This subsequently reimburse costs linked to cesarean or normal deliveries of babies.
  • Accidental Health Insurance – It is a type of plan which is offered to the insured person in case of an accident. In case of death of the insured person, compensation is offered to his/her family.
  • Preventive Health Insurance – This plan is very important because it helps us to stay healthy and help reduce medical expenses and gives prompt treatment.
  • Senior Citizen Health Insurance – This plan is designed especially for senior citizen above the age of 60 years. Premium is high in the case of senior citizen because they are more vulnerable to any kind of disease. It is very important to take a plan for our elderly member in the family.

Let's discuss about the Top 5 Health Insurance Companies in India

  1. Apollo Munich Health Insurance Company Limited.
  2. Religare Health Insurance Company Limited.
  3. Bajaj Allianz General Insurance Company Limited.
  4. Max Bupa Health Insurance Company Limited.
  5. ICICI Lombard General Insurance Company Limited.

best health insurance policy

Tips to Choose the Best Health Insurance Policy

  1. Right Policy Coverage – Always choose a health plan which gives right coverage to you and your family. The coverage should include pre, post hospitalization cover, maternity benefits, cashless treatment, day care etc.
  2. Flexibility to add family member – While choosing a family health plan always check if your plan is giving you an opportunity to add new family member. In case if a senior member passes away, you should be able to add another family member.
  3. Check the waiting period – It is very important to check the waiting period. Waiting period for existing diseases sometimes varies from plan to plan.
  4. Choose a plan with lifetime renewability - Always check plans which offer life time renewability. After a certain age it should not happen that you again have to take another plan and pay more premium.
  5. Hospital room rent limit – It depends on your policy whether you will get a private room, semi or a shared room. It's better to go for a high room rent limit, if you want to avoid paying extra expenses.

Benefits of Health Insurance

  • Free annual health check-ups- Health insurance companies partnered with different hospitals and other diagnostic centres all over the country to provide annual health check up to policy holders. It is helpful for the policy holder to keep a track of their health.
  • Tax benefits – Health Insurance policy holder can claim tax benefits under the section 80D of the Income Tax ACT, 1961.
  • Facility to apply & renew online – All the top insurance companies in India provide the facility to apply and renew policies online. They also provides all facilities that a policy holder may ask for like -information, status, renewal, application etc.
  • Round the clock customer support – Almost all insurance companies provide round the clock support to the policy holders. Many times many policy holders may not understand a certain thing about the policy so, 24*7 customer support is available.
  • Plan portability to other insurer – Health insurance plans are portable. Policy holder can port his plan if finds better facilities with other insurance provider. But, it is possible only if the original insurance provider allow the policy holder to do so.

But before taking any medical insurance plan you shouldn't forget to ask all that you want to know. When you're comparing the nitty gritty consider adding this 10 questions to your list.

1. Is customer support available 24*7 ?
2. What if my needs change ?
3. Got any perks ?
4. Is there any alternatives available ?
5. What if I'm well ?
6. What if I'm sick ?
7. What about my medical bills ?
8. Is my family doctor covered by this plan ?
9. What is my worst cost scenario ?
10. What is my best cost scenario ?


Now when you know the importance of health insurance, the types of health insurance, the top companies of health insurance in India, I am sure you will be able to make an informed decision and head to buy one. Moreover, now you also know what to ask, when you take up an insurance plan for yourselves and your family so, that you don't have to run from pillar to pillar at the time of claim.

Sushmita Guha

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