Health is certainly wealth, yet long shifts, stressful schedules, growing pollution, and today’s fast-paced lifestyles, among several other factors, have put us and our health in the backseat. While general life expectancy has grown substantially, the number of illnesses affecting the population has also surged.
In this sense, there is no disputing that health insurance policies are a must, irrespective of your age. Moreover, due to the rising inflation, many people resort to health insurance to prevent incurring high medical costs that could sweep out their entire savings.
India has numerous insurance company and each company have different health insurance policies. Moreover, each policy has its features and benefit. So, when a person opts to buy health insurance, it is difficult to decide which health insurance is best in India. Thus, we have prepared a guide to help you identify which health insurance is best in India.
Here are the things you need to consider while identifying a health insurance policy best suited for your needs:
Choose adequate sum insured amount
You need to choose the sum insured amount to cover your medical bill adequately. For example, a primary heart surgery can cost around Rs 3 – 4 lakhs, which is a significant amount to arrange immediately.
So, suppose you have family members with a pre-existing condition. In that case, it is wise to sum insured an amount that can cover your medical bill easily.
Choose coverage type wisely
If you are a part of a family, you can go for a family health insurance plan. Such plans have a low premium but high coverage, and more people are insured.
However, if your company offers you health insurance, you certainly don’t need a large insured amount. With reputable insurance providers such as Care Health insurance, you will find comprehensive health insurance plans that are well-tailored to suit your requirements – and all at affordable rates.
Flexibility in amount ensured
India is a very diverse country; you might be relocated to different states, and each state has a different cost of living. Thus, it would help to choose a policy that allows you to increase the sum insured over time. Therefore, this provision is an excellent parameter to identify which health insurance is best in India.
Check maximum renewal age
Generally, most health insurance companies allow policy renewal until 65. However, certain policies offer lifetime health insurance which can be handy for people with longer life expectancy in the family. Hence, this factor plays a significant role in deciding which health insurance is best in India.
Check our claim-settlement ratio
As the name says, the claim settlement ratio (CSR) is the number of claims settled by the insurance company over the total claims received. The higher the ratio, the more chance of your claim being settled by the insurance company. For example, if a company has CSR above .75, it can be included in which health insurance is best in India.
Claim settlement process
The insurance regulatory and development authority has instructed insurance companies to settle claims. Thus, each company has a similar settlement process. However, some policy offers cashless settlement while other offer reimbursement claim settlement process. Therefore, you need to choose which one is better for you and use it as a criterion while deciding which health insurance is best in India for yourself.
Customer reviews are vital while evaluating which health insurance is best in India. This is because such reviews are always a mixture of negative and positive opinions. However, you can easily spot the pros and cons of health insurance using the reviews.
This was the complete guide on identifying which health insurance is best suited for you in India. Hope, it helps you find the right policy which covers all your requirement.
While you are at it, make sure you do your research and explore options from reputable insurance providers such as Care Health Insurance. They are a renowned name in the Indian insurance industry, providing comprehensive insurance plans suiting a wide variety of requirements. So, find the best health insurance for yourself and your family, and enjoy peace of mind!