How to Choose the Best Health Insurance Plan In India?

bySurobhi BoseLast Updated: August 19, 2022

To cope up with the skyrocketing cost of healthcare every individual must have a comprehensive health insurance policy. By choosing the best health insurance policy for the family and themselves, an individual can ensure to have the right financial protection in case of any medical emergencies.

Nowadays, as there are a plethora of health insurance policies available in the market, choosing the best health insurance plan can be a herculean task. However, mentioned below are some tips that an individual can consider while choosing the best health insurance plan in India.

Tips to Choose Best Health Insurance Plans in India

Here are some simple tips that a person can follow while purchasing a health insurance plan:

Choose Adequate Sum Insured Amount plan

The policy buyers should always opt for the plan that offers a maximum sum assured amount and health coverage. With the medical inflation and burgeoning cost of medical treatment, one must have sufficient coverage so that they can deal with any type of medical emergencies without burning a hole in their pocket.

Nowadays, basic heart surgery can cost around Rs. 4 lakh- 5 lakh. This amount can be huge for a middle-class family. Thus, by choosing an adequate coverage amount, one can ensure to have the right financial security for themselves and their family.

Read More: Why Should You Consider Buying a 1 Crore Term Insurance Plan

Check if the Insurance Provider Offers Cashless Treatment

In the health insurance industry, cashless health insurance is gaining popularity. For cashless health insurance, the insurance providers settle bills with the network hospitals for the treatment availed. Thus, it is advised that an individual invests in a health insurance policy that provides the benefit of cashless treatment at the network hospitals. The facility of cashless treatment is specifically very useful when one does not have cash in hand in case of emergencies.

Check the Maximum Renewal Age

This is one of the most important aspects while zeroing in on a health insurance policy. Most health insurance plans offer a maximum renewal age of up to 65 years only. However, there are certain policies, which offer lifelong health insurance renewal facilities. Based on the health parameters and family health history, one should choose the best health insurance policy as per their requirement and suitability.

Go for Insurer with High Claim Settlement Ratio

The claim settlement ratio (CSR) of a company refers to the total claims settled by an insurance company per annum over the total number of claims received. The higher the claim settlement ratio of a company is, the more reliable it is. Thus, the insurance buyers advise choosing an insurer that has a high claim settlement ratio.

This way, the policyholder will be assured that the claim filed will not be rejected by the insurance company until they have a valid reason. Make sure to understand both the reimbursement and cashless claim settlement processes for the health insurance plan before buying it.

Compare Premium

It is one of the most important aspects while purchasing the best health insurance plan in India. As there is an extensive range of health insurance plans available in the market, make sure to compare the policies in terms of features, benefits, premium rates, claim settlement ratio, etc. By comparing various plans online one can choose the most comprehensive plan at a comparatively lower premium rate.

Check the Pre-existing Disease Waiting Period

Every health insurance policy has its own terms and conditions with regard to pre-existing diseases. This means that if an individual has any pre-existing illnesses before purchasing a health insurance plan, then the claim filed for taking treatment against that illness will be accepted by the insurance company after completion of the waiting period.

In most of the policies, the waiting period ranges between 2-4 years. However, mediclaim policies have a lesser waiting period. Therefore, it is advised to go for plans that offer a lower waiting period.

Check the Flexibility to Increase the Coverage Amount

With rising inflation rates, the cost of medical treatment is also increasing day by day. Most of the insurance companies offer the facility to increase the sum assured amount over time. Moreover, if an individual renews the policy on time and has the benefit of no claim bonus on the current plan then the insurer can reward the policyholder by increasing the total sum assured amount.

Why Buy Insurance from Paytm?

Here is why one should consider buying health insurance from Paytm-

  • Paytm guarantees to offer insurance at the best price
  • An individual can avail of policy in a simple and hassle-free way by using the Paytm mobile app
  • Paytm offers an excellent claim support service to its customers
  • Paytm is partnered with the leading insurance providers in India to provide the best health insurance in India to its customers

Wrapping it Up!

In this day and age, having a health insurance plan is imperative for every individual and the decision to zero in on a policy is not a child’s play. With an array of policies available in the market, choosing the best health insurance plan requires proper understanding and effort. Paytm strives to help its buyers make an informed decision by choosing the right policy as per their requirements.

How do I choose the best health insurance plan in India?
To choose the best health insurance plan in India, here are some of the important aspects that should be considered:
  • Compare yearly premium
  • Analyze how much health and medical care you need every year
  • Apart from the current plan, review the health insurance plan options available in the market
How many claims can I make in a health insurance plan?
Generally, only two health insurance claims are permitted in a policy tenure. However, some of the health insurance providers offer policies with an unlimited claim during a policy tenure.
Is it mandatory to have a medical test to purchase a health insurance policy?
Medical tests are not compulsory before buying a health insurance policy. However, if the policy buyer is above 45 years, the health insurance companies ask for medical reports.
What is a free-look period in a health insurance policy?
A free-look period of 15 days is offered by the insurance company to the insured from the date of policy initiation. During this period the policyholder can review his/her health insurance and can cancel the policy if they are dissatisfied with the benefits and terms and conditions of the policy.
What is the tax benefit I can avail of in a health insurance policy?
The premium paid towards the health insurance plan up to a maximum limit of Rs. 25,000, which can be further extended up to Rs.50,000 is applicable for tax deduction under Section 80C of the Income Tax Act.

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