How to choose a right Insurance Policy?

Deepika Chelani
Updated: 14 Dec 2021, 03:28 PM IST
TL;DR.

Before selecting an appropriate Health Insurance, evaluate the plans offered by 2-3 insurers to make an informed selection. Consider all important factors including coverage and the amount of premium.

While choosing a right insurance policy, you should preferably start by comparing plans from 2-3 preferred insurers.

While choosing a right insurance policy, you should preferably start by comparing plans from 2-3 preferred insurers.

Health Insurance is considered as the most beneficial and smart decision taken by any individual as it secures the policyholder and their family from any medical emergencies in the upcoming future.

Considering the above fact, still in India the amount of people who have the Insurance policy is very less in number as they do not give any benefits until and unless the policyholder falls sick. It is also true that falling sick is inevitable, and the Insurance seeks to provide aid and bear expenses at that respective time.

As the Health Insurance has various benefits, it is also important to choose a right policy which matches the financial needs and wants of the family, and is suitable for the policyholder as well. 

Let’s have a look at some pointers to keep in mind while choosing the right Insurance policy for yourself -

Right Coverage

A plan which bears all the expenses of pre and post hospitalisation, transportation, illness etc is the most suitable for an individual if they suffer from some health problems or have a medical history in a particular disease as it is more likely that they’ll be using the sum insured more often.

If the plan is a family plan, then it should be ensured that the whole family is covered in it. Considering the requirements, premium costs, benefits etc a decent plan should be chosen for the uncertainty in future.

Affordable

While choosing the right plan for yourselves, it is also important to consider whether the policy is affordable or not. The Health Insurance thus taken should be affordable as well, as premiums can be as expensive as possible according to the sum insured and other benefits included.

Family Plans

Rather than choosing an individual plan which only covers the policyholder, it is always beneficial to have a family plan which covers all the members of the family, as the benefits are widened and the security of the family has increased.

Lifetime Renewability

Before buying an Insurance Policy, it is better to check for how many years the policy is valid, or whether the policyholder can renew it till their lifetime or not. As it is quite important to have a Health Insurance Policy in the later stages of life when the financial aid is needed the most.

Compare

With a lot of companies offering multiple Health Insurance policies, it gets confusing to choose one among the others. To choose the ideal policy is to compare the benefits, premiums, renewability etc .

Network Hospital Coverage

The policyholder should always look out for the number of network hospitals listed under the policy chosen, Always choose a plan which has a wide range of network hospitals. Network hospitals also help in cashless facilities which make it an important aspect to look upon.

Before choosing the suitable Health Insurance, compare the plans with 2-3 insurers so that a rational decision can be made as it is considered the most important decision. Do not base your decision only on the premium but consider every factor possible before locking a plan and thus the sum insured.

First Published: 14 Dec 2021, 03:28 PM IST
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