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Health insurance is undeniably an essential policy considering the spike in health problems. Furthermore, the massive medical treatment costs stress if one does not have sufficient savings. But unfortunately, health plan insurance is a very neglected zone as it does not offer any other benefits apart from when you fall sick. While no one likes being ill, it is an unavoidable part of our life. Therefore, one must always be prepared to face the financial consequences relating to health issues. It is impossible to plan and acquire sickness, but one can always stay financially prepared for medical emergencies.
India features several reputed brands offering several health plan insurance policies, from family to individual plans. Therefore, you must first assess your requirements before investing in the best health insurance suitable for your needs. The guide below will teach you how to choose the right health insurance.
Tips to Select the Right Health Insurance Policy
Here are the tips for selecting the right health insurance plan:
Check for affordability - While it is necessary to own a health plan, it is of equal importance that it suits your budget. The premiums you pay should not hinder your current lifestyle. But it is equally essential to consider the plan benefits before considering the price.
You can invest in a reasonably priced health insurance policy at the beginning, where the premiums are pocket-friendly. With time, family expansion, and an income boost, you can upgrade the plan and expand the coverage.
Look for apt coverage - Choose the right health plan that offers you security for a wide range of medical expenses, including post and pre-hospitalization expenditures. Other inclusions might comprise transportation costs, daycare expenses, risk of illnesses due to hereditary medical problems, etc.
If you plan to opt for a family health insurance policy, ensure that it covers the requirements of every family member. Consider the requirements, evaluate the benefits, and compare the policies before you make a choice.
Pick a plan with lifetime renewability - When buying a health plan, check the renewability. Some plans come with a limited period cover, and others come with a lifetime renewability option. Since health plan insurance is something you are more likely to require in the later years of your life, investing in a policy that comes with lifetime renewability is a better option.
Check for the network hospitals - Cashless treatments are a great benefit you can experience via health plan insurance. If your policy includes this benefit, you get coverage of expenses incurred in the due course of hospitalisation. If you buy a cashless health plan, the insurance policy pays the treatment expenses directly to the hospital covered. Thus, to enjoy the maximum benefits of a health plan, check the number of healthcare centres and hospitals covered under the policy.
Check for the sub-limits - Every mediclaim policy offers you sub-limits. To break down the meaning, a health insurance policy assigns an amount for every component of the coverage. For instance, it assigns amounts for ambulance charges, hospital room rent, and others. Before making a purchase, make sure the sub-limits work in your favour.
Look for a well-rounded cover - A cheap plan might not be the best plan that offers you everything you need. You must access the features of the health plan before making a choice.
Evaluate the waiting period clauses and the exclusions of the policy. Pick a plan that best caters to your requirements. Looking for a well-rounded health plan insurance for you and your family is a golden tip to remember. Once you devise the available options, compare them all, and you will find the best health insurance for your needs.
Check for the age details - Health policies come for varying age groups. Before investing in a plan, check the age limits for the family's youngest and oldest members. Look into what the health plan offers for every member of their age group. In addition, also check for its renewability. An ideal plan offers lifetime renewability options.
Choose between individual or family health plans - If you are a solo individual without a family, you should pick an individual health plan. While if you are someone with a family, investing in a family health plan will offer you maximum benefits at pocket-friendly premiums. Evaluate your needs before you make a pick.
Invest with a reputed name - The features alone do not make an insurance policy the best. The insurance provider company plays a crucial role too. An insurer who is helpful and approachable at all times is what you should look for to rely on. The insurance provider company must have an overall positive rating and an effective 24x7 customer care support system.
Monitor the claim-settlement ratio - A decent claim-settlement ratio is what you should look for in an insurance company. Claim-settlement ratio is the number of settlements provided against the number of received claims. You should always look for a company with a high claim-settlement ratio. This pointer helps you invest with a reliable name in the market with slim chances of having your claim rejected on unfair grounds.
Compare the quotes - Browsing for health plans online is where you can start looking for health insurance. You can request quotes from your chosen insurance companies and compare them before making a final call. To request a quote from a company, you would need to enter some basic details on the insurer's website and wait to receive a quotation. Collect quotations and evaluate them to settle with a favourable policy.
Now that you have well-versed the process of choosing the right health plan insurance, you can move forward with exploring policies. Various insurers offer multiple benefit policies that might suit your needs. Nothing can go wrong if you correctly look into the critical aspects of a health plan before investing. Keep a safety net ready for unforeseen circumstances regardless of who you invest with or what plan you pick. To know more about term plan, term insurance, ulip plan, retirement plan and long term savings visit PNB MetLife website.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
IRDAI Registration number 117 | CIN U66010KA2001PLC028883
For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time.
Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
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Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: firstname.lastname@example.org or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at email@example.com or firstname.lastname@example.org. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.