While wealth plays an important role in fulfilling our basic necessities, health equally plays a crucial role in getting us active. People buy health insurance policies merely as a tax saving instrument. And end up choosing the wrong health insurance brand.
Every health insurance company offers features that are beneficial for their customers. The Insurance Regulatory and Development Authority of India (IRDA) also announced a list of best health insurance companies looking at their performances, Incurred Claim Ratio and overall benefits that they provide to their customers.
Choosing the Best
Choose the type of policy according to your family’s needs. Every group cover may not give you all the benefits. There may be exclusions as well. Buy a cover of Rs 7-10 lakhs – as the premium does not rise in the same proportion as the cover. For example, if a Rs 5 lakh family group cover is for Rs 12,000 a year then a Rs 10 lakh cover will not cost Rs 24,000. It will be about Rs 18,000 a year.
If there are older members of the family then you should opt for a large floater cover. The premiums are linked to the age of the oldest member, if the parents are above 50 then it would be advisable to get a separate cover for them and not include them in the plan.
Before choosing the right health insurance companies listed below are a few of the points you need to follow before choosing the brand.
• The reputation of the company plays a crucial role and always go for a company that carries a good brand image
• Check the financial solidity of the company and always check the same on the Credit Rating Information Services of India Limited (CRISIL) rating.
• Always go for a company that offers a wide range of helpful insurance policies that caters to different needs of all types of customers.
• Search for a company that follows a simple and easy claim settlement process.
• Pay attention to the quality of customer service of the insurance company you choose. Choose a company which offers online chat, email assistance or phone assistance.
• Understanding insurance can be a little confusing, insurance companies have now started hiring insurance advisors who will help you in choosing an appropriate insurance plan according to your needs.
There are health insurance companies which are run by the government and they don’t require a pre-medical test for medical insurance of people aged up to 60 years old. While there are also some health insurance companies that provide full coverage of all expenses incurred during a medical emergency.
Choosing the right health insurance isn’t rocket science but with proper guidance and advice, your money is safe and useful when necessary.