Decided To Protect The Future? Here Are The Best Policies You Can Buy

Every Indian have the priority to buy insurance that not only covers hospital bills, diagnostic tests and scans, and pre and post-hospitalization expenses but also provides extra protection to you and your loved ones in unfortunate times.

That is the reason behind every breadwinner who takes the smartest decision for the future. Then, medical insurance comes in.

How do you buy a health insurance plan?

A health insurance policy packs in several features and caveats. You can buy through an individual agent or broker. If you are in the market for a health plan, the road ahead is tough. There are 23 companies with about 65 policies with more than 400 products out there.

What Is India’s best health insurance?

This year the package is more comprehensive and we go onwards of the previous rating, not only in terms of policies but also in the scope of their options. Policies from 23 non-life companies, including stand-alone health insurance companies, were analysed over the last two months.

Understand The Policies

All things considered, 400-plus policy combinations of the 65 policies were rated versus about 280 in July 2015. These are positive indications that the health insurance market is expanding. An under-served market now has a lot more choices than it did some years back.

For family floater plans, we have considered two sum insured amounts ( ₹ 10 lacks and ₹ 20 lacks) and three age categories in each—the eldest insured member is 35, 45 or 65 years old. For individual plans, the age categories are the same but the sum assured is Rs 5 lakh. The newest edition of the ratings (July 2015) also includes individual plans of ₹ 5 lacks, ₹ 10 lacks and ₹ 20 lacks for a person aged 70 years.

This week, you could see individual policies with a sum assured of Rs 5 lakh, when a person is 65 years old.

I have spotlighted some of the important facets that you should know while choosing the best policy.

First, health insurance plans usually have to renew annually. Each year you can claim on your policy up till the sum insured. If you do not make a claim year by, your sum insured increases for free.

Keep this in mind, an increase in the sum insured does not change any other feature of the policy. So, if there is a sub-limits in the policy, the same things would apply even on the increased sum insured.

Therefore, insurers generally increase the sum insured by 5 % every year up to a maximum of 50%, but if they make a claim, it could proportionately decrease the extra sum insured. The base sum remains the same.