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Health insurance is one of the most important types of insurance policies that you should consider having in India. With the rising cost of medical treatment and hospitalization, it is essential to have a health insurance policy that can provide financial protection against medical expenses. However, buying the right health insurance policy can be a daunting task, considering the plethora of options available in the market. In this post, we will discuss some of the factors that you should consider while buying health insurance in India.

What Should You Consider While Buying Health Insurance In India?

  1. Type of policy:

The first thing you need to consider while buying a health insurance policy is the type of policy you want to purchase. There are two types of health insurance policies available in India – individual policies and family floater policies. An individual policy covers only one person, while a family floater policy covers the entire family under a single policy.

  1. Coverage:

The second thing you need to consider is the coverage provided by the policy. It is important to choose a policy that provides adequate coverage for your medical needs. You should look for a policy that covers hospitalization expenses, pre- and post-hospitalization expenses, ambulance charges, and other medical expenses.

  1. Network hospitals:

The third thing you need to consider is the network of hospitals covered by the policy. You should choose a policy that has a wide network of hospitals in your city or nearby cities. This will ensure that you can avail of cashless hospitalization in case of a medical emergency.

  1. Sum insured:

The sum insured is the maximum amount that the insurance company will pay in case of a claim. You should choose a policy that offers a sum insured that is sufficient to cover your medical expenses. It is important to note that the sum insured should be based on your age, medical history, and lifestyle.

  1. Waiting period:

The waiting period is the time period during which you cannot make a claim on your health insurance policy. It is important to check the waiting period for pre-existing illnesses, maternity benefits, and specific diseases. You should choose a policy with a lower waiting period to avail of the benefits at the earliest.

  1. Premium:

The premium is the amount that you pay to the insurance company to buy the policy. You should choose a policy that offers a premium that is affordable and fits your budget. You should also compare the premiums of different policies and choose the one that offers the best value for money.

  1. Claim settlement ratio:

The claim settlement ratio is the ratio of claims settled by the insurance company to the total number of claims received. You should choose a policy from an insurance company that has a high claim settlement ratio. This will ensure that your claims are settled quickly and efficiently.

In conclusion, buying health insurance in India requires careful consideration of several factors. You should choose a policy that provides adequate coverage, has a wide network of hospitals, offers a sufficient sum insured, has a lower waiting period, and has an affordable premium. You should also choose a policy from an insurance company with a high claim settlement ratio. By keeping these factors in mind, you can choose the right health insurance policy for you and your family.