Friends, first of all you are warmly welcome on this blog. Today, through this article, we will learn about comparing health insurance plans.
It is very important to compare the cost of health insurance as per your requirement online. However, finding the best one out of so many good health insurance plans is a bit confusing as each and every health insurance product comes with different benefits.
It should come as no surprise when an insured buys an insurance plan with an affordable premium and claims nothing at the end. On the other hand, the insured buys insurance with such a high premium that they do not need the benefits.
A health insurance plan can prevent a medical emergency from turning into a financial emergency, with the cost of treatment rising day by day.
The insurance plan takes care that you do not have to use your savings to pay medical bills and your future is also secure.
How to Compare Health Insurance Plans?
With over 25 insurance companies and over 200 health insurance products in the Indian health insurance market, comparing health insurance plans and finding the best quote is no easy task.
Some tips are listed below to help you make an informed decision:
Select The Correct Amount
Inflation in India's health sector is increasing and that too, at the rate of 17% to 20% per annum. To combat this inflation, it is important to get the maximum sum assured at a good premium rate.
Provide Complete And Correct Details
Provide accurate information about your health in the proposal form, as any kind of incorrect or mismatched information can give the insurer a chance to reject your claim form.
Take Into Account The Effect Of Premium Factors
Some of the factors that affect the premium of a health insurance plan include the proposer's life history, family health history, lifestyle, smoking habits, etc.
These factors need to be taken into account before the premium amount is determined.
Check The Health Insurance Company's Credibility
Before buying insurance, go through the past records of the insurance company. It is recommended that you choose a health insurance company based on the following parameters:
ICR: Claimed Ratio or ICR is one of the most important parameters to compare all the insurances in India. When looking for ICR, check the average ICR of health insurance companies online on Policybazaar and buy the insurance whose ICR is close to this average.
ICR = Claim amount paid by the company / Premium amount paid by the customers
Customer Experience: Look at people's experiences. Read customer reviews online. If most of the customers are not happy with a company, it may mean that the customer support or after sales service of the insurer is not very good.
Know about the claim process: Although the health insurance claim process is the same in every company, you will not face any problem later if you are aware of this process in advance.
Benefits of comparing health insurance plans online
Due to our day-to-day busyness, we find it difficult to compare insurance plans by visiting an insurance office or branch.
But, thankfully, Policybazaar understands this difficulty and confusion of customers and hence, has come up with a platform where you can easily compare plans online.
In the following lines, we have listed the advantages of buying health insurance online:
Access To Accurate Information:
Here it gives you accurate information about all the health insurance plans in the market. This also saves the time of the customers and there is no need to talk to any agent.
Time Efficient And Convenient
Comparing plans online saves you time as you do not need to sit down and talk to an agent. Payment of premium online, renewal of health insurance plan, etc. is done very easily.
By buying health insurance online, you can compare the premiums of the insurances against each other and buy the one which is not heavy on your pocket. After that, you save even more money in the absence of an agent.
Availability of Provider/Plan Review
Doing so gives you an idea of the reputation and integrity of the insurer and helps you get an accurate theory.
We are sure that you will like this information very much. Do share this blog with your friends for more such information. Thank you.