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Complete Guide to Choose the best Health Insurance Plan

In India, more than 24 Lakh deaths occur every year due to cardiovascular diseases. On the other hand, more than 11 Lakh individuals die of lung diseases, and cancer claims around 5 Lakh lives every year. 

India ranks 125th amongst 183 countries in terms of life expectancy rate, according to the World Health Organisation (WHO). Studies suggest most Indians would be diagnosed with any critical non-communicable disease by the age of 70. 

While treatments for most of the critical illnesses are available in the country, the expenses are far-fetched for a large section of Indian citizens. The treatment for lung diseases costs approximately Rs. 20 Lakh, while cancer treatment expenses come around to Rs. 10 Lakh. 

In that context, more and more individuals are purchasing health insurance policies to secure financial coverage during critical conditions due to growing awareness. Consequentially, the Insurance industry of the country is expected to grow to a market size of $280 Billion by Financial Year 2020. 

Despite how essential it is, there are certain elements you should take into account before committing to a particular insurer or health insurance policy. 

Things to consider before purchasing a health insurance policy 

When you consider buying health insurance, you should check through the websites of reputed insurance aggregators and insurance providers such as Bajaj Finserv to assess the various features offered on their Health Insurance policies. 

In the process, you can consider the following features or factors – 

Coverage value: It is of paramount importance to consider the amount of financial coverage you can avail from a particular health insurance policy in India. Alongside, you should also consider the medical history of the individual(s) who are set to benefit from the health plan and their age to determine the exact amount you need as coverage during the tenor. It will help you choose an insurance policy economically. 

Coverage extension: The best health insurance plans provide financial coverage on a variety of health complications. On the other hand, the extension of financial coverage varies from insurer to insurer in terms of ailments.

For instance, some financial institutions do not cover the cost associated with maternity, while others do. Hence, duly consider the extent of coverage and whether it can be claimed in a different city before concluding your purchase. 

Premium: Intimate the representatives of your preferred financial institutions regarding the premium of your desired health insurance policy. It is crucial to think economically when considering the same. Tally the features of each health insurance policy against their respective premium to determine which is the most cost-effective of all. 

Settlement history and procedure: When you are deciding on an individual health insurance policy, also take into account the insurer’s history of claim settlement. You can find reviews online to follow through the same. 

Also, familiarise yourself with the procedure for claim settlement and how quickly can the respective insurer provide financial coverage post formalities. 

Healthcare network: Each insurance provider has professional ties to healthcare institutions, also considered a network or otherwise known as Preferred Provider Network. 

In case you avail services from any healthcare institution which falls within the network of your respective insurer, you can benefit from the cashless facility. In that case, the insurer facilitates all your expenses directly and frees you from any financial burden. Consider the PPN of each insurer while researching for a family health insurance plan or otherwise. 

You need to consider these aforementioned factors before making an informed decision regarding your health insurance. 

There are several types of health insurance plans – individual health insurance, family floater, personal accident insurance, critical illness insurance, senior citizen insurance plan, and maternity health insurance. 

One of India’s reputed financers – Bajaj Finserv brings the most affordable Family Health Insurance plan. The NBFC offers various customised policies, including individual health insurance plan.     

Opt for an affordable one-stop solution for family protection with the health insurance for family.  With more than 30 companies operating in India, choosing the right plan is quite tricky. Ensure to check their terms and conditions, including exclusions, and their suitability with your requirements before availing one. 

In India, almost 44% of the 1.3 billion people are healthcare insured. Plan out for your secure future with a comprehensive family medical insurance policy.