National Insurance Awareness Day 2022: Tips to Remember before Buying Health Insurance

Posted on: Jun 23, 2022 | 3 mins | Written by: HDFC ERGO Team

National Insurance Awareness Day 2022: Tips to Remember before Buying Health Insurance

The coronavirus pandemic has made people more aware about the insurance policies. It has also become clear that insurance, especially health insurance, has become an essential part of everyone’s life. But you also have to do proper research before buying the best health insurance in India. So, on the occasion of National Insurance Awareness Day which falls on 28th of June 2022, here are a few points to keep in mind before buying a good health insurance.

1. Choosing the right product

Health requirements are different for everyone and this holds true for insurance policies as well. It is important to compare health insurance policies before buying. Don’t just buy any health insurance policy because you need to save tax, or any other reason. Research and take an expert’s advice before opting for any policy. If you have family and responsibilities, a family floater health insurance is a good option to look at. Also, try to purchase a health insurance, which gives you comprehensive coverage, including critical illnesses.

2. Be clear about the coverage, risk and premium

Coverage and premium are the two important components of any health insurance policy. This will help you to cover the liabilities and risk in the right way. Different insurance companies offer different types of health insurance plans, so take expert advice and compare the policies according to your needs. Do keep in mind that all policies do not give the same benefits. Also, check the premium discounts as well before buying a policy which differs from company to company.

3. Know about the Claim Settlement Ratio (CSR)

According to experts, an insurance company with the higher claim settlement ratio is always an good option for buying health insurance. Hence, it is very important to verify the CSR-- which is the percentage of the claims settled by the insurance company against the total sum of claimed amount by the policy holder.

4. Tax benefits

Health insurance policies help you save taxes as well. Before buying any health insurance policy it’s better to check the tax benefits according to your income slab and plan, but you all need to consider your needs when buying the best health insurance in India.

5. Add-on benefits

Additional benefits are offered by most insurance companies and while buying a health insurance you should only opt for those add-ons and riders, if necessary, which make the policy comprehensive.

Conclusion

The cost of healthcare continues to increase and by now everyone has understood the importance of purchasing the best health insurance in India. Yet, it is vital to pick the right health insurance that fits your needs, budget and the coverage you require. Keeping this in mind, an informed decision must be made to purchase a plan that meets your expectation in all of these areas.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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