How to Choose the Best Health Insurance Plans in India?

The rise in health-related risks is increasing rapidly. The recent outbreak of Covid-19 pandemic has shaken the world from its very core. You need a safety net to protect yourself and your loved ones from such situations. What can you do to safeguard yourself from such emergencies?
Health Insurance (Representative Image)
Health Insurance (Representative Image)Shutterstock

By Yashvi Jain

The rise in health-related risks is increasing rapidly. The recent outbreak of Covid 19 pandemic has shaken the world from its very core. You need a safety net to protect yourself and your loved ones from such situations. What can you do to safeguard yourself from such emergencies?

Nobody would want themselves or their family members to be knee-deep in debt when medical emergencies fall upon them. To avert such cases and anxiety, you should choose among the best health insurance plans in India.

What are Health Insurance Plans?

 Health insurance plans or medical insurance is a legal agreement binding the insurance company to the person who buys health insurer, aka the policyholder. The insurer, in the event of a medical emergency or diagnosis of critical illness of the insured, helps cover the medical expenses. These expenses range from medication, surgeries, and hospitalization.

 Health Insurance is a viable investment because it helps you save on medical bills. Usually, the insurance companies have tie-ups with hospitals to provide assistance and health insurance benefits to the beneficiaries whenever and wherever applicable.

Health Insurance (Representative Image)
Health Insurance (Representative Image)Shutterstock

Benefits of the Best Health Insurance Plans in India

Choosing the best health insurance plans in India has several benefits -

Mental Well-being: The Insurance Regulatory and Development Authority of India (IRDAI) has directed health insurance providers to include psychological disorders in the scope of health insurance.

Secure your Family: There is no better way to show a family member how much you care about them than to look after their health and well-being. Avoiding additional financial stress through the best health insurance plans in India will not only provide a level of economic security in the hour of need but will also act as a safety measure.

Tax Deduction: Under Section 80D, any individual or HUF can deduct medical insurance premiums paid in any given year from their total income.

Medical Coverage Benefits: Investing in the best health insurance in India is a wise decision because it will cover medical transportation, hospital room rents, and vaccination, and allow you to make cashless payments.

There’s No Right Age: Just like there’s no right age to start becoming financially independent, similarly, there is no right time or age to purchase a health insurance policy; in fact, the earlier the better.

Things to Consider While Choosing Health Insurance Plans

●       You should look for health insurance plans that provide high maturity value so that you can easily cover your medical expenses.

●       Make sure you are choosing a health insurance plan that has budget-friendly premium rates.

●       Look at the claim settlement ratio.

●       Check the network hospital list while looking for other information about your insurance. It will help you make cashless payments.

●       Make sure to check for waiting periods of health insurance plans.

●       Check for any sub-limits in the insurance.

●       Check the co-payment clause to see what percentage of the assured amount has to be paid by you and what is to be paid by the insurance company.

According to a World Bank report (2021), India has a global death rate of 11% even though it has only 1% of the world's motor vehicles. Every year, approximately 450,000 accidents occur in India, with 150,000 people killed.

As a citizen of India, such figures can be terrifying. Nobody would want to imagine themselves or their loved ones making these figures. Therefore, it is essential to be planned and prepared for unfortunate circumstances in life since life is unpredictable. Health insurance is essential, but that coupled with personal accident insurance can bring extra benefits to the table. We will be learning more about it here.

What is Personal Accident Insurance?

A personal accident insurance plan ensures that the insured is covered in case of medical emergencies. Anybody with personal accident insurance will be covered in case of death due to an accident, bodily injuries incurred due to the accident, and partial or total and/or permanent or temporary disability.

In case the beneficiary of a personal accident insurance plan passes away due to an accident, the assured sum is transferred to the nominee.

Types of Personal Accident Insurance

There are two types of personal accident insurance in the market-

Individual Accident Insurance: Accidents can injure a person in a multitude of ways. Thus, the beneficiary can be covered for injuries such as loss of speech, sight, disability, and accidental death under this policy.

Group Accident Insurance: Companies provide group accident insurance to their employees. The low cost of group accident insurance premiums is the reason for purchasing it as an employee incentive. However, the benefits of such insurance are available to employees only for the duration of their employment with the company.

Therefore, choosing among the best health insurance plans in India comes with many benefits for a policyholder. However, it is essential to read the terms and conditions before buying any insurance. (SJ/IANS)

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