Breaking News

6 Things to Check Before Buying Medical Insurance

health insurance

Health insurance plans give monetary protection during medical emergencies and avoid the need for you to shell out large sums of money. So, in case you or your loved ones suffer from a serious illness, you can access the best medical treatment without worrying about the cost. However, in order to avail these benefits, choosing the right medical insurance plan is important.

Here are 6 things to check before you buy your policy to ensure that you get a fair deal.

  1. Claim settlement ratio

You avail health insurance policy to enjoy monetary protection in light of healthcare expenses. If an insurer rejects your claim application, your premium payments will yield no benefits. Hence, check the likelihood of the insurer settling a claim by viewing the claim settlement ratio. This is a ratio that represents the number of claims settled by an insurer in a year against the total number of claim received by the insurer in that year. Needless to say, buy health insurance from an insurer that has a high claim settlement ratio.

  1. No claim bonus

To encourage you to stay healthy and refrain from making a claim on your medical insurance policy in a given year, insurers reward you with a no claim bonus. Here the insurer adds to your sum assured by a certain percentage for every claim-free year that you have. So, choose an insurer who offers NCB to make your policy more beneficial and cost-effective.

  1. Lifetime renewability

The Insurance Regulatory and Development Authority of India (IRDAI) mandates insurers to offer lifetime renewability on all health insurance policies. This holds good even if you make a claim in any given year. So, make sure you check this feature before applying for health insurance.

  1. Restore facility

Also known as a refill, the restore facility is an option that refills your sum assured in case you exhaust it owing to one particular illness. While this comes at an additional premium, it is extremely beneficial, especially when availed in combination with a family floater health insurance policy.

  1. Minimum waiting period

Insurers don’t start covering healthcare expenses incurred due to a pre-existing illness or genetic conditions until you serve a certain waiting period. For instance, many policies require you to wait for a few months or up to 4 years before doing so. So, shop around and look for policies with minimum waiting period.

  1. Sub-limits

Sub-limits are the caps that your insurer puts on various healthcare expenses like room rent, doctor’s fees, and others. The catch is that your insurer will cover expenses only till the specified sub-limit, and you have to bear all expenses incurred over and above such limits. So, choose policies having high or no sub-limits.

Keep these important pointers in mind to make the right choice when applying for a health insurance plan. Also, look for the best medical insurance policies basis their features. For instance, Health Insurance Plans offered by reputed insurers such as Bajaj Finserv give you a significant amount of up to Rs.50 lakh, cover 130 day care procedures, offer a no-claim bonus every claim-free year, have no room rent capping and provide cashless settlement as well.

To view your personalised offer and enjoy quick approval, check your pre-approved offer from Bajaj Finserv and apply.


About Team | NewsPatrolling

Comments are closed.

Scroll To Top