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The Policy Bazaar Show | How To Choose The Right Health Insurance?

Insurance policies have been a boon in the time of emergencies and unexpected incidents. Here's what the experts have to say about choosing the right covers:

The Policy Bazaar show is a brand new series that decodes the grey areas of purchasing insurance. Through the 26-episode series, the show will highlight and discuss a magnitude of topics essential to everyone trying to secure their future. From purchasing the right cover, to switching policies while shifting jobs, to ensuring a comprehensive child cover, insurance experts deliberate, simplify and shine light on the complexities of purchasing insurance in India.

In this week’s episode, our eminent anchor Vivek Law will be taking you through the process of choosing the right health insurance policies for yourself and you families with Amit Chhabra, Business head, health insurance, and Ashutosh Shrotriya, product head, Religare Health Insurance.

With the inflation in the healthcare costs today, it becomes more and more difficult for an individual to survive without an insurance. Health insurance provides a protection cover for unforeseen circumstances. Indians, however, have a trend of neglecting the benefits of buying an insurance cover at an early stage in their life. The major triggers for buying health insurance plans for Indians have been childbirth and ageing parents as these milestones in one’s life provide an insight to the healthcare costs that one has to bear. In recent times, the youth has been more aware of the benefits of buying early plans as they are flexible in terms of costs and future top-ups and upgrades and can also be customized according to the needs of the consumer.

What does one need to consider while choosing an insurance cover?

There are almost more than 25 insurance companies registered under the IRDAI, however, the insurance covers vary on the basis of costs, covers and claim process. The individual buying the cover has to be informed about the three categories:

· Sum insured

The sum insured depends upon the paying capacity of the policy buyer and also the kind of cover that is being bought, for example, the sum insured for family covers and individual covers will be different.

· Product features

There are very few insurance companies that provide coverage for pre-existing ailments. One needs to make sure that there is a clarity between the consumer and the insurance company about the coverage in case of a pre-existing ailment like diabetes or fluctuating blood pressure. The covers for critical illness should also be researched well to avoid co-paying insurance policies.

· Insurance brand

When it comes to you and your family’s health, there should be no compromise in terms of the brand you choose. The brand should be chosen on the basis of its reach within the hospitals and the wider cashless network it has. In case of insurance as well, the brands with a good reputation and consumer trust should be prioritised.

The Myth Buster

Should one blindly trust the insurance agents while choosing the right insurance plans?

The individual should himself/herself do a proper research to check if the product meets all the needs and the benefits and limitation that comes with the product. The other things that are to be kept in mind are the flexibility and costing of the insurance cover. It is mandatory to do a cross-platform research and comparison of all the products in the market.

Watch to know more about choosing the right health insurance cover

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