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Must Follow Health Insurance Comparison Guide to buy best Health Insurance Policy online in India
The cost of medical care is sky high, and many people are left to choose between getting treatment or saving money. The majority of these people end up choosing the latter option, not because they’re in a good financial position but because they just can’t afford it. The quest for a perfect health insurance policy is an arduous and time-consuming process.
Choosing the best health insurance plan/policy for you may be difficult. There are so many options and each one has its own set of advantages and disadvantages. How do you know which is the best for you? Let us help! In this blog post, we will provide a guide on how you should compare insurance plans.
How to compare insurance plans online?
Before you compare online health insurance plans, here are some main components you need to keep in mind.
1. Coverage
Basic health insurance covers emergency charges like hospitalization with restoration benefits. However, there can be a lot of confusion about what is covered under basic coverage. Some insurers also offer ‘no room-rent capping’ and ‘no co-payments’ as part of their basic plan. The best way to find out what your options are is by understanding the standard coverage for each insurer you’re considering – then comparing products based on features that matter most to you!
2. Premium amounts
We know that health insurance can be expensive, but it is also important to make sure you are getting the best deal. One way to do this is by comparing premiums between different companies and seeing which one has the best rates for your needs. The health insurance premium is the amount you must pay to the insurer on a regular basis in order to get insurance coverage and keep the policy in force. The cost of the premium is determined by the base plan’s coverage and the additional riders.
3. Available add-ons and waiting periods
Add-ons are a great way to increase the benefits available on your plan and ensure that you have the right type of coverage in place for when major medical emergencies occur. However, there are many different types of add-ons and it is important to know what they all entail before committing to one. It is advisable to check available add-ons while comparing products. However, there are some add-on covers that require you to wait a certain amount of time before you may use them. It is required to evaluate the terms and circumstances pertaining to these waiting periods in order to prevent complications during claim settlement.
4. Exclusions
Exclusions are clauses in an insurance plan that limit or exclude coverage. It is important to know what the exclusions are before you make a purchase.
Aside from this, you should also look for:
5. Claim settlement ratio
Claim settlement ratio is one of the most accurate indicators of whether or not an insurance business processes client claims properly. It is the total number of claims that has been settled as against the total number of claims filed in any given financial year. If you have ever experienced an injury or illness that required medical attention, then you know how stressful it can be trying to find out who will pay your bills and if they’ll take responsibility for the costs. The last thing you want is finding out after months of back-and-forth argui
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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Jan 08, 2025
Health Insurance
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What consequences does it bring upon the insured if the person offers wrong information on his/her life insurance proposal form? Let us find out in this post!
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There are plenty of life insurance myths that people have regarding and they need to be dispelled.
It is thanks to these wrong ideas that people fail to see insurance as what it truly is – a vital part of your financial planning. You need to understand that these policies are an important constituent of your financial contingency plan – one that would protect your near and dear ones financially in the future. It would make sure that they do not experience a shortage of funds when they need them in the future. In certain cases, it can also act as a source of income following retirement as well as ailments and accidents that render you unable to work and earn.
When Rajesh wanted to purchase a new life insurance policy for his family, many of his friends advised him to understand the claim settlement ratio of a company. Although he didn’t understand what claim settlement ratio is, he knew that it was relevant in making the decision to buy a policy from a particular company. He therefore researched about it, compared plans and at last, he bought a policy from a company that had a high claim settlement ratio.
Buying a new online term insurance plan involves researching on various things like cover, exclusions, add-ons, and one should know about them in detail. For example, Tata AIA is a leading insurance company that offers a wide range of insurance plans in market at very competitive prices. However, being competitive in pricing alone is not enough, it is necessary to understand the company’s claim settlement ratio (CSR) before purchasing a plan.
Saral Jeevan Bima Yojana is a new standardized life insurance policy that has been brought about by the IRDAI (Insurance Regulatory and Development Authority of India) so that people can have an economical life insurance policy.
This is a non-participating and non-linked individual pure risk premium life insurance policy. In this case, your nominee would receive the sum assured if you pass away while you are covered by the policy. In its annexure, the policy states some benefits and riders. Apart from that, it does not offer any other benefit, rider, variant, or option. The only exclusion in the policy is that of suicide.
The Indian government offers various life insurance plans to secure the financial future of people. The PLI or Postal Life Insurance is one such government policy that monetarily protects the lives of your family members at an economical postal interest.
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