5 min read
Updated on Aug 08, 2023
Health insurance plans in India certainly do not feature in the list of easy on wallet insurance plans. Yet, not having a health insurance plan can prove to be even more fatal for your finances. The lack of a health insurance plan can put undue pressure on your savings and future.
One of the smartest ways to tackle this conundrum is to buy health insurance online. But one needs to be careful with online health insurance plans. Do not opt for the cheapest plan available, as it can leave you asking for a lot more. If you are looking for an affordable health insurance plan, here is how you can get them.
Visual stories by PayBima
The first step to getting access to affordable health plans is to buy health insurance online. Buying the policy online opens up several different avenues. You can visit the website of individual insurance companies or even better, insurance aggregators.
Once you are on the website of an insurance aggregator, you can compare insurance plans. Here are all the factors that you must keep in mind.
Healthcare inflation is one of the highest in the country, at 17% to 20% annually. As you compare insurance plans, look for the ones that offer the highest sum assured for your budget. Cutting corners on sum assured might not be the best idea.
There are several factors that influence the premiums of a health insurance plan. These include the sum assured, medical history of an individual or family, lifestyle, age of the proposer, smoking habit, etc.
As you buy health insurance online, you need to check the insurer’s credibility as well. ICR or incurred claim ratio indicates the total claims paid by an insurer versus the premiums earned. An insurer with a better ICR is preferable. Similarly, you should also look at the customer service of the company along with the claims process.
Several insurance companies and insurance aggregators offer an online tool called premium calculator. The tool helps you to buy online health insurance plans. As you visit the website of an insurer or insurance aggregator, you would need to enter the following details.
After you enter these details, the website will return with policy quotes. You can compare insurance plans if you are on an aggregator’s website. Choose a plan that offers features and benefits that you are looking for and that fits your budget. If needed, you can opt for add-ons to improve your policy’s capabilities.
Buying online health insurance plans is one of the easiest ways to find affordable plans. The entire process saves you a lot of time, money and helps you make a more informed decision. You also gain a lot of understanding about the plan, which can come in handy during claims.
The ongoing pandemic has brought the healthcare system down its knees across the globe. And India is no different. The treatment costs have been sky-rocketing and there are several instances where people had to resort to crowdfunding for adequate treatment. This just accentuates the need to have a good health insurance policy.
And for the ones who already have a health insurance policy, it might be a good time to revisit and extend the plan. Irrespective of the pandemic, medical expenses have constantly been rising. To ensure that you provide your family with the best healthcare out there, a medical policy is crucial.
Here are a few simple steps by which you can extend your health insurance policy.
A super top up plan can turn out to be extremely handy if your expenses exceed the standard health insurance policy’s sum insured. Before you can buy a super top up, you need to select a deductible. It is the amount that you agree to pay in the event of a claim.
Your insurer will take care of all the expenses once the expenses cross the deductible. One of the biggest advantages of a super top up is that you can file multiple claims in a year by paying the deductible once.
It is advisable to buy the super top up plan from your existing insurer. This will ensure the claims are smooth and have easier coordination. Another advantage of opting for a super top up plan is that the premiums are tax deductible under Section 80D.
During the time of policy renewal, almost all the insurers provide you with the option to revise the sum insured. Thus, renewals are always a good time to assess your situation and opt for higher coverage if you do not already have one.
An advantage of increasing the sum insured during renewal is the lack of any waiting period, unlike a brand-new health insurance policy. This enables you to continue with the benefits albeit a higher sum insured.
If due to some reason you are not happy with your current insurance provider, you can opt for portability. Portability allows you to switch to a different insurer from your current one. This is also a good time to seek a higher sum insured. Though the process might not be as smooth as policy renewal with the same insurer.
Your insurance provider will assess the validity of the request by looking at various factors, your previous claims being one of them, before accepting the same. It is essential that you look at the benefits of the new plan properly before porting. Another important thing to keep in mind is that you must reach out to a new insurer at least 45 days before the current policy’s expiry.
If you wish to expand your health insurance policy, the above simple steps will help to do the same. Expanding the policy will ensure that you are better equipped for health-related issues.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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.
Can an individual who walks or drives on the road to go to work or to run an errand ascertain their safe return? When you.
Insurance is an indispensable requirement. However, not everyone can afford individual medical insurance to stay covered against major uncertainties, especially after retirement. If that is.
Cancer is a disease that needs no introduction. We all know how deadly the disease is and how rapidly it is spreading across the world,.
Like in other products, GST is levied on health insurance policies too. But did you know that an NRI or non-resident Indian with a health.
Antibiotics are like marvels of medical sciences which have transformed the healthcare sector by limiting some of the deadly infections. From the earliest discovery of.
If the heat within the body is causing you external issues or symptoms, you must lower it down using natural remedies to stay away from.
Our knee is an important joint in the entire musculoskeletal system. The support and strength of the knee are pivotal for fluid movement and locomotion..
Health insurance policies offer coverage against diseases and during emergency health situations. A family floater health insurance plan provides coverage to all the members of.
Good health directly impacts the stability and happiness of the entire family. It fosters both physical and emotional well-being. If the health of even a.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue