First of all, think whether it is really necessary for you or your family. Generally, it depends upon whether there are any serious illness issues. But, in unfortunate times, health insurance really comes to rescue you.
Now, think whether you want to take a Family plan (Floater) or Individual plan. Unless there are serious issues to a single person in the family, it is advised to opt for Family Floater (single premium – multiple persons).
Claim Settlement Ratio (CSR) – It is the ratio of total claims settled to total claims received. Higher the CSR, better the policy. Not only the no. of claims, but also the Amount of claims is to be seen because, the number can be manipulated by processing large no. of small amount claims. The golden rule is “> 90% “
The association between the insurance company and the hospitals we regularly visit or nearby our locality is to be taken into account. This helps in settlement of bills directly by the insurance company.
The policy should not be much rigid and limited to specific treatments/expenses. It should be flexible with any disease/treatment and should also be covering miscellaneous charges.
In case we have any pre-existing disorders like Diabetes/BP/Thyroid/Asthma etc., the policy should take effect within less waiting time (Because in such cases pre-existing illness, insurance companies generally take liability if the treatment/expenditure is incurred after certain period from insurance commencement date)
Non-Claim Bonus benefits should also be taken into account. These are the concessions/discounts we get while renewal in case we don’t claim any insurance for the existing policy.
Sum assured is to be calculated depending upon the family health conditions and surround ding health environment.
It is advisable, in the present case scenario (COVID Times), to refer to websites like Policy bazaar/Cover fox etc. in order to get competitive quotes, compare policies, talk to executives.
Don’t forget to obtain 80D certificate. Read carefully and disclose every detail because principle of ” Uberrimae Fidei” is inbuilt in an Insurance contract.