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Aug 18, 2023

How To Buy The Health Insurance Policy You Deserve?

Today, many people are moving towards becoming active in their lives to start taking better care of themselves, and rightly so. The emphasis on health and fitness comes on the heels of a rise in lifestyle factors that keep us more sedentary than ever before. The ill-effects of a sedentary lifestyle may be evident from the rising number of people falling prey to ailments such as cardiovascular conditions, hypertension, kidney diseases, diabetes and more. Dealing with these conditions can prove to be expensive. For example, hospital bills following a heart attack can make a serious dent in your savings. This highlights the importance of health insurance to tackle health emergencies. But how to select a policy that suits all your needs without falling short? In this article, we will look at the factors that can help you decide.

Factors to Choose the Best Health Plan

It is easy, especially for first-time health plan buyers, to be overwhelmed with options. Consider the factors listed below to compare health insurance policies:

1.    Claim settlement ratio

The claim settlement ratio of an insurer indicates the number of claims settled against the number of claims filed in a year. For example, if an insurer has settled 850 out 1000 claims, that’s a CSR of 85%. This means there is a higher possibility of your claim getting settled by the insurer. Hence it may be advisable to choose an insurer with a high CSR.

2.    Cost of the policy

The premium that you pay towards the policy is its cost. Your age, lifestyle, occupation, and pre-existing health conditions are some of the factors that help an insurer decide your policy’s premium. You can use the health insurance premium calculator to get a quote for the policy on the basis of these parameters. Opt for a policy that provides sufficient coverage but also isn’t burning a hole in your pockets.

3.    Coverage of the plan*^

The coverage of a health plan can be defined as the amount of sum insured under the policy. The amount of sum insured depends on various factors such as the number of people you wish to include within the plan, if there are senior citizens you want to include, and the number of people with pre-existing health conditions are some of the factors you need to consider. If it is you, your partner, and your children whom you wish to cover, a sum insured amount between Rs.10-15 Lakhs might be sufficient. However, if you wish to include your parents in the plan, you may want to go for a policy with a higher sum insured amount, especially if they are senior citizens. ^Claims are subject to terms and conditions set forth under health insurance policy.

4.    Riders offered in the policy*

Riders or add-ons are a great way to enhance the coverage of your policy. There are always added costs when it comes to hospitalisation. Ambulance charges, nurse charges, room rent, and medical check-up fees are some of the expenses that increase your medical bill. Instead of having to pay for them out of pocket, the add-ons cover these expenses. Some riders even cover OPD charges and physiotherapy costs. It is important to remember that including too many add-ons can make your policy more costly.

5.    Inclusions and exclusions*

Like every other policy, even health insurance plans come their own set of inclusions and exclusions. These include the type of ailments covered and not covered by the policy, age limits for those who want to be insured, pre-existing conditions, and the type of procedures. Look for a policy that offers more inclusions than exclusions as going for a policy with major exclusions can be a disadvantage.

Things To Remember When Purchasing A Health Policy

Here are a few tips to ensure that the right health insurance policy choice is made.
  1. Buy the policy when you are young and fit. If you delay in purchasing the policy, the cost of the policy may increase with age.
  2. Do not hide information about your lifestyle such as smoking or drinking. Hiding such information can cause complications at the time of claim settlement.
  3. Disclose pre-existing health conditions if you have any. Withholding information about them will create problems in the future.
  4. Research the different types of health insurance policies and select the one you wish to purchase based on your requirement. This will help you in selecting the correct policy.


The factors and tips mentioned above can be of assistance to you when you are in the market looking to buy the policy which will tick all the boxes in your list. Use the health insurance premium calculator diligently to get better quotes and make the right purchase. For any doubts, consult your insurance agent. *Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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