How to Choose the Best Mediclaim Policy Online in India
The advantages of having a Mediclaim policy is clear. In situations like a pandemic, the importance of having adequate insurance coverage can’t be emphasized more. If you have been wondering what to look for in a Mediclaim Policy and don’t know how to choose one, here are some points for you to consider.
Things To Check While Choosing a Mediclaim Policy
It is important to check the following while purchasing a mediclaim policy:
1. High Sum Insured: Healthcare costs have been on a steady rise. Experts are of the opinion that this trend is going to continue. Thus, it is important to have adequate coverage. For an average family of four members, in India, a sum insured amount of Rs. 4 – 5 lakhs, is absolutely essential in current times.
2. Lifelong Renewability: The average life expectancy has increased. Which is good news. However, advanced age is still prone to ailments for which we need financial planning without having any source of income during those times. It is important to choose a plan that offers lifelong renewability if enrolment has been done in the early stages of life.
3. No-Claim Bonus: Most insurance companies offer a reward of sorts to the customers for every claim-free year. The reward is known as a No-claim bonus. It can be of two types. One way is to provide a discount on the renewal premium. While this is a good option, as it saves some money upfront, there is another option which is also nice to consider. The second option is an increase in premium, by a predefined percentage, while the premium amount remains unchanged. This ensures increase in coverage in line with rising healthcare costs.
4. Type of Coverage: There are broadly two types of coverage – Individual and Family floater. In families consisting of young couples and small children, family floater may be a good option as health risks are usually lower. Whereas, if there are senior members like parents and in-laws it is necessary to compare their coverage on a family floater Vs on an individual basis as seniors may be more prone to ailments, due to their age.
5. Waiting Period, Pre-existing Conditions, Inclusions & Exclusions: Once you begin to pick an insurance out of the host of providers, you would need to research a little more on things like what is the waiting period for filing a claim after enrolment, if any of the insured members have any pre-existing diseases, how long will they need to wait before any claims for them are allowed, the Inclusions & Exclusions terms and conditions of the policy documents.
6. Other Policy Features: Due to the huge number of insurance companies and Mediclaim products in the market today, customers can benefit by shopping wisely, by picking up a host of beneficial features.
Some added features that are beneficial are:
a. Cashless Hospitalization in Network Hospitals
b. Hospitalization Cash allowances
c. Beneficial Critical Riders
d. Private/Semi-private rooms
e. Free Consultations
f. Free annual check-ups
g. Ambulance/Air Ambulance
h. International coverage
i. OPD expense reimbursement
7. Reputation of Insurance Company: Before rushing to close the deal with the insurance agent, consider evaluating your Insurance company’s reputation for settling insurance claims timely, percentage of approval/rejection, and overall health and good will of the insurance company. Some information pertaining to these factors are available on the IRDAI site, additional information can be found on the internet.
Mediclaim policies offer mental peace for those times when we need money to take care of our health and that of our loved ones. There are many insurance products that suit different needs of people. Careful analysis can ensure that money spent on coverage is worthwhile.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.