What are the most important points to look at when choosing a health insurance policy
Here are the two most important things you should look at when choosing a health policy.
Premium should never be the sole criteria for deciding which policy to buy. Choose a policy that allows you the maximum coverage with the minimum premium with all other conditions being the same. Let’s assume policy ‘A’ covers 8 illnesses at a yearly premium of Rs 7,000 while policy ‘B’ covers 12 illnesses for Rs 10,000. The natural tendency is to go in for policy A as it seems to be cost effective, but this saving of Rs 3,000 could prove to be paltry if the insured gets afflicted by any of the 4 illnesses covered by policy B but not A.
Claim Settlement Ratio
This is the most important factor one should consider while taking a health plan. The CSR gives clarity on the claims settled by the company against the claims it received in a year. The claim settlement ratio of an insurer gives you an idea of the likelihood of your claim being accepted or rejected. So choose a company that has a higher claim settlement ratio since the chances of claim rejection are less.
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