For our Forbes Advisor India ratings, we considered the following top factors that help consumers to decide whether they want to opt for a specific health policy. We ranked these best health insurance plans on the basis of these parameters:
Sum Insured Amount (20% of score): While analyzing the above-mentioned plans, first we checked the coverage these plans are offering. Select the sum insured amount, as per the needs of yourself and your family. Do not choose a policy which gives more coverage than you need as it will increase your premium. Focus on customizing the plan by choosing for various riders as per requirement.
Network of Hospitals (30% of score): It is always better to check if the insurance company has a wide list of network hospitals. The official website of these insurance companies is carrying this information. These network hospitals would offer cashless hospitalization services, where the insured is not required to pay the hospital bill. And, always check for those network hospitals that are in your vicinity.
Sub-Limits and Co-Payments (10% of score): A health policy that does not have any sub-limits on hospital room rent or co-payment clause, is also an important factor while considering a health policy. We have carefully analyzed these clauses and limits in each of these plans and also mentioned, if there’s a presence of such limits or no limits in the plans.
Claim Settlement Ratio (20% of score): This is a very important factor as the only reason the insured purchases the policy is with a hope of a fast claim settlement process in the time of any unfortunate event. A higher ratio shows that the company is steadfast in settling its claims.
Waiting Period (10% of score): This is also a very crucial parameter, as insured will not be able to activate the policy if the waiting period is not completed. However, these waiting periods are unavoidable. So, you can find a plan where this period is comparatively less.
Add-on Benefits (10% of score): The health policies come up with a multiple range of optional benefits such as international coverage, maternity coverage, personal accident and critical illness covers, daily hospital cash, discounts on long term policy tenure, flexible sum assured option, cumulative bonus etc. Always choose these benefits as per your needs which can provide additional security, over and above the regular health plan at fairly affordable rates.
Purchasing a health insurance policy is a significant decision, and if you are not so sure how to select the best one for you, keep the above-mentioned points in mind to avoid mistakes while choosing the best health policy.