If you are seeking the best health insurance plans in India, you certainly need to do some homework beforehand. Health insurance is a must since it safeguards you and your family members from the financial strain of medical ailments and sudden emergencies. Choosing the right health insurance plan is something that you should invest a little time and energy into since it will pay off marvellously in the long run.

How to choose the best health insurance plan?

• The type of health coverage required: From family floater plans that cover all family members together to individual plans, go for a health insurance policy that suits your personal needs.
• Coverage amount: Go for health insurance plans offering you the desired coverage amount, depending on where you live, i.e. in a metro city, Tier-2 or Tier-3 city.
• Sub-Limits: Always scrutinize your health insurance plan for sub-limits in terms of room rent cap and other such limits. In such cases, no matter what the entire sum insured stands at, if limits on particular overheads are exceeded, then you will have to pay the remainder from your own pocket.
• Pre-existing ailments: Make sure all pre-existing ailments are disclosed if any and also check the coverage for the same. Health insurance policies also have waiting periods before claims can be made for pre-existing ailments.
• Co-Payment: Co-payment is when the policyholder pays a predetermined amount out of his own pocket for specific covered services. This feature may sometimes be integrated into health insurance for senior citizens. The rates of premiums are higher for senior age groups and as a result, co-payment enables a lower premium.
• Premium Amount: You can also compare premiums for multiple health insurance plans and choose accordingly. It is recommended that you do not compromise on coverage amounts simply to keep the premium low.
• Claim Settlement Ratio: The claim settlement ratio is a critical factor that must be considered while choosing an insurance plan. This ratio indicates the percentage of individual claims settled over the total number of claims received by the insurer for a specific financial year.

Fixed Benefit Health Insurance Plans

1. Under a fixed benefit health insurance plan, the policyholder stands to receive a fixed/guaranteed amount which is equivalent to the sum assured.
2. This sum is paid out in case of the occurrence of an insured event under the terms of the policy.
3. The major benefit is that the policyholder gets this lump sum amount upon diagnosis of any major ailment that is covered in the plan.
4. No hospital bills are required to be submitted to the insurance company in this regard.
5. The claim is paid out upon diagnosis¹ irrespective of the actual cost of treatment.
6. The category covers multiple kinds of insurance plans, including critical illness insurance, cancer/heart disease plans and more.

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