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10 Tips to Buy the Best Health Insurance for Your Loved Ones

dateKnowledge Centre Team dateJune 22, 2021 views222 Views
Tips to Buy the Best Health Insurance | Health Plan Online

With time, the cost of medical treatment has increased rapidly in India. A change in the lifestyle of people living in the country has led to a rapid increase in the number of health insurance customers. Health insurance offers medical expenses to the policyholder in case of any health emergency. Coverage for different expenses depends on the policy.

As of now, in India, there are numerous health insurance companies and policies. So, it is hard to select the best health insurance policy for your loved ones. The below-mentioned tips and tricks can help you choose among the sea of options.

1. Buy health insurance early

Buying a health insurance at a young age will provide you with the following benefits:

a) Low premium amount

b) The waiting period can be spent when you are healthy

c) Minimal chances of rejection

Find out the right time to buy a health insurance plan.

2. Select the right policy coverage

Try selecting a health plan that can cover a wide range of medical, post and pre-hospitalization cover, critical illness cover, cashless treatment, daily hospital cash benefits, maternity benefits, ambulance charges, etc. When you are buying health insurance for your family, make sure that the health insurance plan can meet the needs of each member of the family.

Write down all your requirements, compare them with various plans available and select the best policy that can meet your needs. Do not forget to check out the hidden factors like policy features, limitations, sub-limits, waiting period, daycare procedure coverage, organ donor expenses, newborn baby expenses, etc.

It is mandatory to go through every word of the policy. Hence, ensure that your family does not need to face any difficulty at the time of the claim.

3. Select a plan with a lifelong renewal feature

Renewal is a prime factor to be considered while choosing a health insurance plan. With age, health problems and diseases also increase. Hence, health insurance is mandatory for any person at an older age. So, while selecting your health insurance plan, check for the policy that offers lifetime renewability. Selecting a lifetime renewable plan will reduce the hassle of buying another insurance plan once you cross the age limit.

For example, if you choose a policy that has an age limit of 50 years, you will have to buy another insurance after you cross 50 years. Hence, it is better to select a plan with lifetime renewability. This will keep you and your loved ones covered for a lifetime.

4. Check for co-payment clause

Take a look at the co-payment clause before selecting the health insurance plan. The co-payment clause is the percentage of the amount that has to be paid from your pocket.

For example, if your policy has a co-payment clause of 5%. For a claim of Rs. 1 lakh, you have to pay Rs. 10,000 from your pocket while the insurance will be paying the rest of the Rs. 90,000 as a part of the claim. There are also policies without a co-payment clause.

5. Check for the waiting period

In general, health insurance plans will include pre-existing diseases, maternity expenses, and certain other treatments only after a specific period. This period varies from plan to plan. Hence, look at the time duration after which the pre-existing diseases will be covered in your policy. It is always recommended to select the policy that has the least waiting period.

6. Prefer a family plan over an individual plan

Individual plans are usually for individuals that don't have a family. But if you have a family, it is better to take a family health insurance plan rather than taking an individual policy. Through a family health plan, you can have maximum benefits at an affordable price.

Check these 5 tips before buying a health insurance plan.

7. Check for flexibility to add new family members

When purchasing a family health plan, it is advisable to choose one where you can easily include any new member of the family. In case any one of the family passes away, then the other family members can continue the same policy without any issues.

8. Wide network of hospital range

Preferring insurance that provides a wide network of hospital ranges is useful. Through this, you can have convenient and cashless settlements irrespective of your location.

9. Limit of room rent

The plan you choose will determine the room you will be given, whether it is a private, semi-private or shared room. If you are not able to choose a plan that has a high room rent limit, the rest of the room rent has to be paid from your pocket. Hence, it is recommended to select a plan that has a high room rent limit.

10. High claim settlement ratio

Select a company that has a high claim settlement ratio. The settlement ratio is the percentage of settled claims over the received claims by the health insurance company. Choosing a company that has a high claim settlement ratio will keep you in safe hands.

For example, if a health insurance company has a 90% claim settlement ratio, it means that the company has settled 90 claims of every 100 claims received. That is a prime factor to be considered while choosing a health insurance company for your family.Canara HSBC Oriental Bank of Commerce Life Insurance has a claim settlement ratio of 97.1% for individual claims. We have an easy and simple claim settlement process.

3 Easy Steps for Claim Settlement

From factoring in the settlement ratio to looking at the number of network hospitals, you now know how to pick the right insurance plan. By understanding and utilizing the above mentioned ten tips, you can choose the best health insurance plan for your family and loved ones without any difficulty.

Don't know where to start your search? Know your options by checking out health plans from Canara HSBC Oriental Bank of Commerce Life Insurance that can fulfil all your family requirements. Health First Plan offers comprehensive coverage at affordable premiums. It provides you with a lump sum amount when diagnosed with heart and cancer-related conditions and on pre-defined 26 major critical illnesses. This health plan is designed to provide you complete freedom of choosing the cover you need, and also provides multiple customization options to suit your requirements. The lump-sum amount paid can help you overcome the immediate medical expenses without compromising on your lifestyle.

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Frequently Asked Questions (FAQs) for Life Insurance

The premium is one of the most important factors to consider before buying a policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of www.canarahsbclife.com.

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age:It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chances of contracting diseases is low. Young people also opt for policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender:The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits:The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term:Policy terms are also taken into consideration by insurers while deciding the premium amount. Policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation:The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physicianâ s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence. There are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: An insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the policy, the insurance companies generally pay 80% of the total premiums paid.

Buying life insurance online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. Online insurance policies also offer higher benefits. Customers should, however, buy online policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one policy to increase the cover or avoid claim rejection. In case of multiple policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In the case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy life insurance, the insurance company asks for the nominee details. Only the person named as the nominee in the policy can cash out a life insurance policy in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in the case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term. The family receives the death benefit. In the case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment options are chosen the policy works as a source of regular income.

It is a popular misconception that life insurance is only for accidental deaths. A term life insurance plan like iSelect also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy life insurance in your early 20s because it’s is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy life insurance at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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