Did you know that according to the Ministry of Statistics and Programme Implementation, only 14.1% of rural citizens and 19.1% of urban citizens have health insurance coverage in India? Not being insured adequately impacts your access to quality healthcare. That is the reason it is necessary to find the right insurance plan.

However, finding a robust health insurance plan is as important as buying from the right insurance provider. So, if you are looking for the best medical insurance company in India, here are some tips to help you get started.
  1. Don't trust plans that come with too many benefits

    Before investing in a policy, you must fully understand its benefits and offerings. It would be best to prioritize your needs over unnecessary frills that only make the policy look attractive without actually giving you any benefits. You must also consider buying a separate plan for the senior family members as the premium is calculated based on age. A reliable insurance provider will offer transparency in terms of policy benefits and terms to help you make an informed decision.

  2. Choose a reputed company

    Besides meeting your budget requirements, you must consider choosing an insurer that supports you when you need it the most. Before buying a policy, evaluate the insurer’s website to check their claims settlement ratio, ratings, record, etc. The best medical insurance company in India will have a claim settlement ratio in the high 90s. For instance, Care Health Insurance offers 95.2% CSR, which means that the company over 95% of the claims filed by the policyholders in a given year.

  3. Renewal age

    Not many people know this, but renewal age plays a huge role in choosing the best medical insurance company in India. Most insurance companies offer policies that can be renewed for up to 70-80 years. However, your medical needs increase as you grow older. Therefore, it is advisable to buy a policy from an insurer that offers lifelong renewability. This feature lets the policyholder enjoy lifetime benefits without the need to renew their policy in the middle.

  4. Wide network of hospitals

    Be sure to check the insurer’s network of hospitals. An insurance company with an expansive network will allow you to avail of cashless treatment facility at premium healthcare centres without worrying about costs. A cashless facility means that your insurer will pay the hospital bills directly without requiring your intervention. As a result, can focus on your recovery rather than worrying about the costs. The cashless feature is available to the policyholder free of charge. Therefore, make sure that the insurance company has your preferred hospital in their list of network hospitals.

  5. Rider options

    Riders or top-up plans are bought over and above your health insurance policy. They allow you to expand the scope of coverage of your health insurance plan by paying a small premium. You can also claim tax benefits under section 80D of the Income Tax Act for the premiums you pay to buy top-ups.

  6. Age limit

    Many insurance providers put an age limit on health insurance policies. Therefore, you must check this limit, especially if you are buying a family floater plan. Make sure that the youngest and the oldest member of your family are within the specified age limit. The best medical insurance company in India will give you lifelong renewability. So choose your policy and insurer carefully.

  7. No claim bonus

    A reputed health insurance provider will give you the benefit of no claim bonus It allows the insured person to either reduce the premium or increase in sum insured over time if you make no claims in that particular year. The amount of no claim bonus will vary from one provider to another.
Buying health insurance is a crucial decision. So, make sure you buy from the best medical insurance company in India to have a smooth experience if you are faced with a medical emergency.

Source: https://search.incometaxindia.gov.in/pages/results.aspx?k=80d

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