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Health Insurance Comparison

Life can be unpredictable, and health-related emergencies can cause a great deal of financial loss to you and your family. Health insurance is a necessity to provide your family with the right back-up plan in times when you need it the most.

There are a variety of health insurance policy plans and service providers available to meet your requirements. It is imperative to ensure that you compare health insurance plans properly to make the most appropriate decision between the numerous choices.

Benefits of Health Insurance Comparison

Choosing an appropriate health insurance plan that fulfills the medical needs of you and your family can be a daunting task. Hence, before you select a plan, it is better to compare the health insurance policy online. This helps you explore the features of multiple plans, thus making your purchase valuable and secure.

Here are Three Benefits of Health Insurance Comparison Online

BENEFIT

EXPLANATION

You Get Multiple Options

There are several insurance companies available in the market. So, how do you determine which one is best for you? Hence, comparing different policies online will help you understand the various features each plan offers. Depending on your needs, you can then sort the policies and then choose one that best suits your medical needs.

Helps You Get An Affordable Plan

Comparison tools online come with filters. You can explore your choices and choose a health plan that is the most affordable. All you have to do is compare the premiums of different plans and then choose one that you think is financially feasible for you.

Additional Benefits

When you compare the health insurance policy online, you come across certain benefits that might be missing in your existing or the chosen plan. Here, you get an opportunity to check with different insurance providers and the features their products are offering.

Why Compare Health Insurance Plans Online?

The reasons you should compare health insurance plans online before buying the policy are as follows -

  • Comparing health insurance plans online is free of cost. Several websites offer this facility along with detailed information on the compared policies.
  • The entire process saves you a lot of time.
  • Since the health insurance comparison is made online using the tool, you no longer have to wait for your insurer or agent to get back to you with policy details.
  • The online health insurance comparison is transparent. Since there is no hidden information, you can make an informed decision based on affordability and necessity.

Besides health insurance comparison, you will also come across the health insurance calculator tool that allows you to understand the cost of your selected coverage add-on benefits.

Types of Health Insurance Plans

There are two types of health insurance plans available on Finserv MARKETS.

  1. Individual Health Insurance Plan

  2. Family Health Insurance Plan

To get a better understanding of the two, consider the following table:

 

INDIVIDUAL HEALTH INSURANCE

FAMILY HEALTH INSURANCE

DEFINITION

Individual health insurance is issued to a single person and provides medical coverage to only that one. So, only you (the policyholder) can avail the benefits of the plan.

In case you plan to purchase individual health plans for you and your family members, you will have to seek different policies for each person.

This means, for four people, you will have to buy four individual insurance plans.

Family health insurance will cover you as well as your family members. However, no individual gets dedicated coverage under this plan.

For instance, if you buy a family health insurance plan of INR 10 Lakh for you, your partner, child, and parent – then the limit can be used by any of these members during the policy term.

COVERAGE OFFERED

Only the policyholder uses the sum insured.

The sum insured can be utilized by you and your family members that are mentioned in the plan.

PREMIUMS

The premium amount is dependent on your (the policyholder’s) age.

A single premium amount covered all the listed members.

The amount is calculated based on the age of the eldest member of the family health insurance plan.

CLAIMS

When you make a claim, the amount that you are compensated with is utilized from the sum insured.

In case the sum insured is exhausted, the insurer will reinstate the coverage after you pay extra premiums.

Similar to individual health insurance claims made are compensated from the sum insured. And in case the sum insured is exhausted, the insurer will reinstate the coverage after you pay extra premiums.

Health Insurance Top Up for Extra Coverage -Extra Care Plus

At any time during the treatment, your health insurance plan may fall short of covering the expenses. Many people face the issue where the sum insured amount is exhausted. But this should not stop you from seeking the medical help that is needed.

Hence, we offer a top up health insurance plan called Extra Care Plus, that comes in handy when you exhaust your sum insured amount. It basically acts as an extension to your existing health insurance plan. It offers a high sum insured with a low deductible at nominal premiums (for as little as INR 2,500 per annum).

Health Insurance Comparison

Factors to Consider While Selecting Health Insurance Policy

There are certain vital factors to keep in mind when choosing the right health insurance policy.

  • Age

Your age and the age groups that your family members belong to plays an important role when you compare health insurance policy. Health insurance plans differ greatly as per the medical profiles of the individuals involved and thus should be understood thoroughly and chosen with due diligence. You should also be aware of the age range that the policy covers.

  • Income and Occupation

Your monthly income will define the amount that you have available in hand to pay the premium for your health insurance policy. Here, it becomes vital to compare health insurance policy and narrow down on the plan that gives you the best coverage and fits your budget.

Occupation also plays an important role since some companies offer health insurance to their employees, and you may not have to purchase it separately.

  • Amount of Coverage Needed

The amount of coverage that you need from your insurance policy depends on your place of residence and the history of illnesses in your family. Tier 1 cities require a higher amount of coverage to factor in the higher costs of treatment. 

  • Check The Policy For Pre-Existing Illness Cover

The terms and conditions for coverage of pre-existing illnesses differ as per the insurance company. The coverage for certain diseases may be available only after a waiting period of 12 to 24 months as per the plan.

Disadvantages of Not Comparing Health Insurance Policy

Not comparing health insurance online has a few drawbacks. It includes –

  1. You may end up choosing a health plan that is not beneficial during sudden medical emergencies. It may not grant you the financial support needed in case of critical situations.

  2. If you purchase any random health plan, the chances are that it may lack some desired features. This further means, you will end up paying premiums for useless features.

  3. You and your loved ones will be stressed in case the medical expenses go over and above the existing health coverage.

  4. It will be a waste of your hard-earned money, as you will be investing in a plan that benefits you in little to no way.

How to compare and choose health insurance?

Compare Health Insurance

Tips To Compare a Health Insurance Policy

Hence, comparing several health insurance plans online before purchasing one is quite essential. Many people ignore this and end up buying a policy that does not fulfill their medical requirements.

On the other hand, for those who do compare health insurance plans online, only compare the policy based on premiums and sum assured. You have to consider other factors as well. The best health plan for you should fulfill all your medical-related needs.

To help you with the online health insurance comparison, here are a few tips

 

  • Do not be focused on the premiums alone. Know that paying high premiums does not make the health plan suitable for you. The chances are that it might not provide the desired coverage.Use the health insurance premium calculator available on Finserv MARKETS. The tool helps determine the premiums charged on your desired health insurance coverage. Based on the results, you will be a step closer to making an informed decision related to health insurance.
  • Provide accurate information. When you buy health insurance online, make sure that you are proving the right information to the insurer. Bogus or wrong details will lead to policy rejection or termination.

 

  • Be aware of medical expenses. If you are buying a health plan now, go through the medical inflation rates. It will allow you to choose the right sum assured, which in turn will help you choose the right plan for you and your family.

  • Choose the right plan. When buying health insurance, you need to know whether you are planning to secure yourself or you have dependents. In the case of dependents (spouse, children, or parents), it is better to go for family health insurance plans.

Over to You!

Today, everything is readily available on the Internet. Use the power of the Internet to choose a better health insurance plan for you and your loved ones. In case you are looking for a health insurance plan, get in touch with us at Finserv MARKETS.

With health insurance plans available on our platform, you can benefit from features like deductions under section 80D, swift claim settlements, reinstatement benefits, customizable insurance plans that fit your needs, extensive coverage, and more.

So, don’t wait. Get yourself and your family insured with the best health plans available in the market right away.

Also, read more about health insurance benefits by visiting our Discover section.

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

Best Health Insurance Plans Available at Finserv MARKETS

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