How To Select The Best Medical Insurance Plan?

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Medical insurance is a must for everyone, as even a single illness does weigh heavily on your savings if you do not have a health policy. That’s the reasoning, buying a health plan is regarded as one of the bright financial decisions an earning individual can take.

In India, there are an excess of medical insurance plans, that’s why selecting an appropriate plan can be formidable. Forbes Advisor India analyzed 45 health policies to choose the ones that are most beneficial and suitable. Here are a few of the best health insurance policies in India that have made it to the list.

Every health insurance company is clear from each other in its own manner and it is tough to find a health insurance company that can suit everyone’s requirements. The definition of the best health insurance company varies from individual to individual depending on their health goals and requirements. For example, few people might prefer one insurance company over another as of its huge network of partner hospitals that offer cashless claim services, while others might value the quality of services offered or the attainability of customer service.

Listed below are a few of the common factors that you should consider while buying medical health insurance plans in India:

Attainability Of Health Insurance Plans

While few medical insurance companies do offer individual family health insurance and health insurance, others provide plans targeted to some groups like women, senior citizens and children. So, always purchase a plan from an insurance company that provides a plan matching your requirements.

Cashless Network Hospital

Every medical insurance company has a number of hospitals with which it has a tie-up to offer cashless claim solutions. When choosing a health insurance company, it is vital to check the strength of the cashless network hospital the company is providing. The wider the network, the better it is so that you do initiate a cashless claim at a closeby hospital.

Claim Settlement Ratio

The claim settlement ratio of a medical insurance company decides the number of claims settled by the insurance company out of the total number of claims collected in one financial year. The higher the claim settlement ratio, the finer it is.

Customer Support Service

Another significant thing to keep in brain is to check on the customer service provided by the medical insurance company. Make certain to select a health insurance company that offers 24*7 customer service so that you do get immediate help whenever you required it.

Business Volume

The total number of policies sold and premiums collected by a medical company is mentioned to as business volume. An insurance company with more policies sold has a higher market share and, as a result, might be trusted by the people. Business volume to be considered as a parameter to judge health insurance companies where high volume signifies greater trust among the customers.

Claim Settlement Process

It is very significant that you choose an insurance company that provides a smooth claim settlement process since no one needs to deal with time-consuming, complicated operations in the mid of an emergency. As a result, it is suggested that you select a medical insurance company with a smooth claim settlement procedure in order to save on effort and time.

Reviews And Ratings

Knowing reviews from existing policyholders about a medical insurance company supports you make a knowledgeable decision. For this, you do read customer reviews of various insurance companies at InsuranceDekho and go for the company that has positive feedback. Also, consider the star ratings of the insurance company which again you do explore on InsuranceDekho’s website. You can also do certain research in order to select the best insurance company.

Awards and Accolades

The website of all medical insurance companies has a devoted section where you do explore a complete list of accolades and awards. The greater the number of recognitions and awards, the more respectable the company is. So, when selecting an insurance company, go with the one that has consistently won several awards and honors that makes them the best in the business.

Customer Support

A good medical insurance company has a good customer support team. So, you select choose an insurer who is accessible 24*7. They should have a helpline number where you do call and get your grievances addressed. Not only call, but you must also be able to reach out to them via email, chat, etc. It makes it easier for you to face several doubts connected to health insurance coverage when the insurer is easy and helpful and approachable.

There are a number of medical insurance companies in India that provide a wide range of health insurance plans to touch the medical needs of all age groups. Health insurance providers carefully and uniquely design their health insurance plans so that they do offer the right coverage to all their customers. Every health insurance company aims to offer its customers a variety of benefits and features through its varied products. We also understand that exploring a health insurance company that does meet all your requirements do become tough at times.

Rank Health Insurance Company Health Claim Settlement Ratio Network Hospitals

1 IFFCO Tokio General Insurance 96.33% 1416

2 Care Health Insurance 95.47% 2500

3 Magma HDI Health Insurance 95.17% 5016

4 The Oriental Insurance Company 93.96% NA

5 New India General Insurance 92.68% 1256

6 Bajaj Allianz General Insurance 92.24% 6277

7 Niva Bupa Health Insurance 89.46% 5270

8 Navi General Insurance 86.98% NA

9 HDFC ERGO General Insurance 86.52% 9414

10 Manipal Cigna Health Insurance 85.72% 6509