Health is priceless and the feeling of being protected is invaluable!
Have you ever thought how many people end up regretting not getting insurance? Don't be that person who looks back with regret. Take action now and get insured while you still have the chance.
Insurance is a necessary purchase for all individuals.
But before you jump into any insurance plan, make sure to keep these important factors in mind. It's time for an insurance checklist!
Claim Settlement Ratio
First and foremost, always check the claim settlement ratio. You want to make sure you're investing in a policy that has a good track record of settling claims
Pre & Post Hospitalization Coverage
Take note of the pre and post-hospitalization period. How many days are covered before and after your hospital stay?
Insurance Coverage Amount
Decide on the amount of coverage you need. Depending on your individual needs, select a policy that offers the required amount. It could be 3 lakhs, 5 lakhs, 10 lakhs, or even higher.
OPD Expenses Coverage
Keep in mind that not all insurance companies offer coverage for OPD expenses. Make sure to ask if in-patient expenses will be covered under the policy. This is a crucial factor to consider.
Free Health Check-up
Many policies offer free health check-up, so check if the one you're interested in offers this benefit.
Waiting Period
The majority of insurance companies have an initial waiting period of at least 30 days. Also, insurance policies require you to wait before they cover pre-existing conditions. Some policies have a 2-year waiting period, while others have a 3-year waiting period. Choose the policy that suits your needs.
No Claim Bonus
Some companies offer a no claim bonus if no insurance claims are made in the first year, either by increasing the insurance amount or reducing the premium amount for the following year. Make sure the company you want to buy Insurance from offers the same.
Co-payment (Co-pay)
Another factor to consider is Co-pay. Some companies may require you to pay a percentage of the bill, so make sure you're aware of this before signing up.
Network Hospitals
Don't forget to see how many hospitals the insurance company is tied up with. The more hospitals the Company is tied up with, the better!
Cashless treatment
If the Insurance Company is tied up with the hospital you want to visit, you can opt for cashless treatment. Otherwise, you'll have to pay the bills first and then claim it back. Cashless is always the better option.
Let's not forget the added benefit of claiming a deduction under Section 80D, which can amount to a maximum of Rs.75,000, depending on your parents' age. So, don't wait any longer. Get insured and protect yourself and your loved ones.
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