All of us work hard to ensure financial stability and security for the family. In the zest to work hard, we often forget to think about what will happen to this security if we are not there. It is the duty of every earning member to ensure that there is no financial stress in case they are not there anymore. For this, a health insurance plan is a must.
When it comes to buying health insurance many people go by the online health insurance comparison which is the best way to do it. But the mistake they make is to only compare health insurance premiums. The thing that must be considered to ensure good coverage and not the premium as a priority.
The following are the important points to consider when you do an online health insurance comparison:
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Research Well and Buy Health Insurance
Health insurance is the provision you make for your family after you are no longer there to take care of their needs. As this is your first step to secure their future without any financial burden, you must take the online health insurance seriously and make sure you get the best coverage by paying less premium. So research well and then buy the health insurance plan; after all, this will financially take care of your family after you.
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Compare online
Online health insurance plans are usually cheaper than offline variants. Hence it makes the most sense to compare health plans online before purchasing.
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Claims Settlement Ratio
The claims settlement ratio of an insurance company is very important and this must be one of the first things to see in an online health insurance . This ratio shows the number of claims paid out of the total registered claims in a year. It is easier for a nominee to get the money if this ratio is higher. With a higher ratio, you will ensure a safer future for your family as it will be easier for them to get the claim.
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Premium
The health insurance premium might not be the first or the most important thing to be seen in an online health insurance comparison, but it is something that cannot be missed. The cost is something that cannot be ignored. One must ensure they are getting good coverage for the health insurance premium they are paying. Health Insurance Plan is the cheapest life insurance plan, but the premium needs to be considered so that it can be continued without any issue.
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Premium Payment Options
You must check what all options are available with respect to paying the premium. Sometimes, it can happen that paying the premium one time only can be expensive. The other option is to pay a premium at intervals like annually and this is called regular premium payment. Both options are eligible for a tax deduction and thus, one can choose the option convenient to them.
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Add on Covers
The critical illness cover is important but there are many other add on covers which make the policy a comprehensive one for the family. There are other covers available which make the policy better and secures the future of the family. Riders like income benefit or an accidental death rider are also important and the benefit they have versus the cost involved cannot be compared. All these riders and the premium charged for them must also be compared.
Must Read: 10 Cool Benefits Of Comparing Health Insurance Plan Online In India
Though a health insurance policy only provides coverage against the death of the insured, there are many other riders which can be taken and are important. One such rider for example is the critical illness rider. If the insured suffers from a critical illness, the family will be financially burdened and thus, this rider takes care of it. The cover helps to pay for the cost of treatment and ensure that the family has enough to manage and not be affected due to the loss of income.
Health insurance plans are the cheapest way to obtain the highest life insurance coverage. However, health Insurance Plans are considered to be your Plan B, which comes in handy only when your Plan A doesn’t work. So, there is no way for you to check how well the plan works, as it would only come into effect if and when you are not around. Hence, you need to check the following parameters well before purchasing a health insurance coverage, as it works as your safety net!
Must Read: Buying Medical Insurance For Senior Citizens? Choose Wisely
