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Looking for Individual Health Plan - Compare Online & Save Premium

20 June 2022, 3:38 PM

Several health insurance companies are offering various health insurance plans which can offer comprehensive coverage at the time of medical emergencies. However, selecting and purchasing the right health insurance policy can be said to be one of the most difficult tasks. One health insurance company would always try to offer better schemes than another company to attract customers. Different lucrative offers can put the customers in a dilemma while selecting the best health insurance plans.

One of the best methods by which you can purchase the right health insurance policy is by having a proper understanding of your requirements. It is essential to understand what would be the right coverage for you and the right sum insured for you.

How to Avail an Individual Health Insurance Plan?

The major ways by which individual health insurance plans can be availed are mentioned below:-

Traditional Method

This is the conventional method of purchasing a health insurance policy. You can visit the insurance offices and approach them for the quotes related to the policy. You would have to take the assistance and guidance from insurance agents to obtain information on the insurance plans. However, this process would be quite time consuming and the procedures will almost take 1 month to be completed.

Online Method

The easiest method by which you can purchase health insurance policies is by online means. You can very easily utilise the insurance aggregator portals for comparing health insurance policies. This method is convenient, less time consuming, and even economic as it eliminates costs like commission and other fees as well. The most important activity involved in the online purchase of health insurance plans is the comparison of the policies.

Why is the Comparison of Health Insurance Plans Important?

You must compare the health insurance plans before you make the final decision to purchase the policy.

  1. For obtaining a health insurance plan as per your requirement - At present, there are several health insurance companies in the market. These health insurance companies offer various insurance products that have distinctive features. If you are comparing the health insurance plans before buying, you could be able to sort out the proposal according to your requirements.
  2. To obtain an affordable insurance premium - When you are purchasing health insurance policies, the major factor to be considered is its affordability. Health Insurance companies provide a plethora of health insurance policies with various ranges of premiums. By comparing policies, you can easily find out which one is affordable for you. 
  3. To receive other benefits - By the comparison of health insurance plans, you can also obtain other additional benefits such as cashless health insurance claims, ambulance cover, AYUSH treatment, etc.
  4. Informed decisions - You can make well-informed decisions by the comparison of health insurance plans. By knowing about factors such as waiting periods, exclusions, claim settlement procedures, etc. you would be able to make well-informed decisions. 

Online Comparison of Health Insurance Policies

  1. Online comparison of health insurance policies would help in saving a lot of time.
  2. By the online comparison of health insurance plans, the chances of biased decisions are reduced as there is no involvement of middlemen.
  3. Online comparison of health insurance policies is economical as there are no middleman expenses involved.
  4. By online comparison of health insurance plans, you can very easily see all details about the plan on the website.
  5. Online comparison of health insurance plans is convenient as you would not have to wait in the agent or insurance office for information on the insurance products.

Things to Consider While Comparing Health Insurance Plans Online

While you are comparing health insurance policies online, you must keep in mind that the final purchase decision should not be done based on the premium. Even if there is a health insurance plan which has the lowest premium, it may not be the best health insurance plan. A health insurance plan which might seem to be perfect for you may not be the best choice for some other person. So, while selecting your health insurance plan, you should ascertain that it meets all the requirements of your family.

  • It is always advisable to purchase a health insurance policy that has the feature of lifetime renewability.
  • Moreover, even if you have a group health insurance plan, you must purchase an individual health insurance policy.
  • You must be well aware of the exclusions of the health insurance policy which you are planning to purchase. This will help you to avoid insurance claim rejection in the future.
  • Also, you should not hide your health-related history and conditions. Non-disclosure of previous medical conditions can lead to rejection of your health insurance claims.

Let us suppose you are around 33 years and need an individual health insurance policy. The sum insured of the health insurance policy should be around INR 5 lakh in a year. The tenure chosen is 1 year and you have not opted for any other features like co-pay or riders. Based on these criteria, there are a large number of health insurance plans available in the insurance market.

Insurance providerPolicy NameAnnual premium
HDFC ERGOHealth SurakshaINR 5660
TATA AIGMedi PrimeINR 6400
ICICI LombardiHealth PlanINR 7000
IFFCO-TOKIOIndividual MediShieldINR 6100

What can Happen If Health Insurance Plans are not Compared?

If you are not comparing the health insurance plans before purchasing, then

  1. The health insurance plan purchased by you might not be suitable for your requirements. As a result, you may not have any financial security at the time of a medical emergency.
  2. If you are not comparing the health insurance plans, then you might purchase any random policy and miss out on the advantages which a good policy would offer.
  3. Without proper comparison, you may end up purchasing a health insurance policy with a low sum insured thus, leading to a financial emergency at the time of medical emergency.
  4. If you are purchasing a health insurance policy that is not worthy enough then you would lose a huge amount of premium money.

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So, the best health insurance policy must be a combination of nominal premiums, minimum waiting periods, and lifelong renewability. This can be feasible only when you compare health insurance policies online and understand the premium differences.

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