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How do I Choose a good Health Insurance Plan?

Learn more about selecting the best health insurance policy for maximum coverage and financial security. To know more about health insurance policies, Visit Now!

  • 2,988 Views | Updated on: Mar 13, 2024

As the current pandemic put our lives on hold, we realised how much we took our health for granted. Therefore, in the times of such unpredictability and in such health-scare situations, you can be two steps ahead with health insurance. Owning a health insurance policy can save you from the ever-soaring costs of hospital bills, and you can be sure that your life savings are safe when facing medical emergencies. But how to select a health insurance policy? You can do so by reading about the coverage each policy offers and select the one that best suits you.

Types of health insurance plans in India:

1. Family health insurance

2. Individual health insurance

3. Critical illness insurance

4. Senior citizen insurance

5. Personal accident insurance

6. Maternity health insurance

7. Group health insurance

8. Corona health insurance

When provided with so many choices, selecting one can be difficult. So you must follow these basic steps for picking a health insurance policy:

1. Read and compare the policies:

It will always be easy for you when you have a decent understanding of what your insurance policy provides. You can select the one that provides you with the best coverage, in terms of your requirements.

2. Affordability:

One of the most important points to look at is affordability. While it is important for selecting a plan with maximum coverage, you must ensure that the plan fits in your budget as well. You need to ensure that the premiums which you pay towards the policy are affordable and are not a burden on you.

Look for cashless hospital-networks:

Insurance companies have tie-ups with a lot of hospitals. These hospitals come under the network of the company. If you’re a policyholder and visit a hospital from the network, all you will need to provide is your policy number. The insurance company will take care of the rest.

2. Select a plan with low documentation and easy claim:

With low documentation and an easy claim process, the process of making a claim becomes seamless. A complicated claim process can be quite stressful in a difficult time.

3. Claim-settlement ratio:

You must ensure to check the claim settlement ratio of the insurance company before buying the policy. A claim settlement ratio is the total number of claims settled by an insurance company against the number of claims they received.

4. Senior citizen benefits:

Insurance companies have now provided customised insurance covers for senior citizens. These policies provide the policyholders with benefits like pre-existing illness coverage, critical illness coverage etc.

5. Add-on covers:

A crucial part of deciding on health insurance is to look for different add-on covers. The add-on covers can be added by paying extra premiums. You can choose from different add-on covers like Critical Illness cover, Accidental Death Benefit, etc. Customised add-on covers can be quite beneficial for unexpected events.

These trying times have exposed how we have neglected our health and made us understand the importance of a good health insurance policy. Insurance companies have provided a wide range of products for their customers.

Kotak Life has rolled out its fixed benefit and comprehensive health insurance plan - the Kotak Health Shield. The significant features of the policy are:

1. Coverage of 4 significant critical illnesses in a single policy - cancer, cardiac, neurological, and liver.1.

2. Personal Accident Shield to cover you and your family against accidental death and disability.

3. Coverage enhancement with daily hospitalisation cash benefit, Income Benefit and Waiver of Premium benefit.

4. Coverage for a second medical opinion, emergency medical evacuation, and so much more under the Inbuilt Wellness Benefit.

5. Attractive tax benefit as per the prevailing tax norms.

Buying a health insurance plan is crucial in current times, so do check out the Kotak Health Shield comprehensive health coverage plan, and protect yourself and your loved ones.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak e-Term

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