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How to Choose a Right Health Insurance Plan?

Financial experts claim that investing in a health cover is the first step towards all financial planning. In a way, the notion resonates with the adage, ‘Health is wealth’. Especially with the escalating costs for medical care in India, investing in the r

  • 2,229 Views | Updated on: Dec 27, 2023

Financial experts claim that investing in a health cover is the first step towards all financial planning. In a way, the notion resonates with the adage, ‘Health is wealth’. Especially with the escalating costs for medical care in India, investing in the right health insurance has become a necessity.

To help you navigate your way through the many options available today for health insurance, read on:

Factors to consider before buying your health insurance plan

1. Compare different policies: The first step when looking for health insurance is to compare the offerings from different providers. It helps you become aware of the benefits on offer and gauge your needs as well. Pay special attention to the inclusions and exclusions available. Also, avoid basing your decision on premium costs alone. Instead, focus on the terms and conditions mentioned in the policy.

2. Understand the coverage for pre-existing illnesses: Almost all insurance plans cover pre-existing ailments. But the duration of stipulated waiting periods vary. If you suffer from any chronic health problem, look for a policy requiring the lowest waiting period.

When investing in a health cover, you must disclose all your existing health conditions. It ensures that you do not breach your contract with the insurance company. It will also help settle all future claims without hassles.

3. Check your eligibility:

Check your eligibility for the health cover before making payments. The minimum age for applying is 18 years, and the maximum is 65 years.

Also, most insurance policies require you to undergo a medical check-up before sanctioning coverage if you are over the age of 45 years. Other factors that influence your eligibility include the cover you are opting for and your pre-existing illnesses.

4. Decide between individual health plans and family floater plans:

An individual health plan covers a single individual, whereas a family floater plan includes more than one family member.

The premium for an individual health plan depends on the individual’s age and sum insured. As for the family floater plan, the premium is based on the number of family members and the eldest members’ age.

With a family floater plan, you can utilise the entire sum insured for one family member in case of an emergency. Thus, it allows access to a larger amount of money in medical emergencies.

5. Look up the network of hospitals included in your plan:

Cross-check if your preferred hospitals are included in your selected insurance company’s hospital network. It is advisable to select an insurer with a wide network of hospitals. Then your options for undergoing treatments will not be limited to a few hospitals and doctors. You will be able to access the best facilities for your medical needs.

6. Consider getting critical illness insurance:>

The stresses of modern lifestyle, widespread pollution, and poor nutrition choices have increased the risk of life-threatening health conditions. Heart attack, stroke, liver damage, and cancer are on the rise, even among the youth. Also, the necessary treatments can be long-term and expensive.

Hence, buying health insurance for such disorders can ensure access to the best medical assistance when needed.


Selecting the right insurance plan safeguards your finances in medical emergencies and gives you access to the necessary treatment without causes for financial concerns. Given the frequent incidences of critical ailments, getting insurance for such conditions can prove to be a lifesaver. Kotak Health Shield provides optimum financial protection against four critical illnesses. It also covers personal accidents and offers the flexibility to enhance your coverage and thus, you can rely on this plan to get financial cover for various health care needs.

- 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

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