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Insurance Article

Choose wisely and reap the benefits of online health insurance

February 09 2013

The misconception that health insurance is for the elderly has been replaced by the knowledge that it safeguards your finances during a medical exigency by transferring the risk to the insurer. As people realised the importance of adopting a healthy lifestyles with the urban population at large, the inroads for health insurance in India were easily paved.Health insurance today is considered as a supplement to your healthy lifestyle where you can stay prepared should an unfortunate event or emergency arise.

With the increasing popularity of the internet, several insurance providers have made online health insurance plans available. These plans at a glance look the same as the overall coverage offered is more or less similar. It is the finer details which separate one health insurance policy from another and these details must be carefully looked into to select a good insurance cover. For this, it is always best to compare insurance quotes for different medical insurance plans. These quotes can be easily compared online and will give you a fair idea about the extent of coverage offered and the premium payable for the policy. Following are some important clauses that you must consider when comparing different online health quotes:

Entry age and renewability: If you are opting for family insurance or covering more than one individual under a single policy, the entry age limit becomes crucial. The renewability limit is also different across different insurers and must be carefully considered with regards to your age at the time if entering into the insurance agreement.

Flexibility with premium and sum insured: Depending on the plan selected, it is important that the sum insured made available is comparable in nature.

Co-payments, deductibles, Sub-limits: Co-payment is the amount to be shouldered by the insured individual for any service or coverage offered by the policy. Deductible on the other hand is the sum that the insured expected to pay at the time of making claims. A sub-limit is a limit or cap applied to any ailment, medical expense or service offered by the insurance policy. There exist some online health insurance providers which do not have such clause or those that offer flexibility in these clauses. Such leniencies will help you structure your policy as per your convenience.

Payment methods: Payment for online health insurance can be carried out both offline and online. You can make instant online payment by using your Debit or Credit Card as well as through your Net Banking account.

Once you have satisfactorily ticked all the essential boxes in the checklist of your expected insurance policy, you can make payments. Once payment is made, you are issued a digital copy of your insurance document almost instantly.

Disclaimer - The article contains only an indication of the cover offered. For complete details on coverage, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. This article is brought to you by ICICI Lombard General Insurance Company Limited. Insurance is the subject matter of solicitation.

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