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Insurance Article

What all must you consider when buying health insurance policy?

January 24 2013

A lapse in immunity is caused by several factors like unhealthy eating, stress, hectic lifestyle or simply, an illness. At times, this can lead to health complications which may in turn make hospitalisation essential. Hospitalisation expenses are steadily increasing and their settlement can pose burdensome and stressful for the kin of the ailing. To avoid such situations, it is best to buy a medical insurance cover and secure your health during such unfortunate incidents.

When buying health insurance cover, it is very important to compare different policies as the coverage offered by different insurance companies differs. For this, it is essential that you get access to as many quotes as possible. Insurance quotes will give you a fair idea about the extent of coverage offered by that plan. So, selecting a health policy which fits your requirements becomes easy. The internet makes this process of sourcing quotes extremely easy and convenient.

Some insurance policies for health may have co-payments, sub-limits, deductibles which must be borne by the insured. Knowledge of these finer policy features will further help you refine your search and make an informed decision. At times, insurance providers offer the option of customising the sub-limit amount for certain medical expenses, services and diseases covered by the health policy. This sub-limit help in reducing the premium amount but it is important to get a clear idea about the working of these finer policy details so that you can get a policy which matches your needs and budget.

Once you have selected your health plan, setting your sum insured is the next important step. The amount you pay towards the premium is a considerable investment and is also another crucial feature which needs to be considered. Several insurance providers offering insurance covers online have an online health insurance calculator. You are required to fill in a few essential details regarding age, number of insured members, selected sum insured, etc. The health insurance calculator will then generate the premium amount payable for your selected insurance on health.

Other features which you must strongly stress on are the entry age, exit age, renewability limit, etc. All these age-related factors will affect the premium amount as well as the duration of active policy coverage. Some health insurance policies offerd by ICICI Lombard may have lifetime renewability which allows you to enjoy all coverage features of your policy as long as you live.

These are a few important factors which are crucial to selecting a reliable health policy so that you can be sufficiently prepared when faced with any medical crisis.

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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