During the Covid pandemic, people have realized that health insurance is a necessity to secure their lives both physically and financially. There are so many uncertainties that now revolves around the lives of people.
People are ensuring that their lives are secured with a comprehensive health insurance policy to cater to their changing healthcare needs. Making it easy for them to compare and purchase is the high rise of digital acceleration and adoption.
While in the insurance industry, technology and digitization always existed, however, social distancing is now making customers adapt to online purchase and online service.
A common trend witnessed across is that the online purchase of insurance products is growing across metros and non-metros in India. People are also leveraging social media platforms to obtain product feedback from others.
Now that, digitalization has made it easier for people to buy a health insurance policy at the click of a button, there are some key factors like requirements, age criteria that one should consider before buying health insurance policies online.
Focus On Your Top Requirements
Buy health insurance policy that focuses and suits your requirements at every stage of life. For example, how much coverage you need Rs 10 lakh or 1 Crore. Do you need the coverage for yourself or the entire family? Or do you need a comprehensive health plan that can help you to get access to quality healthcare in India and Abroad? Once, you are clear of your requirements, policies can be sorted easily on this basis.
It is crucial to focus on this whether you are planning to buy a policy for yourself or your family member. The cost of the premium would depend on the age of the policyholder. Choose the policy wisely considering this factor.
Ease of Claim Process
When you decide to check health insurance policies online, you come across a number of them. You are exposed to a plethora of information regarding the policies. The one thing that you should consider is to check the claim settlement. A simple and smooth claim process comes as a boon at the time of settling your claims.
Waiting Period Clause
Not many are aware of the waiting period clause. It is often seen that policyholders have a confused look on their face when they finally are informed about this clause after they have bought the policy. It’s better to make yourself aware of the waiting period clause.
The waiting period can range from anywhere between 24 months and 48 months. It depends on the insurers and the policy that you have selected.
A health insurance company has certain list of hospitals present across India or Abroad which is known as network hospitals. These hospitals are where they offer cashless benefit i.e. when you get a treatment at these hospitals, you do not have to pay the bills. Elaborately, in case of a ‘cashless’ treatment, your medical bills are directly paid by the insurance company to the hospital. Keep these things in mind and do find out about the network hospitals when you buy health insurance online.
Limitations and Exclusions
A single health insurance policy cannot cover every aspect related to medical emergencies. Many exclusions are not covered and you must thoroughly go through this list while buying the policy online to understand what is excluded from the coverage. You must choose a health insurance policy which covers your health requirements.
While you may not choose a plan for the additional benefits, it’s nice to know if your plan includes loyalty bonus, premium waiver, unlimited restoration for unrelated illnesses, cumulative bonus booster, rewards for healthy lifestyle amongst several others.
Remember, a personal comprehensive health insurance plan with a high sum insured will keep you covered and take the financial stress away. So, if you are looking to buy health insurance online and not sure where to start? Make sure to consider the above-mentioned points to understand the policies better and to make an informed decision. Also, do your research to ensure your get yourself the right health plan that suits your requirements and fits within your budget too.
(Head Marketing and Online sales, ManipalCigna Health Insurance)