Insurance

Best health insurance plan for family in India

In summary, while selecting the best health insurance plan for your family in India in 2023, consider factors such as coverage, network hospitals, co-payment, waiting period, premium, riders, claim settlement ratio, and customer support to make an informed decision.

Thinkers Folk

Apr 06, 2023
5 min read
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Best health insurance plan for family in India

Some general guidelines on how to choose the best health insurance plan for your family in India in 2023.

Coverage: Look for a plan that offers comprehensive coverage for all medical expenses, including hospitalization, pre and post hospitalization expenses, day-care procedures, critical illnesses, and ambulance charges.
Network Hospitals: Check if the insurance company has a tie-up with a wide network of hospitals, especially the ones in your city, to ensure cashless treatment and easy access to medical facilities.
Co-payment: Understand the co-payment clause in the policy, which is the percentage of the hospital bill that you would have to pay from your pocket. Look for a policy with lower co-payment or no co-payment at all.
Waiting Period: Check the waiting period for pre-existing illnesses, which can vary from 2 to 4 years. Select a policy that has a shorter waiting period for pre-existing diseases.
Premium: Compare premiums of different insurance policies and choose the one that fits your budget. Look for policies that offer premium discounts for family floater plans and long-term policies.
Riders: Check if the insurance company offers riders like maternity cover, critical illness cover, personal accident cover, etc., and evaluate if these are required for your family.
Claim Settlement Ratio: Research the claim settlement ratio of the insurance company. This ratio indicates the percentage of claims that the insurer has settled over the total number of claims received in a given year. Higher the ratio, better the insurer.
Customer Support: Look for an insurance company that provides prompt and efficient customer support to help you in case of any queries or claim-related issues.