Buying an appropriate health insurance plan might seem easy, but right from choosing an appropriate sum assured to choosing the right insurance company to buying an appropriate insurance plan, it involves estimations and complexities.
However, to make the process seamless for you, we’ve collated a few smart tips to make estimations and get the best health insurance quote!
Table of Contents
1.Know the Fundamentals of Health Insurance Plans
It is imperative to be well-versed with the fundamentals of health insurance plans. Even if you are not, you can start this with analyzing a few things about yourself and your family.
- Your needs
- Your financial capacity
- Current health status and pre-existing illness
After making the analysis and estimations, you can search for standard features of health insurance plans, benefits offered, and exclusions. This way, you can have a better idea about the basics of health insurance plans.
Thereafter, you can research about other things, such as tax-saving factors, premium payment options and claim settlement processes.
2.Look for Special Offers and Discounts
While choosing an appropriate health insurance plan, it is advisable to look for discounts and offers as it might help you save a considerable amount. These offers may be valid for a limited time period and vary across different insurers. For example, when you start searching for health insurance plans, an insurer might be offering a discount for a limited period while other insurers might not have any benefits to offer at that time.
Apart from such offers and discounts, you can also look for benefits such as a no-claim bonus. You can avail of this if you do not apply for any claim in the initial years after buying a health insurance plan. This might save on your premium amount later.
3.Don’t Miss Out On Tax Benefits
Buying a health insurance plan offers dual benefits, coverage as well as tax benefits on your premium payment. Tax benefits can significantly bring down your health insurance plan’s cost; however, these benefits are limited to a certain amount.
For example, Mr Ajay buys a health insurance plan with XYZ insurance company and pays an annual premium of Rs 20,000. On this amount, he is eligible to receive tax deduction under section 80D of the Income Tax Act, 1961. This will effectively reduce his insurance’s cost.
Therefore, if Ajay would pay Rs 20,000 as his premium and get back Rs 6000 as a 30% tax rebate, he will effectively pay just Rs 14000.
After knowing the basics and ideal benefits of health insurance plans, it is preferable to carefully compare health insurance plans’ features, benefits, terms and conditions across several insurers. This would help you make a fair comparison and choose an appropriate health insurance plan offering reasonable benefits at an affordable cost.
5.Use Insurance Calculation Tools
A number of insurers’ and third party websites offer online health insurance calculators, wherein you just need to fill in your basic details and preferences to generate health insurance quotes. This will give you an estimated premium amount, allowing you to make a better decision.
After you have made all the estimations and calculations and generated health insurance quotes, it is important to compare the health insurance quotes and benefits across a number of insurers. This would help you balance the premium and benefits, keeping you adequately covered.
For buying a health insurance policy, it is advisable to consider credible health insurance providers such as TATA AIG. They offer favourable terms and conditions, speedy claim settlement, exceptional customer support, and much more.