How To Buy Affordable Health Insurance Online?

Health insurance plans in India certainly do not feature in the list of easy on wallet insurance plans. Yet, not having a health insurance plan can prove to be even more fatal for your finances. The lack of a health insurance plan can put undue pressure on your savings and future. 

One of the smartest ways to tackle this conundrum is to buy health insurance online. But one needs to be careful with online health insurance plans. Do not opt for the cheapest plan available, as it can leave you asking for a lot more. If you are looking for an affordable health insurance plan, here is how you can get them.

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Affordable Health Insurance Plans

The first step to getting access to affordable health plans is to buy health insurance online. Buying the policy online opens up several different avenues. You can visit the website of individual insurance companies or even better, insurance aggregators. 

Once you are on the website of an insurance aggregator, you can compare insurance plans. Here are all the factors that you must keep in mind.

1. Sum Assured

Healthcare inflation is one of the highest in the country, at 17% to 20% annually. As you compare insurance plans, look for the ones that offer the highest sum assured for your budget. Cutting corners on sum assured might not be the best idea.

2. Factors Influencing Premiums

There are several factors that influence the premiums of a health insurance plan. These include the sum assured, medical history of an individual or family, lifestyle, age of the proposer, smoking habit, etc. 

3. Insurer’s Credibility

As you buy health insurance online, you need to check the insurer’s credibility as well. ICR or incurred claim ratio indicates the total claims paid by an insurer versus the premiums earned. An insurer with a better ICR is preferable. Similarly, you should also look at the customer service of the company along with the claims process. 

Several insurance companies and insurance aggregators offer an online tool called premium calculator. The tool helps you to buy online health insurance plans. As you visit the website of an insurer or insurance aggregator, you would need to enter the following details.

• The type of plan (individual or family floater)

• Number of family members (for family floater plans)

• The desired sum assured

• The current city of residence

• Contact details of the policy proposer

After you enter these details, the website will return with policy quotes. You can compare insurance plans if you are on an aggregator’s website. Choose a plan that offers features and benefits that you are looking for and that fits your budget. If needed, you can opt for add-ons to improve your policy’s capabilities.

Buying online health insurance plans is one of the easiest ways to find affordable plans. The entire process saves you a lot of time, money and helps you make a more informed decision. You also gain a lot of understanding about the plan, which can come in handy during claims.