National Insurance Awareness Day!!!
India is currently facing dual problems, first that it is coping with infectious diseases and second that it is also fighting chronic diseases. The reason behind all this is the lifestyle of all of us, the effect of which has started showing on us. Experts say that at present, india has made a lot of progress in medical science. Advance treatment is available in the country. There is only one way to avoid this hefty expense and that is a health insurance policy. After Covid, there has been a great increase in its awareness and demand among the people. Now the question is, which is the best health insurance policy for you? There are a couple of times with this question and they must have happened. Today we are going to tell you by quoting experts that what are the important things to keep in mind while buying a health insurance policy.
Sum Assured
Adequate sum insured should be decided keeping all these factors in mind:
Habitat - Health care consumption is largely local. Experts say that a person living in a metro city may require a higher sum insured, as the medical expenses are more expensive as compared to tier 2 and 3 cities.
Lifestyle and Age - Younger people may require a relatively lower sum insured as compared to older persons.
Family Size - Large families will require more sum insured otherwise, there is a risk of loss of sum insured.
Future cost of hospitalization – This will depend on rising cost of treatment due to medical inflation and advancement in technology and availability of modern treatments.
Claim Settlement Ratio
Everyone needs to be cautious and careful about this. The reason for this is also because new products may have a slightly lower settlement ratio due to the applicable waiting period, which will gradually increase over time as the company's renewal book grows.
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