Which is the best medical insurance policy in India?medical insurance policy in India|medical insurance

Excellent question! One of the most important considerations while buying a medical insurance policy in India is the big P or the Premium. But let me tell you that buying a medical insurance policy simply because the premium is the lowest in the market is a mistake that can cost you later.

Which is the best medical insurance policy in India
medical insurance policy in India

While buying a medical insurance policy, you need to consider all other factors that lead to the cost of premium and then decide on your purchase. Most people will see that an insurer is offering the lowest premium in the market and rush to sign on the dotted line. If your agenda behind buying health insurance or medical insurance is just to reap some tax benefits while filing your income tax returns, go ahead and buy an insurance policy with the lowest premium. But if you want a medical or health insurance policy that can actually be useful during a health emergency, you need to consider factors other than just a lower premium amount.

The best medical insurance policy is one that is comprehensive, robust and covers possible medical treatments that you might need in the future. For example, a newly married couple could consider a health insurance plan that covers maternity costs. A family that constantly moves from home to home due to transfer orders might need to consider a health insurance policy with a wider network of affiliated medical care facilities.

The best health insurance policy will be SMART -

Service expenses covered under the policy

Medical care network

Access to insurance providers

Ratio of settlements

Top up or value added services

Now to answer your next question. The annual premium of a health insurance policy is dependent on the following factors -

  • Type of policy - individual, family floater, critical illness policies
  • Number of people covered under the policy
  • Value added services

The cover of each medical insurance policy will differ based upon premium and policy purchased. You need to ensure that your medical health insurance policy should at least cover the following -

  • Ambulance and emergency services expenses
  • Pre and post hospitalisation
  • Maternity expenses and vaccinations
  • Specialty medical treatment
  • Chronic illness treatment like dialysis
  • Critical illness treatment like cancer
  • Planned surgeries
  • Regular health check ups
  • Emergency procedures

Based on the above mentioned aspects of the insurance policy, the premium rates can vary. Remember, your premium is likely to be higher once you avail of a claim.

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