The health insurance policy is also popularly known as Mediclaim Policy covers cost of medical treatments. It involves expenditure incurred on unforeseen diseases, accidents, Critical Illness, etc and covers services like Hospitalization, Day-care, Domiciliary treatment, operation charges, Ambulance charges, etc.
Amount of coverage or sum assured is to be selected basing the income and need for the coverage for the self and family.
Health Insurance plan is needed to protect from the exorbitant medical expenses to be incurred on unforeseen diseases or accidents.
Minimum waiting period for pre-existing illness to be checked. It is also different in different companies. Normally it is 24-36 months.
Maximum age for renewal of the policy to be checked. It differs from company to company. Normally, renewal for life long is assured.
Claim settlement ratio is to be verified. A higher claim settlement ratio indicates the intention of the company to settle the claims.
Premium on the policy also differs from company to company. It is advisable to check the premium charged by the other insurance companies. This can be done by visiting their respective websites.
Sub-limits of various expenses concerning Room Rent, Major or Minor operation charges, the cap on certain diseases like Hernia, Cataracts, etc. Sub-limits for all these expenses also different for each company.