Health insurance is a must-have for every family and individual. It is a safeguard against financial losses that may arise due to unforeseen medical emergencies. You can buy health insurance online in India by following these simple steps.
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Introduction: Why buy health insurance online?
In India, health insurance is a rapidly growing market with a large number of players. With the increased awareness of health insurance and the availability of online health insurance policies, more and more people are buying health insurance online.
There are many reasons to buy health insurance online. It is a convenient and hassle-free way to buy a policy. You can compare different policies and products from the comfort of your home or office. You can also get instant quotes from various insurers without having to contact them individually.
Another advantage of buying health insurance online is that you can get customised products. You can choose the sum assured, the policy term, riders, etc. as per your needs. This way, you can get a policy that best suits your requirements.
Besides, buying health insurance online is also cheaper than buying it offline as you don’t have to pay any agent commission.
The process of buying health insurance online in India
The process of buying health insurance online in India is a relatively simple and straightforward process. There are a few steps that need to be followed in order to purchase health insurance online, and these are outlined below.
The first step is to research the different health insurance policies that are available in India. This can be done by visiting the websites of various insurers, or by using an online comparison tool. Once you have shortlisted a few policies, it is important to read the policy documents carefully in order to understand the coverage and exclusions.
The second step is to calculate the premium for the policy that you have selected. This can be done by using an online premium calculator. The premium amount will depend on factors such as your age, gender, medical history, and the sum assured.
The third step is to choose the mode of payment for the premium. Most insurers offer the option of paying by credit card, debit card, or net banking. Once the payment has been made, you will receive a confirmation email from the insurer.
The fourth step is to print out or save a copy of the policy document for future reference. It is important to keep this document safe and readily accessible, as it will be required in case you need to make a claim.
The benefits of buying health insurance online
One of the main reasons to buy health insurance online is the convenience it offers. You can do it from the comfort of your home or office, at a time that suits you. And you can compare a wide range of policies quickly and easily, to find one that fits your needs and budget.
another advantage of buying health insurance online is that you can get a discount on the premium. When you buy health insurance online, insurers offer a discount because they save on costs such as agent commissions.
Some insurers also offer additional benefits when you buy health insurance online. For example, they may give you free cover for preventive healthcare or allow you to port your policy if you change jobs.
The different types of health insurance policies available online
When you are looking for health insurance online in India, you will come across different types of policies. Here is a quick guide to help you understand the various types of health insurance policies available so that you can make an informed choice.
1. Individual Health Insurance Policy: As the name suggests, this policy is taken by an individual for himself/herself.
2. Family Floater Health Insurance Policy: This type of policy covers the entire family under a single sum insured. It is a great option for families as it is economical and offers the benefit of flexibility in terms of how the sum insured can be used.
3. Senior Citizen Health Insurance Policy: This policy is specially designed for senior citizens aged 60 years and above. It offers comprehensive coverage for common age-related ailments such as heart disease, stroke, cancer, etc.
4. Critical Illness Insurance Policy: As the name suggests, this policy provides coverage for critical illnesses such as heart attack, stroke, cancer, etc. It offers a lump sum benefit which can be used to cover expenses such as medical treatment, surgery, etc.
5. Hospital Cash Insurance Policy: This policy provides a daily cash benefit which can be used to cover expenses such as hospitalization, transportation, etc. It is a great option for those who do not have health insurance but wish to have some financial protection in case of hospitalization.
How to choose the right health insurance policy online
With the advent of technology, it has become very easy to buy health insurance policies online. However, with a plethora of options available, it has become quite confusing to choose the right policy. Here are a few tips that can help you choose the right health insurance policy online:
-Before buying a health insurance policy, it is important to understand your requirements. You must have a clear idea about the sum assured you need and the kind of coverage you are looking for.
-It is advisable to compare different policies from different insurers before zeroing in on one. Use an online tool like Policy Bazaar to compare policies and premium quotes.
-While comparing policies, pay special attention to the exclusions and waiting periods mentioned in the policy document.
-Once you have shortlisted a few policies, read reviews about them online to get an idea about their claim settlement process and customer service.
-Before buying a policy, check if it offers cashless benefits at network hospitals near you. This will help you save time and money in case of an emergency.
The process of claim settlement for health insurance bought online
The process of claim settlement for health insurance bought online is hassle-free if you have all the documents in place. The first thing you need to do is intimate your insurer about the hospitalization. You can do this by calling up the customer care or sending an email. If you have purchased a comprehensive health insurance policy, then the company will take over the process from here on. However, if you have a standalone policy for a specific disease, then you will have to follow up with the company for claim settlement.
The importance of buying health insurance online
With the advent of technology, buying health insurance online has become very popular in India. The process is very simple and convenient, and it allows you to compare different policies and choose the one that best suits your needs.
However, before you buy health insurance online, it is important to understand the different types of policies available and what they cover. You should also know the eligibility criteria for each type of policy.
Health insurance plans can be broadly divided into two categories – indemnity plans and managed care plans.
Indemnity plans reimburse you for the medical expenses incurred by you or your family members. These plans have no restrictions on the choice of doctor or hospital. However, they are more expensive than managed care plans.
Managed care plans, on the other hand, cover only those medical expenses which are incurred at pre-selected hospitals and clinics. These plans are less expensive than indemnity plans but offer limited coverage.
Before buying health insurance online, it is important to compare the features and benefits of different policies. You can use an online comparison tool to compare different health insurance policies offered by different insurers. This will help you choose the best policy for your needs.
The advantages of buying health insurance online over offline
There are a few advantages of buying health insurance online over offline:
– You can compare plans and premiums from different insurers easily and quickly. This is not possible if you buy insurance offline as you would have to approach each insurer individually.
– You get quotes instantly when you buy health insurance online.
– You can buy health insurance at your convenience, without having to take time out of your busy schedule to meet with an agent or visit a branch office.
– Many insurers offer discounts if you buy health insurance online.
The disadvantages of buying health insurance online
There are a few disadvantages of buying health insurance online in India. One is that you may not get the same level of customer service as you would if you went into an insurance office and spoke to someone in person. Another disadvantage is that it may be more difficult to compare different policies when you are looking at them online, since you cannot easily see how they differ from one another. Finally, if you have any questions about the policy you are considering, it may be more difficult to get answers from an insurance company representative online than it would be if you called the company directly.
Conclusion: Is buying health insurance online the right choice for you?
No matter which route you choose to take when buying health insurance in India, it’s important that you compare quotes and policy options before making a decision.
While buying health insurance online may be a convenient option for some, it’s not necessarily the right choice for everyone. If you have concerns about the process or are not comfortable with providing personal information online, you may want to consider purchasing health insurance through an agent or broker.