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5 Things You Must Consider When Buying A Health Insurance Plan

Your insurance plan should cover all costs, protect your family members, and offer customisation options.

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Insurance is the most vital asset today. It is a must-have safety umbrella that protects us from unbudgeted expenses during unforeseen conditions. Health Insurance has become a necessity rather than a tax saving scheme now. It equips you to get the best medical treatment without any worry on cost of treatment. The health insurance policy which you purchase should be as per your needs and not that of the general public. A comprehensive customisable health insurance plan can keep yourself and your family covered under unforeseen adverse conditions.

You may feel that the easiest way around the seemingly difficult task of choosing the right health insurance plan is by asking a financial consultant to recommend the best policy in the market today. Or you can be smart, do your due diligence and select a customised policy plan.

Here are the top 5 things that you must consider while planning to buy a health insurance plan:

#1 Adequate sum insured or the right amount of coverage

You must select the sum insured amount wisely as it covers the medical expenses for a year. You should factor in your age, type of hospitals, city you are in, annual income, and add-ons for all emergencies.

Reliance General Insurance Company’s new health insurance policy, Reliance Health Gain, has all these essential features. It allows customers between 18-65-years-old to choose a sum-insured amounting from ₹3 lakhs to ₹1 crore and according to your city you are in. What’s more? Customers older than 65 years need not to worry RGI also offers 3 lakh sum insured to all age group above 65 years, This policy has no age limit for a sum insured of up to ₹3 lakhs. Hence, this helps senior citizens who are otherwise sometimes devoid of a medical policy.

#2 Adequate coverages and lifetime renewability options

Due to prolonged hospitalization sometimes you exhaust your policy sum insured, hence your policy must offer a double cover on the same claim, which now Reliance General Insurance has introduced in their Reliance Health Gain Policy. Additionally, with the Health Gain Plan, you can restore your base sum-insured multiple times in a year on unrelated illnesses/injuries with unlimited restoration add on. In fact, with this cover, they can use up to 100% of the base sum insured on related illness/injury also. The policy also offers daily cash for 30 days in case of normal hospitalisation beyond 72 hours. In the case of ICU hospitalisation, the policyholder will get twice the amount of normal hospitalisation for 15 days and as an enhanced cover, the policy allows you to keep your unutilized cumulative bonus intact even in the event of a claim.

The best part is that it allows you the choice of lifetime renewability of the policy.

Your insurance plan should cover all costs, protect your family members, and offer customisation options.

#3 Network of cashless hospitals and covering all costs

The insurance company must have the largest no of cashless network of hospitals. What does this mean? During the hospitalisation process, hospitals in the network offer a cashless option such that the hospital directly settles the medical bills with the insurance company. Go for insurers that have a higher number of network hospitals. At Reliance General Insurance we provide network of more than 8600 hospitals for cashless health insurance claims.

When you think of hospitalization you usually think of covering the basic hospital costs such as the everyday billing of the room, pathology tests, etc. These will be covered by any medical policy. But Reliance Health Gain offers special features like consumables, companion cover, single private room, etc. Your insurance should ideally cover everything from ambulance expenses to the medicinal costs that continue after the treatment.

#4 Easier claims settlement process and grievance ratio

Insurance is a service agreement and at the time of hospitalisation you would require a company which can come forward and serve your claims fastest and hassle free. The simpler the claims process and faster the settlement of the claims, the better it is for the insured. Watch out for good customer support.

Reliance General Insurance guarantees to serve cashless claims within six business hours and reimbursement claims within 21 days. They are with the lowest grievance ratio as per reports published by Regulator.

#5 Ensure your family is covered and choose the family floater plan

Indians love staying in joint families. We love to live with our parents, parents in law, brothers, and sisters who are not necessarily dependent on us. Older family members are always more susceptible to ailments. Ensure that your policy covers and protects all your family members. Consider and disclose their age, any prior illnesses, and all other medical histories before buying the policy.

Reliance General Insurance too understands the importance of a joint family and hence Reliance Health Gain offers a feature wherein you can cover up to 12 family members: extended family members like Father, Mother, father-in-law, and mother-in-law, in the same family floater policy.

Visit here for more information on other salient features of Reliance Health Gain.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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