Health issues do not differentiate between rich and poor, man and woman or person ‘covered’ with health insurance and person ‘not covered’ with health insurance. It hits when you expect it the least. Hence it is wise to be prepared for the unforeseen problems. And having health insurance is the best way to do so. It protects you and your family from financial risks arising due to expensive health care procedures.
A prevalent misconception is that health insurance is very expensive and it is only for ‘well-to-do’ people and not for middle or low earning people. But it is not so, health insurance is a must for everyone, irrespective of financial status, age and gender.
There are numerous companies in India, and each company has many health insurance plans for 2 Lakhs. These plans are for all sectors of the societies, from elite to modest. Hence everyone can and must buy health insurance.
Few companies offer health insurance plans for 2 lakhs. The premium for such plans is comparatively very low. Hence it is affordable to all sections of the societies. Young people who plan to buy health insurance can go for such small amounts to start with.
However, the selection of the insurer does not only depend on its premium rate. There are many other factors which have to be considered before buying health insurance.
- Reputation: There are more than thirty health insurance companies offering health insurance in India. All companies claim to be better than the rest. There is a fierce competition too. Hence one must consider an insurers reputation before buying health insurance.
- Claim Settlement ratio: This is the most important factor which has to be taken into account before buying health insurance. It is the ratio of all the claims settled against the total number of claims admitted during the corresponding period. Higher the claim settlement ratio better is the company. One must look for the companies which have a higher claim settlement ratio.
- Incurred Claim Ratio: It is also an important yardstick to gauge an insurer’s performance. It is the ratio of claim amount paid by a company to the total premium collected during the same period. Companies with Incurred claim ratio between 75% to 90% is considered ideal. One must look for the insurer who has an ideal incurred claim ratio.
- Hassle-free claim settlement: Credibility of a health insurance company is justified by the ease at which a claim is settled. There is nothing more soothing that a hassle-free claim settlement. Hence a company which offers swift and easy claim settlement is preferred.
- Service: A company with prompt service is a must-have criterion in the insurance sector, especially in health insurance. We must gather reviews about the particular insurer before we select the insurer. Good service helps in continuous premium payment and decreases chances of lapsation. It also is useful during claim settlement.
- Network: One must prefer an insurer with a dense network of agents, branches and hospitals.
- Hidden cost and clauses: Some company does not disclose all the hidden cost and clauses during the signing contract. This creates a problem when claims occur. Thus a company with transparency is preferred.
- Inclusions and exclusions: A person thinking to buy health insurance must be aware of all the inclusions and exclusions of a particular plan/policy. This gives a clear picture and has no place of ambiguities.
Importance of health insurance plans for 2 Lakhs:
Healthcare and health insurance plans are important for every family in India. Availing a health insurance plans for 2 Lakhs will ensure that the cost of treatment and ancillary expenses related to the hospitalization like a lab test, doctor consultation fees, pharmacy bills, daycare treatments, hospitalization costs, etc. are taken care by the insurance provider. The following is a well-curated list of few of the health insurance plans for 2 lakhs is discussed below.
Mediclaim by New India Assurance
- This is the most famous health insurance policy. It covers all the major and minor medical procedures.
- The eligibility ages of this plan are 18 to 65 years.
- The plans have a term of 1 year. And can be renewed thereafter.
- Another feature is that we can add children above the age of 3 months.
Family Health Insurance (Silver) Plan by Bajaj Allianz
- This plan covers an individual as well as the entire family of the proposer. This policy has a sum assured of 1.5 to 2 lakhs.
- The policy term under this plan is flexible. We can choose from 1,2 or 3 years of the policy term.
- The age eligibility is 18 to 65 years.
- Ambulance expenses, cashback benefits etc are some of the features.
There are many more health insurance plans offered by other companies. You can choose from a wide range of options.
It’s hard to stay away from the hazards of the new age. Health issues, untimely demises, accidents, road mishaps, terrorist attacks or permanent disabilities are just of few of many. It is thus very necessary to save money to face such adversity. Health Insurance does just that. It protects your hard-earned money from such perils. So demonstrate your love for your family by buying health insurance plans for 2 lakhs as early as possible.