With more than 25 insurance companies and more than 200 health insurance products in the Indian health insurance market, comparing health plans and finding the best one is not an easy task. Enlisted below are a few pointers that can help make this process easier and smoother. One must go through these tips to make an informed decision:

Focus on the Sum Assured of Your Choice

The healthcare inflation in the country is skyrocketing and is increasing at the rate of 17% to 20% annually. To cover this inflation, it’s important to look for the maximum available sum assured at the best possible rate.

Provide Complete & Correct Details

Provide accurate information regarding your health in the proposal form, as any sort of inaccurate or mismatched information can make the insurer reject your claim form.

Keep in Mind the Factors That Influence the Premium

A few factors that influence the premium of a health plan include the proposer’s life history, family health history, lifestyle, smoking habits, etc. These are taken in account before the premium amount is determined.

Check the Credibility of the Company

Do go through the history of the insurance company you are planning to buy the plan from. You should select a company based on the following parameters:

• ICR: Incurred Claim Ratio or ICR, is the most important parameter to check for when comparing health insurance companies. Each year, it is calculated using the following formula:

When taking in account the ICR of a company, look for the average ICR of all companies on PolicyBazaar and go for the one which is closest to this average for a period of few years.

• Customer Experience: You should always take heed to the mass opinion. Look for customer reviews online. If a large number of customers of an insurance company are unhappy, it may be because their customer support or after-sales service isn’t up to the mark.
• Find out the Claim Process: Though health insurance claim process is pretty generic over providers, knowing the nitty-gritty of the process can help save a lot of hassle at the eleventh hour.