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A Guide to Choosing the Best Mediclaim Insurance Policy for your Family

Posted On : 26 April 2023, 1 Years Ago. Health-Insurance
Best Mediclaim Insurance Policy for your Family

Everyone wants to obtain family medical insurance plans that provide their loved ones with the best protection possible during a crisis. Yet, choosing the best medical insurance in India can be challenging, given the variety of options available. Many purchase a health plan without understanding if it would suit them. The comprehensive information in this article will make it easier for you to buy a mediclaim policy for your family.

 

What is the Need for the Best Mediclaim Insurance Policy for Family?

The best medical insurance in India for families is crucial in today's world, where healthcare costs are constantly on the rise. It provides financial coverage for medical expenses incurred by the insured and their family members. Here are some other reasons why it is needed:

 

Rising Healthcare Costs

With the increasing cost of medical treatment and hospitalisation, a single medical emergency can put a significant financial burden on the family. A mediclaim policy ensures that the family is financially secure in such situations.

 

Comprehensive Coverage

It provides comprehensive coverage for medical expenses, including hospitalisation, diagnostic tests, surgeries, and other medical procedures.

 

Cashless Hospitalisation

Many mediclaim insurance policies offer cashless hospitalisation, which means that the insured can receive medical treatment without having to pay cash upfront. This is especially useful in emergencies where cash may not be readily available.

 

Tax Benefits

The premium paid towards mediclaim is eligible for tax deductions under Section 80D of the Income Tax Act, 1961. This provides an additional financial benefit to the insured.

 

Peace of Mind

Mediclaim provides peace of mind. It allows the insured to focus on their health without worrying about the financial implications of medical treatment.

 

How to Choose the Suitable Mediclaim Insurance Plan?

Here are some helpful factors to assist you in selecting the ideal family insurance policy.

 

Assess your Family's Healthcare Needs

The first step in choosing the best mediclaim insurance plan is to assess your family's healthcare needs. Consider factors such as the number of family members, their age, and any pre-existing medical conditions. This will help you determine the type and amount of coverage you need.

 

Research Different Insurance Policies

Research different medical insurance policies offered by various insurance companies. Look for policies that offer the coverage you need at an affordable premium. Consider the policy's features, benefits, exclusions, and waiting periods. Reading the policy document carefully is essential to understand the terms and conditions.

 

Compare Policies

Compare family medical insurance plans based on their features, benefits, and premiums. Consider the policy's coverage for hospitalisation, pre-existing conditions, critical illnesses, and maternity benefits. Also, consider the policy's network of hospitals and the process of filing a claim.

 

Check the Insurer's Claim Settlement Record

Check the insurance company's claim settlement record before buying a policy. The claim settlement ratio represents the number of claims settled by the insurance company out of the total number of claims received. A high claim settlement ratio indicates that the insurance company is trustworthy and reliable.

 

Look for Add-on Covers

Look for add-on covers that provide additional benefits such as critical illness coverage, accidental coverage, medical insurance for parents, and maternity benefits. These covers may come at an additional premium but can provide significant benefits in unexpected medical emergencies.

 

Check the Waiting Periods

Most mediclaim insurance policies have waiting periods for pre-existing conditions and certain illnesses. Check the waiting periods for the policy you are considering. A shorter waiting period is better as it means you can claim medical expenses related to pre-existing conditions sooner.

 

Consider the Premium

Take into account the premium for the medical insurance you are considering for your parents. Look for policies that provide comprehensive coverage at an affordable premium. It is important to note that the premium may increase with age and the coverage amount.

 

Choosing the best mediclaim policy for your family requires careful consideration and research. When purchasing family medical insurance plans, follow the recommendations above to improve your plan's advantages.

 

Now that you know what to consider while choosing a mediclaim insurance policy, go to Niva Bupa to purchase your family's best healthcare insurance policy.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN