Consider the following key factors to choose a good product: Benefits being offered: Though you may mostly come across plain vanilla health insurance policies, there are several policies that offer maternity benefits, hospital cash on contracting a critical illness or in case of accident. Also, check on the discounts given for not claiming. Though many offer 5 per cent of your sum insured as a no-claim bonus, there are others who offer 10 per cent or more.
In case you are young, consider a cover that offers high discounts for not claiming and covers maternity expenses. Also, check number of day care procedures and critical illnesses covered in the policy.
Deductibles: Most health insurance products cap the room rent at 1 per cent of the sum insured per day, while a few policies pay a room rent that is 2 per cent of the sum insured per day. So, assuming you have chosen a sum insured of Rs 3,00,000, your insurer will pay you not more than Rs 3,000 as room rent charge per day.
If you stay in a small town, a cap of 1 per cent may be fine. But, if you stay in a metro, it is advisable to go for a policy that pays higher room rent charge or has no caps on room rent.
All top hospitals in Mumbai charge Rs 8000-10,000 for a single room. If you have chosen a Rs 5,00,000 policy, you will get only Rs 5,000 from your insurer and will have to shell out the remaining cost.
Also, many charges such as surgeon's fee, anaesthetist fee, consultant's fee, OT charges will be linked to the cap on room rent
How much of the sum insured can be enhanced?
Choose a health cover that allows you to enhance your sum insured to the maximum. Policies offered by some private insurers allow a person to increase his sum insured from 10 per cent to up to 50 per cent of his existing sum insured.
Renewability: With rising life expectancy, there is a high probability that you may outlive the age till which the policy can be renewed. Ensure that the cover has high renewability. Most public sector insurers allow policyholders to renew their cover till 70-75 years. Also, some standalone health insurers have introduced plans that offer lifetime renewability.
Time excesses for different diseases: Insurance companies do not cover certain diseases such as cataract, hernia, fistula, piles, fibroids in the initial years of the policy. Also, certain diseases are completely excluded from the policy. "A person should check the waiting period of the diseases that are hereditary.
Age for undergoing medical tests: Most insurers do not ask a prospective policyholder to undergo medical tests if he is below 45 years of age. The higher the exemption age, the better it is.
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