The Best Health Insurance Plan Is The One That Meets Your Needs
Investors India|November 2017

Here's How To Choose One

Sanjiv Puri
The Best Health Insurance Plan Is The One That Meets Your Needs

It is not necessary that the best plan for one person will also be the best plan for someone else or for everyone. The concept of ‘one-size’ for all doesn’t exist in health insurance. Who would not like to get hold of the best of things in life? This, however, may not work in the space of financial products, including when it comes to choosing the best health insurance plan. The structure, nomenclature and its definitions could be standardized and may largely be same but in terms of benefits attached to them, there could be differences. And remember, each such difference leads to variation in premium. So, to start looking for the ‘best’ health plan would not serve the purpose. Try to understand the way a health plan works and about their features, to buy the best that suits you.

The first differentiation

The first basic differentiation arises with availability of plain-vanilla health insurance plan offering the most basic features, benefits and an advanced or a loaded version of the health insurance plan by the same insurer. What the advanced version offers and its cost-benefit equation, needs to be understood by buyer. Most of the time, buyers may be made to buy the advanced version while they could have met the requirement from the basic version.

In the advanced version which may go by various names such as exclusive, gold, platinum, premium etc, there could be several extras. For example, sum insured (SI) could be allowed up to Rs 25 lakhs or higher than against a cap of Rs 3/5 lakh in basic version. Even the claim of pre-existing disease that is typically allowed after 48 months could be allowed after 36 months.

There could be daily cash benefit and ambulance costs included in such loaded versions. These may not be the primary requirement for someone aged around 30 or lower and the basic plan could serve him well. Over time, advanced version from same insurer could have been bought.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM INVESTORS INDIAView all
Thematic Fund Or Sectoral Fund, Which Fund Suits You?
Investors India

Thematic Fund Or Sectoral Fund, Which Fund Suits You?

A thematic fund is a type of mutual fund that focuses on investing in companies based on specific themes or trends.

time-read
2 mins  |
October 2024
Be Kind To Your Kidneys
Investors India

Be Kind To Your Kidneys

The kidney is a vital organ in our body which is four inches long and two and a half inches in width.

time-read
5 mins  |
October 2024
Have You Included A Passive Fund In Your Portfolio Yet?
Investors India

Have You Included A Passive Fund In Your Portfolio Yet?

The assets under management (AUM) of passive funds recently crossed the Rs. 10 lakh mark. While a significant portion of this money comes from institutional investors, such as the Employees Provident Fund Organisation (EPFO), these funds are also gaining popularity among retail investors.

time-read
1 min  |
October 2024
Mutual Fund
Investors India

Mutual Fund

1. SEBI allows mutual funds to buy and sell credit default swaps (CDS)

time-read
4 mins  |
October 2024
Insurance News
Investors India

Insurance News

1. The finance minister has launched a new NPS scheme named NPS Vatsalya

time-read
1 min  |
October 2024
ASK THE EXPERT
Investors India

ASK THE EXPERT

Dear Sir, I attended your webinar on post-retirement financial planning. As advised by your good self, I invested in NPS after retirement.

time-read
3 mins  |
October 2024
Market Mystery: Some Important Investing Lessons from Fund Managers Themselves
Investors India

Market Mystery: Some Important Investing Lessons from Fund Managers Themselves

Mr. Mahesh Patil is the Chief Investment Officer (CIO) of Aditya Birla Sun Life AMC Limited. As the CIO Mahesh oversees INR 3 lakh crore of assets under management.

time-read
6 mins  |
October 2024
How to make a cautious entry into equity funds during a bull market
Investors India

How to make a cautious entry into equity funds during a bull market

The number of mutual fund folios has been rising, with flows via the systematic investment plan (SIP) route reaching new highs.

time-read
4 mins  |
October 2024
All that you need to know to kickstart your retirement planning process
Investors India

All that you need to know to kickstart your retirement planning process

We all enjoy planning for the future. It’s a good idea to plan ahead of time for anything, from the day’s activities to a vacation.

time-read
5 mins  |
October 2024
5 Steps To Achieve Your Financial Goals
Investors India

5 Steps To Achieve Your Financial Goals

From a beach house, a Jaguar, to traveling the world – there are many things in life that we want to accomplish.

time-read
3 mins  |
September 2024