Guide To Buying Health Insurance Online

Want to buy health insurance but not sure how to do it? Here's some help.

With the pandemic taking a toll on our lives, V V insurance for all family members is felt like the importance of adequate health never before. Health insurance also reduces your tax as the premiums are exempt up to a certain limit (see the table 'Tax-saving expenses' in the cover story).

No doubt, buying a health cover is necessary. However, selecting the right option is quite confusing for many. In India, over 30 companies are providing health insurance and each has a variety of plans. Here is how you can choose the right health cover.

Compare premiums

You can compare various insurance plans, especially their premiums, on insurance-aggregator websites like PolicyBazaar and Coverfox. Submit your basic details like age, smoking habits, and the size of the cover you are looking for. A comparative table with premiums charged by different insurers will be generated in a few seconds. Consider it as a starting point to shortlist a few insurance plans based on the premium. You may also look at some other important factors like the waiting period and the network of hospitals.

Calculate the cover amount you need

There is no thumb rule to decide how much health cover would be sufficient. You may come across policies that will offer a cover of as high as Rs 1 crore. It is, however, not necessary to buy such a high cover, as it will increase your premium. Also, the size of the cover is not the only thing that one must consider while buying health insurance. Several other factors should also be considered, as discussed in this article. Still, to give you an idea, have a cover of at least Rs 15-20 lakh for a family of three to four people.

Compare floater and individual cover