Purchasing a health insurance plan for you and your family is probably one of the most difficult decisions, but most of the people even today purchase it for the sake of tax benefits.Undoubtedly, health insurance plans provide the best tax benefits, but they also work as a boon when you or any of your family members encounter a health issue that requires hospitalization or major treatment.

In such situations, if your health insurance plan does not provide comprehensive coverage and cover the required treatment, then every premium that you have paid becomes useless. Therefore, it is always necessary to choose a health insurance policy like Religare Health Insurance plan very carefully and by considering various health aspects of yourself and your family (if it is family floater health plan).

To waive off all the worries of purchasing the most suitable and useful insurance plan, we are here providing a few factors that you must consider before buying a health insurance policy:

 Factor 1: Choose the Required ‘Sum Assured’: It is advised to choose the right sum
assured by keeping the current cost of medical treatment in mind. If you are the one who
lives in the small city of India, then the sum assured ranging from Rs.3 Lakh to Rs.5
Lakh would be sufficient for you. On the other hand, the costs of medical facilities are
comparatively higher in metropolitan cities of India. So, if you are among those who live
in the metro city, then the sum assured or health insurance cover of your policy must fall
somewhere between Rs.5 Lakh to Rs.10 Lakh. However, if you are not satisfied with
your health insurance provider in terms of ‘Sum Assured’, then you can post your policy
from one insurer to other as well. Apart from this, it is always good to keep on increasing
the sum assured of your health insurance policy with time so that you can cope-up with
the medical inflation easily.

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 Factor 2: Take an Individual Health Insurance Policy despite Being Covered in
Corporate Health Plan: Most of you think that having corporate or group health
insurance plan is enough, but it is not true. The group health insurance provided by your
employer is with you till you are working with the organization. Once you leave it or get
retired, you would no longer be able to avail the benefits of such plans. Moreover, group
health insurance plans or corporate plans do not provide comprehensive cover. The
benefits covered by them are really limited. Therefore, it is always advisable to have a
separate individual health insurance policy.

 Factor 3: Select a Plan that Provides Lifetime Renewability: Old age is the time when health insurance is required the most. This is the reason,you should opt for a plan that provides lifetime renewability.

 Factor 4: Purchase a Health Insurance Plan before You Turn 40: Purchase a health
insurance plan as early as possible probably in your late 30s or early 40s. This is because,
at the earlier stages of your life, you are less likely to make any claim. This gives you benefits like ‘No Claim Bonus’, which is added to your overall coverage for every claim
free year.

 Factor 5: Never Purchase a Plan that Offers Claim Loading: A critical illness that
requires long-term treatment, then with the option of claim loading in your plan, the premiums will keep on increasing. The increasing premiums may become unaffordable
for you. So, never fall into the trap of claim loading.

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 Factor 6: Never Hide Information in Your Application Form: If you have some pre-
existing disease, mention that in your application form. Today most of the health insurance plans provide coverage for pre-existing illnesses with 3 to 5 years of the waiting period.

 Factor 7: Opt for a Plan that Provides Restore Limit: Restore limit acts as a top-up in case you utilize your sum assured before completion of the policy term. Moreover, it acts
as a support in case of critical illness. For example, if you have sum assured of Rs.5 Lakh
and you have opted for restore limit of Rs.5 Lakh, then you have total Rs.10 Lakh to manage critical illness at no extra cost.

 Factor 8: Consider Waiting Period: Waiting period is a time period after which the
policy coverage starts. Moreover, all the health insurance plans have a waiting period for
pre-existing illnesses. It is recommended to see the waiting period of various health
insurance policies before finalizing one.

Apart from these, there are a few additional things that you must keep in mind before finalizing a plan. It is recommended to make a list of your preferred hospitals and crosscheck whether they come in your health insurance provider’s network hospital list.

By following the above factors, you for sure will be able to figure out the most suitable health insurance plan for you and your family. There are a few really good health insurance providers and Religare health insurance plan is one of the most preferred among them.


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