Best mediclaim policies for you
Let's look at individual policies with sum assured `5 lakh, where the person is 35 years old
How do you buy a health insurance plan? If you just settle with the plan your agent sells or are happy knowing you have bought the cheapest plan, there is a bit of unlearning and a lot of learning in store for you. A health insurance policy packs in several features and caveats. To give you a ready comparison, we designed Mint SecureNow Mediclaim Ratings (MSMR). The full ratings along with the methodology can be seen here: http://www.livemint.com/mediratings.
In the ratings, for family floater plans, we have considered two sum insured amounts ( ₹ 10 lakh and ₹ 20 lakh) and three age categories in each—eldest insured member is 35, 45 or 65 years old. For individual plans, the sum assured amounts are ₹ 5 lakh, ₹ 10 lakh and ₹ 20 lakh. The ages covered are 35, 45, 65 and 70 years.
This week, we spotlight individual policies with sum assured ₹ 5 lakh, where the person is 35 years old.
We also explain some of the important aspects that one should look at while choosing a policy.
Let’s look at sub-limit on room rent. This means that your insurer would have decided the amount that it would pay towards hospital room rent. While some may describe this cap as a percentage of the sum insured, others may describe it as the category of room you would be eligible for. You need to be careful when buying a health insurance plan with sub-limit on room rents because usually other medical expenses are associated to the type of room you take and so you could end up paying the difference for not only the room rent but all other medical costs should you opt for a higher room category than allowed. You would typically find sub-limits on very low ticket size policies, but it’s always advisable to go for a health insurance plan that does not have sub-limits. So, policies with no sub-limits get the highest score.
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First Published:21 Aug 2016, 08:30 PM IST
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