How do I choose a suitable mediclaim policy?

I want to get a mediclaim policy for me (age 34yrs, Indian) and my wife but I do not know how to choose a particular insurance policy. What are the factors one should look for before deciding? In fact it seems that many companies offer more or less the same benefits. Should I go for public or private sector company? Are family floater plans useful for tax saving purpose as well?

3 Replies to “How do I choose a suitable mediclaim policy?”

  1. Take a family floater health insurance. Oriental Insurance (PSU) offers a Happy Family Floater Plan. Star Health also offers the same plan with a reduced premium. Both of them have sub-limits. The plan offered by Apollo DKV does not have any sub limits. The structure of the policy is very simple.

    All of them offer cashless facility.

    Have a nice day !

  2. Mediclaim Policies are very important and every family should have adequate coverage.

    The most important factor that governs the selection of a mediclaim policy is the health status of the family members to be insured. If all the family members are healthy, then what we need to compare is the benefits offered by the insurance companies. Additional benefits such as Daily Hospitalization Allowance, Accompanying Person Allowance, Ambulance Charges, Donor Expenses, etc. should also be given due importance. Then comes the Premium part. Premium for the selected coverage with the set of benefits offered would help you to decide which policy to buy.

    If any family members is suffering from some pre-existing disease/s, then you need to select a policy that shall offer you suitable coverage.

    As per my opinion, all the Insurance companies are in the business of settling genuine claims and they are all under the scanner of IRDA. Hence whether the insurer is a Private Insurers and PSU Insurer would not make much of a difference. Now a days, most of the insurers appoint Third Party Administrators (TPA) for claim settlement who are having good systems and have a time bound job to do and are answerable for delays.

    In case of any problems, the mechanism set up by IRDA for resolving problems is also a very good. There is no cost involved in the process of grievance settlement or if at all there is any cost, it is very very nominal and that too restricted to the expense we incur on photo-copying documents and postage. So there is no worry. Select a good plan and go ahead. Family floater policy is a very good option.

    I personally like Reliance HealthWise Policy – Silver Plan the most and also have taken the same policy and would like to recommend the same. It offers good benefits and the premium is the most competitive. The Claim Settlement through Medi Assist TPA is also very fast. I have seen so many claims get settled in record time.

    You may contact me should you need any more info.

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