Hospital insurance, often referred to as health insurance in India, is a type of coverage that pays for medical and surgical expenses incurred by the insured. Policybazaar is a well-known online insurance aggregator in India that allows users to compare and buy various insurance products, including health insurance policies from different providers.
When looking for hospital insurance through Policybazaar or any other platform in India, consider the following key features and factors:
- Sum Insured: This is the maximum amount the insurance company will pay in case of hospitalization. Choose a sum insured that adequately covers your medical needs.
- Network Hospitals: Check the list of hospitals that have a cashless facility with the insurance provider. A larger network means more options for cashless treatment.
- Coverage: Look at what all is covered under the policy. This includes pre and post hospitalization expenses, day-care procedures, domiciliary treatment, and ambulance charges, among others.
- Room Rent: Policies have different caps on the room rent they cover. Ensure that the room rent limit is sufficient for your needs.
- Pre-existing Diseases: Check the waiting period for pre-existing diseases. Some policies cover them after a certain waiting period.
- Sub-limits: Some policies have sub-limits on certain expenses like room rent, ICU charges, or specific treatments.
- Co-payment: This is the percentage of the claim amount that you have to bear. A lower co-payment is preferable.
- Waiting Period: Most policies have a waiting period for certain diseases and treatments. Understand these waiting periods before purchasing.
- Exclusions: Be aware of what is not covered under the policy. Common exclusions include cosmetic surgery, dental treatment, and alternative treatments.
- Renewability: Ensure that the policy is lifelong renewable. This is important as you would want to continue the policy as you age.
- Premium: Compare the premium costs across different policies. However, don’t make the premium the sole deciding factor.
- Claim Settlement Ratio: This indicates the percentage of claims the insurer has settled against the total number of claims received. A higher ratio is preferable.
- Customer Service: Good customer service is crucial for a smooth claim process.
- Add-ons: Some policies offer additional covers like critical illness, maternity, or OPD (Outpatient Department) expenses at an extra cost.
Before making a decision, it’s advisable to read the policy terms and conditions carefully and understand the coverage details. You can use Policybazaar’s comparison tool to evaluate different health insurance plans based on your specific needs and budget. Additionally, it’s always a good idea to consult with an insurance advisor or a financial planner to choose the best health insurance plan for you and your family.
How to best hospital insurance policybazaar in India
Choosing the best health insurance policy in India through Policybazaar or any other platform requires careful consideration of your specific needs, budget, and coverage requirements. Here’s a step-by-step guide to help you make an informed decision:
- Assess Your Needs Family Size Decide if you need an individual plan, family floater, or senior citizen plan. Medical History Consider pre-existing conditions, ongoing treatments, or any specific health concerns.
Age: Younger individuals may opt for basic plans, while older individuals may need comprehensive coverage. Lifestyle If you travel frequently or have a high-risk job, look for plans with wider coverage.
- Key Features to Look For Sum Insured Choose a sum insured that adequately covers potential medical expenses (e.g., ₹5 lakhs to ₹1 crore). Room Rent Limit Opt for policies with no room rent capping or higher limits.
Network Hospitals: Ensure the insurer has a wide network of cashless hospitals near you. Pre-existing Disease Coverage Check the waiting period for pre-existing
conditions (usually 2-4 years) Co-payment Avoid plans with high co-payment clauses, where you pay a percentage of the claim.
No Claim Bonus (NCB) Look for policies that increase your sum insured for every claim-free year.
Daycare Procedures Ensure coverage for treatments that don’t require 24-hour hospitalization. Critical Illness Cover Consider add-ons for critical illnesses like cancer, heart disease, etc. Maternity Cover If planning a family, check for maternity benefits and waiting periods.
Compare Policies on Policybazaar
and navigate to the health insurance section. Enter Details Provide your age, city, family size, and medical requirements. Compare Plans Use the comparison tool to evaluate policies based on:
- Premium cost
- Coverage benefits
- Network hospitals
- Claim settlement ratio (CSR) of the insurer
- Customer reviews and ratings
- Read Policy Wordings Carefully review the inclusions, exclusions, and terms.
Top Health Insurance Plans in India Here are some popular plans to consider Individual/Family Plan – Star Health’s Comprehensive Plan – HDFC Ergo Optima Restore- ICICI Lombard Complete Health Insurance
Max Bupa Health Companion Senior Citizen Plans Star Health Senior Citizen Red Carpet
New India Assurance Senior Citizen Mediclaim Critical Illness Plans Care Health Insurance Critical Illness Plan Bajaj Allianz Critical Illness Plan
Check Claim Settlement Ratio (CSR) A higher CSR indicates the insurer’s reliability in settling claims. Look for insurers with a CSR above 90%.
Read Reviews and Rating Check customer reviews on Policybazaar and other platforms to understand the insurer’s service quality. Consider Add-ons OPD Cover For outpatient expenses Critical Illness Rider For additional coverage. Personal Accident Cover For accidental injuries.
Buy Online or Consult an Expert Online Purchase You can buy directly through Policybazaar after comparing plans. Expert Advice Policybazaar offers free consultations with insurance experts to help you choose the right plan.
Renewability and Lifetime Coverage Ensure the policy offers lifetime renewability, especially for senior citizens. Avoid Common Mistakes Don’t choose a plan solely based on low premiums. Don’t ignore exclusions like specific diseases or treatments. Disclose all medical history to avoid claim rejection.
By following these steps and using Policybazaar’s comparison tools, you can find the best health insurance policy tailored to your needs. Always read the fine print and clarify doubts before purchasing.
How to best SBI loan hospital insurance policy bazar online
To get the best SBI loan for a hospital insurance policy online, follow these steps:
Understand Your Requirements Loan Purpose Ensure the loan is specifically for a hospital insurance policy.
Loan Amount Determine the amount needed based on the insurance premium and other costs. Repayment Tenure Decide on a comfortable repayment period.
Research SBI Loan Products Visit the State Bank of India (SBI) official website or use the SBI YONO app to explore loan options.
Look for loans tailored for medical expenses or insurance policies. Check eligibility criteria, interest rates, and processing fees.
Compare with Policy Bazaar Use Policy Bazaar to compare hospital insurance policies and their premiums. Look for policies that offer comprehensive coverage at competitive rates. Ensure the policy aligns with your healthcare needs.
Check Eligibility Credit Score Ensure you have a good credit score (750+). Income Proof Have your income documents ready (salary slips, ITR, etc.).Age and Employment Meet the age and employment criteria set by SBI.
Apply Online SBI Website/App Fill out the loan application form online. Documents Upload necessary documents (ID proof, address proof, income proof, etc.). Policy Details Provide details of the hospital insurance policy you intend to purchase.
Loan Approval and Disbursement Once approved, the loan amount will be disbursed directly to the insurance provider.
Ensure the policy is activated and the premium is paid on time.
Repayment Set up auto-debit or reminders for EMI payments. Monitor your loan account regularly through the SBI portal or app.Tips for Best Results: Negotiate Interest Rates If you have a good credit
history, negotiate for lower interest rates Prepayment Options Check if the loan allows prepayment without penalties.
Customer Support Reach out to SBI customer care for any queries or assistance.
By following these steps, you can secure the best SBI loan for your hospital insurance policy efficiently and conveniently online.