Most Critical illness health insurance plans provides policyholders and their families with a Lump sum amount on diagnosis. As a result of this, investors can secure his and his family’s life goals by not dipping into his savings to manage the expenses arising due to critical illness. Additionally, one can save tax, since the premium payable under this policy is eligible for tax benefits under Section 80D of Income tax Act 1961.

*Selecting the right insurance amount
At the time of selecting a health insurance plans, one should select the amount wisely as it covers the medical expenses for a year. Take your age into account; the younger you are, lower the sum insured you need. One should also take a look at his or her income levels to analyse the premium affordable. Another vital aspect is the add-ons for they impact premium amounts. Make sure you chose a sum insured which won’t fall short in case of an emergency and whose premium is not too exorbitant.

*Search for treatment-wise limits and co-pays
Many health insurance plans limits on specific treatments such as cataract or cardiac treatments. Limits like these cap your claim even when you have a large sum insured under the policy. So, give importance to these factors before signing up for a policy.

*Check for a facility of cashless treatment
One of the most important factors to consider while buying health insurance is to check if it is providing a cashless mediclaim facility or not. With cashless facility, a policyholder can avail medical treatment without having to pay from his/her own pocket. He/she can seek treatment from any network hospital mentioned in the policy. Therefore, while choosing a policy also look for the ones with more number of network hospitals near your residence. As there are a lot of insurers offering health insurance plans, it is better to do some research from your end before purchasing a health insurance plan. Some important factors other than the ones mentioned above are-waiting period, claim settlement ratio, price, etc. These will help you make a smart move in the right direction.

Leading health insurance companies offer the No Claim Bonus (NCB) facility on no-claims made by a policyholder during a certain policy year. This implies that you, as a policyholder, will be able to avail a discount on the premium for the next policy year or your sum insured will increase by a defined percentage for the same premium.