How can I buy Health Insurance Policy online

by Harjot Narula Compare Policy Insurance

Health insurance is not an option in current lifestyle, it has become a necessity. While most of the people don’t go for health insurance policy thinking they don’t need it, others avoid or delay it because they think the process of buying a health insurance policy is lengthy and requires a lot of paperwork. One will have to go through meetings with different agents and give an ample amount of time for buying health insurance. Well, the process of buying health insurance is now hassle free and not a lengthy process, thanks to the online platform.

Digitization has made the process of buying a health insurance policy very easy and effective. The dependency of insurance companies on agents, brokers has turned to an online platform which provides you quick, cost-effective, paperless and economical platform to buy the best health insurance policy for you. Not only buying an insurance policy has become easy, but with the availability of IRDAI certified portals, comparison of different health insurance policies has become unbiased and hassle-free.

To wipe out your minor doubts regarding online health insurance policy, we will discuss about the process and requirements for online health insurance policy in this article

Following are the steps in buying an online Health Insurance Policy: -

1. Assess your Health Insurance Coverage Amount/Sum Insured

First of all, you need to decide upon the insurance coverage amount. It is the maximum amount of coverage for one policy year. The insurance coverage amount depends upon your medical requirements and don’t forget to consider the rising medical cost.

2. Shortlist the plans as per your requirement

After deciding upon the amount of coverage, you need to filter your options of plans, based on your requirements. Like your need of additional rider, family floater plan availability of hospital network in your locality. Different health insurance plans have different benefits.

3. Compare the shortlisted plans (based on feature, key benefits, policy coverage, inclusion, exclusion, etc.)

Compare the shortlisted plans on the basis of features like restore options, lifelong renewability, flexibility in selecting rooms at hospital, sub limits, etc. While comparing different policies, you should always consider inclusions and exclusions of the policies. It will let you know what is included in your coverage and what’s not. Exclusion can include treatment of different types of diseases which are not covered under your plan like hernia, arthritis, sinusitis, etc. Exclusion can also include treatment taken outside the country. Compare key benefits and policy coverage of the shortlisted plans.

4. Finalize the plan and Read the terms and conditions

After comparing on the above given parameters, select and finalize a plan which suits perfectly according to your need. There is a brochure available with every health insurance plan in which terms and conditions are mentioned. Don’t forget to go through each and every term and conditions mentioned in the policy brochure which you have chosen.

5. Fill the proposal form online (which is simple and not lengthy)

You need to fill the proposal form of the selected plan which is very easy to fill. It requires you basic details like name, address, id proof number, telephone number, nominee details. The proposal form is not lengthy and you can fill it on your own without any problem.

6. Make the Payment

After filling the proposal form, you need to make payment through available options such as debit card or credit card. You can set instruction on your mode of payment after which the amount of the premium will be automatically deducted from your debit or credit card on the due date, so that you will not have to always remember the premium payment and due dates. You can also pay your premium by online mode just by entering policy details (like policy number) and your card details.

7. Wait for the Co.’s decision (7 to 10 days) and policy document

You will have to wait for almost 7 to 10 days for getting your policy finalized by the company and getting required policy documents after making the payment.

8. Freelook period (in case you are not satisfied)

In case you are not satisfied with the policy after finalization by the insurer, you still have a period 10-15 days(depending on the insurer) to terminate your policy without any penalty. You get a full refund for cancelation of policy within freelook period.

It is always better to buy health insurance policy online because it has lots of advantages than the traditional way of buying policies through an agent. Buying health insurance policy online requires a few simple steps and some comparison to get the best deal for you.