5 Important Points on Why and How to Buy Medical Insurance Online

5 Important Points on Why and How to Buy Medical Insurance Online

Bajaj Finserv Health
September 21, 20215 mins read

Key Takeaways

  • India reported a 30% rise in people who buy health insurance online
  • Check the claim settlement ratio of the insurer before you buy a policy
  • Buying medical insurance online is much convenient and saves time

With the world going digital, health insurance is not to be left behind! Today, you can easily buy medical insurance online and even file claims digitally. Interestingly, India reported around a 30% rise in the number of people who buy medical insurance online [1]. While another study noted that young Indians aged between 25–44 years are more likely to buy health insurance online [2], this way of buying health plans is actually convenient across age groups.

In the last financial year, however, only about 500 million people in India were reportedly covered under various health insurance policies [3]. This means only 35% of our population enjoys medical cover. Now that it is becoming a norm to purchase plans online with smartphone and internet penetration, hopefully, more people will benefit from health coverage.

Whether you choose to buy health insurance or buy mediclaim online, this method of purchasing a health plan promises safety, security, and privacy along with a host of other benefits. But how do you buy individual health insurance online? Read on to know what to look for and why.

Tips to buy Medical Insurance

What to consider before you buy medical insurance online?

  •  Credentials of the insurance company

The first thing to do when you are buying a policy online is to choose the right insurance provider. Check if the health insurance company you are considering has a good reputation in the market. Find out their claim settlement ratio, claim settlement process and support services before you buy medical insurance online.

  • Protection for the entire family

Decide if you want to buy individual health insurance or a family floater policy. Go for a family plan to cover the medical expenses of your entire family affordably. This provides you a cost benefit as its premium will be cheaper than buying an individual policy for each family member.

Additional Read: 5 Tips to Buy the Best Family Health Insurance Policy
  • Comparison of different policies

Do not simply buy a plan that your friend or agent recommends. Understand your needs and compare policies before you buy health insurance online. India has around 30 insurance companies that offer health insurance policies [4]. So, you can easily find one that fits your requirements. Take your time in order to benefit from the coverage.

  • Consideration of the sum insured and premiums

When you select the sum insured, factor in medical inflation and the number of family members you want to include in the plan. Select a premium that is proportionate to the benefits provided by the policy. The notion that a policy with a cheap premium is the best is often not true. Such policies may not give you a comprehensive cover and have a list of exclusions.

Buy health insurance with an adequate sum insured that provides wide coverage including pre- and post-hospitalization expenses, ambulance services, daycare expenses, and more. The Aarogya Care Health Plans on Bajaj Finserv Health, for instance, provide comprehensive benefits at reasonable premiums.

  • Network hospitals and exclusions

Cashless claim settlement can be beneficial in times of emergencies as your insurance company settles the bill directly with the network hospital. So, check if your preferred clinic or hospital is empaneled with the health insurance company. Check the number of network hospitals before you buy medical insurance. Also, read the fine print carefully for any exclusions and know what is not covered under the policy to conclude if the policy is right for you.How to buy medical Insurance Online

Why buy medical insurance online?

  • Saves time

You can buy health insurance online within minutes. There is no need to take time out of your busy schedule and stand in long queues at a branch.

  • Convenient

Buying a health policy online from the comfort of your home is much easier than physically visiting an office. You do not have to fill in lengthy documentation and the entire process is quicker.

  • Safe transactions

Most insurers provide privacy with a secure payment gateway for added safety. What’s more,

health insurance companies provide complete transparency online as you can read all the policy information in detail.

  • Cheaper premiums

Providers often give discounts on premiums when you buy medical insurance online directly from their portals as there is no involvement of agents.

  • Easy comparison

You do not have to invest in the first policy that you come across. Buying online lets you compare many plans from different insurers and opt for the one that best suits your needs.

Additional Read: How to Choose the Perfect Medical Coverage for Your Health Insurance Policy

One of the most important decisions to make when you plan to buy medical insurance online is to select the right provider. Buy individual health insurance or family floater plans online on Bajaj Finserv Health. Choose from a variety of health insurance plans under Aarogya Care to enjoy a claim settlement ratio of 92.12%, which one of the highest in its segment. The insurer, Bajaj Allianz, has serviced more than 13 lakh claims in the last financial year and offers loads of customization along with a range of digital-first benefits.

For instance, you get the sum insured reinstatement benefit to replenish your cover in case it gets exhausted. You can also enjoy network discounts from a number of partners across India. With doctor consultation and lab test benefits up to Rs.17,000 and no medical checkups needed, this may be the right plan for you!

5 Important Points on Why and How to Buy Medical Insurance Online banner
  1. https://economictimes.indiatimes.com/wealth/insure/health-insurance/health-insurance-online-sale-spurts-up-to-30-offline-sales-fall-due-to-coronavirus-impact/articleshow/75059947.cms?from=mdr
  2. https://www.livemint.com/Money/jRBcsTMCbrkX9nCMOI69rM/Young-Indians-are-buying-health-insurance-online.html
  3. https://www.statista.com/statistics/657244/number-of-people-with-health-insurance-india/
  4. https://www.zeebiz.com/personal-finance/news-insurance-information-bureau-of-india-regulations-2021-iibs-rates-to-ensure-profitability-of-insurers-165048
  5. https://www.apollomunichinsurance.com/blog/health/how-to-buy-health-insurance-online.aspx
  6. https://www.financialexpress.com/money/insurance/5-important-things-to-consider-before-buying-a-health-insurance-policy/2202302/
  7. https://life.futuregenerali.in/life-insurance-made-simple/life-insurance/5-things-to-look-for-before-buying-health-insurance-online
  8. https://www.bajajfinservhealth.in/aarogya-care/complete-health-solution-silver
  9. https://www.bajajfinservhealth.in/aarogya-care/complete-health-solution-platinum
  10. https://www.bajajfinservhealth.in/products/swasthya-care

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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