Health insurance plans for young couples

Health insurance plans for young couples

Given the rising cost of health care and medical treatment, it is becoming increasingly important to insure oneself. However, the market is flooded with products, with as many as 24 companies in general insurance and many life insurers offering various types and sizes of covers. The features, terms and conditions, limits and sub-limits are often hidden in the fine print and their interpretation is confusing. This makes it difficult to choose a product that suits a specific life stage requirement

Methodology
The individuals and families have been classified by modifying the ‘sagacity’ segmentation method to suit a broad range of readers. The most relevant features in health policies have been divided into five categories based on what is considered their importance for a given customer segment. These are—Critical, Motivation, Standard, Luxury and Does Not Matter. The rankings also take into account product pricing, not just the current one, but that charged by the insurer as the policyholder ages. The allocation and its individual weight age is based on the data of claims available in public records published by the Insurance Regulatory and Development Authority of India (IRDAI), analysis of the claims it has handled, and its experience in managing claims.
Premium is for a Rs 5 lakh cover for ‘Young couples not wanting children’ in Delhi, with the age of members at 31 years, and including a 14% service tax. Premium rating takes into account the current applicable rate as well as the aggregate effect of premium increase with age. * In ‘Final Rating’, features have a weightage of 70% and pricing 30%. CI is critical illness; E:CI is E-opinion on critical illness; Regain benefit is automatic availability of sum insured on exhaustion during a policy year.

DISCLAIMER
The ET Wealth-PlanCover ratings are provided as a general guide and do not take into account individual risk profile, financial circumstances or the needs of a customer and his family. The rankings do not constitute financial, taxation or other professional advice. You should seek professional advice and carefully consider the terms and conditions and other relevant product details before buying a policy. The data has been taken from websites or call centers of the respective insurers. All attempts have been made to ensure clarity and accuracy of the data. However, PlanCover.com and ET Wealth are in no manner responsible or liable for any discrepancies in the data published and are not accountable for any loss, harm or damage that may occur from the use of information provided herein. Insurance is a subject matter of solicitation and market risks. The basis of current rankings is subject to change with changes in policy terms and pricing as approved by IRDAI from time to time.