Insurance plan guide — pick the cover that actually helps

Paying for a hospital stay can wipe out savings in days. If you’re shopping for an insurance plan, a few smart choices now can save you stress and money later. This page gives clear, practical steps to choose a plan that matches real needs, not marketing slogans.

How to compare plans

Start with the basics. Sum insured is the top amount the insurer will pay. Premium is what you pay regularly. Deductible is the amount you must pay before the insurer pays. Co-pay is the percentage you share on each claim. Network hospitals let you use cashless claims — that matters when you’re in a hurry.

Match the plan to your situation. Ask: do I need cover for hospital stays only, or outpatient tests and doctor visits too? Do I want maternity cover, critical illness protection, or special cover for seniors? For a family with young kids, a family floater often costs less. For older adults, individual plans usually work better.

Don’t choose by price alone. Check waiting periods for pre-existing conditions, room rent limits, and sub-limits on treatments. Look at claim settlement ratio — higher means the insurer settles more claims. Read exclusions so you aren’t surprised when a claim is denied.

Practical buying and saving tips

If your employer offers group insurance, use it but check the sum insured. Top it up with a personal plan if cover is low. Consider a top-up plan to protect against big bills after a base limit. Use no-claim bonuses to increase cover or lower premiums when you don’t claim.

To save on premiums, pick a realistic deductible and compare riders only if you need them. Preventive care and annual health checks reduce risk and help with claims later. Keep digital copies of prescriptions and test reports — they speed up approvals.

Watch for common traps. Very cheap plans may have long waiting periods, tight sub-limits, or limited network hospitals. Confirm lifetime renewability — you must be able to renew as you age. Ask whether the insurer requires pre-policy medical tests and what happens if you have a long-term condition.

If you live in India, check government programs like Ayushman Bharat if you qualify. Those schemes help with certain treatments, but often don’t replace private insurance — use them as backup, not your only plan.

Before you buy, make a short checklist: does the sum insured cover major surgeries in your city? Are waiting periods and exclusions acceptable? Are nearby good hospitals in the network? What are deductibles, co-pays and renewal terms? Ask the insurer to explain claim steps and required documents.

Pick a plan that fits your budget and gives real protection. Read the policy wording, keep medical records handy, and ask for help if any term is unclear. That makes claims easier when you need them most.