Comparing insurance on premium alone is how people end up under-covered. Work through these in order and the premium becomes the final tie-breaker rather than the deciding factor.
1. Establish the need first
How much cover, for how long, for whom. Do this before looking at a single product.
2. Check what the policy excludes
Read the exclusions and waiting periods before the benefits. This is where claims are decided.
3. Check the limits inside the limit
Room-rent caps, disease-wise sub-limits and co-payments can reduce a large sum insured to a modest one.
4. Look at the insurer’s claim record
Claim settlement ratios and complaint data are published. A marginally cheaper policy from a slow settler is not cheaper.
5. Disclose everything
Every health condition, habit and existing policy. Non-disclosure is the single most common cause of a rejected claim, and it surfaces at the worst possible moment.
6. Then compare premium
Between two policies that both meet the need, take the better-priced one.