What Your Insurance Might Not Tell You About the Costs of Medical Treatments
Healthcare is often seen as straightforward. People think all they have to do is visit a doctor, get treated, and…
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In India, most new life and health insurance policies now come with a 30 day free look period, doubled from 15 days under IRDAI rules in 2024, during which you can return a policy you do not want and get most of the premium back. Many countries have similar cooling off periods, and knowing yours is the first protection when buying insurance online.
Insurance is sold by insurers directly, by comparison sites and by digital first companies. This category covers health, life, motor, travel and gadget insurance, from Acko, ICICI Lombard, ManipalCigna, Max Life, Aditya Birla Capital, Reliance General and Kenko Health to travel insurers such as Travelex Insurance and Ekta, comparison sites such as Policybazaar UAE and HelloSafe, and device cover from Smart Cover.
This guide explains how policies work and is not financial advice. Cards and loans are in Credit Cards, and travel planning in Visas.
What this category covers
| Type | Examples here | What to check |
|---|---|---|
| Health insurance | ManipalCigna, ICICI Lombard, Aditya Birla Capital, Kenko Health | Waiting periods and room rent limits |
| Life insurance | Max Life Insurance, IndiaFirst Life, Income Insurance | Sum assured and claim settlement |
| Motor and general insurance | Acko, Reliance General, ICICI Lombard | Add ons and deductibles |
| Travel insurance | Travelex Insurance, Ekta Traveling, Globely | Medical cover limit |
| Comparison sites | Policybazaar UAE, HelloSafe | Which insurers are included |
| Device and gadget cover | Smart Cover | Theft and accidental damage |
Term life or investment linked policies?
Term life insurance pays a sum only if the insured person dies during the term, which makes it the cheapest way to get a large amount of cover. Endowment and unit linked policies combine insurance with savings, but charge more and usually give far less cover for the same premium.
Many financial planners suggest keeping insurance and investing separate. Compare the cover per rupee or dollar of premium before choosing.
Reading a health insurance policy
Check the waiting periods for pre existing conditions and specific treatments, room rent limits, copayments and sub limits on procedures. These details decide how much of a hospital bill the policy actually pays.
A cashless network of hospitals near you matters for emergencies. In India, IRDAI removed the upper age limit for buying new health insurance in 2024, so older buyers can now get new policies.
Motor insurance and add ons
Third party motor insurance is compulsory in most countries, while comprehensive cover also pays for damage to your own vehicle. Add ons such as zero depreciation, engine protection and roadside assistance raise the premium but can matter a lot at claim time.
A no claim bonus rewards claim free years with a lower premium. It usually stays with you when you switch insurers.
Travel insurance essentials
Medical cover abroad is the most important part of travel insurance, since hospital bills in some countries are very high. Schengen visa applicants must show travel medical insurance of at least €30,000.
Check what counts as a pre existing condition, adventure sports cover and the cancellation cover limit. Buy soon after booking so cancellation cover starts early.
Claim settlement ratio
Insurers publish claim settlement ratios, showing the share of claims they pay. A high ratio is a good sign, but also look at how quickly claims are settled and read recent customer reviews.
Disclose everything honestly
Not disclosing a health condition, a previous claim or other facts can let an insurer reject a claim later. Answer every question on the proposal form fully, even if it raises the premium.
Using comparison sites
Comparison sites show quotes from several insurers at once, which makes it easy to compare premiums. They do not always include every insurer, and the cheapest quote may have lower cover, so compare the policy details, not just the price.
Gadget and device insurance
Device insurance covers accidental damage and sometimes theft for phones, laptops and other gadgets. Check the excess per claim and whether your home insurance or credit card already covers the same devices.
Renewals and portability
Premiums can rise at renewal, so compare before renewing automatically. In India, health policies can be ported to another insurer while keeping credit for waiting periods already served.
Tax benefits
Some countries give tax relief on certain insurance premiums, such as health insurance in India under the old tax regime. Buy insurance for the cover you need first, and treat tax savings as a bonus.
How much cover do you need?
For life insurance, a common starting point is enough cover to replace several years of income and pay off debts such as a home loan. For health insurance, look at the cost of a hospital stay in your city, since treatment costs rise every year.
A super top up health policy can add a large amount of cover cheaply on top of a base policy, paying once bills pass a set threshold.
Making an insurance offer go further
Insurance discounts usually come from buying online, paying annually, bundling policies or claim free years. Compare the full policy wording alongside any offer, since a cheaper premium with weaker cover is not a saving.