Thanks to the medical inflation, the medical treatment, and health care expenses have become sky-rocketing. It has become very crucial to buy health insurance. The key to buying best health insurance plan is a comparison. Compare health insurance plan before you buy one. The health insurance market has so many insurance products to offer that so many health insurance buyers end up being confused.
The terms & conditions, features sub-limits, and limits aren’t revealed and the insurance buyer makes a misinformed decision. It becomes very difficult for individuals to select an insurance product that fulfills their insurance needs and offers the value for their money at the same time. Most of the insurance-buying decisions are made based on the lowest price, recommendations of the insurance agents and claims rates. In the end, it results in the partial settlements or claim rejection. A ranking for ten customer segments, including the premium rates, star ratings, and relevant characteristics for the each category. This was done in order to reduce the pain of selecting an insurance plan that fulfills all the particular insurance needs of the policyholders. All this was done to understand that what makes an insurance plan a good health insurance plan for the young couples. For obvious reasons, the insurance needs of a young person are different from the insurance needs of the old couple. Now, a majority of the young couples don’t give into the pressure of having kids. They will have kids if they really want to have otherwise, they are happy without that. We live in the times where both the partners are working professionals. Work keeps them away from their family and they live in a nuclear family. Women are ambitious now. They want to excel in their domain, they want their career graph to go high as they want to touch the sky. Methodology The families and individuals were classified by altering the 'sagacity' segmentation method so that it could suit a wide range of people. The highly relevant characters in medical plans were divided into 5 categories on the basis of its importance for a specific customer segment. These five segments are—Critical, Motivation, Standard, Luxury and Do Not Matter. These rankings consider product pricing, the current one as well as the one charged by the insurance provider as the insured person grows old. The individual weight and its allocation are based entirely on the claims information available in the public records that are published by the (IRDA), Insurance Regulatory and Development Authority of India. The premium sum for Rupees 5 lakh coverage for Young couples who don’t want children' in Delhi, having the age of as 31 years includes a 14 percent service tax. The premium ratings consider the current rate applicable long with the aggregate effect of the total increase in the premium as the person ages. In the ‘Final Rating', the characteristics have a pricing of 30 percent and the weight of 70 percent. Regain benefit of the automatic availability of the sum insured at the consumption during the policy period.
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