Health Insurance Basics: Sum Insured, Co-pay and Waiting Periods

Buying health insurance on premium alone can leave gaps. Three terms deserve a close read: the sum insured, any co-payment and the waiting periods. The sum insured is the maximum the insurer will pay in a policy year. Medical costs in large cities can be high, so consider whether the cover remains adequate over time, and whether a top-up or super top-up plan could extend it affordably. A co-payment means you share a fixed percentage of every claim. Waiting periods apply to pre-existing conditions and certain procedures, during which claims are not payable. Also look at sub-limits on room rent and the network of cashless hospitals. This article is educational. Read the policy wording and consult a licensed advisor before buying.