6 min read
Updated on Mar 07, 2023
Zaheer khan had purchased a health insurance policy for a sum insured of Rs. 3 lakhs, when he started his first job, at the age of 22. Its premium made it look like the cheapest health insurance policy but he knew the benefits in the long term. In the next 3 years, he underwent surgery which was taken care of by this health policy, and a year later, his wife had a medical condition that required immediate attention, which again was taken care of suitably by the same policy. With a small amount of premium every year, he has been able to protect his and his family`s health emergencies without having to worry about the increasing medical costs.
A healthy lifestyle holds an important place in the modern world, especially with the spread of the covid19 pandemic. The risk of contracting the disease by healthy has increased the fear of other people too. There is a report that suggests that people are seeking to purchase a cheap health insurance policy because the growth of the covid19 pandemic has doubled from the previous year. The threat of a pandemic is far from being over, which is why it is the best time to find an affordable medical insurance plan in case you don’t already have one or even re-evaluate your current health insurance plan.
Also Read: What is a Third Party Administrator (TPA) in Health Insurance & its Role?
With numerous insurance providers in India that offer a variety of low cost health insurance policies that cover offline and online methods, it could be confusing to pick the best and cheapest health insurance policy that is the least expensive in India between them. Therefore, we have listed some of the best policies that make it simple for you to choose, compare and finalize the best plan that will provide peace of mind for you and a worry-free future for your family. Below is the list of cheap and best health insurance in India with the lowest premiums:
|S No||Insurance Companies||Health Plans|
|1||Care Health Insurance||Care Health Insurance Plan|
|2||Go Digit Health Insurance||Digit Health Care Plus OPD Insurance Plan|
|3||SBI General Health Insurance||SBI Aarogya Plus Plan|
|4||ICICI Lombard Health Insurance||ICICI Lombard Complete Health Insurance|
|5||Manipal Cigna Health Insurance||Manipal Cigna Lifetime Healthcare|
|6||Aditya Birla Health Insurance||Aditya Birla Health Enhanced Plan|
|7||Apollo Health Insurance||Apollo Munich Maxima|
|8||Bajaj Allianz Health Insurance||Bajaj Allianz Tax Gain Plan|
|9||Niva Bupa Health Insurance||Max Bupa Heartbeat|
|10||Bharti AXA Health Insurance||Bharti AXA Health AdvantEdge|
Also Read: Health Insurance Claim Settlement Ratio
Like other types of investment options, a lowest premium health insurance policy is not a return-oriented investment. However, you should consider it as an investment tool that will help you meet your financial obligations, even in the event of any medical emergency.
The principal goal of low-cost health insurance in India is to offer its customers, the option to receive comprehensive medical care in hospitals without concerns about finances as they pay a reasonable premium. However, an individual health insurance plan is not only about hospitalization and treatment costs but the equal focus must be given to other areas as well, which are listed below for your clear understanding.
1. Recovery Benefit: This feature allows the insured to be paid a specific amount for the remainder of the term of your insurance policy if the original sum insured amount has been exhausted. This is especially useful for family-based health plans that have multiple members in a single health insurance plan. If any member of the family falls sick and uses the full insurance coverage, other members of the family won’t be able to benefit from the insurance policy should they be in a hospital during the same year. With restoration benefits in place, there’s no reason to worry since the insurer will restore the value of the insurance immediately for the remaining time and ensure continuous coverage for everyone who is covered.
2. Top-ups: There are some important events in the life of a person such as being married, having children inheriting wealth from a parent, or being elevated to a higher position. Whatever the reason, you could feel pressured to take advantage of extra health benefits as a result of the increased burden on the responsibilities. It is sometimes difficult to find plans that are suitable to cover every event in your life or to boost your insurance for health and, with the possibility of topping-ups and a choice to extend the coverage of your current policy for a little more premium.
3. No-claim bonuses: Your insurance company will reward you for not submitting any claims during the policy year. The rewards could be of reduction in premiums or discounts in other facilities depending on the policy type and tenure. By choosing a health insurance policy that offers you a considerable amount of no claim bonus, you stand to benefit more from them over a longer period.
4. Cash Allowance: A majority of medical expenses will not be covered through your health insurance policy since certain expenses must be paid out of your pocket, like OPD costs, medical consultations, prescriptions hospital charges, and more. There are health insurance policies that provide a cash allowance daily if the policyholder receives admission to the hospital to take charge of expenses that are out of pocket for the day.
5. Home treatment expenses: Domiciliary treatment or home care involves treatment of a patient at home as a result of no bed availability or facilities in the hospital. This is usually the case during the covid19 crisis that has swept across the nation. While a majority of health insurance providers in India offer home healthcare now, ensure that your policy has this option available.
6. Wellness programs: Health insurance policies nowadays, come with value-added features, including fitness and health-related activities to improve policyholders’ physical and mental health. These programs give benefits in the form of cashback when renewing policies as well as reward points, discount coupons for your partner, exclusive invitations to meditation, yoga, or weight reduction classes, and more. These programs help policyholders be healthy while providing the insurer with more efficiency in keeping claims to a minimum.
7. AYUSH treatment: Nowadays there are health insurance providers that offer insurance for alternative therapies like Ayurveda, Yoga, Naturopathy, Unani, Siddha, Homeopathy, and more. Look for these treatments’ availability with the insurer, so they are useful for you should you choose to utilize them as a treatment option.
As previously mentioned, rates of health insurance plans are at their lowest when purchased during your early years. So the best way to buy the cheapest health insurance policy in India is to lock the premiums at a young age and continue with them for a longer period or simply refer to PayBima’s expert advice to ascertain the right health insurance policy, coverage amount and the features to suit your needs as per your age and lifestyle.
Also Read: IRDA Claim Settlement Ratio 2022
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Below are some cost-effective health insurance plans in India:
HDFC ERGO Silver Smart Plan
Universal Sompo Complete Health Care Individual Essential Plan
IFFCO Tokio Health Protector
Oriental Individual Mediclaim Policy
Star Health Comprehensive Individual Plan
Aditya Birla Platinum Enhanced
To get affordable health insurance, you should search for different plans and compare them online so that you can buy the best plan that suits your at the best premium rate.
If you are 18 years and above, you can get a health coverage anytime. Buying a health insurance early allow you to pay low premiums as you are young and healthy as compared to buying a premium late in your life.
Here are some tips to choose the cost-effective medical insurance in India:
Look for the right coverage.
Choose a plan with affordable premium.
Prefer family over individual health plans.
Choose a plan with lifetime renewability.
Compare quotes online to get the best policy at best price
Look for good network hospital coverage.
Look for policies or insurance providers offering high claim settlement ratio.
Here are the factors on which your health insurance premium depends:
Past medical condition
Body Mass Index (BMI)
Geographical location etc.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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