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Best Health Insurance Plans in India
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Predicting one's health is something that no one can do. You never know when a sudden health crisis in the form of a critical disease might engulf you. Thus comes the role of all-inclusive Health insurance plans, which allow financial security in terms of health to the insured by covering them against incurred healthcare costs.
With the cost of healthcare soaring high, having a comprehensive medical insurance plan is essential to allow you monetary security during the hours of medical emergency. Take a look at the below plans termed as the best Health Insurance Plan in India.
Top Health Insurance Plan in India
Below are some of the best health insurance plans in India:
| Name of Health Insurance Plan | Age of Entry | Sum Insured | Network Hospitals for Cashless treatment | Covid-19 Coverage Applicable/Not Applicable |
|---|---|---|---|---|
| Aditya Birla Active Assure Diamond Plan | 91 days to 40 years | Rupees 2 Crore | 6,000+ | Applicable |
| HDFC ERGO Optima Restore Plan | 91 days to 65 years | Rupees 50 Lakh | 10,000+ | Applicable |
| Care Health Insurance Policy | 91 days and above | Rupees 6 Crore | 8,250+ | Applicable |
| Star Young Star Insurance Policy | 91 days to 40 years | Rupees 1 Crore | 9,900+ | Applicable |
| Bajaj Allianz Health Guard Policy | 3 months to 65 years | Rupees 25 Lakh | 4,500+ | Applicable |
| Niva Bupa Health Recharge Policy | 3 Months to 65 years | Rupees 25 Lakh | 4,500+ | Applicable |
| Star Family Health Optima Plan | 16 days to 65 years | Rupees 25 Lakh | 9,900+ | Applicable |
| Care Freedom Policy | 91 days and above | Rupees 10 Lakh | 8,250+ | Applicable |
| Star Diabetes Safe Policy | 18 years to 65 years | Rupees 10 Lakh | 9,900+ | Applicable |
| HDFC ERGO my: Health Suraksha Plan | 91 days and above | Rupees 75 Lakh | 10,000+ | Applicable |
What Are Health Insurance Plans?
Health insurance plans cover the insured against medical expenses arising out of health treatment caused by diseases, accidents etc. An insurance policy is like a contract between two parties, the insurer and the insured where the insurer agrees to make payment of the costs incurred by the insured for medical treatment during a particular time period as per the terms and conditions of the policy and as per the sum insured and premium paid by the policyholder.
There are numerous best health insurance policies in India offering a variety of features and benefits. Most health insurance plans offer protection against hospitalization charges, medicines costs, consultation fee, ambulance charges, ICU charges, surgeries etc.
Health insurance plans also offer cashless treatment in the hospitals that the insurance companies have tie-ups with. In this case, the insured is not required to make the payments to the hospital for hospitalization as the insurer directly makes the payment in the hospital account. However, if the insured gets the treatment done in any other hospital which doesn't come under the network hospital list, then he/she can make the payments of the bills and later reimburse the same from the insurer.
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Proper Coverage
- your health insurance plan should allow protection against widespread medical conditions. It should be an all-inclusive and comprehensive plan to help you deal with all the necessary healthcare costs for you and your family (if it is a family plan).
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Type of plan (individual/family)
- if you want coverage for your parents and dependent siblings, you can choose a family plan to cover medical expenses for everyone. But if you do not require a family plan, you can go for an individual plan that could fetch you maximum protection and benefits.
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Budget Friendly
It is important for the best health insurance plan to meet your needs. Likewise, it is also essential for the plan to suit your pocket in terms of budget. And you always have the option of buying add-ons and making changes in the plan as per your growing needs of health and family. So, start with a plan with a pocket-friendly premium amount.
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Lifetime Renewability
Policies offering lifetime renewability are always better as you have the opportunity to gain benefits during your old age when you require more medical attention.
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Hospital network for cashless treatment
to check the wide network of hospitals available with the insurer is another requirement that you must ensure while buying a plan so that you can avail cashless facility easily.
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Claim settlement ratio
Do check the claim settlement ratio of the insurer you are planning to buy the insurance from. The ratio of claim settlement suggests the number of insurance claims settled by an insurer in a year from the total claims received.
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Sum insured
It is equally important to check the coverage amount allowed in a best health insurance policy so that you can choose sum insured suiting you to cover your medical expenses.
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Waiting period for existing diseases
While choosing a health plan consider the waiting period that an insured has to wait before availing benefits of coverage for the pre-existing illnesses.
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Add-on benefits
Also check if your health insurance plan permits you to buy any added rider or add-on benefits.
Benefits of Health Insurance Plans
Here are some of the benefits of best health insurance plans:
- Cashless treatment facility - with health insurance plans you can have the benefit of availing cashless treatment.
- Pre, post hospitalization charges - health insurance cover allow you to have protection against before and after costs of hospitalization to a particular limit specified under the plan.
- Ambulance costs covered - the health insurance plans also allows coverage against ambulance and other transport charges.
- NCB or no claim bonus - NCB is a bonus earned for not filing any claims in a policy year. In this case, the insured can earn NCB discounts and benefits.
- Hospital room rent charges - the health insurance policies also cover room expenses incurred during your hospital stay.
- Annual medical check-ups - most insurance plans also offer medical check-ups periodically.
- Tax benefits - tax deduction is another advantage of health insurance plans that can be availed under section 80D of Income Tax.
Why Buy the Best Health Insurance Policy?
Here are some reasons why you must buy the best health insurance Policy:
- Health insurance plans in India protect against illnesses and medical emergencies, thus helping you keep your savings intact in the event of any emergency healthcare needs.
- Health insurances protect you against the rising costs of healthcare services and allows you to afford the skyrocketing charges in the medical sector.
- Another reason to have a health insurance policy is the availability of cashless treatment in the wide range of network hospitals that the insurer has tie-ups with.
- Health insurance plans protect the insured against various diseases and surgeries together with other features of health treatment.
- Health insurances allow the insured to stay worry free with regards to healthcare costs incurred on yourself as well as on your family by paying a reasonable premium amount.
- Most insurances protect you against hospitalization expenses, ambulance charges, consultation fee for doctors, medicine bills, lab tests and pre, post-hospitalization costs etc.
Factors Affecting Your Best Health Insurance Plans Premium
Below are some factors affecting your best health insurance plan premium:
Age of insured
Age of the insured person is the most important factor that affects the premium of a health insurance policy. If the age of the insured is more, the premium charged is also high. This is because a young individual is less susceptible to diseases as compared to aged people.
History of diseases
The previous history of diseases or the past healthcare records of the insured also affects the insurance premium. An insured with a history of numerous existing diseases might have to pay a higher premium than others.
Policy tenure
The tenure of the health policy also affects premiums. Long term policies allow less amount of premium as compared to short term policies.
Consumption of injurious substance
Insurers might also have to pay a hefty amount if they have bad habits like smoking, drinking alcohol or chewing tobacco etc. This is because these habits can make the insured suffer from dangerous diseases.
Profession of insured
The profession of the insured person also affects the premium of a medical insurance policy. People working under hazardous conditions amidst chemical emissions or radiations, or the ones working in risky construction sites might have to pay higher premiums as compared to others.
Age of insured
Age of the insured person is the most important factor that affects the premium of a health insurance policy. If the age of the insured is more, the premium charged is also high. This is because a young individual is less susceptible to diseases as compared to aged people.
History of diseases
The previous history of diseases or the past healthcare records of the insured also affects the insurance premium. An insured with a history of numerous existing diseases might have to pay a higher premium than others.
Policy tenure
The tenure of the health policy also affects premiums. Long term policies allow less amount of premium as compared to short term policies.
Consumption of injurious substance
Insurers might also have to pay a hefty amount if they have bad habits like smoking, drinking alcohol or chewing tobacco etc. This is because these habits can make the insured suffer from dangerous diseases.
Profession of insured
The profession of the insured person also affects the premium of a medical insurance policy. People working under hazardous conditions amidst chemical emissions or radiations, or the ones working in risky construction sites might have to pay higher premiums as compared to others.
Frequently Asked Question
Below are some parameters to consider while purchasing a health insurance plan:
- Check the payout method of the plan. Is payout permitted on diagnosis or on hospitalization?
- Ensure that the claim process of the insurer is easy and simple. Make sure that they tend to claims in a fast and proficient way to cause minimum distress to the policyholder and his family members.
- Make sure that the waiting period of the plan you choose is minimum so that you can start claiming for already existing diseases soon.
- Also, ensure that the health insurance plan offers adequate cover so that you can cover your medical expenses at affordable costs.
- It is also important to check that the plan offers coverage on pre & post hospitalization.
Below are some of the common exclusions of health insurance plans:
- Costs incurred for treatment of self-inflicted injury such as while attempting suicide.
- Charges incurred on treatment of injuries caused due to participation in adventurous/dangerous sport.
- Pre-existing diseases are excluded from coverage during waiting period. Sexually transmitted disease are also not covered.
- Sexually transmitted disease are also not covered.
- Cosmetic surgery and related treatments are not covered.
- Dental and ENT treatments are not covered.
- Obesity treatments are also not covered etc.
Yes. Most standard health insurance plans these days cover costs incurred for treatment of Covid-19 if the insured is diagnosed positive. Here, the insured gets coverage for in-patient as well as outpatient costs for the treatment. Also, there are special Covid-19 health insurance plans that can be purchased such as Corona Kavach Policy and Corona Rakshak Policy. For more information on such plans, contact the PayBima team for further assistance.
Below are some significant benefits of having a health insurance policy:
- Can avail cashless treatment at network hospital's of the insurer.
- Cover pre, post-hospitalization expenses.
- Can avail tax benefits under Section 80D of the Income Tax
- Can avail everyday hospital cash coverage
- Cover organ transplant expenses
- Can avail No Claim Bonus (NCB)
- Offer lifetime renewability etc.
When the sum insured of a health insurance gets exhausted because of more claims being made within a year, the insurer restores the insured amount on their own without levying any extra charges so that you can continue enjoying the benefits. This is called restoration benefits, which are mostly available with health insurance policies with higher premiums.
No, you cannot make a claim for all healthcare expenses up to the sum insured limit because most health insurance policies offer different sub-limits specifically for different treatments, consultation fees, surgeries, ICU, Lab tests, room rent and so on. So, they do not allow you to claim an exceeding amount more than the limit of sum insured.
Some good health insurance plans in India are:
- Essential Privilege Plan by Universal Sompo Health Insurance.
- Health Guard Plan by Bajaj Allianz Health Insurance.
- Family Health Optima by Star Health insurance.
- My health Suraksha by HDFC Ergo General Insurance.
Some of the best medical insurance plans in India are:
- Prohealth Plus by ManipalCigna Health Insurance.
- Lifeline Supreme by Royal Sundaram Health Insurance.
- Activ Assure Diamond by Aditya Birla Health Insurance.
Having health insurance not only for yourself but your family as well is very important in India. This is because there has been a huge rise in lifestyle diseases in the country along with other diseases. Moreover, the costs of healthcare are touching the sky in most contemporary private hospitals. Thus, without a suitable health plan, it is not easy to manage the costs of healthcare these days.
