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10 Best Health Insurance Plans For You In India (2020)

10 Best Health Insurance Plans For You In India (2020)

Top 10 Health Insurance Plans You May Consider In India

Health is the most valuable commodity of life, more valuable than gold or diamonds. Once you lose gold, you can buy more, but if you compromised on your health, then you won’t ever be able to restore it, so when it comes to choosing a health insurance plan, why should we compromise? From our list of best health insurance plans in India (2020), choose the right plan for you and your family.

Science and technology have changed our lives to such extent that physical activities have vanished from our day to day routine, and you can’t really deny the significance of having health insurance these days. We tend to live a lifestyle that makes us prone to illness and diseases, and the consequences are deterioration in health conditions. The same can be very expensive and drain your pocket.

You may land in a situation of a medical emergency, and an effective health insurance plan comes as a saviour. These days the market is flooded with various categories of health insurance, and all that you need is to be wise on your part while selecting a health insurance plan. If you want to buy a plan that fits in your pocket and offers wide coverage, then a health insurance company plays a vital role.

The wide range of option of health insurance plan takes us into the dilemma, and it becomes challenging to choose the best among them for our family and us.

10 Best Health Insurance Plans For You In India (2020)

Still don’t know what a health insurance policy is?

In simple terms, health insurance is a cover that covers the medical expenses of the policyholder. It is a protection against high medical charges, hospitalization expenses, pre-medical, and posts medical expenses.

According to the Income Tax Act, 1961(Section 80D), the policyholder can get a reduction in the premium that he pays towards health insurance.

We are putting all the available information together in this article. Take account of these factors before concluding your search for the best health insurance plan and the insurer.

An insurance policy is a simple contract between the company that gives insurance and an individual. Here the insurance company will pay the medical expenses for life insured (i.e., the policyholder). The insurance company will either pay the money that the policyholder had put from his pocket for his medical expenses or will see that the policyholder gets free treatment for injuries or illness covered under the policy at any of the hospitals.

Factors you should consider before buying the health insurance and deciding the insurance company.

  • Incurred Claim Ratio (ICR): The ratio of the total number of claims received to the total premiums collected in the same time period by the insurance company is known as the Incurred Claim Ratio. A high ICR gives you an idea that the insurance company is more open to accepting new customers and more friendly to issue policies to people with pre-existing illnesses, and if you are one those customers with pre-illness, then you don’t have to wait much to get your plan. The ratio also tells you about their relationship with the customer.
  • Claim Settlement Ratio (CSR): The ratio of the total number of claims settled to the total number of claims received by the insurance company within the same duration of time is known as the Claim Settlement Ratio. It tells you how friendly the company will behave during the time of your insurance claim settlement. A high CSR is one of the factors that will assure you that the insurance company is more likely to settle your claim without any hassles.
  • Network Hospitals: The insurance company you are going for your plan should have a great network of hospitals in each city all over the country and which cater to various classes of people without any discrimination. The network hospital should cater to A to Z medical situations from nursing homes, day-care centers, to multi-speciality hospitals so that you can be prepared for any ups and downs in your life.
  • Waiting Period for pre-existing illnesses: One of the most important factors to consider before purchasing a plan is the waiting period for pre-existing illness. If your insurer has a longer waiting period for pre-existing illnesses, then it alarms you off that even though you are paying the premium timely, still you cannot make a claim for hospitalization. If you have some pre-existing illness, then this is the factor you should look very carefully at. The normal duration of the waiting period for pre-existing illness to be covered in 2 years; however, some insurer keeps it 4 years longer.
  • Cost of Premiums: In the end, you should also check whether your insurance is cost-effective or not. No doubt, the amount of premiums varies from insurer to insurer, but what matters is that you are going to get for what you are paying. The premium must be such that it covers an acceptable room rent in any city, cover the common treatment costs such as an accident, knee surgery, dialysis, etc. and all the medical and surgical costs also. Your insurance company must have different types of plans to suit different sections of people, such as top-up plans, senior citizen plans, individual health plans, family floater plans, and plans that are suitable for people with chronic diseases like cancer and heart ailment.

Types of health insurance plans offered in India:

1.Individual Health Insurance

These plans are for individual holders of policy. Premiums for such plans are considered below. These policies depend upon certain factors like your previous medical condition, age, location, etc.

2.Family Floater Health Insurance 

This plans for the whole family that is for every member. Instead of having individual policies for everyone, this will help you to cover everyone in a single policy. This policy can cover from 4-15 members of a family. Even though the premium of such plans is higher than individual plans, they are much cheaper in order with the expenses involved in taking an individual policy for each member. The insured sum will be shared by all members included in the policy of a family.

3.Senior Citizen Health Insurance

These plans are for senior citizens above the age of 60 years. The main aim of these kinds of plans is to take care of the needs of senior citizens. Few insurers provide discounts for these plans. A medical checkup is done before the plan is provided, and the expense involved in this is much more than other as senior citizens are more prone to illness and diseases.

4.Critical Illness Health Insurance

These plans cover major diseases such as Cancer, Heart Attack, Organ Transplants, etc. This plan is useful for the family of insured who have a background of certain illnesses.

5.Maternity Health Insurance

These plans are for those women who are expecting a child. This plan helps the insured to cover the expenses involved in prenatal, delivery, and post-natal stages. These plans cover both the mother and the baby.

6.Group/Employee Health Insurance

These plans are offered by employers. These plans include and exclude the members of a company when they leave and join the company. These plans are low in premium due to the low risk involved.

7.Preventive Healthcare Insurance

These plans are used to cover the expense involved in the treatment/measures that are taken to prevent diseases, illnesses, or cancer. Services such as annual check-ups and screenings are covered under this plan.

8.Personal Accident Insurance

These plans cover the expense related to unforeseen accidents. Compensations are provided by these policies in certain incidents like death, injury, etc., caused by accidents related to rail, road, water, or air.

10 Best Health Insurance Plans in India (2020)

Following are 10 best health insurance policies in India:

Policies that are worth purchasing to protect you and your family from medical emergencies:

1.Religare Care Health Insurance Plan

Religare Care Health Insurance Plan

It is an extensive health insurance plan suitable for both families and individuals. It provides a wide range of coverage, including alternative treatment, domiciliary hospitalization, international second opinion, and air ambulance.

Features and Benefits:

The policy covers all the pre-hospitalization expenses up to 30 days before getting hospitalized, including the cost of test and in-patient expenses, including ICU charges and room rent during hospitalization. This plan reimburses all the post-hospitalization expenses up to 60 days, including pharmacy bills and doctors’ fees. It also covers free health check-up once every year (regardless of claims filed) to individuals of 18 years or above.

Advantages and Disadvantages: 

It will reimburse all the medical expenses to the organ donor incurred throughout the whole surgery. It also covers the cost of obtaining an international second opinion and the cost of having alternative treatment using Ayurveda, Unani, Siddha, or Homeopathy.

There are various exclusions under this insurance, which are important, like waiting period of 30 days, no cover treatment expense of self-inflicted injuries or illness or injury arising out of the abuse of drugs or alcohol. It doesn’t cover the treatment of HIV AIDS, Pregnancy and related illness, treatment of congenital diseases, and the treatment expense of injuries due to war, riot, nuclear weapon, etc.

Plans:

Sum insured is between 4 lakhs to 6 crores, policy renewability is life long, the minimum age requirement is 91 days, and no maximum age bar.

For More Info Visit: Religare Health Insurance

2.Max Bupa Health Companion Individual Plan

Max Bupa Health Companion Individual Plan

It is formulated to deal with all the unforeseen illness that can consume you and drain your pocket. It is a very affordable health insurance plan that provides a range of medical coverage from medical surgeries to ambulance charges. It covers the cost of vaccination in case of animal bite and gives an option of the two-year policy tenure.

Features and Benefits:

It covers all the expenses of room rent, 30 days pre-hospitalization charge and 60 days post-hospitalization charges, all daycare treatment expenses, cover accommodation expenses, and alternative treatment using Ayurveda, Homeopathy, Siddha or Unani. If you purchase it for 2 years, you get a discount of 12.5% on premium. The plan offers some renewal benefits after the duration of the first policy year. It covers health check-up, emergency ambulance expenses up to 3000 and organ transplant expenses, animal bite vaccination, tax benefits, lifetime renewal benefits direct claim settlement, and cashless facility on network listed hospitals.

Advantages and Disadvantages:

The plan excludes non-medical expenses puberty, menopause-related issue, robotic-assisted surgery, treatment expense outside India, cosmetics and reconstructive surgery, sexually transmitted diseases, injuries from hazardous activities, disaster & conflict, and unlawful activities.

Plans:

Sum insured is between 3 lakhs to 1 crore, policy renewability is life long, and the minimum age requirement is 90 days and no maximum age bar.

For More Info Visit: Max Bupa

3.Star Family Health Optima

Star Family Health Optima

It is a policy by star health insurance that gives protection to the entire family on a family floater basis. This plan offers a variety of insurance benefits at an affordable premium.

Features and Benefits:

In case you meet an accident, then the insured sum insured will automatically be increased by 25% (up to 5 lakhs). If no claim has been filed during a policy year, then the policyholder can enjoy routine check-up benefits.In case you fail to renew the plan, then it gives you 120 days grace period. It covers all the hospitalizations cost, including room charges to medicine and drugs. 10% of the sum insured is allocated for expenses such as emergency ambulance charges for hospitalization to the nearest hospital and air ambulance expenses.. It covers 60 days of pre-hospitalization charge and 90 days post-hospitalization. It covers medical expenses due to domiciliary hospitalization exceeding 3 consecutive days. It covers the expense of having an organ transplant up to 1 lakh. In case of death, the reimbursement of 5 thousand for repatriation of the mortal remains to the insured hometown.

Also Read: Check EPF Balance Online: Via EPF Portal, Umang App, SMS, or Call

Advantages and Disadvantages:

As per opted sum assured it covers accommodation expenses and alternative treatment using Ayurveda, Homeopathy, Siddha or Unani. The second opinion from the doctor of a network listed hospital is also covered in this plan. The maximum amount reimbursed for assisted reproduction treatment for subfertility is 2 lakhs(maximum). It gives recharge benefits as per the opted amount insured. High intensity focussed ultrasound, deep brain stimulation, etc. are excluded from this plan. It also excludes oral chemo, cosmetics, plastic surgery, unjustified hospitalization, sexually transmitted diseases, injuries from war, convalescence, etc. Also, the plan does not offer any claim bonus upon renewal for a claim-free year.

Plans:

Sum insured is between 1 lakh to 25 lakhs, policy renewability is life long, and the minimum age requirement is 16 days, and the maximum is 65 years.

For More Info Visit: Star Family Health Optima

4.Apollo Munich Optima Restore Family Health Insurance Plan

Apollo Munich Optima Restore Family Health Insurance Plan

This policy is designed to offer better coverage and it comes with children cover. The sum insured is restored back without any additional cost in case the coverage is used up and can get coverage for up to Rs. 50 lakhs by paying a higher premium.

Features and Benefits:

In case the plan is completely exhausted during a policy year it automatically gives back the basic sum insured

Advantages and Disadvantages:

The waiting period of 3 years if you want to get coverage for pre-existing diseases.

Plans:

Sum insured is between 3 lakhs to 50 lakhs, policy renewability is life long, the minimum age requirement is 91 days, and the maximum is 65 years.

For More Info Visit: Apollo Munich

5.HDFC ERGO Health Suraksha

HDFC ERGO Health Suraksha

This insurance plan offers optimized coverage at an affordable rate. It comes without any age restriction. In this plan, after every claim-free year, you get an enhanced bonus. It is, overall, a very beneficial plan with great coverage.

Features and Benefits:

You get tax benefits, a seamless claim settlement process, and minimal paperwork. You get daycare, Ayush treatment, organ donation expenses, Maternity benefits, newborn baby cover, mental healthcare, air ambulance, and pre-hospitalization for 60 days and post for 90 days.

Advantages and Disadvantages:

This policy comes with a 30 days waiting period, so you’ll have to wait for 30 days after buying this policy. It excludes the treatment of HIV, illness, and injuries from drug abuse and alcohol and the treatment of any accidental injuries. It also excludes the threat of injuries in war, any biological weapon, radiation, terrorist activities, etc.

Plans:

Sum insured is between 3 lakhs to 10 lakhs, policy renewability is life long, and there is no maximum and minimum age limit.

For More Info Visit: HDFC ERGO 

6.Bajaj Allianz Family Floater Health-Guard

Bajaj Allianz Family Floater Health-Guard

It is a comprehensive plan that is suitable for both individual and family. The plan covers all in-patient hospitalization, pre-hospitalisation expenses up to 60 days, and post-hospitalization up to 90 days.

Features and Benefits:

It reimburses road ambulance expenses, daycare procedure, give organ donor cover, convalescence benefit, and daily cash benefit.

Advantages and Disadvantages:

The waiting period for the pre-existing disease is 36 months, and for some specific diseases is 24 months. The plan excludes dental treatment, cost of unwarranted in-patient hospitalization, injuries from war invasion, civil unrest, and self-inflicted injuries. It also excludes treatment outside India, cosmetic surgery, infertility, obesity, and HIV treatment.

Plans:

Sum insured is between 1.5 lakhs to 50 lakhs, policy renewability is life long, the minimum age requirement is 3 months, and the maximum is 65 years.

For More Info Visit: Bajaj Allianz

7.Manipal Cigna ProHealth Plus health insurance plan

Manipal Cigna ProHealth Plus health insurance plan

The plan is formulated to give you value for money. It gives ultimate restoration as an option. It covers all the hospitalization expenses, pre-hospitalisation for 60 days, and post-hospitalization expenses for 180 days.

Features and Benefits:

The policy provides extensive coverage at an affordable premium. It gives daycare cover, domicile treatment, worldwide emergency cover, newborn baby cover, maternity expenses, health maintenance cover, maternity cover, and so on.

Advantages and Disadvantages:

It provides emergency medical coverage across the world. In the case of abroad treatment, the cost incurred is reimbursed up to the sum of the insured. It excludes maternity coverage, and the waiting period is 30 days. It excludes mental disorder, genetic disorder, childbirth, pregnancy, HIV treatment, and treatment of self-inflicted and drug abuse injuries.

Plans: 

Sum insured is between 4.5 lakhs to 50 lakhs, policy renewability is life long, the minimum age requirement is 91 days, and no maximum age limit.

For More Info Visit: Manipal Cigna ProHealth Plus

8.Active Assure Diamond Plan by Aditya Birla

Active Assure Diamond Plan by Aditya Birla

If you are insuring a higher sum and want comprehensive coverage, then this plan is best for you. It covers all medical hospitalization expenses as well as second opinion expenses. It also gives optional cancer coverage. Along with extensive coverage, this plan offers a range of benefits. For example, in case of an unrelated illness, the policyholder can get up to 150% of the additional sum insured (Rs. 50 lakhs at the highest) for hospitalization. It covers international emergency assistance and also offers optional cover of any room up-gradation and reduction of the pre-existing disease waiting period.

Features and Benefits: 

Not only the policy comes with an affordable premium, but it also offers a refill of the sum insured, in case the No Claim Bonus (NCB)/Super No Claim Bonus and the Sum Insured is exhausted. It covers 60 days of pre-hospitalization charge and 180 days post-hospitalization. The policy gives you reimbursement benefits for personalized coaching by health professionals who will instruct and guide the insured person if they’re suffering from hypertension, diabetes, hyperlipidemia, asthma, etc. It also covers a second opinion from a doctor of a network hospital for major and critical illnesses such as kidney failure, heart attack, cancer, etc. The policyholder also enjoys daily cash benefit.

Advantages and Disadvantages:

As per opted sum assured it covers accommodation expenses and alternative treatment using Ayurveda, Homeopathy, Siddha or Unani. It has a waiting period of 30 days for all treatment and illness and 4 years for a genetic disorder. It excludes self-inflicted injuries and drug abuses illness. It also excludes HIV treatment, injuries due to war, dental treatment, unjustified hospitalization, treatment of obesity, correct eye, dental solution, cosmetics, etc. It also excludes abroad treatment, bariatric surgeries, and robotic surgeries.

Plans:

Sum insured is between 2 lakhs to 2 crores, policy renewability is not specified, the minimum age requirement is 91 days, and no maximum age limit.

For More Info Visit: Aditya Birla Capital

9.Happy Family Floater Policy by Oriental Insurance 

Happy Family Floater Policy by Oriental Insurance

The insurance company is one of the public sector general insurance companies that offer Family Floater Policy, a very effective health insurance plan that offers coverage for children as young as 3 months. The waiting period of this plan is 28 months if you want to avail coverage for pre-existing diseases.

Also Read: 40 Ways to Save Income Tax Legally in India (2020)

Features and Benefits: 

You can bring a maximum of 8 members under the coverage of this plan. This health insurance plan gives effective health insurance and is ideally suitable for a family. If you have filed no claims for the entire policy period, you can avail attractive discounts of up to 20%.

Advantages and Disadvantages:

It provides various number flexible options so that you can choose the appropriate cover as per your health requirements and need of your family

Plans:

Sum insured is between 1 lakh to 20 lakhs, policy renewability is not specified, the minimum age requirement is 18 years, whereas the maximum limit is extended till 70.

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For More Info Visit: Oriental insurance

10.SBI LifeSmart Health Insurance Plan

SBI LifeSmart Health Insurance Plan

This policy can be extended for the entire family as well for self, spouse, parents, children as well as parents-in-law.

Features and Benefits:

It offers extensive coverage and benefits. The waiting period is just 28 months, and the exclusive feature that the premium does not increase even if you have taken benefits and filed any claim, the premium will remain the same for a period of 5 years.

Advantages and Disadvantages:

It doesn’t offer wide ranges of coverages like the above-written policies

Plans:

Sum insured is between 1 lakh to 5 lakhs, policy renewability is not specified, the minimum age requirement is 18 years, and maximum limit is extended till 65 and coverage for children, the minimum age of entry is set at 3 months.

Other Plans Available in the Market:

Bharti AXA Health Insurance Plan

Under this plan number of members that can be covered in a family is 4. The maximum sum assured will be Rs.60,00,000. This plan has more than 5,000 network hospitals. The waiting period is up to 4 years, and there is no maximum age for the entry. The incurred claim ratio is 76.88%.

For More Info Visit: Bharti AXA

National Health Insurance Plan

Under this plan number of members that can be covered in a family is 6. The maximum sum assured will be Rs.50,00,000. This plan has more than 6,000 partner hospitals. The waiting period is up to 4 years, and 80 years is the maximum age for the entry. The incurred claim ratio is 126.98%.

For More Info Visit: National Insurance

New India Health Insurance Plan

Under this plan number of members that can be covered in a family is 6. The maximum sum assured will be Rs.8,00,000. This plan has more than 1,200 networked hospitals. The waiting period is up to 4 years, and 80 years is the maximum age for the entry. The incurred claim ratio is 102.94%.

For More Info Visit: New India Health Insurance

Royal Sundaram Health Insurance Plan

Under this plan number of members that can be covered in a family is 5. The maximum sum assured will be Rs1crore. This plan has more than 3,000 networked hospitals. The waiting period is up to 3 years, and there is no maximum age for the entry. The incurred claim ratio is 62.09%.

For More Info Visit: Royal Sundaram Health Insurance

Universal Sompo General Health Insurance Plan

Under this plan number of members that can be covered in a family is 6. The maximum sum assured will be Rs.10,00,000.This plan has more than 5,000 networked hospitals. The waiting period is up to 4 years, and 70 years is the maximum age for the entry. The incurred claim ratio is 86.14%.

For More Info Visit: Universal Sompo General Health Insurance

Health Insurance offered by the Government of India

Given below are some of the important health insurance schemes that are offered by the Government of India:

1.Rashtriya Swasthiya Bima Yojana

This policy was launched by The Ministry of Labour and Employment of the Indian Government. This scheme’s main aim is to give health insurance to the people below the poverty line. The registration fee that the beneficiary has to pay is Rs.30, and the State and Central governments make the premium payment to the health insurance company. The maximum sum assured for medical expenses will be Rs.30,000. Under this plan number of members that can be covered in a family is 5. One advantage of this scheme is that the policyholders will get free treatment for injuries or illness covered under this policy at any of the network hospitals.

2.Central Government Health Scheme

The main aim of this scheme is to give medical insurance to Central Government employees and their families. This scheme also provides medical insurance for pensioners. This scheme is only for those people who live in cities that are covered under the Central Government Health Scheme (CHGS). There are CHGS dispensaries, or wellness centers across the country for the policyholders to take Unani, Homeopathic, Ayurveda, Allopathic, Sidha, and Yoga system medicines.

3.Universal Health Insurance Scheme

This policy was made available to the Indians by 4 public sector general insurance companies. The main aim of this scheme is to give health insurance to the poor citizens of India. Under this scheme, the insurance company will pay a maximum of Rs.30,000 to the policyholder who had to put from his/her pocket for the medical expenses in case if he/she is hospitalized. In case if the policyholder who was the only source of income died in an accident, this scheme offers Rs. 25,000 to his family as compensation, and they will also get Rs.50 on a daily basis for 50 days after his death.

The fee structure for this scheme is as follows:

  • Individual – Rs 200
  • Families with 5 members – Rs.300
  • Families with 7 members – Rs.400

4.Employment State Insurance Scheme

This scheme was established to give multi-dimensional healthcare and financial security to employees and their families. The policyholder can get cash benefits in case of any permanent disabilities and if he/she loses his/her earning due to this. This scheme can be selected by those companies or factories that have 10 or more than 10 employees. The employees who have an annual wage rate of less than Rs.21,000 are charged to pay 1.75% of their wages towards the scheme, and employees who have an annual wage rate of more than Rs.21,000 is charged to pay 4.75%.

5.Ayushman Bharat Yojana or Pradhan Mantri Jan Arogya Yojana

Under this plan, more than 10 crore poor families can be covered in India. The maximum sum assured will be Rs.50,000 per family per annum. This scheme also provides medical insurance for pensioners. This scheme is only for those people who live in cities that are covered under the Ayushman Bharat Yojana. The holders of this policy will get cash benefits from any hospitals in India.

Certain Eligibility Criteria for Health Insurance In India

Nowadays, most of the insurance companies give coverage to individuals below the age of 45 without the need for any medical examinations or reports. Then also your previous health conditions will be taken into consideration by the health insurance companies. You’ll have to submit a report of good health to check your previous health condition as the health insurance company is not compelling you to take a medical exam. If your previous health conditions are fit and fine, then this will help you to get plans for a lower premium. Those people who are above the age of 55 will be insisted on taking extra medical tests. These medical examinations can even tell whether you use alcohol or tobacco.

Mistakes that can be Avoid while Purchasing a Health Insurance Policy

You must look into the below-mentioned points before taking any health insurance.

  • Inadequate Cover: The policy that suits you depends upon the amount for which you are covered. We find people opting for plans with small coverage to save money. This will only help you to reduce the money that you pay as premium but will prove to be a hassle later.
  • Missing the Fine Print: Fine print helps you to be aware of what you can claim and what you cannot. So it is good to take a study of fine print as it will help you to know about the coverage offered by your health insurance policy.
  • Comparison of the Insurer: During the time of purchasing an insurance policy, you need to compare as many plans as possible to find the best and better one. It is often found that people opt for the first insurance companies that they get to know.
  • Choosing Too Many Additional Riders: At the time of claim, you’ll get additional security if you buy more riders during the time of purchasing an insurance policy. But don’t purchase these to get more security for your policy rather purchase only those that will be useful for you.
  • Falsified Medical History: There is a tendency among people to lie about there medical history to get less premium at the time of buying an insurance policy. Please don’t do that because it will only create trouble for you when the insurer finds it out, and it will lead to the rejection of your claim.

Measures to Choose the Right Insurance Policy

  • Understanding the Needs: Firstly, you must have a clear idea regarding the coverage you require. For this, you’ll have to study the health insurance need of your family. This will help you to get a good insurance policy.
  • Picking the Right Coverage Amount: It is good to choose an insurance policy with high coverage as it will help you if you are prone to many diseases.
  • The extent of Illnesses Covered: Go through the illness covered by different health insurance policies and select the one which covers the most critical illness, which is very expensive.
  • Higher Sum Assured: Select a policy that covers a large amount since the health insurance company will pay the expenses up to the sum assured in the insurance policy.
  • Higher Renewal Age: Pick those policies that have a higher age limit for renewal, as this will help you in your old age. So opt for a policy with an age limit of 70-75 years.

Things you should know about health insurance:

  • It is advised to take the insurance policy from a reputed and a reliable insurance broker. If any claim gets rejected, the broker won’t be responsible for the mishap; thus, the source needs to be reliable.
  • People can buy insurance policies online wherein the premium charges are less and cover, and the sum assured is high.
  • Before disbursing any kind of health insurance, the companies tend to perform a personal screening with the insured by asking a few health-related questions. If the index shows higher value, i.e., the policyholder doesn’t have any kind of health issues, then he/she can bargain for fewer premiums as the risk is less. Premiums and risk go hand in hand, and the insurance companies tend to charge higher premiums if the risk is high.
  • Health insurance will be given until a certain age; for example, after 90 years of age, the companies won’t give health insurance to that individual as the risk is quite high. If an individual has attained 90 years, he/she may get a health problem every day, and then thus the company can’t take such a huge risk, so the existing policies for that person will cease.
  • There is a policy wherein members of the family will be covered as well, which is called the family floater policy. This policy is taken by the eldest in the family if the eldest member of the family deceases then the surviving members have to take a fresh policy.
  • The principle of utmost good faith is really important because the clients need to give details about their health, illness to the broker, or the company.
  • If you are not satisfied with the service of the policy that chose, you can always port to another policy, but the applicable charges will apply, or the applicable premium has to be paid by the policyholder.

DO’s and DON’Ts for Health Insurance

When an individual applies for the health insurance, there are certain do’s and don’ts that he needs to keep in mind, they are stated below:

DO’s:

  • The policy should not come up with restrictions regarding the amount of sum assured or the coverage.
  • Before purchasing any kind of policy, a thorough screening has to be done.
  • Coverage regarding pre-existing diseases
  • Waiting period for the policyholder to claim for any illness after purchasing the policy.
  • Restrictions regarding pre-hospitalization expenses or post-hospitalization expenses.
  • Whether the policy has a clause of co-payment wherein the policyholder has to contribute towards the claim.
  • Conditions regarding the renewal of the policy
  • Age limit for purchasing the policy
  • The individual or the applicant must disclose all the details regarding his/her health and illness to the insurer along with the family health history so that the insurance company can take corrective steps in analyzing the premium to be charged.
  • Insurance companies have partnered with certain hospitals, thus have a look at what kind of hospitals and how many are covered under the policy.
  • Start paying the premium only after the company has accepted the proposal.
  • Make sure that you pay the premium on time and be regular to get maximum benefits out of that.

DON’Ts:

  • The principle of utmost good faith should be followed, and the applicant should not conceal any information from the insurer.
  • Get the policy renewed as soon as possible, or else you will be charged for the same.

Note: GST is applicable at the rate of 18%, check whether it is applied effectively or not.

Frequently Asked Questions

There are several questions asked by the applicant regarding hospitals, expenses, etc.

Which are hospitals covered under your policy in the vicinity area?

For getting a cashless settlement, the patient should be admitted to the network hospital (which are covered under the policy). The insurance company gives a list of such hospitals; thus, it is important to take a look at those hospitals.

Is the policy is taken, valid PAN India?

Medical emergencies can arise anywhere; thus, the clause regarding any geographical limitations needs to be checked while taking the policy.

Pre-existing illness expenses will be covered?

Usually, in the initial stage of the insurance policy, the pre-existing illness expenses are not included for the cover. There is a waiting period before the cover starts; thus, the individual needs to make sure of the pre-existing illness clause.

Who to call at the time of the emergency hospitalization?

This is mentioned in the policy as to whom to contact at the time of the emergency; thus, the individual needs to read through the instructions carefully before signing the document.

What to do if the patient is admitted to a non-network hospital?

If the patient is admitted to a non-network hospital, the settlement of the claim will be done through the reimbursement process and not through a non-cash settlement. Thus, after the medical expenses are incurred, then there is a form that needs to be filled and submitted at the company, and then you’ll have to wait for the reimbursement.

What are the documents required for the claim?

The documents required will be proof of the medical expenses from the network or a non-network hospital. The pre-authorization form, which has to be submitted to the insurance company, is also required. The company will also ask for the identity proof of the policyholders.

Method of claim processing of the company

The claim settlement process is important for the individual as that will ensure whether the people are happy with the services or not. The claim’ settlement should not be ambiguous and complex. If the company settles the claim involving no cash, i.e., non-cash settlement, it will be easier for the policyholder to claim the settlement.

Final Words:

These are the top 10 insurance plans to be considered in India for future health requirements and emergencies. You need not worry about paying heavy bills when you secure yours and your family’s health with the possibly best health insurance plan available.

A small investment today in health insurance will come with a little instalment of premium and unimaginable security and benefits. It will come back so many benefits, and one can’t deny the ease and benefits of having the best health insurance plan at the time of paying heavy medical bills. Since our childhood, we were taught that health is the real wealth. So, let’s just take a little prevention to shield our real wealth in the long run as no one is aware of the future and the bad fortune that may bring any emergency at any point in time. These days availing health insurance is a precious gift you can give to yourself.

The above-written plans are just best for common needs. It is highly advisable to compare all the different insurance policies available according to your family’s needs. These 10 policies can be a base for your search but not the exact right choice. You have a lot of choices in the market to suit your budget and requirement.

Get health insurance, highly recommended for the current scenario we are living in. It acts as a shield for your savings whenever there are any medical emergencies and will give you time and space to recover peacefully. Every company is getting smarter at their end to sell their policies, so it’s your responsibility to decide wisely at your end to get more benefits. You know your need best, so in the end, only you will guide yourself to the best choice. It is your health and your money, so be wise while spending it.

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