A health insurance policy will cover the medical and hospital costs according to the amount to be paid by the policyholder for the contract of insurance. Thus, while choosing the best insurance plans in India, you have to look for certain factors. These factors include the benefits, coverage, network of hospitals, insurance riders, and more.
Having a health insurance policy is always a good option. Also, at present, with the increase in the number of coronavirus cases, a health insurance policy in India has become an imperative option. With so many options available, you may find it confusing. We can help you in choosing the best health insurance plans in India.
Health Insurance Companies
Health Insurance Plans
Min. Insured Sum (INR)
Max. Insured Sum (INR)
|1||Aditya Birla Health Insurance||Active Assure Diamond Plan||2 Lakhs||2 crores|
|2||Bharti Axa Health Insurance||Smart Super Health Plan||5 Lakhs||1 crore|
|3||Bajaj Allianz Health Insurance||Health Guard||1.5 Lakhs||50 lakhs|
|4||Religare Health Insurance||Care Health Plan||4 Lakhs||6 crores|
|5||Digit Health Insurance||Digit Health Plan||2 Lakhs||25 Lakhs|
|6||Edelweiss Health Insurance||Edelweiss Health Plan||1 Lakh||1 crore|
|7||HDFC ERGO Health Insurance||My Health Suraksha Silver Smart||3 Lakhs||5 Lakhs|
|8||Liberty Health Insurance||Health Connect Supra Top-up||3 Lakhs||1 Crore|
|9||Max Bupa Health Insurance||Health Companion Individual Plan||3 Lakhs||1 Crore|
|10||National Health Insurance||National Parivar Mediclaim Plus||6 Lakhs||50 Lakhs|
Now, before you start to choose the best health insurance policy in India, here is what you have to remember. There is NO single health insurance policy that meets all the requirements. There are a number of health insurance policies and every policy offers some unique benefits. You have to know what would be suitable for you and your family. After that, you can choose the right health insurance policy.
Now, here are a few tips to choose the best health insurance policy in India.
Choosing the adequate insured amount
While choosing the best health insurance policy in India, always go for a plan that offers the maximum amount of health coverage for different sorts of a medical emergency. With medical inflation, health care expenses will keep on increasing. Thus, you shall need a sufficient amount to deal with different scenarios. Make sure you choose the adequate coverage amount to ensure financial security and meet all sorts of medical emergencies.
Check for the flexibility for increasing the total amount that you are insured for
Remember the cost of living will increase every year and so will the cost of medical treatment. Most of the insurance companies will have the feature of increasing the insured sum over time. At times, if you have no-claim-bonus benefit, then you will receive a reward. The reward is mostly an increase in the insured sum.
Choose the right coverage type
When you look for individual health plans, they are designed to meet the individual requirements. However, if you have numerous family members, then it is better to opt for a family floater plan that covers the entire family. In this way, you shall not be required to buy separate policies for every family member and keep their health secured.
Also, another benefit is, you will pay a lesser premium compared to individual plans. The insured sum is higher too. Most importantly, anyone in your family can use the health insurance policy for their medical treatment. If you pay a slightly higher premium you can cover your senior citizen parents as well.
Consider the pre-existing waiting period
Remember every health insurance plan comes with its own set of terms and conditions for the pre-existing diseases. Thus, if you have any disease prior to choosing a plan, the claim for treating the disease will be accepted after the insurer waits for a certain period.
In most of the cases, the waiting period is from 2-4 years. However, for some policies, the waiting period is less, like the mediclaim policy. While choosing the best health insurance plan in India, you have to opt for the one with a lesser waiting period.
Check for the maximum renewal age
While choosing a health insurance plan, you have to consider the policy renewal age factor. Most of the health insurance companies will allow the policy renewal until the age of 65 years.
However, there are certain policies where you will have a lifelong health insurance renewal option. You have to choose the most appropriate one for yourself depending on the family health history and other health parameters.
Choose the insurer with a high claim settlement ratio
The claim settlement ratio is the number of claims settled among the total claims that it has received. You have to opt for a health plan from an insurer who has a high claim settlement ratio.
In this way, you can rest assured that your claim will not be rejected. Also, you have to be careful while filing for a claim. It is important to make sure that you’ve added the relevant documents and proofs supporting the claims.
When you are choosing the best health insurance policy in India, you will have the option to avail of treatments from network hospitals. The network hospitals are associated with a certain insurer.
Every health insurance company offers cashless hospitalization. This will save you from a lot of hassle payments during admission. The cashless hospitalization will simplify the claim settlement process and make it hassle-free for the policyholder.
Compare the premiums
It is important to compare plans and premiums. There are different online aggregators that will help in comparing insurance policies. Check the features, premiums, returns, benefits, and more. Do not choose an insurance policy in India without weighing all the features.
Read the exclusions carefully
There is a tendency among us that we don’t take the exclusions carefully. If you don’t read them carefully, you might end up with something unexpected. When a plan offers coverage for a disease, it is equally entitled to not cover for a certain disease or medical condition. For instance, cataract, hernia, joint replacement, sinusitis, gastric issues are not covered by a lot of health insurance policies. Thus, you should read the exclusions carefully.
Check whether they offer critical illness rider or not
The critical illness rider is also known as accidental rider, add-on rider benefit. If you have a critical illness rider facility, it will not cause you any trouble in case of an unplanned medical emergency. A lot of health insurance policy providers offer this facility. You have to pay an additional premium for it. In return, you will get coverage for different life-threatening diseases like cancer, kidney failure, tumor, and more.
Check the reviews
Finally, you should check the reviews! The reviews will help you know a lot about the policy provider, especially when you are buying online. Reviews will always contain the pros and cons. Thus, you can make an informed decision.