Health insurance in recent times has become an essential part of everyone's life. With the rising healthcare costs, availing of quality healthcare can leave a family financially struggling. Therefore, with the right health insurance you can ensure to avail quality treatments without burning out your savings completely.
Health policy purchases in India are steadily increasing, but there is still a long way to go. According to the most recent NFHS-5 survey, 41% of Indian families have at least one individual covered by a Medical Insurance plan, up from 28.7% in the previous NFHS-4 study. Because of the pandemic, the Indian population has realized the value of health insurance. However, it is a crucial tool for protecting yourself and your family during times of medical emergency.
Ideally, a policyholder must compare Health Insurance Plans in order to make the best possible purchase for oneself and their family. There are certain points to keep in mind while comparing health insurance. For instance, compare health insurance, the entire package, and not just one component of the policy. The ideal step for a policyholder is to compare online health insurance plans based on premiums, coverage, services, inclusions, exclusions, and claim settlement. Yes, we understand it is a lot of work! This is why here we are, we will guide you on how to go about comparing health insurance plans in India.
Health insurance is an agreement between the insurance company and the insured, where the insurance company provides financial coverage for medical expenses in case the insured falls ill or meets with an accident. A health insurance policy provides cashless hospitalization, in-patient, and out-patient hospitalization, critical illness benefits, accident coverage, organ donor expenses coverage, day-care treatments, OPD coverage, domiciliary hospitalization, senior citizens coverage, and coverage for your dependent parents and children. Health Insurance in India also provides you with tax exemptions under section 80D of the Income Tax Act.
To avail the coverage against medical expenses, the policyholder needs to pay a specific amount (monthly, quarterly or annually) which is called a premium. The premium of the health insurance plans differs from person to person and depends on certain parameters such as your age, sum insured chosen, lifestyle etc.
The standard eligibility criteria and features for health insurance in India are depicted below for better understanding.
|Entry Age||Minimum Entry Age :Adult: 18 Years Child: 91 Days
Maximum Entry Age Adult: 65 Years Child: 25 Years
|Claim Settlement||Cashless Claim Settlement at network hospitals|
|Renewability||Available with lifetime renewability|
|Tax Benefits||Available under section 80D|
|SI||INR 50k to 2 Cr|
|Maternity and New Born Cover||Available|
|Organ Donor Cover||Available|
|Annual Health Check-ups||Available|
|Road and Air Ambulance||Available|
|Special Covers||Critical Illness/ Senior Citizen/ Vector Borne Diseases/ Covid|
Health Insurance companies in India provide numerous medical insurance policies with regard to the needs of an individual as well as families. Let us compare health insurance policies to understand their advantages in detail.
A comprehensive health plan for individual and family with SI of 3 lacs to 6 Cr. with global coverage.
This policy is designed to provide complete protection against all health care eventualities to you and your family.
An individual and family plan that covers all day care treatments, modern treatments, comes with a safeguard add-on and provides annual health check-ups.
A comprehensive plan with 5 different variants suitable for individuals and young couples, offering sum insured up to 1Cr.
Provides comprehensive medical coverage to individuals and families with different budgets by offering SI options ranging from 5 Lakhs to 50 Lakhs.
The plan is ideal for the families who want to get covered under single sum insured.
This is a plan that provides comprehensive range of sum insured from Rs. 200K to Rs. 2cr.
Offers 360 degrees protection to you and your family with multiple SI options of 3 to 75 Lakhs. Comes with EMI and lifelong entry option.
A flexible and comprehensive health plan, securing your today & tomorrow. With 'Reserve Benefit' features, this plan grows unused policy amount @6% interest rate.*
Buy a cover of up to 2 crores to secure you and your loved ones against 20 major critical illnesses with the Niva Bupa CritiCare plan.
An ideal health plan for people with a pre-existing critical illness or a family history of critical illnesses. Get comprehensive coverage for 15 critical illnesses.
Covers the risk of spreading/recurrence of first cancer (metastasis) & second cancer (second malignancy)
Comprehensive health plan for people above 60 to make their second inning stress-free from health-related financial worries.
A comprehensive family floater plan that decides your policy premium based on the living cost of the city you reside in.
Created for young individuals under 40 years of age. It also offers various benefits such as discounts on renewals, incentive-led wellness programs, lowest waiting periods.
A complete health insurance policy that covers you and your family with a wide range of SI (3 Lakh to 1 Crore) and continues to give you more benefits.
This is a plan that provides coverage for Covid-19 hospitalization and chronic diseases
A high SI plan for women's medical requirements. The plan covers major critical illnesses including cancer treatment.
A comprehensive health plan that comes with 3 variants and up to 1.5 crores Sum Insured.
A fixed premium plan that offers coverage up to 3 Lakhs and offers protection against the expenses incurred during OPD and hospitalization.
Looking for more medical insurance plans? PolicyX has a complete list of the Best health insurance plans for you.
There are various types of insurance plans in India and we have mentioned the categories for a better understanding as
Covers all the family members (you, your spouse, children, and parents) in a single policyFamily Floater Health Plan
Provides financial coverage to the insured in case he/she is diagnosed with a listed critical illness/disease.Critical Illness Health Plan
Provides extra coverage if your existing health plan is not enough to meet the medical bills.Top-up Health Plan
Offers quality healthcare treatment such as domiciliary hospitalization and psychiatric care to people who are above 60 years of age.Senior Citizen Health Plan
Provides coverage only to an individual and covers medical expenses such as hospitalization for injuries and illnesses, surgery costs, room rent, daycare procedures, and more.Individual Health Insurance
Covers the medical expense that occurred due to an accident while providing coverage to the policyholder in case of partial disability, permanent disability, and accidental deathPersonal Accidental Insurance
This form of medical policy in India operates on both a cashless and reimbursable basis up to the sum insured selected by the insured individual. It is a basic health insurance plan that individuals must own for their health care.Indemnity Health Insurance
It is a lump sum benefit-based health insurance plan and pays you in one go. This type of medical health insurance policy is beneficial for dealing with endless medical expenses arising out of critical ailments like Cancer, Paralysis, etc.Fixed Benefit Medical Policy
Having dedicated Medicare in India for you and your family not just protects you from unannounced medical emergencies, but also comes with several benefits. The benefits one can avail of are countless. Explore the major advantages of having an effective medical insurance policy.
No cash payments are required to settle medical bills. Your insurance provider will pay the cost of your medical treatment when hospitalized in a network hospital.
Any medical expenses incurred before and after the hospitalization will be covered by the sum insured under your health insurance policy.
Health Insurance offers tax benefits under section 80D of the Income Tax Act, 1961.
The policyholder gets the extended coverage amount for not making any claim in a policy year.
Insurance companies offer free health checkups, motivating the policyholder to maintain a healthy lifestyle.
Covers medical expenses generated while receiving medical treatment at your home if you are unable to reach a hospital for a justifiable reason
Get your policy renewed for a lifetime without any restriction on the age limit.
Coverage for the expense related to Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy (AYUSH) treatments
Allows you to refill your sum insured in case it is exhausted in a policy year.
Riders allow the policyholder to enhance the basic coverage of their chosen Health Insurance plan. Medicare can be customized as per your healthcare needs.
Read below the list of health riders available under the various health insurance plans for an informed decision:
|Add-on Covers||What is Covered?|
|Maternity Cover||Expenses related to pregnancy, childbirth, and the vaccination of newborn babies|
|Personal Accident Cover||Expenses of accidental injuries including disability, death, etc.|
|Reduction in Waiting Period Cover||Reduces the waiting period for Pre-Existing Diseases|
|Room-rent Cover||Flexibility to increase your policy's sub-limit for hospital room rents or opt for no sub-limit at all|
|Hospital Daily Cash Cover||Provides a daily cash allowance to the insured to take care of additional expenses such as food, travel, etc. while he/she is in the hospital|
|Air Ambulance Cover||Air ambulance cost generated for shifting the insured in case of a medical emergency|
|Zone Upgrade Cover||Offers additional financial coverage based on the zone in which the insured is hospitalized|
Medical care is costly in the country and it is essential that you provide your family with a financial cushion in case of any medical emergency. We have mentioned below the top reasons to invest in a good medical insurance policy.
Finding a reliable insurance company is as critical as purchasing suitable medical insurance plans to avail of all the expected benefits of the policy. Here are the 28 most trusted health insurance providers in India.
Know More About Health Insurance Companies
Every individual must compare health insurance plans online before investing as it saves time, money, and efforts. Here's why comparing health insurance/medical plans online is the way to go.
Listed are the benefits of spending some time researching online and comparing health plans before buying them.
The following pointers play a significant role when you select a health insurance plan. Make sure you go through all these factors when comparing a health insurance plan for yourself:
Now-a-days, quality healthcare treatment is quite expensive. Getting admitted to a hospital to obtain good healthcare service has the potential to wipe off all your savings in a few days.
Health Insurance is essential, as it safeguards your family from unexpected medical bills that may cause a strain on your finances. When you invest in medical insurance, you don't need to worry about your bank balance during medical emergencies.
Below mentioned are some of the reasons why you should consider buying health insurance.
Health needs vary from person to person, and what may be best for one may not suit the other. However, to meet your ever-changing requirements, you need to be vigilant while selecting your ideal health plan.
At PolicyX.com, we have listed down a few steps that may help you to choose a perfect health plan for yourself and your family.
Health Insurance in India today is beginning to gain a lot of importance. In urban India with the lifestyle choices made by individuals, life is becoming highly unpredictable. Amidst a pandemic, people have realized why they should compare the best health insurance best suited to their requirements before purchasing one. While you buy online health insurance the insurance companies do a thorough check of your health profile. Based on their review, they fix the premium charges. Here is a list of factors that insurance companies consider affecting the premium cost.
Online Health Insurance is the most sought-after solution for the Indian population yet it is one of the most misunderstood financial products which stems from a lack of knowledge and understanding about insurance in general.
Below listed are a few common myths about health insurance policies, and the reality behind them.
Health Insurance is not needed when I am young and healthy, I will think about it when I am old!
The truth is that when an individual is young and healthy it is the best time to compare health insurance and buy the best option available. Young insurance holders can get coverage at an affordable premium because the risk of getting hospitalized at a young age is minimal.
The best health insurance policy is the one that is cheap!
Individuals make their insurance buying decision based on the premium. While it is fine to buy health insurance with a low premium, you must be aware that such policies have restricted offerings and may not be able to provide you with adequate coverage according to your needs.
I am a smoker. I can not buy Health Insurance.
Most health Insurance providers are concerned about pre-existing medical conditions. If you are a smoker and have suffered from any medical condition due to smoking you must disclose this as a pre-existing medical condition. The insurance providers may charge a higher premium but they will not deny health cover.
My health insurance benefits will be void if I do not renew the health insurance on time.
This is in fact one of the most common myths when individuals purchase Health Insurance. It is of utmost importance that you renew your health insurance every year before the due date to maintain the continuity of health benefits. However, every insurance provider has a grace period of 30 days wherein you can renew your policy.
My employers have provided me with Health Insurance, I do not need to buy another one.
Multiple organizations do provide employees with health insurance, however, don't ignore the importance of having individual health insurance. Even though corporate policies are useful, they might not extend cover to your aged parents/dependents. In addition to that, your policy will only be in effect till the time you are employed with the organization.
Choose Health Insurance Coverage of Your Choice
Every Health Insurance Plan comes with a certain list of illnesses or treatments that are not covered by them. These exclusions may vary from company to company. As per IRDAI, some common diseases or medical conditions that are not covered under health insurance plans are:
**To know all the exclusions of your plan, refer to the product brochure or directly get in touch with your respective insurer.
Choosing an ideal Health Insurance plan among all the available plan in itself is a difficult task. But once you choose a plan suiting your requirements, you need to evaluate the coverage you need
It is imperative for you to choose the amount that provides you with more coverage and financial security. Do not forget to compare the health insurance plans.
In the below section, we have shown some of the pointers that will help you to figure out how much health insurance you'll need to protect yourself and your family:
Decide who all should be insured in a single health insurance plan.
We would recommend buying plans for your immediate family and a separate plan for your parents as:
**For some companies children up to the age of 21 can be covered under a policy
Below are the recommendations of minimum covers you may require based on your age and city of treatment.
|Metro||Above 35||10 Lacs|
|Metro||Below 35||5 lacs|
|Non - Metro||Above 35||7.5 Lacs|
|Non - Metro||Below 35||5 lacs|
Below-mentioned are the benefits of buying a Mediclaim insurance plan online:
With PolicyX.com offers a simple process to buy online health insurance in just 4 easy steps and you are all good to have online health insurance.
|New Insurance Policy||Port Insurance Policy||Renew Insurance Policy|
|1. Duly-filled policy form
2. Medical history of pre-existing diseases
|1. Address and ID proof
2. Medical history of pre-existing diseases
3. Previous policy documents
|1. Existing policy number
2. Medical history of pre-existing diseases
**Document requirement may vary from insurer to insurer
Health insurance companies offer 2 types of claim settlement processes to choose from at your convenience. Read along to explore what is Health insurance claim settlement process:
Trouble connecting with an insurance company?
Contact PolicyX.comCall at our toll-free number 1800-4200-269Email: firstname.lastname@example.org
We are happy to help.
Certified by IRDAI, PolicyX.com is a one-stop-shop for all your insurance-related needs.
Can a smoker buy a term insurance policy?
A smoking person can buy a term insurance policy. The premium rates of an insurance policy for smokers are higher as compared to the ones which are for non-smokers. This is because people who smoke are vulnerable to numerous cardiovascular diseases and are more likely to go through heart related and other health issues.
Surrogacy expenses to be covered in health insurance: IRDAI
The IRDAI has asked all the insurance providers to cover surrogacy expenses in their health insurance products for the families who might require the coverage due to maternity complications. The insurance regulator has directed all insurers to comply with the Surrogacy Act, 2012 and ART (Assisted Reproductive Technology) Act, 2021.
Star Health and Allied Insurance Company to set up 1,000 new sales offices
The standalone private insurance provider, Star Health and Allied Insurance Company has announced that they plan to set up 1000 new offices to improve their insurance penetration in rural India.
Aditya Birla Health Insurance launches a new campaign, ‘KyaPeecheChhodaHai’.
Aditya Birla Health Insurance has unveiled its new campaign in the name of ‘KyaPeecheChhodaHai’. The campaign features real customers as its brand ambassadors. The campaign promotes the concept of “Health Assurance not just Health Insurance”.
Moove announces partnership with Reliance General Insurance
Moove is a mobility fintech firm in India which has joined hands with Reliance General Insurance and plans to provide comprehensive health insurance plans to its customers and their families. The product provides up to 2 lakhs of coverage including the policyholder, his/her spouse and up to two children.
In India, the insurance providers use factors like age, health condition, coverage and number of individuals to be covered to determine the premium of a health plan. Let's take the help of an example for better understanding.
At the age of 25, if you want to purchase an individual health plan of the sum insured (Rs.10 lakhs), your premium amount will be Rs.608/month. Whereas, if you want to purchase an individual health plan of the sum insured (Rs.10 lakhs) at the age of 50 with smoking habits, your premium amount will be Rs.1831/month.
If you want to opt for a higher sum insured or require a family floater plan, take the help of our health insurance premium calculator to know the correct amount.
Note -The premium values keep on changing. Please check the amount first before investing in a plan.
It's good if you are getting health insurance from your company. But what if you decided to switch the job? You will lose all the benefits. Hence, chances are that you will need to pay a higher premium for your new policy because of your growing age. Therefore, to be on the safer side, you can buy a separate health plan that will ensure your and your family's healthcare needs are looked after even if you no longer have your company's health policy.
Yes, the premium can be paid by any earning member of the family. Documents should be submitted by that member only.
It varies from plan to plan
You can update at the time of renewal of your plan. Also , if required you can update the nominee, address, phone number by endorsement, or by sending Email to insurer
You should consider the claim process, family health insurance, selecting the correct Sum Insured, network hospitals, maternity benefits, pre and post hospitalization, renewal, free medical check ups.
You can transfer your existing health insurance policy to another company using the health insurance portability feature. However, portability is possible only at the time of existing policy renewal.
There is no right age to buy health insurance, however, most insurance companies suggest purchasing health insurance early in life as you get a low premium amount and are less prone to critical illnesses and hospitalization as compared to someone in their 50s and 60s.
Medical tests are not required before buying a health insurance policy. However, most health insurance providers require medical test reports if the age of the applicant is above 45 years. Health Insurance providers also reimburse the cost of these pre-policy medical check-ups depending on the plan you chose.
Yes, you are eligible to purchase more than one health insurance policy in India. If you are covered by your corporate health insurance, you can purchase additional online health insurance including your spouse and children.
It varies from insurer to insurer. Some companies do not provide cover for pre-existing diseases, while others cover the same after a waiting period of 4 years (this may vary as per the company).
In India, all 24 IRDA registered insurers provide a vast network of hospitals in their health insurance plans. However, before purchasing a health insurance plan from any life insurance company it is important to cross-check their network hospitals and cashless hospital services. Insurance experts like PolicyX can help you chalk out the best picks.
health insurance provides cover to diabetes patients and related complications. However, it may vary from insurer to insurer. Most of the companies provide the same after a waiting period of 4 years.
Yes, health insurance covers the medical tests and scans for the inpatient treatment, i.e., during hospitalization for at least 24 hours.
Nowadays, many health insurers have started offering AYUSH Benefit to their policyholder, that covers Ayurvedic Homeopathic, Unani and Siddha treatment. By availing of this benefit, one can get their inpatient Ayurvedic, Yoga and Naturopathy, Unani, Siddha and Homeopathy treatment reimbursed by the health insurer.
Yes, But it can vary from plan to plan.
Yes. But it varies from plan to plan
No, it can not be your saving.
It means that all in-patient treatment charges availed by the insured are paid by the insurance company directly to the hospital.
If you get admitted to a non network hospital then you can avail the treatment and file a reimbursement claim after getting discharge.
If you donot raise any health insurance claim during the policy years, you cannot get a refund on the premium paid. The only situation you will get a refund is when you cancel your policy during free look period.
Most insurance companies will not deny the renewal within the grace period, which is usually of 15-30 days from the date of expiry of the policy. However, you will not be entitled to any coverage for the period during which the insurance company did not receive any premium. Also, the policy would lapse if the premium is not paid within the grace period.
Pre-hospitalization expenses are the expenses incurred before getting admitted to a hospital. Post-hospitalization expenses refer to follow-up tests and consultation treatment charges incurred after getting discharged from the hospital.
The insurer will apply a fresh waiting period on the sum increased by the policyholder(depending on the policy terms). You must check the health insurance policy terms first before increasing the sum insured.
The policyholder will not be able to avail the health insurance policy benefits if the policy lapses during hospitalization. So, it is always recommended to renew the health insurance policy benefits timely.
Yes, you may get a discount on the health insurance premium in the form of a No Claim Bonus if you renew your policy with the same insurer. The only condition provided is ‘the policyholder must not raise the claim during the previous policy tenure’.
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May 1, 2023
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Bad experience operate 6th jan 2023 my claim no 31418820 Ajay Kapoor mob 7838722273 till date 24 mar 2023. No reimburse ment amount 67367 not recd . always demand new query. I send you after op...
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.