Buying health insurance plans in India is a simple, efficient & trustable process today. Many insurers provide top health plans on an individual & family floater basis, providing comprehensive healthcare benefits to you & your family. When buying one, look for offerings like quick claim settlement, network hospitals, rewards & benefits to get the best advantages.
As a common Indian citizen do we care about health insurance coverage? Or do we wait till something unfortunate happens to us or our family members?
As per Forbes Advisor, health insurance is a 12.8 million dollar industry and one of the largest contributors to the Indian economy. However, 400 million individuals have no access to health insurance in India.
Health insurance penetration in the country has improved over the years due to the global pandemic COVID-19, and consistently increasing medical inflation. The importance of health insurance plans is not unnoticed. In India health insurance is divided into 2 categories, namely private and public. Around 70% of the population is covered under public health insurance or voluntarily private health insurance as per Forbes.
A health insurance plan offers financial assistance along with medical care coverage during unforeseen medical emergencies or for planned surgeries and treatments.
There are multiple types of health insurance plans available in India that satisfy your financial and healthcare needs, and they are:
As the name suggests these plans cover single individuals against any medical care expenses and the sum insured opted for is utilized for one person.
Individual Health Insurance Plans
| Name Of Plan | Sum Insured | Premiums |
|---|---|---|
 Niva Bupa Aspire |
Up to INR 1 Crore | Rs. 834/- Per month |
 Star Health Assure |
Up to INR 2 Crores | Rs. 960/- Per month |
 Care Supreme |
Up to INR 1 Crore | Rs. 929/- Per month |
 Aditya Birla Activ Health Platinum Enhanced |
Up to INR 2 Crores | Rs. 934/- Per month |
 ManipalCigna Prime Active |
Up to INR 15 Lakhs | Rs. 919/- Per month |
*Premiums are calculated for base SI INR 10 lakhs & for a 30-year-old individual including GST
Family health insurance takes care of you and your family by covering all members under a single sum insured.
Family Health Insurance Plans
| Name Of Plan | Sum Insured | Premiums |
|---|---|---|
| Star Family Health Optima |
Up to INR 25 L | Rs. 2,110 /- Per month |
| Niva Bupa Reassure 2.0 Bronze+ |
Up to INR 1 Crore | Rs. 1,706 /- Per month |
| ManipalCigna Prime Protect |
Up to INR 15 L | Rs. 1,778 /- Per month |
| Care Classic |
Up to INR 75 L | Rs. 1,557/- Per month |
| Star Comprehensive |
Up to INR 1 Crore | Rs. 1,879/- Per month |
*Premiums are calculated for base SI INR 10 lakhs & for 2 Adults (30 yrs male + 28 yrs female) + 1 Child (5 yrs) including GST
These health insurance plans cater to individuals above 60 years, offering a plethora of medical care features like annual health check-ups, hospitalization expenses, and home hospitalisation - all popular for senior citizen treatment and care.
Senior Citizen Health Insurance Plans
| Name Of Plan | Sum Insured | Premiums |
|---|---|---|
| Care Freedom |
Up to INR 10 L | Rs. 2,312/- Per month |
| Care Senior |
Up to INR 10 L | Rs. 2,598/- Per month |
| ManipalCigna Prime Senior Classic |
Up to INR 50 L | Rs. 2,246/- Per month |
| Niva Bupa Health Companion |
Up to INR 1 Crore | Rs. 3,119/- Per month |
| Star Senior Citizen Plan |
Up to INR 25 L | Rs. 2,489/- Per month |
*Premiums are calculated for base SI INR 10 lakhs & for individuals aged 60 years including GST
Critical Illness health insurance plans are specialized plans designed to help you in case you are diagnosed with life-threatening ailments affecting the vital organs like cancer, heart ailment, liver failure, etc.
Critical Illness Health Insurance Plans
| Name Of Plan | Sum Insured | Premiums |
|---|---|---|
| Care Heart |
Up to INR 10 Lakhs | Rs. 14,195 /- Per year |
| Star Critical Illness Multipay Policy |
Up to INR 25 L | Call Our Insurance Experts At 1800-4200-269 |
| Niva Bupa CritiCare |
Up to INR 2 Crores | Rs. 12, 521/- Per year |
| ManipalCigna Lifestyle Protection Critical Care Basic |
Up to INR 25 Crores | Rs. 2,915/- Per year |
| Aditya Birla Activ Secure Critical Illness |
Up to INR 1 Crore | Rs. 5,463/- Per year |
*Premiums are calculated for base SI INR 10 lakhs & for a 30-year-old individual including GST
Maternity care health insurance plans are designed specifically to keep in mind the needs of women. The popularity of these plans is growing exponentially in the market. They offer maternity care and cover for female-centric diseases like breast cancer, menstrual/menopausal diseases, newborn care, etc.
Health Insurance Plans For Women
| Name Of Plan | Sum Insured | Premiums |
|---|---|---|
 Future Generali Health PowHer |
Up to INR 1 Crore | Call Our Insurance Experts At 1800-4200-269 |
| Niva Bupa Aspire Gold+ |
Up to INR 1 Crore | Rs. 834/- Per month |
| Star Women Care |
Up to INR 1 Crore | Rs. 1,103/- Per month |
| Niva Bupa Aspire Titanium+ |
Up to INR 1 Crore | Rs. 1,114/- Per month |
| Star Young Star Gold |
Up to INR 1 Crore | Rs. 699/- Per month |
*Premiums are calculated for base SI INR 10 lakhs & for a 30-year-old woman including GST
Along with private health insurance, there is a wide range of public health insurance plans designed by the state and central government.
SI Up to INR 5 L
SI Up to INR 3 L
SI Up to INR 5 L
SI Up to INR 3 L
Want to know more if you are eligible for these public health insurance plans? Click Here
Often we overlook the importance of a health insurance plan in our lives but it has immense benefits, the following points are just to name a few:
It helps you manage your finances better and bridges the gap between consistently rising medical care expenses and affordable health insurance premiums.
All-in-one coverage for you and your family members with comprehensive health plans offering all-round protection and assistance.
An excellent financial tool, apart from safeguarding your health it also offers tax benefits under section 80D of the Income Tax Act as per Indian laws.
Expensive treatments like cancer, organ transplants, etc. have the potential to drain your life savings but are now easier to treat with health insurance support.
Cashless treatments are available nationwide as health insurers and network hospitals settle claims directly.
Purchasing health insurance is no challenging task, you need to fulfil the following eligibility criteria.
| Aspects | Specifications |
|---|---|
| Minimum Entry Age | 18 Years/ For children - 91 Days |
| Maximum Entry Age | 65 Years/ For senior Citizens - 75 Years |
| Initial Waiting Period | 30 Days |
| Pre-Existing Diseases Waiting Period | 2 - 4 Years (Depending on plan chosen) |
| Tax Benefits | Applicable Under Section 80D |
*The figures mentioned above are generally applicable for purchasing health insurance but may vary from plan to plan or depending on the insurance company.
While health insurance plans are an excellent way to safeguard your family from unforeseen medical expenses, it is also capable of helping you save taxes.
Tax benefits under section 80D are as follows as per the age criteria for different individuals
| Types of Policyholders | Tax Benefit (Deductions) In Rs. | |
|---|---|---|
| Age above 60 years | Age below 60 years | |
| Parents | 50,000 | 25,000 |
| Dependent children | None | 25,000 |
| Spouse and Self | 50,000 | 25,000 |
| Preventive Healthcare | 5,000 | 5,000 |
Insurance holders are eligible to buy the best health insurance plans with the tax deductions mentioned above.
You are eligible for the following tax deductions as per the Income Tax Laws in India
Let us understand tax benefits through a real-time scenario:
Raj is a 30-year-old working professional and his father is 70 years old. He purchases an individual health plan for himself and a senior citizen health plan for his father separately. He pays premiums of INR 30,000 and 35,000 respectively for individual and senior citizen health plans.
As per section 80D, Raj can claim tax deductions up to INR 25,000 for his health plan and INR 35,000 for the separate senior citizen health plan taken for his father. Raj can claim a total of INR 60,000 in tax deductions.
Selecting the best health insurance in India is a challenging job. You must compare the sum insured, affordable premiums, network hospitals , and more. However, to make your job easier we have compiled a list of factors that will further help you to compare health insurance in India.
| Comparison Parameters | How Will It Help? |
|---|---|
| Incurred Claims Ratio (ICR) | Compare health insurance companies ICR. It is the ratio between the total claim amount paid by the health insurer to the premium amount collected in a financial year. |
| Network Hospitals | Look for network hospitals associated with your health insurance provider to compare health insurance plans. |
| Riders & Add-ons | It is always beneficial to have some extra coverage when it comes to health insurance. Compare your health insurance plans and look for rider/add-on options available. |
| Waiting Period | When comparing health plans in India, look for minimal waiting periods offered by different plans. |
| Co-payment | Look for minimal co-pay/co-pay waiver options in your health insurance when comparing the best health insurance for yourself or your family. |
| Pre-policy Medical Check-up | Does your health insurer demand a pre-policy medical check-up? If so, will it be covered by the health insurer? Compare health plans for pre-policy medical check-up terms. |
We are well aware of the multiple stress factors affecting our lifestyle and day-to-day activities, further causing hindrance in acquiring the best health insurance policy or may lead to overall increased premiums.
It is a known fact that a smoker has to pay higher premiums as compared to a non-smoker being a bigger liability. Smokers are also prone to health risks like cancer, heart attacks, and more. However, the premium difference for smokers and non-smokers may vary anywhere between 15 - 50% depending on the number of cigarettes one smokes in a day.
Health insurance riders are additional features that enhance your overall health insurance policy. You can attach these add-ons to your base policy and enjoy vast benefits at a minimal additional premium.
With the rise in critical illnesses among people due to lifestyle and environmental factors, having a critical illness rider is a must-have today!
It also protects the future of your family by offering a child education fund, loss of income coverage and many more exclusive features.
Loss of income caused due to hospitalization can be recovered with a daily hospital cash rider. The rider pays you a fixed amount daily as per pre-defined sub-limits.
Expenses during pregnancy and childbirth may be expensive without a health cover, this is when a maternity add-on steps in and helps you manage your health and finances, altogether.
The medical inflation rate in India is at 14%, leading to a constant increase in the prices of basic medical care. One of the many reasons you must invest in a health insurance policy at a young age is to make it affordable in the future. Other reasons include:
Investing in the best health insurance plan is essential for everyone. However, pay close attention to investing in a health insurance plan if:
Health insurance plans come with a certain set of terms and conditions such as exclusions that you must be aware of like:
Breach Of LawWarSubstance AbuseCosmetic SurgeriesHIV/AIDSGender Change TreatmentsThe buying process at PolicyX is simple and hassle-free. Follow the steps mentioned below to buy the best health insurance policy.
Visit the official website of PolicyX
Click on "Buy Now"
Fill in all the necessary details such as the number of family members you want health insurance cover for and your age and click on "View Plans"
Compare and select the best health insurance plan suitable for you and pay required premiums
When purchasing a medical insurance you will need a few documents readily available such as:
Claim settlement is the most crucial aspect of a health insurance policy. In times of medical distress, difficulty in claim settlement can cause problems.
Before we understand the steps to claim a health insurance policy, let us look at on-ground examples of how cashless and reimbursement claims work.
Mr. Ramesh holds an insurance plan from XYZ health insurance company and is hospitalized in a network hospital due to an accident. He files a claim from XYZ insurance company within the allowed time and the company provides a cashless claim settlement and pays the bill directly to the hospital.
As per the latest IRDAI regulations, cashless claims can be filed in a network or non-network hospital. However, there are certain terms and conditions attached to the same.
A health insurance plan is not only your friend in need but a necessity in today's era. Neglecting health insurance may lead to grave consequences given the consistently rising medical inflation. Lifestyle diseases, life-threatening ailments, and stress-induced illnesses have the potential to harm the quality of your life.
To explore the best health insurance plans as well as in-depth information regarding health insurance, connect with our insurance experts.
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Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.
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