Health insurance is a must-have product in today’s time because of the rise in the number of lifestyle diseases and expensive treatments. However, finding the right health insurance coverage is difficult when the market is flooded with so many different health insurance companies offering a wide range of health insurance plans. This article talks about the best health insurance plans in India in 2024 to help you select the best health insurance policy.
Table of Contents
- Best Health Insurance Plans 2024
- How To Select The Best Health Insurance Plan?
Best Health Insurance Policy in India 2024
The table below lists some of the best health insurance policy in India in 2024 offering you comprehensive coverage with maximum benefits.
|Health Insurance Plan
|Care Health Insurance Plan
|₹ 5 lakhs – ₹ 6 Cr.
|18 years for adults91 days to 24 years for the child
|HospitalisationAnnual health checkupPre and post-hospitalisationEmergency ambulance
|Aditya Birla Activ Fit health insurance
|₹ 2 lakhs – ₹ 2 Cr.
|18 to 45 yrs for adults91 days to 25 years for the child
|HospitalisationHome treatmentModern treatmentChronic coverHealth coach for fitness counsellingDouble sum insured in 2 years with no claim bonus
|HDFC ERGO Optima Restore Family health insurance plan
|₹ 5 lakhs – ₹ 50 Lakhs
|18 to 65 yrs for adults91 days to 25 years for the child
|100% restoration of the sum insured after the first claim50% increase in sum insured after a claim-free yearComplimentary health checkupDaily hospital cash
|Bajaj Allianz Health Guard Plan
|₹ 1.5 lakhs – ₹ 1 Cr
|18 to 65 yrs for adults3 months to 30 years for the child
|HospitalisationPreventive health checkupPre and post-hospitalisationRoad ambulanceDaily hospital cashBariatric surgery coverWellness benefits
|Star Comprehensive insurance plan
|₹ 1.5 lakhs – ₹ 1 Cr
|3 months to 65 years
|HospitalisationOPD consultationPre and post-hospitalisationRoad ambulanceMidterm inclusion of new family member
How To Select The Best Health Insurance in India?
When selecting a health insurance plan, everyone looks for coverage that fulfils the healthcare needs of every member of the family. But going through so many health insurance plans, their features, inclusions and exclusions is a time-consuming and confusing task. Here are some tips to help you select the right Mediclaim Policy.
1. Choose the right amount of sum insured
Sum insured is the maximum insurance coverage you will get from your insurer in one policy year. If your medical expenses are higher than the sum insured value, you will have to bear the excess amount. Hence, choosing an amount that is sufficient to cover all your medical expenses is crucial. Your sum insured value also depends on your annual income and the stage of life. If you are planning to start a family, choose a plan that will cover maternity expenses. Also, healthcare needs keep changing with time, so if you think your existing coverage is not sufficient, you can enhance your coverage with a top-up plan.
2. Choose the right type of coverage
The right type of coverage for you caters to your and your family’s needs. If you have more members in your family, the best health insurance is a family floater plan, which provides coverage for each member in one single plan at an affordable premium. Also, make sure that your plan allows you to add new family members in future if required.
3. Check the waiting periods
A waiting period is the time range for which the insured has to wait before raising a claim for a pre-existing disease or a specified illness as listed in the policy. Mostly it is 2 to 4 years. Always select a policy with a minimal waiting period so that you do not have to wait for long to raise a claim.
4. Check the co-payment
Co-payment is the percentage of the claim amount you have to pay from your pocket. Having a co-payment lowers your premium. So depending on your requirements, select a medical insurance policy that has a low co-payment percentage or you can also look for policies with zero co-payment.
5. Check the claim settlement ratio
The claim settlement ratio reflects the insurer’s ability to settle claims. It is the percentage of the total claim settled out of the total claim received. A high claim settlement ratio means that the company has a good record of settling claims. Hence always check the claim settlement ratio and pick an insurance company with a high claim settlement ratio.
6. Compare plans
Always compare multiple health insurance plans on different parameters such as features, benefits, premiums, network hospitals, etc. This helps you find the best health insurance policy for your requirements at the best rates.
7. Select a plan with lifetime renewability
Lifetime renewability allows you to renew your plan even in the later stages of your life when you need health insurance the most. It saves a lot of money compared to buying a new plan for your senior year. So, select a health insurance plan with lifetime renewability that lets you enjoy continuous coverage for life.
8. Check the network hospitals
Always check the list of network hospitals of the insurance company and look for nearby hospitals in the list. Because during an emergency, it will be the nearest hospital you would prefer to go to and a cashless settlement can ease your financial burden. Also, look for hospitals offering specialised treatments if you or any family member has special healthcare needs.
9. Check the policy inclusions and exclusions
Often people make the mistake of ignoring policy exclusions and later their claims get rejected. To avoid such a situation, always read the policy inclusions and exclusions carefully, so that you do not miss any important information and ensure that your policy covers everything you are looking for.
- No-Claim Bonus – Different Types of NCB in Health Insurance
- Waiting Period – Types of Waiting Period in Health Insurance
- Health Insurance Plans Covering Pre-existing Diseases from Day-1
- Key Difference Between Network Hospitals and Non-network Hospitals
- How Senior Citizens Can Save Tax With Medical Bills Under Section 80 D?
Buying the right health insurance plan for your and your family’s healthcare needs requires a lot of time and effort. Understanding the features of health insurance coverage, policy terms and conditions and claim settlement process is crucial to invest in a health insurance plan. This list of the best health insurance in India will help you in making an informed decision.