Cheapest Health Insurance Plans: Buy Affordable Plans

Buying a comprehensive health insurance policy has become necessary in today’s age when medical costs are touching the roof. You, therefore, need a health insurance plan which not only has extensive coverage features but also a high sum insured so that your medical expenses are sufficiently covered. However, when you opt for a comprehensive health plan with a high sum insured, affording the premiums might become a challenge. That is why many of you look for the cheapest health insurance plans in India for your coverage needs.

Insurance companies understand the need for low premium health insurance plans and so they price their plans competitively. Moreover, they offer attractive premium discounts which help you reduce the premium outgoes so that you get the cheapest health insurance policy without affecting the coverage. Premium discounts are available in the following cases –

• When you buy a long term plan with a tenure of 2 or 3 years
• When you add two or more family members under the coverage
• When you practice healthy living
• If you do not make a claim in a policy year you might earn a no claim discount
• If you buy the policy online
• If you submit favourable medical reports, many insurance companies allow premium discounts
• You might also get a loyalty discount if you are an existing customer of the company 

Plans offering cheapest health insurance in India

There are different types of health insurance plans which offer affordable health insurance without compromising on the coverage features. The top cheapest health insurance policies under each category are mentioned below –

• Individual health insurance plans

  Individual health insurance plans are those which cover a single individual under a single sum insured. Some of the cheapest medical insurance plans in this category are as follows –

  Name of the plan	Sum insured	Salient features	The premium for a 35-year old healthy male for a sum insured of INR 5 lakhs
  HDFC ERGO Silver Smart Plan	INR 3 lakhs to INR 5 lakhs	No sub-limits on room rent Annual health check-ups Sum insured restoration benefit	INR 8744
  Universal Sompo Complete Health Care Individual Essential Plan	INR 6 lakhs to INR 70 lakhs	Inpatient dental treatments are covered OPD expenses are covered Coverage for maternity expenses	INR 6523
  Star Health Comprehensive Individual Plan	INR 5 lakhs to INR 1 crore	No sub-limits on room rent Free health check-up Automatic sum insured restoration	INR 8277

• Family floater health insurance plans

  Family floater health insurance plans are those which cover you, your spouse, dependent children and dependent parents. The plan covers all family members under a single policy thereby offering complete coverage to your entire family. Top three family floater cheapest health insurance policies are mentioned below –

  Name of the plan	Sum insured	Salient features	The premium for a 35-year old healthy male and his wife aged 34 years for a sum insured of INR 5 lakhs
  Aditya Birla Platinum Enhanced	INR 2 lakhs to INR 2 crores	Chronic illnesses are covered from day 1 No room rent capping 100% reload of the sum insured	INR 12,648
  HDFC ERGO Health Optima Restore	INR 5 lakhs to INR 50 lakhs	100% restoration of the sum insured 50% no claim bonus after every claim-free year Free annual health check-up	INR 12,392
  Religare (now known as Care Insurance) Care	INR 4 lakhs to INR 6 crores	Automatic restoration of the sum insured Free second opinion  A single private room without sub-limits	INR 10,885

• Senior citizen insurance policy

  Senior citizen health insurance plans are those which cover individuals aged 60 years and above. These plans cater to the health insurance needs of older individuals and offer them coverage for their healthcare needs.

  Name of the plan	Sum insured	Salient features
  Star Red Carpet Senior Citizen Health Plan	INR 1 lakh to INR 25 lakhs	No pre-entrance health check-ups are needed Modern treatments are covered Outpatient consultation is also covered
  IFFCO Tokio Family Health Protector	INR 1.5 lakhs to INR 30 lakhs	160+ day care treatments are covered Critical illness can be covered No pre-policy tests up to 60 years
  Oriental Individual Mediclaim Policy	INR 1 lakh to INR 10 lakhs	Dental treatments due to an accident are covered AYUSH treatments are covered Daily hospital cash benefit  Voluntary co-payment option

Alternative to cheapest health insurance plans

Another alternative to the cheapest health insurance plan is a super top-up health insurance policy. The policy allows you to increase your sum insured at affordable premium rates. Super top-up plans have a sum insured and a deductible limit. If the aggregate claims exceed the deductible, the excess claim is paid.

For example, say you buy a super top-up policy for a sum insured of INR 10 lakhs and a deductible of INR 5 lakhs. In a year you suffer a claim of INR 3 lakhs. Since the claim is below the deductible limit of INR 5 lakhs, the super top-up plan would not pay the claim. After a few months, you suffer another claim of INR 3 lakhs. In this case, the total claims suffered aggregate to INR 6 lakhs. Since this amount exceeds the deductible of INR 5 lakhs by INR 1 lakh, the super top-up plan would pay the excess of INR 1 lakh as a claim. 

Super top-up plans help in supplementing an existing health insurance policy that you might have. They have affordable premium rates thereby allowing you to easily afford a high sum insured. 

The top super top-up plans are as follows –

So, if you are looking for the cheapest health insurance plans, you can consider the above-mentioned plans for a good scope of coverage at attractive premium rates. You can also opt for super top-up health insurance plans along with your normal health insurance policy. Super top-up plans would help in increasing the coverage at affordable premiums and prove to be the cheapest medical insurance coverage. So, make your choice and get covered under a comprehensive health insurance plan which is light on your pockets too.