Health insurance in India commonly called Mediclaim, refers to a health policy which pays for hospitalization expenses if you are hospitalized for a minimum of 24 hours. However, a regular health insurance plan covers a lot more than basic hospitalization, like day care treatments costs for which hospitalization is not mandatory, pre and post-hospitalization expenses, organ donor coverage, free health check-ups, etc. The Indian health insurance market offers a variety of health insurance plans which you can choose from.
The importance of a health insurance policy in today’s age can be summarized as:
When you combine these factors, the basic reason for availing a health insurance policy in India is very evident. The increasing incidence of ailments and the high medical costs can be very heavy on the pocket. A health plan thus helps in easing this financial burden at a nominal annual cost.
While health plans come in different variants, let us understand two major sub-divisions of a health insurance plan. They are –
The importance of having a health insurance policy has already been stated but do you know how to buy a policy?
A health insurance policy should be bought only after comparison of different health insurance plans from the hundreds of health plans available in Indian market. To get the best plan which suits your requirements, you should compare health insurance and then buy so that you can opt for the right benefit at the optimal cost.
Heath insurance comparison can be done online which provides easy access, accurate information and time-saving technique at the click of a button!
There are multiple important reasons why you should compare health insurance plans and not settle before you choose the best plan according to your need. Some of the major reasons include:
Health insurance plans in India vary on the basis of the coverage they provide and the cost for the same. While some common coverage benefits are there in all plans, the story doesn’t end there.
There are multiple additional benefits available like restoration of sum insured after the initial cover is exhausted, air ambulance cover, OPD treatment coverage, maternity benefit, coverage for alternative treatments like Ayurveda, etc. So, you can also compare health insurance plans for family, their benefits and coverage features and then opt for the most suitable one.
You will be able to understand the entire gamut of coverage features only on comparison, which provides a holistic approach to your complete health care requirements for a lifetime
Just like coverage features, health insurance premiums too vary. No two plans have the same premium rate. To ensure that you get the lowest rate of premium without compromising on the coverage features, you need to compare.
Health plans sweeten the deal by offering attractive discounts. There are discounts for covering multiple family members under the policy, for buying a longer tenure plan, when you buy the plan online and for other reasons. Comparison lets you hunt for various discounts so that your pockets are not strained.
Though companies are all regulated by the IRDA, the company’s claim settlement record says much about the company’s trustworthiness. When you compare you can find the claim record of an insurance company, customer reviews and testimonials. These help you choose the best health insurance company in India.
Health insurance comparison is not a difficult task. You just have to evaluate for certain factors while you compare health insurance plans and then choose the best health insurance plan in India. These factors are:
Don’t focus only on the coverage or the premium. Compare both together. An ideal plan should be a mix of comprehensive coverage features at affordable premium rates. Look for this ideal plan combination when you compare health insurance plans.
Health insurance plans also have optional benefit features known as add-ons or riders which can be added at an additional premium. The additional premium is a very little amount while the feature greatly enhances the scope of coverage. Look for available optional riders in health plans and try to select a plan which offers those riders which you require.
To ensure a speedy settlement of your claim, consider the company’s claim settlement history. The better the history the better would be your chances of getting a claim settled.
Pre-existing illnesses are not covered in first few years of the policy. This period, where the illnesses are excluded is called, the waiting period. Different plans have different waiting periods ranging from 1 year to 4 years. You should try and choose a plan with the lowest waiting period to cover your illnesses at the earliest possible time.
Different plans have a different discount schedule. When comparing, compare the various discounts offered. Choose a plan which has the highest discounts available.
Cashless claim settlement facility is only available if you seek treatments in a network hospital. Look for the network hospitals of the insurance company and find out if your local hospitals feature in the list.
Here are some popular health insurance plans in India offered by the leading insurance companies.
|Insurance Company||Plans Name||Plan Feature|
|Apollo Munich||Optima Restore||Restore benefit, E-opinion for critical illness, Critical illness add-on|
|Max Bupa||Heartbeat||Sum Insured up to Rs.1 crore, International treatments for specified illnesses, OPD and diagnostics coverage which can be carried forward if not utilized|
|Religare||Care||Coverage up to Rs.6 crores, International coverage allowed, Super NCB doubles the sum insured in 2 years|
|Cigna TTK||ProHealth Premier||Worldwide coverage, Health maintenance benefit of up to Rs.15,000 for a healthy lifestyle, Expert medical opinion on critical illnesses|
|New India||Premier Mediclaim Policy||Hospital cash benefit per day of hospitalization, AYUSH coverage for up to Rs.20 lakhs, Infertility treatments also covered|
|Oriental||Happy Family Floater||Daily cash benefit for an attendant, Maternity and new born baby cover, Life hardship survival benefit add-on|
|Bajaj Allianz||Health Care Supreme||Personal accident and critical illness add-on covers, Coverage for physiotherapy expenses, Free annual health check-ups|
|HDFC Ergo||Health Suraksha Gold with Regain and ECB||No sub-limits on AYUSH treatments, Regain benefit restores the sum insured, Maternity expenses covered|
|Star Health||Family Health Optima||Restoration of sum insured is available three times, Assisted reproductive treatments are covered, Compassionate travel is covered|
|Reliance||Health Gain||Call option which doubles the sum insured in 3 claim-free years and then allows no claim bonus to be declared further, Accidental death cover for Rs.1 lakh, Attractive discounts for girl child and female policyholders|
A premium calculator helps you in ascertaining the expected cost of a health insurance policy. The medical insurance premium rates can be determined by the help of a mediclaim or health insurance premium calculator.
What are the basic requirements of a health insurance premium calculator?
To calculate the expected premium you will need to enter the following information in the health insurance premium calculator:
After taking all these factors into consideration, the health insurance premium calculator would determine the actual premium . These factors are also necessary for health insurance premium comparison.
Besides covering you against the expensive medical expenses, health insurance also helps you in saving your tax liability. The premiums you pay towards a health insurance policy are exempted from tax under Section 80D. This brings down your taxable income and reduces your tax liability. You can get a tax exemption of up to Rs.60,000. Here’s how:
Turtlemint, an online platform helps you buy the best health insurance plan in the market with all your requirements in mind and also continues to service your policy thereafter.
If you do not renew the health plan within the due date, the policy lapses and the coverage stops.
A waiting period is that period during which pre-existing illnesses are not covered.
Health plans can settle claims either through reimbursement or through cashless facility.
Health Insurance Companies