Health Insurance Policy
With the relentless rising prices of health care in India, and with the ever-rising occurrences of diseases especially pandemic like Covid-19, health insurance today is a need and certainly not a luxury. Health insurance offers people with much essential financial support at times of medical crises. Health risks and insecurities are part of human life. One cannot plan and get sick, but one can be geared up for a financial standpoint. One of the methods to be monetarily ready against unsure health risks is by purchasing health insurance policy.
Health insurance is a kind of insurance reportage that compensates for medical expenses sustained by the insured. Health insurance can refund the insured for costs incurred from sickness or injury or pay the care provider promptly. There are several kinds of health insurance plans, such as individual health insurance, family floater, critical illness care, etc. Buying health insurance is an essential part of financial planning.
Health insurance offers people with very much needed financial support at times of medical traumas, but it is a noted fact that to date, medical care in India continues mostly as a costly affair. India persists to have the lowest health insurance saturation in the world. Still, the government’s emphasis on health policies, new programs like Ayushman Bharat Yojana may transform the health insurance system in the country. Before we dive deep into the best health insurance policy in India, let us have a quick look at the reasons we should buy insurance irrespective of gender, age, and other personal reasons.
Some of the common health insurance benefits available in India
Thought health insurance policies offer a wide range of benefits for policyholders, we would not be able to capture everything on a single tracker. Because the health insurance benefits offered by each health insurance company are different. Here is an attempt to capture the important features of health insurance policies offered in India.
- Top-up option
- Coronavirus Coverage
- No Claim Bonus
- Robotic Surgery
- Freelook Period
- Discounted premium
- In-patient hospitalization
- Pre and post hospitalization
- Daycare treatments
- AYUSH treatment
- Emergency Ambulance
- Tax Benefit under section 80D
- Lifelong renewability
- Annual Health Check-Up
Best Health Insurance Plans in India 2020
Selecting the most relevant health insurance policy for your self and your family from the pool of health insurance products available is a formidable task. Each health insurance company has its range of offerings and a unique style of showcasing makes it difficult to trace the one which is suitable for you. However, it is important to remember an old saying ‘don’t judge the book by its cover’ rightly goes with health insurance companies. We should not be impressed or fooled just referring to their glossy websites and manipulated review records. I suggest you check what is not covered instead focusing only on ‘what is covered’ under a specific insurance policy. Because the health insurance companies may showcase a small feature also like a huge one by using polished sentences. Make a checklist of facilities that you expect during your medical care and consult your people for a second opinion before buying any insurance policy. Remember the word ‘Insurance is a subject matter of solicitation, please read the offer document carefully’. It is important to read the policy document which remains a legal aid in case your insurer fails to offer the promised services during health emergencies.
Here is an unbiased effort to list some of the leading health insurance service providers in India.
Religare Care Health Insurance Policy
Religare Care Health Insurance policy is a comprehensive health insurance policy that offers a wide range of benefits for policyholders. They cover illness, accidents, injuries, and other health emergencies. Religare care offers health insurance plans in seven variants as shown below:
|Care 3||Super Saver|
|Care 5||Elite Plus|
|Care 7||Global Plus|
The policyholders can opt for a sum assured ranging from Rs 4 Lakhs to 6 Crore under this package. The policy offers many add-on benefits for policyholders with a nominal premium amount. The of the add-on features like No claim bonus, everyday care, unlimited automatic recharge, global coverage, international second opinion, and personal accident cover. Below is the quick summary of Inclusions and Exclusions of this health insurance plan.
Star Family Health Optima Health Insurance Plan
Star Optima Health Optima health insurance plan covers not just individuals but your entire family at a very nominal premium. You have an option to first take individual health insurance plans and then add your family members including father, mother, wife, children aged between 16 to 25 years. The family members may be from the age group of 18 to 65 years. The sum insured is between Rs 3 Lakhs to Rs 25 Lakhs depending on your requirements. Some of the inclusions and exclusions are listed below:
Apollo Munich Optima Restore Health Insurance Policy
Apollo Munich Optima Restore health insurance policy is the most popular health insurance scheme available in the Indian Insurance market. The policy is available for anybody who is between the age range of 91 days to 65 years. The sum assured is ranging from Rs 3 Lakhs to 50 Lakhs. The policy covers pre-hospitalization and posts hospitalization benefits for the policyholders. One of the most popular benefits of this policy is that stay active benefits. The policyholder can avail of these benefits by just make a habit of walking daily and keeping yourself active. Some of the inclusions and exclusions of the plan are listed below:
HDFC Ergo Health Suraksha Health Insurance Plan
HDFC Ergo though one of the most recent health insurance service providers, the best in the industry in terms of quality of services, coverage, and benefits offered. Though HDFC Ergo has strong footprints in general insurance, they have made their presence felt in the health insurance segment as well. They offer the sum assured ranging from Rs 3 lakhs to Rs 10 Lakhs to makes it available for most of the population of the country. The minimum age requirement to purchase this policy is 91 days and a maximum of 65 years. Remember the premium of the policy rises depending on the age and other risk factors related to the individuals. Some of the inclusions and exclusions are listed below:
Max Bupa Health Companion Individual Health Insurance Policy
Max Bupa Health Companion Individual Health Insurance Policy offers similar benefits as HDFC Ergo. They have health insurance policies for those aged between 91 days to 65 years. They have both individual and family floater health insurance policies. The sum assured ranging from Rs 2 Lakhs to 1 Crore. The plan covers a maximum of 19 relationships as specified in the policy documents. You can enjoy some discounts in case you buy these insurance policies through third parties. Check out!
Some of the policy inclusions and exclusions are listed below:
Choosing among the available health insurance plans is not a child’s game. Yet, I strongly believe that this article will help you to have basic insights before you buy any health insurance plan. Please note the health insurance companies may change the inclusions and exclusions considering their business requirements. Please read your offer documents before you sign them or before giving a virtual nod.
I hope you enjoyed this article and clear about some of the Best Health Insurance Policy in India. The article focussed more on how to choose the best Health Insurance Policy and which is the Best Health Insurance Policy in India 2020. In case you want to understand more about any specific health insurance plan, then please share your message in the comments section. We would try to bring in those articles to help you choose the right insurance plan for yourself and your family.
Stay healthy, stay insured, and Stay Secured.
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