Which Health Insurance Plan Has A Low Premium?
Updated On Jul 30, 2021
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The importance of health insurance plans have increased significantly over the past few years as there is a growing need for monetary support for medical expenses at times of an emergency. Despite the features and benefits offered by the health insurance providers, the plans with low premiums attract the most number of customers. Pocket friendly and comprehensive health insurance plans are preferred by the customers over the ones which provide high coverage at a high price. People from lower and upper middle class families tend to be very specific about their choice of premium, as their financial spending on health insurance policies has to be very limited and confined to their ability.
These days health insurance providers offer customized health insurance covers for their customers to meet their needs in a limited amount of spending. But, it is necessary to compare the plans of different companies as there are insurers which offer wide coverage at a lower price. You as a policyholder should benefit the most from the policy purchased and therefore, you must know the different plans that are available at an affordable price in the market.
Factors To Choose A Suitable Health Insurance Cover
To purchase the most appropriate and cost-effective health insurance policy for yourself and your loved ones, you must consider the below mentioned factors while investing in a health insurance policy:
- Make sure that the company has a decent record of claims made and a good claim settlement ratio. You must check for the list of network hospitals linked to the insurance company as it can facilitate a quick and hassle free cashless claim process.
- Make sure that the waiting period of your policy is from 2 to 5 years which is average for all the health insurance policies. Therefore, choose a plan that has a shorter waiting period.
- Check the sub-limits of your health insurance policy as there are limitations on the room rents, ambulance charges, hospitalization costs, diagnostic fee, etc. Buy a plan with minimum to no sub-limits as it offers a high amount for the medical expenses apart from the hospitalization costs.
Top Health Insurance Covers With Low Premiums
The premium of a health insurance policy depends on a variety of factors like applicants age, medical history, sum assured, plan chosen, coverage, etc. some insurers provide wide coverage and quality services at a lower rate of premium on a health insurance policy, some of these policy covers are:
1. ManipalCigna ProHealth Protect
This cover includes individuals from the age of 91 days and the sum assured under this plan ranges from Rs. 2.5 Lakh to Rs. 1 Crore. The annual payment for this plan starts from Rs. 6,106 for a 5.5 Lakh cover and includes organ donor expenses, hospitalization charges, and a lot more.
2. Young Star Silver By Star Health And Allied Insurance
The premium of this plan starts from Rs. 5,375 annually for a 5 Lakh cover and it covers unique benefits like automatic restoration of medical expenses, daycare expenses, e-medical opinion, etc. The policy covers people from the age of 18 to 40 years and children from the age of 91 days to 25 years.
3. Aditya Birla Activ Assure Diamond
This is one of the most affordable health insurance plans available in the market. It offers sum assured options starting from Rs. 2 Lakh with an annual premium starting from Rs. 5,197 for a 5 Lakh cover.
4. Care Policy By Care Health Insurance
This policy includes AYUSH treatments, pre and post hospitalization costs, domiciliary expenses, etc with an annual premium of Rs. 4,748 for a 5 Lakh cover. The assured sum under this plan is from about Rs. 3 Lakh to Rs. 75 Lakh and are available for different policy tenures.
5. Edelweiss Silver
This is an exclusive and affordable health insurance plan with premium starting from Rs. 4,645 for a 5 Lakh cover. This plan covers organ donor expenses, AYUSH treatments, domiciliary expenses, and a lot more for the policyholders.
The choice of a health insurance policy for yourself and your loved ones should be made purely on the basis of your requirements, for which you must go through the policy-related documents carefully as it mentions the inclusions and exclusions within your policy.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.