Best Health Insurance Plans 2023
Health insurance plans cover the insured for several healthcare expenses as per the sum the insured opted for and the premium paid. Popular health insurance companies with an impressive claim settlement ratio offer some of the best health insurance plans in the market.
In India, a number of popular insurance companies now offer health insurance plans. Enumerated below is the list of best health insurance policies that offer maximum coverage benefits:
Best Health Insurance Plans
|Plan Name||Starting Premium for Rs. 5 lakhs Coverage|
|Niva Bupa Reassure 2.0||Rs. 832/month|
|Care Supreme||Rs 739/month|
|Reliance Health Gain Plus||Rs. 447/month|
|HDFC Ergo Optima Secure||Rs 1312/month|
|Star Young Health Insurance||Rs. 448/month|
|ICICI Lombard Health AdvatnEdge||Rs. 664/month|
|Niva Bupa Reassure||Rs. 773/month|
|Star Health Comprehensive Plan||Rs. 690/month|
|Care Freedom Health||Rs. 546/month|
|Niva Bupa Health Companion||Rs 807/month|
|Star Health Senior Citizens Red Carpet Individual||Rs 1770/month|
|Niva Bupa Health Recharge||Rs 62/month|
|Care Enhance||Rs 146/month|
|Care Heart||Rs. 806/month|
- Tax BenefitUp to 75000**
- Claim SupportEveryday 10AM-7PM
- 45 Lacs+Happy Customers
*Standard Terms and Conditions Apply.
**Tax benefits are subject to changes in Income Tax Act.
What Are Health Insurance Plans?
Health insurance plans often referred to as medical insurance, offer financial support to policyholders for various medical costs. These expenses can include surgeries, treatments, hospital stays, and bills resulting from illnesses, injuries, or accidents. When you need to use your medical health coverage, the insurance company will follow the rules outlined in the policy and provide the necessary benefits.
In simple words, a medical insurance or health insurance policy is like an agreement. The insurance company promises to cover the expenses if you need medical care. This could be because you get sick or injured and need treatment. In many cases, health insurance companies work together with specific hospitals, often called network hospitals. This helps you because you can get treatment at these hospitals without having to pay right away and enjoy the best health cover.
Best Health Plan
Maximum Sum Insurance
Rs. 1 Crore
91 days to 40 years
Rs. 2 Crore
91 days and above
Rs. 25 Lakh
16 days to 65 years
Rs. 50 Lakh
91 days to 65 years
Rs. 75 Lakh
91 days and above
Rs. 6 Crore
91 days and above
Rs. 10 Lakh
91 days and above
Rs. 50 Lakh
3 months to 65 years
Rs. 25 Lakh
3 months to 65 years
Rs. 10 Lakh
18 years to 65 years
How to Calculate Premium for Best Health Insurance Plan?
Here are the steps you can follow to get the premium of any policy using the InsuranceDekho health insurance premium calculator:
- First, visit the website of InsuranceDekho, and then click on the 'Health' option.
- Next, enter your personal details such as name, gender, age, city, family members, mobile number, and e-mail ID and click on the ‘View Instant Quote’ option.
- Policy quotes of health insurance plans will be displayed with their features and premium.
- You can add some add-on covers, discounts, etc, to modify your plan and premium amount.
- Finally, select the best health insurance cover from the available plans and their premium as per your budget and requirements.
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How To Select The Best Health Insurance Plan?
There are a number of factors that should be considered while buying the best health insurance plan. Below-mentioned are some of the primary parameters:
- The benefits of the coverage provided - An important factor while buying a health insurance plan is the comprehensive coverage that it offers. Comprehensive coverage covers the entire medical expenses and even lowers the out-of-pocket expenses. So, it is always better to opt for an all-inclusive plan. However, make sure that the coverage benefits cover only what you require so that you do not have to pay extra. Never choose coverage benefits that may not be apt for you and simply elevate the cost of the premium. For instance, if you already have children and have a family plan then in such a case maternity coverage would become unnecessary.
- The level of the sum insured - It is best to look for policies that offer the minimum and maximum coverage levels because you are able to choose the best sum insured to cover expected medical expenses.
- The network of cashless hospitals - The best health insurance plan provides a vast network of hospitals and ensures cashless services. This can in turn ease your task to locate a network hospital in your area and benefit from the cashless claims.
- Premium - The premium of the policy must be comparable enough to other insurance plans. However, evaluate both the coverage benefits and premium charged to decide the premium rate.
- Pre-existing waiting period - In the event that you or a member of your family has a preexisting illness, then it is wise to choose a plan with a shorter waiting period in order to receive coverage for such illnesses as soon as possible.
- Add-on riders - Many health insurance plans let you add optional riders to your policy in order to improve the coverage. So, look for plans that have the option of adding extra riders and customise your coverage based on your needs.
Types Of Health Insurance Plans In India
Knowing the different types of health insurance plans available makes it easier to choose which policy to purchase. In India, there are 7 types of health insurance plans to meet the different requirements of people. These are explained below, along with best selling plans in these categories:
1. Individual Health Insurance Plans
In Individual health insurance plans, a single individual serves as the policyholder and gains all the coverage benefits offered under them. Individual health insurance plans usually cover the medical expenses of insureds based on the sum insured chosen and premium paid. Some of the benefits offered under these plans include hospitalisation expenses on an in-patient basis, pre-hospitalisation and post-hospitalisation basis, daycare expenses, and domestic hospitalization expenses. This is best suited for people who have higher health risks, and ndividual health insurance plans generally come without any limit on the maximum age for policy renewal which means that the plan offers lifetime renewability benefits to the insured. Also, one can include their parents and immediate family members under the policy, on an individual sum insured basis. There are no restrictions on how many claims can be made during the term of an individual health insurance policy.
Some popular individual health insurance plans available in the market are:
- Young Star Policy by Star Health And Allied Insurance
- Activ Assure Diamond Policy offered by Aditya Birla Health Insurance
- Super Care Policy offered by GoDigit General Insurance
- Activ Health Policy offered by Aditya Birla Health Insurance
2. Family Floater Health Insurance Plans
A family floater health insurance plan offers coverage to the entire family, on a floater sum insured basis. It is advantageous to have family floaters as it makes it easier for an individual to manage his or her health insurance by covering himself or herself as well as family members. An A family floater health insurance policy is also an affordable option when you have to include your parents in the policy as compared to a senior citizen health insurance policy. A family floater health insurance policy offers coverage to the following members of your family: legally wedded spouse, parents, brother, sister, dependent children, parents-in-law, and other relations varying from plan to plan, at affordable premiums. Young families are recommended to take advantage of these policies, as there is less chance of making more than one claim, and the member making the claim can obtain greater coverage at a lower cost.
Some popular family floater health insurance plans available in the market are:
- Family Health Optima offered by Star Health & Allied Insurance
- Reassure Policy offered by Niva Bupa Health Insurance
- Optima Restore offered by HDFC General Insurance
3. Senior Citizens Health Insurance Plans
Senior citizen health insurance plans are meant to meet the insurance needs of people aged between 60 years and 75 years. It is advisable to get a senior citizen health insurance policy as the most individual or family floater health insurance plans fail to provide coverage to people aged above 65 years and only allow renewals. Daycare expenses, cashless hospitalisation, domiciliary hospitalisation expenses, cover for pre-existing diseases, and cover for specific diseases are some of the coverage benefits of senior citizen health insurance plans.
Some popular senior citizen health insurance plans available in the market are:
- My Health Suraksha offered by HDFC Ergo General Insurance
- Care Plan offered by Care Health Insurance
- Senior Citizen Red Carpet Policy offered by Star Health & Allied Insurance
4. Critical Illness Insurance Plans
A number of life-threatening illnesses like heart attack, stroke, paralysis, cancer, renal failure, etc. are covered under critical illness insurance plans. These plans offer a lump sum amount on the first diagnosis of the critical illness and the insured can use this amount both in India as well as outside India. The insured can even use this money to clear debts if any, such as for a child’s education, or any other way based on the requirement. It is recommended to be covered under a critical illness policy as the treatments of critical illnesses are expensive. If someone is diagnosed with a critical illness, then you may have to burn your pocket in case you have to bear the expenses on your own.
Some popular critical illness health insurance available in the market are:
- Care Freedom Policy offered by Care Health Insurance
- Comprehensive Health Insurance Policy offered by Star Health & Allied Insurance
- Health companion Policy offered by Niva Bupa Health Insurance
5. Women-Specific Health Insurance Plans
As the name suggests, Women-specific health insurance plans are specially designed to cater to the insurance-related requirements of women of different age groups. Plans like these protect women from healthcare expenses at the time of maternity, retirement, cover for newborn babies, cover for child education, etc.. In addition, they also cover women for specific diseases which they are prone to, after a specific age. Even if a woman already has an individual health insurance policy that the employer has provided to her, it is still better that she should buy a women-specific policy. The reason is that an individual health insurance policy, unlike a women-specific health insurance plan, sometimes fails to meet the specific needs of women and hence they miss out on coverage benefits. Also, these plans come at affordable premiums and generally offer lifetime renewability benefits to the insured.
Some popular specific health insurance plans available in the market are:
- Health Guard Policy by Bajaj Allianz General Insurance
- Comprehensive Health Insurance Policy y Star Health & Allied Insurance
- Care Joy Policy by Care Health Insurance
6. Top-Up Health Insurance Plan And Super Top-up Health Insurance Plans
A top-up or super-top-up health insurance plan lets individuals increase their base policy's sum insured to cover the shortfall in case hospital bills exceed the plan's coverage. A top-up health insurance policy kicks in when the amount of claim exceeds the deductible value and the sum insured of the base health insurance policy during a policy term, in case of single hospitalisation. All claims are treated individually in these plans. Super top-up plans cover medical expenses incurred during a policy term that exceeds the deductible and sum insured limit of the base health insurance plan. They also cover expenses that aren't covered by your top-up or base policy. However, the only difference is that the super top-up policy takes into account multiple hospitalisations. One can purchase a super top-up insurance policy from any insurance company irrespective of which insurance company’s base policy one has.
Some popular top-up and super top-up health insurance plans available in the market are:
- Health Recharge Policy by Niva Bupa Health Insurance
- Lifeline Supreme Super Top-Up Policy by Royal Sundaram Health Insurance
- Extra Care Plus Policy by Bajaj Allianz General Insurance
7. Disease-Specific Health Plans
People looking for wide coverage for a particular disease may be interested in disease-specific health insurance plans, such as cancer, diabetes, heart disease, etc. This plan can also be opted for by those who have a corporate health insurance plan or any regular health insurance plan as such plans may not always offer sufficient coverage for specific diseases. Disease-specific health insurance plans eliminate the waiting period, which otherwise you are required to complete if covered under a regular health insurance plan. The plan however is best suited for people with a family history of a particular disease like hypertension, diabetes, etc.
Some popular critical illness health insurance plans available in the market are:
- Diabetes Safe Policy by Star Health & Allied Insurance
- Comprehensive Health Insurance Policy offered by Star Health & Allied Insurance
- Care Freedom Policy by Care Health Insurance
Why Buy The Best Health Insurance Policy?
In today’s time, the cost of healthcare is rapidly increasing so much that it becomes important to buy a health insurance policy that can meet your medical expenses. The health insurance policies not only protect you and your family against expensive hospital costs but also lets you enjoy a happy and secured future. When it’s time to buy health insurance policies, there are chances that you get confused about which one to choose from a variety of options.
So, we at InsuranceDekho are here to assist you in selecting a health insurance policy that meets your health insurance requirements. To find the best health cover, compare and opt for the health insurance plan for yourself and your family that covers your medical expenses ranging from day-care costs, critical illness treatment, coronavirus treatment, etc, based on your preferences.
Optional Add-Ons to Add in Best Health Insurance Plans
In health insurance add-on coverage, additional features and coverage are not included in the standard health insurance plan but must be purchased separately at an additional cost. The add-ons or riders help to improve the benefits and also the sum insured of the health insurance plans that can be availed on account of pre-determined events. However, please note that the premium should not exceed 30% of its original premium or health insurance add-on covers availed under a single plan. So, in the section below let’s discuss a few popular add-ons to include in the best health insurance plans:
- Maternity and Newborn Cover – Under this add-on policy, all the expenses related to pregnancy and childbirth are covered. Hospitalisation and surgery fees in case of pregnancy can be extremely expensive and the following months may also involve constant spending on the medical care of the child. So, this add-on cover can be very helpful in such circumstances.
- Hospital Cash Cover – The insurance company gives the insured individual a daily cash allowance during hospitalisation and under this, you are covered for up to Rs. 10,000 per day for 30 days spent in the hospital. The coverage includes medical and diagnostic expenses which are not covered under the standard policy, thereby ensuring financial security not only during the treatment but even after you have been discharged.
- Room Rent Waiver - The add-on cover for hospital room rent allows you to enhance the sub-limit in your health insurance policy or to remove it altogether.
- Critical Illness Add-on Cover – In event of critical or life-threatening illness, this add-on policy offers coverage in the form of a payout. Besides, it also provides additional coverage apart from the sum insured, which can be extended to Rs. 10 lakhs. Coverage for critical illnesses, including cancer, cardiovascular disease, and so on, makes it possible for you to manage your health complications without facing a financial crisis.
- Emergency Ambulance Services – With this, the insured can benefit from the cost of ambulance charges to the hospital of their choice irrespective of what kind of medical emergency has occurred. With this cover, an emergency ambulance costs up to Rs. 30,000 or even more can be covered, which enables you to avail the best emergency care at any hospital.
- OPD Add-on Cover – The majority of people in India go to the OPD rather than being hospitalised, so an OPD add-on cover is important for saving money on doctor consultation charges, dental expenses, ophthalmic and optic services, etc. With this cover, you also get coverage for online consultations or teleconsultations from experienced or certified doctors to cope.
Factors Affecting Your Best Health Insurance Plans Premium
Listed below are some factors affecting your choice of best health insurance plan premium:
1. Age – An important factor influencing the premium is age, since older people have a higher chance of falling ill, as per the rule of thumb.
2. Past Medical History - In case you have a pre-existing medical illness, then your insurance premium may get affected and up the cost.
3. Policy Duration – The policy tenure is another factor that affects the premium. The longer the plan will have the lesser the premium, so buy accordingly.
4. Injurious substances - It is common for insurers to raise their premium rates for their policies if the insured smokes, chews tobacco, or snuffs, as they are more concerned if the insured gets cancer diseases.
5. Nature of Profession - High-risk jobs such as construction, or working in hazardous environments with radiation and chemicals, may require higher premiums since accidents and cardiovascular diseases are more likely to occur.
Process to Buy an Online Health Insurance Plan
At InsuranceDekho, buying a health insurance policy online is super easy and quick. In just 3 simple steps, you can plan the purchase:
Step 1: Enter Your Personal Details
Enter all the personal details including name, mobile number, email ID, gender, city, and so on, correctly to see the top health insurance plans that suit your requirements.
Step 2: Compare Health Plans Online
Compare the policy quotes to find the one that suits your budget as well as other requirements.
Step 3: Make Payment Online
Prefer online payment for buying the health insurance policy of your choice and get the policy document in a flash on your registered email ID.
Health Insurance Plan Eligibility Criteria
Some of the basic eligibility criteria for buying a health insurance policy has been listed below:
- Minimum Entry Age: You can buy a health insurance policy at any age between 18 and 65. It can even go up to 70 and above in some rare situations, depending on the insurer. On the other hand, the coverage for a child is between 16 days to 18 years.
- Pre-Existing Medical Conditions: In case you buy a health insurance plan after the age of 45, then it is possible that you may have to go through a few medical tests or otherwise you may also be required to submit a pre-existing condition declaration based on which insurers will provide the plan.
Documents Required to Buy Health Insurance Plan in India
You can purchase a health insurance plan by submitting the below-given documents:
1. Age proof – Buying a health insurance plan at a fixed entry age requires you to provide a document to prove your age. You can submit the below documents for age proof:
- Pan Card
- Voter ID Card
- Aadhaar Card
- Driving License
- Birth certificate
- 10 or 12th Marksheet
2. Identity proof – This document is required for records to help your insurance in verifying the genuineness of the person. To prove your identity, you can submit any of the following:
- Voter ID Card
- Aadhaar Card
- Driving License
3. Address Proof – Your insurance company needs to contact you at your postal address, which is why address proof is required. You can submit any of the below-given documents for it:
- Aadhaar Card
- Ration card
- Driving license
- Rent agreement
- Utility bills like electricity bills, telephone bills, etc.
4. Proposal form duly filled in and signed
5. Medical reports (if demanded by the insurer)
6. Passport-size photographs (if demanded by the insurer)
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How to Choose the Best Health Insurance Plans in India?
There is no one health insurance plan that fits the requirements of all. When buying health insurance online, you must look for a policy that not only suits your budget, but also offers you best health coverage.
Following are the things that you must consider when buying a good medical insurance online or top-rated health insurance plans:
- Coverage Benefits – An important factor when acquiring a mediclaim policy is the extent of coverage it provides. Opt for a comprehensive plan that addresses your medical expenses and reduces out-of-pocket costs. However, ensure that the coverage aligns with your specific needs to prevent unnecessary premium increases. For instance, if you already possess health insurance plans for family or family health insurance and have children, maternity coverage might not be of use. Likewise, if you are seeking health insurance for parents, it is best to buy plans specifically designed for them.
- Sum Insured Range - It is advisable to explore policies offering varying levels of coverage, both minimum and maximum. This empowers you to select an appropriate sum insured that adequately addresses future medical expenditures and choose best health insurance policy.
- Network of Cashless Hospitals - Opt for a health insurance plan that boasts an extensive network of hospitals, facilitating seamless cashless services.
- Premium - The premium associated with the policy should be competitively priced compared to other insurance plans. Assess both coverage benefits and premium costs to determine a balanced premium rate.
- Waiting Period for Pre-existing Conditions - In order to speed coverage for pre-existing conditions that you or a member of your family may have, give preference to insurance plans with shorter waiting periods.
- Additional Riders - Many health insurance plans offer the option to include riders to enhance coverage. Seek out plans that allow for the incorporation of extra riders, enabling you to customise your coverage to align with your specific requirements.
- Claim Settlement Ratio - Research the insurer's claim settlement ratio, indicating their efficiency in processing and settling claims promptly and fairly.
- Renewal Process and Age Limit - Examine the policy's renewal process and any age limitations, ensuring that you can continue the coverage without hassles as you age.
Why Comparing Health Insurance Plans is Important?
It is understood that it can be difficult to choose the most suitable private medical insurance plan from a pool of them in the market. This is why you must compare health insurance plans using InsuranceDekho’s health insurance premium calculator. The free tool not only allows you to calculate premiums for health insurance plans, but also lets you compare them in terms of premium and coverage benefits.
Comparing health insurance plans is hence recommended instead of buying the first plan you saw, as it helps you choose the most suitable one as per your requirement and make an informed decision.
How to Compare Health Insurance Plans Online?
There are more than 25 insurance companies offering more than 200 health insurance plans in the market. It can be a tedious job to select the most suitable one from them, as per your budget and requirement. Here are some important tips that will help you make an informed decision at the time of policy purchase.
1. Choose an Appropriate Sum Insured: Considering the annual inflation rate for healthcare, you must choose a health insurance policy with sufficient sum insured. It is true that health insurance plans with higher sum insured come at higher premiums but to save on that, you must not compromise with the sum insured. This is because a health insurance plan with insufficient sum insured may not be of any use when the time comes.
2. Provide Correct Details to The Insurer: You must reveal all the details as asked, about your health in the proposal form. This because any misrepresentation of information can lead to trouble at the time of claim settlement. The insurer may also reject your form if complete information is not provided by you.
3. Consider Factors Affecting Health Insurance Premium: There are several factors that affect premium for health insurance plans. These include number of members covered under the policy, sum insured chosen, policy term chosen, claim settlement ratio of the insurance company, add-on benefits, premium, and inclusions and exclusions. It is found that health insurance for senior citizens is generally higher as they are more prone to falling ill.
4. Reviews: Apart from checking insurance company’s credibility by checking its Claim Settlement Ratio and Incurred Claim Ratio, you must also check how the policy buyers are liking the policy. At InsuranceDekho, you can check numerous reviews for different health insurance plans by people who are already covered under it. This will help you make an informed decision.
Claim Settlement Process in Health Insurance Plans
Under health insurance plans, you can make a claim in two ways, i.e. cashless claim and a reimbursement claim. A cashless claim is when you do not pay anything at the hospital for the treatment availed. Whereas in reimbursement claim, you will be first required to pay for the treatment taken, at the hospital, and the insurance company pays to you later. The claim processes for them are mentioned below:
To make a cashless claim, you will be required to follow the steps given below:
- Immediately inform the insurance company in the event of hospitalisation at a network hospital of your choice. Generally, you are required to inform the insurance company within 24 hours of hospitalisation in case of emergency, whereas 48 hours prior in case of planned hospitalisation.
- You will be required to share health insurance details at the network hospital. Show your Health ID card or your policy number with a valid photo ID proof at the desk of the hospital.
- Once the identification has been done, the network hospital will send you the pre-authorisation request form to the insurance company.
- The insurance company will then verify and analyse the documents and may ask the network hospital for more information if required.
- Once the formalities have been completed, the insurance company will pay the medical expenses excluding co-payment if any, directly at the network hospital. You will be informed about the same within the stipulated time. Even if the claim is rejected, you will be informed about the same.
To avail reimbursement treatment, you must follow the steps given below:
- Inform the insurance company within the stipulated time, in case of hospitalisation. You can also connect directly with the insurance company via email.
- Avail the required treatment at the hospital if your policy covers you for the same. Collect all the medical test reports, discharge summary, medical invoices, and other relevant documents from the hospital to share to the insurance provider.
- Submit the claim documents along with required medical documents to the insurance provider.
You will be required to submit the following documents to the insurance company in case of reimbursement claim:
- Valid ID proof
- Medical practioner’s advising letter for hospitalisation
- Original hospital bills and discharge certificate signed by the medical practitioner
- Medical practioner’s prescription for consultation, medicine, and medical tests
- Original pharmacy bills
- Original reports of diagnostic tests, reports, etc.
- First Information Report (FIR), in a police case
- Post Mortem Report, if applicable.
Benefits of Health Insurance Plans
Health insurance plans protect your savings from getting ruined in case of serious health conditions that result in hospitalisation during the policy period. But most of the people believe that health insurance plans only cover them for hospitalisation expenses, which is not true. The key purpose of health insurance plans is to provide comprehensive coverage to the insured, which they do so by offering protection for various healthcare expenses. Some of these include cover for in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare expenses, domiciliary treatment expenses, organ donor expenses, etc. Apart from coverage benefits, health insurance plans also offer other benefits. To understand them in detail, read below:
1. Cashless Treatment
Health insurance companies, generally, have tie-ups with hospitals wherein the insured can avail the required treatment without paying anything except the non-medical expenses or the expenses that the policy does not cover. Network hospitals are present across India and you can avail treatment in any of them, provided the treatment availed is in accordance with the terms and conditions mentioned under your health insurance plan.
2. Comprehensive Coverage
Health insurance plans offer comprehensive coverage by protecting you from several healthcare expenses. These include the following:
- In-Patient Hospitalisation Expenses: These include expenses incurred during hospitalisation for at least 24 hours. Under this benefit, the health insurance plans mostly cover you for room rent, nursing, boarding expenses, ICU/ICCU expenses, doctor’s fee, etc.
- Pre-Hospitalisation And Post-hospitalisation Expenses: These are the expenses incurred for a specific number of days before and after hospitalisation. These include doctor’s consultation fee, x-rays, other tests, etc. Different insurance companies have different periods for which they cover these expenses.
- Ambulance Expenses: These are the expenses incurred due to transportation of the patient to the nearest hospital in case of an emergency. Usually, insurance companies have a limit to these expenses, which varies from one insurance company to another.
- Domiciliary Expenses: These are the expenses incurred due to treatment availed at home, mainly due to unavailability of beds in the hospital. Mostly, health insurance companies cover you for these expenses.
- Daycare Treatments: Daycare treatments are those which can be availed in less than 24 hours. These include radiotherapy, dialysis, chemotherapy, cataract treatment, etc. The number of daycare treatments covered may vary from one insurance company to another.
- Organ Donor Expenses: Most health insurance plans offer cover for expenses incurred on organ donors for harvesting. These include expenses related to surgery and storage of organs.
3. Portability Benefits
Another benefit of health insurance is that it offers flexibility to port from one health insurance policy to another in case you are not satisfied with the benefits offered under the existing one. Apart from giving the customers flexibility, it also saves them from being taken for granted by the insurance companies.
4. Financial Security Even During Rising Healthcare Expenses
A health insurance plan helps you in combating financial stress in case of an emergency even during rising healthcare expenses. It offers you wide coverage even in times of inflation. Therefore, it is recommended to buy a suitable health insurance policy.
5. Tax Benefits Under Section 80D of the Income Tax Act, 1961
The government of India promotes health insurance by offering tax deductions on the premium paid for the plans, under Section 80D of the Income Tax Act, 1961. To understand the tax benefits in detail, refer to the table below:
|Situations||Premium Paid (Self, Family, Children)||Premium Paid (Parents)||Deduction under Section 80D of the Income Tax Act|
|When Policyholder and Parents are below 60 years||Rs. 25,000||Rs. 25,000||Rs. 50,000|
|When Policyholder and family members are below 60 years with parents above 60 years||Rs. 25,000||Rs. 50,000||Rs. 75,000|
|When Policyholder, family members and parents are above 60 years||Rs. 50,000||Rs. 50,000||Rs. 1,00,000|
|Members of HUF||Rs. 25,000||Rs. 25,000||Rs. 25,000|
|Non-resident Individuals||Rs. 25,000||Rs. 25,000||Rs. 25,000|
The utility of health insurance plans not only depends on the features and benefits offered under them but also on how the insured is able to make the most of it. So, if you don’t want your health insurance policy to be underused, you must thoroughly understand its benefits as well as the process to avail of them.
Top Coronavirus Health Insurance Plans in India
As per the instructions of Insurance Regulatory and Development Authority of India, everyone shall be offered cover for COVID-19 treatment under their existing health insurance plans. Apart from the COVID-19 cover offered in existing health insurance plans, the insurance companies have also launched two special standard health insurance products to cover the disease. These are the Corona Kavach and Corona Rakshak Plans.
Corona Kavach Policy
Corona Kavach is an indemnity based health insurance policy that covers you for hospitalisation (of at least 24 hours) expenses due to positive diagnosis of COVID-19. The policy can be purchased by anyone who is aged between 18 years and 65 years, for short terms of 3.5 months, 6.5 months, or 9.5 months. The policy can be bought either on an individual or family floater sum insured basis, for a wide range of sum insured options, as per their requirement. The sum insured options start at Rs. 50,000 and go up to Rs. 5 Lakh (in multiples of Rs. 50,000). Apart from in-patient hospitalisation expenses, the policy covers the insured for pre-hospitalisation and post-hospitalisation expenses, road ambulance expenses, home care treatment, and consumable items like gloves, mask, oxygen cylinders, PPE kits, ventilators, etc. The policy comes at an affordable premium, on which you can avail tax benefits under Section 80D of the Income Tax Act, 1961.
Corona Rakshak Policy
Corona Rakshak Policy is a benefit based short like policy that provides you a lump sum amount equal to 100% of the sum insured, on positive diagnosis of COVID-19. The condition is that the diagnosis should be done at a government recognised diagnostic center and the hospitalisation should be of at least 72 hours. The policy can be bought for 3.5 months, 6.5 months, or 9.5 months, and the premium will be different for different policy terms. One can buy this policy if they are aged between 18 years and 65 years for sum insured options between Rs. 50,000 and Rs. 2.5 lakh (in multiples of Rs. 50,000).
Arogya Sanjeevani Policy: A Health Insurance Policy For All
Arogya Sanjeevani Policy is a standard health insurance policy that protects you and your family against major healthcare expenses. Launched by the Insurance Regulatory And Development Authority of India (IRDAI), the policy is offered by all the insurance companies offering health insurance plans in India. The eligibility to buy this policy is 18 years and 65 years and you can buy the policy for a term of 1 year on an individual or family floater basis. It comes with sum insured options ranging between Rs. 1 Lakh and Rs. 5 Lakh as per your requirement. The policy covers you for in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare expenses, AYUSH treatment expenses, road ambulance expenses, cataract surgery for a specific period, new age treatments, and so on. There is 5% co-payment applicable on all admissible claims.
Common Inclusions Under Health Insurance Plans
Every health insurance plan is unique in terms of its offerings. Some common inclusions in most health insurance plans in India are as follows:
- In-patient hospitalisation expenses
- Pre-hospitalisation expenses
- Post-hospitalisation expenses
- Daycare expenses
- Domiciliary hospitalisation expenses
- Road ambulance expenses
- Organ donor expenses
- Critical illnesses
- Health check-up
- Outpatient expenses
Common Exclusions Under Health Insurance Plans
While health insurance plans offer wide cover for most healthcare expenses, there are still a few expenses that they do not cover the insured for, and he/she shall have to bear them out of their own pocket in case they arise. Some common exclusions are as follows:
- Cosmetic procedures
- Dental procedures
- Expenses related to treatment required due to the insured committing any breach of law
- Expenses related to treatment required due to participation in adventure sports such as mountain climbing, parasailing, bungee jumping, etc.
- Congenital diseases
- Supplements that can be purchased without prescription
- Pre-existing diseases (covered after waiting period in some plans)
- Treatments taken outside the geographical boundaries of India
Role of Health Insurance Plans During the COVID-19 Outbreak
The pandemic declared coronavirus has impacted the lives of many in India. During times like these when medical emergencies can arise any time, having a health insurance policy comes in handy. Whether you are married, single, have children, are young, old, or do not have any children, you must have a reliable health insurance policy that protects you in case of serious illness, sickness, disease, or an accident. Whether you choose individual health insurance plans or family health insurance plans, remember that the choice will not only affect the quality of healthcare but also affect your wallet.
During coronavirus times, the policyholders are often confused if the policy under which they are covered protects them from hospitalisation expenses arising due to coronavirus or not. The answer is 'YES'. All new health insurance plans in the market will cover the insured for coronavirus cases after 30 days i.e. the initial waiting period. COVID-19 related claims will follow the normal processes and will be treated as a normal illness like chikungunya, pneumonia, or any other virus. The good news is that so far there is no exclusion.
So, if you still have not insured yourself and your family, then you should get coronavirus health insurance as soon as possible. You should also consider buying medical insurance for parents for your dependant parents.
*Tax benefits are subject to changes in Income Tax Act.
Buy Health Insurance Plans With
- Niva Bupa Health Insurance
- Care Health Insurance
- Magma HDI Health Insurance
- National Health Insurance
- United India Health Insurance
- New India Assurance Health Insurance
- Liberty Health Insurance
- Kotak Mahindra Health Insurance
- IFFCO Tokio Health Insurance
- Cholamandalam Health Insurance
- Oriental Health Insurance
- Future Generali Health Insurance
- Digit Health Insurance
- SBI Health Insurance
- Bharti AXA (now ICICI Lombard) Health Insurance
- Reliance Health Insurance
- Tata AIG Health Insurance
- Navi Health Insurance
- Bajaj Allianz Health Insurance
- ICICI Lombard Health Insurance
- Aditya Birla Health Insurance
- Raheja QBE Health Insurance
- Universal Sompo Health Insurance
- Royal Sundaram Health Insurance
- Zuno Health Insurance
- HDFC ERGO Health Insurance
- ManipalCigna Health Insurance
- Star Health Insurance
- Acko Health Insurance
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
Type of health insurance plans
Individual Health Insurance Plan
It is an agreement between an insurer and a policyholder where former promises of bearing the medical expenses of the latter subject to the limits of the plan. To own this coverage, the policyholder is required to pay premiums to the insurer for getting the coverage without any break.
- Coverage for pre and post hospitalization expenses
- You can opt for the best treatments for your loved ones
- Your savings will not be affected due to any medical emergency
- Most of the daycare procedures are covered under different plans
- Tax benefits under the section 80D of Income Tax Act
Senior Citizen Health Insurance Plan
With age, the probability of falling prey to diseases increases. Therefore, a senior citizen health insurance plan is an excellent option, as in older age, the lesser or no income enhances the trouble. These plans are designed to cover senior people aged 60 years and above and provides coverage for diseases, critical illnesses, accidents, etc.
- Frequent medical expenses can easily be borne with the plan
- Can afford proper treatment and medication with lesser income too
- May increase life expectancy with regular and advanced treatment
- Investment in health policy save the tax under section 80D of IT Act
- Enhance the savings and bring independence in terms of financial security
Critical Illness Insurance Plan
Treatment of critical diseases is never easy. The procedures related to critical illnesses are highly expensive and prolonged that lead to the loss of a significant amount of savings. These plans provide cover for diseases like kidney failure, heart attack, cancer, muscular dystrophy, and many others.
- Lump sum amount is offered to maintain the lifestyle
- The recuperation aid is covered under the critical illness plan
- Regular health check-ups are also available under such policies
- Offers the best treatment when it comes to life-threatening disease
- TA good amount of tax can be saved under section 80D of IT act
Maternity Health Insurance Plans
Pregnancy is a turning point in every woman’s life. At this time, they require the utmost care. With time, medical technology has made delivery procedures safer, more comfortable, but expensive. Everyone wants that the mother and baby should get the most possible comfort during the delivery procedure. Thus, taking a maternity plan is a gesture of perfect planning.
- Easy to get the delivery done in the best-equipped hospital
- Regular expenses are curbed with the coverage of consultations, health check-ups, tests, etc.
- The coverage of newborn baby don’t let the budget be affected
- Normal and Cesarean deliver cover avoid the financial crisis before delivery
- With tax benefits, you can save money under section 80D of IT act
Group Health Insurance Plans
The group health provides the insurance to eligible professionals of an organization. Under this segment of insurance plans, the employers purchase the health policies for their employees. The payment for it is made two ways, half of the amount is paid by the employer and the remaining by the employees. It is generally given to enhance the morale of the employees and also to retain the employees.
- Enhance the retention rate in the firm
- Boost the morale of employees
- Make employees avail the plan at economical rates
- Tax benefits can be earned under section 80D of IT act
Variety Of Health Insurance Plans
Health Insurance Terminologies
Buy Critical Illness Health Insurance
Learn more about plans Health Insurance
- Choosing best health insurance policy may save your money during critical medical treatment. From a variety of health insurance plans in the market, choosing the most suitable one for you can be a tiresome task. This article contains details of best healt
- Want to know how to spend time at home during coronavirus lockdown? Here are a few things you can indulge in and utilize your free time in a perfect manner.
- Understand the importance of health insurance claim settlement ratio. View list of 10 best health insurance companies with fast claim settlement process.
- Looking for health insurance with pre-existing disease coverage? You are at the right place! To uncover your options, continue reading.
- Purchasing dental health cover brings along many benefits. Read here to know best plans that offer dental insurance cover in India.
- Buying cashless health insurance policy is the need of the hour. The article explains 5 best cashless health insurance policies in India. Read here.
- Want to save yourself from out-of-pocket medical expenses? Buy health insurance with OPD cover to make the most of your medical investment. To know why and how, read along.
- Coverage for pre-existing conditions comes with a waiting period. When buying health insurance with PED cover, every individual should look for waiting period to make the ideal choice. To know more, read along.
- OPD Expense Coverage in Health Insurance Policy: Get to know the key benefits OPD Expense Coverage in health insurance.
- Health insurance plans for senior citizens are designed to help seniors during their golden period of life. Read about the 5 best senior citizen health insurance plans here.
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FAQ About Best Health Insurance Policy
What are the parameters that I should consider when purchasing a health insurance plan?
Some of the parameters that you must consider in order to purchase the most suitable health insurance policy include waiting periods for pre-existing diseases, capping or sub-limits, waiting period for specific illnesses/diseases/procedures, co-payment clause, if any, exclusions under the policy, number of network hospitals and if your preferred hospital is a part of the network or not, claim settlement ratio of the insurance company, incurred claim ratio, premium, add-on benefits, if any, inclusions and exclusions, etc.
What are the common exclusions under health insurance plans?
Health insurance plans do not offer cover for all healthcare expenses. Some common exclusions include expenses incurred on treatment due to self-inflicted injuries including suicide, expenses incurred due to participation in any adventurous sport, pre-existing conditions are not covered during the waiting period, venereal or sexually transmitted disease, cosmetic treatments, treatments related to dental, hearing, and vision, expenses incurred on treatment of obesity, and cover for accidents due to participation in defence operations.
Do health insurance plans cover healthcare expenses related to COVID-19?
Yes. Standard health insurance plans offer cover for expenses incurred due to positive diagnosis of COVID-19. The health insurance policy will cover you for in-patient and outpatient expenses arising due to treatment of COVID-19. You can also purchase health insurance plans especially designed for coronavirus. These include Corona Kavach Policy and Corona Rakshak Policy. These are short term policies that offer cover against the pandemic declared coronavirus. For more information about these policies, you can connect to the customer care executives at InsuranceDekho and they will help you understand them in detail.
What are the benefits of having a health insurance policy?
A health insurance policy offers you a cashless treatment facility allowing you to get the required medical treatment at the network hospital without paying even a single penny. It offers you several benefits apart from cashless treatment, such as pre-hospitalisation and post-hospitalisation expenses, tax benefits under Section 80D of the Income Tax Act, 1961, daily hospital cash benefit in some plans, organ transplant expenses, No Claim Bonus, lifetime renewability benefit, automatic restoration of sum insured, etc.
What is the restoration benefit under health insurance plans?
If your sum insured amount gets exhausted under a health insurance insurance policy due to claims made in a policy year, then the insurance company will restore the amount automatically without having you to pay anything extra to avail the benefit. Health insurance plans that offer restoration benefits are generally available at higher health insurance premiums.
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