Best Health Insurance Plans in India 2022
Health insurance plans cover the insured for several healthcare expenses as per the sum insured opted for and the premium paid. Some best health insurance plans in the market are offered by popular insurance companies which have an impressive claim settlement ratio.
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Types of Health Insurance Plans in India
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Benefits of Health Insurance Plans
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.
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
Personal Accident Insurance Plans
An accident is an unforeseen and unfortunate event that can happen to anybody and anytime. Also, its consequences may go disastrous and catastrophic. Therefore, a personal accident insurance plan is necessary for dealing with financial hardships during an accident.
- Expenses of accident-related treatments are covered
- Severe injuries due to an accident can be treated in the best manner
- Many personal accident plans covers funeral and legal expenses
- Worldwide coverage is offered as accidents can happen anywhere, anytime
- Some plans provide the coverage to the entire family for complete health care
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FAQ About Best Health Insurance Plans
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.
Can I make a claim for all healthcare expenses up to the sum insured limit?
No. Health insurance plans come with multiple sub-limits which can be for specific treatments, doctor’s consultation fees, pre-planned surgeries like cataract, joint replacements, pre-planned surgeries, etc. You cannot claim an amount that exceeds your sum insured limit. Many health insurance plans also come with room rent limits, ICU charges, surgery expenses, doctor’s fees, lab test expenses, etc. for which the cover is offered proportionately.
What are some good health insurance plans in India?
Some popular health insurance plans that offer wide coverage and yet come at affordable premium include Essential Privilege Plan offered by Universal Sompo Health Insurance, Health Guard Plan offered by Bajaj Allianz Health Insurance, Family Health Optima offered by Star Health insurance, and My: health Suraksha offered by HDFC Ergo General Insurance.
Which is the best medical insurance policy in India?
There is not one, but many health insurance plans in India that offer great benefits to the policyholders. These include Prohealth Plus offered by ManipalCigna Health Insurance, Lifeline Supreme offered by Royal Sundaram Health Insurance, and Activ Assure Diamond offered by Aditya Birla Health Insurance.
What is the importance of health insurance in India?
Purchasing health insurance for yourself as well as your family is important in India because lifestyle diseases are becoming very common and healthcare expenses are skyrocketing, especially in private hospitals. So, if you do not have a suitable health insurance plan, it may burn a hole in your pocket.
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*Standard T&C Apply. All savings/offers are provided by the Insurers, which are subject to modification .For more details on risk factors, terms and conditions, please read the sales brochure of respective insurers carefully before concluding a sale. Tax benefits are subject to changes in applicable tax laws. Girnar Insurance Brokers Private Limited, (CIN: U66010RJ2016PTC054811, Regd .Off: Girnar 21, Govind Marg, Moti Doongari Road, Dharam Singh Circle, Jaipur, Rajasthan- 302004; Corp. Off: 11th Floor, Tower B, Emaar Digital Greens, Golf Course Extension Road, Sector-61, Gurugram-122102, Haryana. IRDAI License no 588. Direct Broker (Life & General) valid till 19th March 2023. Email - firstname.lastname@example.org ; Helpline number: 7551196989.
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