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What is Health Insurance?
Health insurance is a type of insurance that pays for your medical expenses in case you are hospitalised. You pay a small amount as premium and you will get a large cover which will take care of your medical bills. The health insurance cover is renewable for lifetime. After 3-4 years, even your pre-existing illnesses are covered. Health insurance is a very good protection against any unexpected medical expenses which can burn a hole in your pocket and even wipe out a substantial part of your savings. With rising medical expenses, health insurance is a must to protect your family.
Why is health insurance important?
In today's world, having a medical insurance plan is crucial as the medical expenses are substantial in case of hospitalisation. Treatment costs in good hospitals are expensive and increasing every year. Here are a key reasons for having a good medical insurance plan:
- To protect your savings in case of medical emergencies
- Not having to take a loan in case of hospitalisation
- Avail good medical treatment at a hospital of your choice
- Get cashless treatment at hospitals
- Income Tax Benefits
- Peace of mind
- Lifelong renewal
Checklist to get the best health insurance in India
There are many health insurance plans available in the market. They come with a lot of features and premium differences. Here are the top 10 things to consider to get the best health insurance policy:
- No Room Rent Capping
- Exclusions mentioned in the plan
- Coverage for new-age treatments
- No Deductibles/Co-payment clause
- Pre & Post Hospitalisation expenses being covered
- List of Network Hospitals near your place of stay
- List of Day care procedures covered
- Low Waiting period for pre-existing conditions
- Option to enhance the cover amount
- Pricing
Take the first step - compare health insurance plans.
Benefits of buying health insurance online
With the world going digital, online purchase is the most transparent, convenient and cost-effective way to buy health insurance. The benefits of buying health insurance in India online are as follows:
Abundant choice of plans to choose from
Easy and instant comparison of premiums and features
Transparent process which is convenient and secure
You fill the application form yourself, making it accurate
Assistance from trained & certified advisors
Easy process with no paperwork
More convenient than visiting a branch or having someone come over
Instant policy issuance
Key benefits of best health insurance plans in India
A comprehensive mediclaim plan comes along with some key benefits. The benefits may vary on the basis of the insurer you choose. Here are some of the key benefits of the best health insurance in India:
Hospitalisation benefit
Pre and post hospitalisation benefits
Cashless claim benefits in partner hospitals
Day care treatments
Income Tax benefits
Domiciliary treatments
What is not covered in a health insurance plan?
When you compare medical insurance plan features, you get to know that there are certain things that are not offered in a plan. The exclusions may vary on the basis of the insurer you choose. Here is a list of common exclusions in a health insurance plan:
Any illness contracted
during the first 30 days
of buying the policy
during the first 30 days
of buying the policy
Congenital diseases /
Genetic disorders
Genetic disorders
IVF & Infertility
treatments
treatments
Dental
treatment
treatment
AIDS,
STD
STD
Cosmetic
procedures
procedures
Self Inflicted
injury
injury
Pre-existing conditions
will have a waiting period
will have a waiting period
Best Health Insurance Plans in India
Are you looking for the best health insurance in India? You should look for the features which are important to you and then do a price comparison. You can easily compare health insurance plans from various insurers and then decide on the plan. Some of the good health insurance plans and their premiums are as follows:
5 lakh cover
30 year old
Healthy Male
HDFC Ergo Optima
Secure
₹ 12,981
Niva Bupa
ReAssure
₹ 8,102
Aditya Birla Active Health
Platinum Enhance
₹ 7,337
Care
Plus
₹ 8,585
SBI Arogya
Supreme
₹ 7,059
Digit Insurance Arogya
Sanjeevani
₹ 3,439
Bajaj Allianz Individual
Health Guard Gold
₹ 10,501
TATA AIG
Medicare
₹ 7,934
Reliance Health Wise
Standard
₹ 8,716
Manipal Cigna ProHealth
Protect
₹ 7,315
Royal Sundaram Lifeline
Supreme
₹ 6,559
Liberty Insurance
Elite
₹ 8,471
Magma HDI One Health
Support
₹ 6,037
Chola MS Flexi
Health
₹ 5,676
Oriental Individual
Mediclaim
₹ 8,166
New India Assurance
Mediclaim
₹ 6,715
Raheja QBE
Basic
₹ 3,627
Star Health
Comprehensive
₹ 8,278
ICICI Lombard Health
Shield
₹ 8,789
Future Generali Health
Total
₹ 6,759
Edelweiss (Silver Family
Plan of 1A and 1C)
₹ 9,136
Iffco Tokio Individual
MediShield
₹ 6,876
Kotak Mahindra Edge
Health Insurance
₹ 6,665
National Health
Mediclaim Policy
₹ 11,042
Types of health insurance plans in India
There are various types of health insurance plans. You can compare their premium and features and select the one which best suits your requirements. Some of the different types of health insurance plans are:
- Individual health insurance
- Family Floater health insurance
- Senior Citizen health insurance
- Personal Accident insurance
- Critical Illness insurance
- Top-up health insurance
- Maternity health insurance
List of Specialised Health Insurance Companies
There are 6 standalone health insurance companies in India. Each of these companies offer unique features and intend to fulfil the basic health insurance requirements of the Indian population.
Here is a list of companies that offer the best health insurance in India:
Aditya Birla Health
Care Health
Manipal Cigna
Niva Bupa
Reliance Health
Star Health
You can also buy health insurance plans from the general insurance companies.
Key factors to consider while buying health insurance in India
If you are planning to buy a mediclaim policy, there are a few key factors that need to be considered. While getting the cheapest health insurance plan will be easy on the pocket, you should consider features which will give you better savings in the long run.
Type of plan you wish to buy: Individual or Family
Cover amount
Policy premiums
Sub-limits on some expenses
Exclusions in the plan
Waiting period for pre-existing conditions
Co-payment clause, if any
Network hospital of the insurance company
Health Insurance Riders
Health insurance riders are additional benefits that you can add to your health insurance plan. They help with making the plan more effective and offer more protection for some serious health situations. They help in reducing your overall expenses. Riders help to extend the cover at a lower premium. Some of the most effective Riders or Add-on covers in health insurance are:
Critical Illness
Accident cover
Maternity cover
Room Rent Waiver
Hospital Cash
Eligibility criteria to buy a health insurance policy
The eligibility criteria may differ for different insurer to insurer. The general criteria are as mentioned below.
| Parameter | Criteria |
|---|---|
| Entry Age | Individual - 18 years Dependent Child - newborn |
| Pre-existing health conditions | Waiting period may vary from 2 years to 4 years |
How to calculate health insurance premium?
You can visit a IRDAI approved comparison site like MyInsuranceClub.com and share your requirement. The premiums and features of various plans will be displayed. In addition to that, you will also get assistance from Certified Advisors on any questions you may have in selecting the best and cheapest health insurance plan that will fulfil your requirements.
Which factors affect health insurance premiums?
Premiums in a health insurance plan differ based on various factors. Few of the common factors that affect the health insurance premiums are:
- Gender
- Age
- Type of plan chosen - Benefits
- Cover amount
- Policy duration
- Smoker/Non-Smoker
- Habits and Lifestyle of the person
- Pre-existing conditions
- Add-on Riders if opted
- Medical history
- Residency zone
- Nature of profession
- BMI
How to make a health insurance claim?
In a health insurance policy, you can file a claim in two ways:
Cashless Health Insurance Claim:
In order to make a cashless claim, you need to be hospitalised at a network hospital of the insurance company. Cashless claims can be planned or unplanned. Unplanned claims happen during emergency hospitalisation. Your hospital bills will be settled directly by the insurance company.
Health Insurance Reimbursement Claim:
- Inform the insurer as soon as your are hospitalised
- You will have to clear the hospital bills yourself
- Then submit all your treatment documents, bills and discharge summary to the insurance company once you are discharged
- The insurance company will review all your submitted documents
- Once the documents sent by you are reviewed, the claim amount is credited to your account
What are the documents required to make a health insurance claim?
When you compare medical insurance plan features, you get to know that there are certain things that are not offered in a plan. The exclusions may vary on the basis of the insurer you choose. Here is a list of common exclusions in a health insurance plan:
Completed Claim Form which is
duly signed
duly signed
ID Proof
Doctor prescriptions and recommendation for hospitalisation
Hospital Bills & Discharge
summary
summary
Pharmacy Bills
Original reports of x-rays, CT films, ECG and other investigation reports
How to buy the best health insurance plans online from MyInsuranceClub?
If you are looking to buy a health plan for yourself and your family members, you can compare health insurance plans at MyInsuranceClub. You can compare premiums and features of the best health insurance plans in India within a few minutes. You will be assisted by our trained and certified team members.
Follow the below process to buy the best health insurance plan online from MyInsuranceClub:
| Step 1 - | Evaluate the amount of risk cover you require for yourself and your family |
| Step 2 - | Share details like age & gender which are need to calculate the premium |
| Step 3 - | You get to compare health insurance plans from different insurers - premiums and features |
| Step 4 - | Select a suitable plan which meets your needs and is affordable |
| Step 5 - | After selecting, our trained relationship managers will guide you through the process of filling the Application Form and First Premium Payment. |
Buying Health Insurance Glossary
Let's understand a few terminologies before you compare health insurance plans.
Co-payment
It is a cost sharing agreement between the health insurer and the policyholder to share the cost incurred in the hospitalisation. The policyholder agrees to pay a percentage of the hospital bill from their own pocket. On opting for this clause, the premium charges are comparatively lower. This feature is majorly seen in Senior Citizen Health Insurance Plans.
No Claim Bonus
If you do not make a claim in a policy year, the insurance company rewards you by giving you an increased cover in the next year at no additional cost. For every consecutive year that you do not make a claim, this bonus keeps increasing your cover amount. At any point in time, when you make a claim, the cover amount of your plan is reset to the original cover amount which you had purchased.
Cumulative Bonus
This is the accumulation of your No-Claim Bonus. With every year of not making a claim, the bonus amount accumulates and your cover amount increases. There is a limit to which you can accumulate your No-Claim Bonus. In most plans, this is capped at 50% of your original cover amount.
Waiting period
It is a period during which some of the benefits of the policy cannot be used by the policyholder. This period commences from day 1 of the issuance of policy. Pre-existing diseases have a waiting period that is mentioned in the policy document and may vary anywhere between 2-4 years.
Deductible
The concept of Deductible is applicable in Top-Up and Super Top-Up health insurance plans. In case of a claim, the policy will be effective only after a certain amount of claim. Only if the claim exceeds this amount does the Top-up or Super Top-up policy come into effect. This limit is known as the Deductible.
Sub-limits on Room Rent
Some policies have a limit on the amount that you can pay as your daily room rent when admitted in the hospital. This helps insurance companies in limiting the overall expenses that the policyholder will incur and hence keep costs low. If you exceed the room rent limit, you will have to pay from your pocket. This room rent capping has an impact on other expenses also.
Tax Benefits of the best health insurance plan
Health insurance provides an exclusive tax benefit on the premium amount paid by the policyholder. The insurance premium paid is tax-deductible under section 80D of the Income Tax Act. Know more here.
Waiting period in health insurance
Waiting period is the time period after buying the policy, during which the policyholder cannot make a claim. This period is usually 30 days from the date of purchase of the policy. However, if the claims are related to hospitalisation due to an accident, then it will be considered even if it is within 30 days of buying the policy. The waiting period for pre-existing diseases may vary between 2-4 years.
Documents required to buy health insurance online
Here are the documents required to buy a medical insurance policy:
Proposal form:
which you can fill online
Age Proof:
Birth Certificate, Passport, Aadhaar Card, Driving Licence, PAN Card
Identity proof:
Aadhaar Card, Voter ID Card, Passport, PAN Card and Driving Licence
Medical reports:
Depending on the underwriting criteria of the insurer, you may have to undergo some medical tests
FAQs on Health Insurance
What is the difference between health insurance and a mediclaim policy?
There is no difference between a health insurance policy and a mediclaim policy. Earlier the medical insurance policies were called mediclaim. Later on as the plans started getting more comprehensive, the more appropriate term of health insurance started being used. Even now, we have the PSU plans which are called Mediclaim but offer the same benefits as any other health insurance plan.
Is Coronavirus (COVID-19) Treatment covered in health insurance?
The outbreak of Coronavirus (Covid-19) has devastated the healthcare industry. Your health insurance policy will cover the hospitalisation expenses arising from Covid-19 disease. There are also specific health plans for Covid related treatment.
What is the maximum number of claims allowed in a year?
One can make any number of claims in a year. The limit of claims is the cover amount chosen by the policyholder and not the count of claims. You can make as many claims as you want in a policy year, as long as you do not exhaust your cover amount.
Can I cancel my health insurance policy after purchase?
You get a free look period of 15 days after you buy a health policy. During this period, you can cancel your policy and get a refund. Even after the free look period, If no claims have been made, you can cancel the health insurance policy anytime and get a partial refund depending on the time of cancellation - Know more here.
Will I get more benefits by buying health insurance at an early age?
There are benefits of buying health insurance at any early age. The chances of any pre-existing illnesses are low, so your policy will get issued without an issue. You can also accumulate No-Claim Bonus and enjoy an increased cover amount as chances of claims are lesser when you are young and healthy. Also, the health insurance policies offer lifelong cover - so once accepted, the cover will continue for life as long as you keep renewing on time.
Can I transfer my health insurance policy from one health insurance company to another?
Yes, you can transfer your medical insurance policy from one health insurer to another. The process of transferring your policy is known as health insurance portability. You can do the transfer at the time of renewal. You should initiate the process 45 days from the date of renewal of your current policy. Know more about health insurance portability.
Which family members can I cover?
A family floater health insurance plan provides coverage to the policyholder, spouse, dependent children and parents. You can take a single cover for your entire family or select a dedicated cover amount for each family member. Plans which have a single cover for all your family members are called Family Floater Health Insurance Plans.
What is a network hospital in health insurance?
Every Health Insurer has tie-ups with several hospitals where the insured person can avail cashless treatment benefit. Such hospitals are known as Network Hospitals of that insurance company. If you avail treatment at a network hospital of your plan, you can avail cashless treatment. If not, you will have to make the payment to the hospital and the insurer will pay your back through the process of reimbursement claim.
Can I buy more than one health insurance plan?
Yes, definitely. You can have more than one health insurance plan. Very often, you end up with a corporate plan provided by your employer and your personal health insurance plan. You can make a claim from any of the health insurance plans which you have.
Do I have to undergo any medical tests before buying a health insurance plan?
You may have to undergo a medical test before you buy a mediclaim policy if your age is above 45 years or if you have a health condition. The need for medical tests will depend on the underwriting standards of the insurer. Medical tests are conducted to know if there are any pre-existing illnesses and to assess your overall health before issuing the best medical insurance policy.
