Best Health Insurance Plan in India – Tips to Choose Best Health Insurance Policy

Best Health Insurance Plan in India | Best Health Insurance Policy – Health insurance is a type of insurance that pays for unexpected medical costs brought on by a disease. It is a legal agreement between an insurance company and a policyholder that provides for the payment of the life insured’s medical costs. For diseases or injuries covered by the insurance at one of the network hospitals, the insurer will either make sure you are eligible for cashless treatment or repay your medical expenses. According to Section 80D of the Income Tax Act of 1961, you can also deduct taxes from the premiums you pay for health insurance.

Best Health Insurance Plan in India
Best Health Insurance Plan in India

Why You Should Get A Health Insurance Plan

Health insurance is becoming a requirement due to the steadily rising costs of healthcare in our nation and the rising incidence of illnesses. In the event of a medical emergency, health insurance offers customers a much-needed financial safety net. Uncertainties and health risks are a part of life. Here we have shared some reasons that why you should buy a Best Health Insurance Plan in India: 

Why You Should Get a Health Insurance Plan
Why You Should Get a Health Insurance Plan
  1. Changing lifestyle: Our lifestyle’s geological change has increased our exposure to a number of different health conditions due to commuting, stressful work schedules, poor eating habits, food quality, and rising pollution levels.
  1. Rising medical costs: Recent years have seen a sharp increase in medical expenses. As a result, customers who experience medical emergencies wind up using their savings, which has an impact on their future plans. 
  1. Income tax benefit: Section 80D of the Indian Income Tax Act allows for tax deductions for payments made for health insurance premiums. 
  1. Coverage of pre and post hospitalization expenses: As the cost of diagnostic tests and OPD (out-patient departments) fees have increased recently, it is now more important than ever to purchase health insurance coverage.
  1. Additional advantages: Health insurance also provides advantages including ambulance coverage, coverage for daycare surgeries, coverage for health check-up and vaccine costs, and more. 

Types Of Health Insurance Plans

If you are planning to buy a Best Health Insurance Policy in India then you should read the types of Health Insurance Policy in India. Here we have share 7 Types of Health Insurance Policies in India:

Types Of Health Insurance Plans in India
Types Of Health Insurance Plans in India
  1. Individual Health Insurance: You can get an individual health insurance policy to provide coverage for you, your spouse, your kids, and your parents. This kind of insurance policy covers your medical bills for things like surgery, lodging and board, daycare costs, and hospitalization due to illness or accident.
  1.  Family Floater Health Insurance: It is the best option if you want an affordable health insurance plan for your entire family. Single Sum Insured floats for each member covered by a Family Floater Health Insurance policy. Because the premium is significantly less than that of an individual health insurance policy, a family floater health insurance plan is advantageous. 
  1. Group Health Insurance: If you run a start-up or corporate office, you should purchase these plans for your staff members. It is within the category of benefits provided to workers. You can purchase the cover as an employer to increase the rate of employee retention.
  1. Senior Citizens Health Insurance: It provides coverage for the cost of prescription drugs, hospitalization due to an accident or disease, as well as pre and post hospitalization and treatment. Along with these, other benefits including psychiatric benefits and domiciliary hospitalization are also provided.
  1. Maternity Health Insurance: This coverage should be purchased by newlyweds or families expecting a child in the near future. It provides coverage for infertility costs, childbirth (including medically required abortions), and newborn care for the first 90 days. There is a two-year waiting period for the Maternity Cover.
  1. Critical Illness Insurance: Diseases linked to a particular way of life are becoming more common. The insurance providers have provided the Critical Illness Policy with this in mind. Like- Cancer, Stroke, Kidney Failure, Paralysis, Coronary Artery Bypass Surgery, First heart attack, Pulmonary Arterial Hypertension, Multiple Sclerosis, Aorta Graft Surgery
  1. Top-Up Health Insurance: If you want coverage for bigger sums, you can purchase a top-up policy. However, “Deductible Clause” is a feature of such plans. Therefore, in the event of a claim, the payment will be issued in excess of the policy’s specified amount.

How to choose Best Health Insurance Plan in India

Before buying a Health Insurance Policy you should consider some points. Here in this post we have shared 7 tips to help you choose the Best Health Insurance Plan in India: –

  1. Look for the right coverage: Select a health plan that offers advantages like pre- and post-hospitalization, childcare costs, transportation, coverage for diseases.
  1.  Keep it affordable: Purchasing a reasonably cost health insurance plan up front can ensure that you are appropriately protected and that the premiums are reasonable. As your income, family size, and needs change over time, you can review your plan and adjust coverage as necessary.
  2. Prefer family over individual health plans: Individual plans are beneficial for those who do not support a family. To receive the greatest benefits at a more reasonable cost, consider a family health plan if you are purchasing health insurance with your family in mind.
  1. Choose a plan with lifetime renewability: Since your need for a health plan will be greatest as you get older. Therefore, pick health insurance that may be renewed indefinitely.
  1. Compare quotes online: To make sure you purchase a health plan that meets your needs, you can compare health insurance policies online. You can even “request a quotation” online, which entails entering your information to obtain an estimate of your policy’s premium. To make a decision, compile the greatest quotes and then contrast them.
  1. Network hospital coverage: Always choose an insurance company with a large global network of hospitals. You can select from 5,000+ network hospitals with IFFCO-Tokyo to receive rapid, convenient, and cashless claims settlement.
  1. High claim settlement ratio:The percentage of claims settled by the insurance company relative to all claims received is known as the claim settlement ratio. Always pick an insurer with a high ratio of claims settled. 

5 Best Health Insurance Plan in India and Insurance Companies

Insurance ProviderName of the PlanMinimum and maximum entry ageBasic Sum Assured (in Rs.)Minimum Premium Amount (in Rs.)
Apollo Munich Health InsuranceOptima RestoreMinimum entry age:For individual plans – 18 yearsFor floater plans – 91 daysMaximum entry age:For individual plans – 65 yearsFor floater plans – 21 yearsThe sum assured provided under the plan ranges from Rs.3 lakh to Rs.15 lakhThe minimum premium amount is Rs.5,000
Max Bupa Health InsuranceHeartbeatNo age restrictionsThe sum assured provided under the plan ranges from Rs.2 lakh to Rs.50 lakhThe minimum premium amount is Rs.3,700
Bajaj AllianzHealth Insurance for IndividualMinimum age of entry – 18 years as on the last birthdayMaximum age of entry – 65 years as on the last birthdayThe sum assured provided under the plan ranges from Rs.1.5 lakh to Rs.50 lakhVariable with SA
HDFC ErgoHealth Suraksha PlanNo age restrictions under the planThe sum assured offered under the plan ranges from Rs.3 lakh to Rs.10 lakhVariable with SA
Religare CareCare Health Insurance PlanMinimum age of entry – 5 years as on the last birthdayMaximum age of entry – no limitationsThe sum assured offered under the plan ranges from Rs.2 lakh to Rs.60 lakhThe minimum payable premium amount is Rs.2,300
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FAQs for Best Health Insurance Plan in India

What is medical coverage?

Ans. Health insurance is a sort of insurance that pays for unexpected medical costs brought on by a disease. These expenditures may be associated with the price of hospitalization, the price of medications, or the cost of medical visits.

What exactly does health insurance cover?

Ans. A health insurance plan provides all-inclusive medical protection against hospitalization costs, ambulance costs, pre-hospitalization costs, post-hospitalization costs, etc. Additionally, it provides compensation in the event that an accident causes income loss. There is no add-on coverage available.

How frequently may we use our health insurance in a year?

Ans. 2 times in a year.

What is the length of a health insurance policy?

Ans. A one-year policy term should be made available for the health insurance plan.

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