Health costs are increasing and reports reveal that every year there is 15% of inflation in healthcare. With such figures coming out light, it has become essential to invest a small portion of your savings in health insurance to secure your medical expenses.
With the increasing risk of cancer, kidney diseases, critical illnesses, lifestyle diseases, and rising health problems, having an adequate health insurance policy is the need of the hour.
We all know the importance of health insurance, but choosing the best one among so many options of health insurance plans that are available online can be a daunting task.
We have simplified it for you, to help you ascertain different health insurance plans from the best health insurance companies in India.
1. Oriental Health Insurance-
With one of the highest claim settlement ratio of 112.11% and has a number of health insurance plans to meet your needs –
- Oriental Individual Mediclaim Health Insurance – if you are looking for policy between Rs.50, 000 to 5 lakhs. Covers general hospitalization expenses like surgeon fees, ICU charges, room charges, OT charges, X-ray, diagnostic tests, dialysis, chemotherapy, lab tests etc. Domiciliary treatment is also allowed.
2. Star Health Insurance Policy
Star health insurance has an incurred claim ratio of 60.51%. The entire claim process is hassle free and there is no involvement of a third party administrator. The insurer provides direct in-house settlement of medical insurance claims.
You can avail cashless hospitalization in more than 7000 hospitals across India. While purchasing a policy you can know the premium with the help of the online Star Health Premium Calculator.
- Star MediClassic Insurance Plan – Star medical insurance came up with this plan, especially for the HIV positive people. Provided the CD 4 count is above 350 at the time of purchase. But it does not cover the hospitalization required for opportunistic infections.
3. Reliance Health Insurance
The company secures impressive incurred claim settlement ratio of 92.23%, which makes it one of the best health insurance plans in India.
Reliance provides some of the best individual health insurance plans, family floater plans, senior citizen plans with sum assured limits from Rs. 3 lacs, 6 lacs, and 9 lacs. Get cashless hospitalization in more than 4000 network hospitals across India. Also get tax deduction benefits up to Rs. 60,000 as per section 80D of the Income Tax Act. Easy online payment is possible with NEFT, UPI, Debit/Credit card etc.
- Health Gain Insurance Plan – There is a 5% discount for single women or girl child, 60 days of pre and post hospitalization cover, organ donor expenses up to 50% of sum assured and maximum of Rs. 5 lacs, domiciliary hospitalization, reinstatement of sum assured in case your insurance limit is exhausted, cumulative bonus benefit, additional benefits in case of delayed response from the insurer.
4. Bharti AXA Smart Super Health Insurance Plan-
There are 3 variants of this plan: Value, Classic and Uber Plan. The main benefits include:
- If you are looking for higher sum assured then you can consider this plan, as the sum assured option extends to 100 lakh rupees.
- It includes restoration of sum assured
- There is a renewal discount ranging from 5 to 25 percent
- You can get coverage for critical illnesses
- Ayush Treatment and Domiciliary hospitalization cover is also provided
It seems to be a good option for people who are looking for an all-inclusive plan.
5. United India Health Insurance –
With incurred claim ratio of 107.06%, the insurance company provides a number of health insurance plans to choose from.
- United India Gold Policy – This plan is designed especially for people between the age of 36 and 60 years. If the insured parents want to get their children covered, their age should be between 3 months and 18 years. Sum assured is between 1-5 lacs (in the multiples of Rs. 50,000). Covers hospitalization expenses, day care treatment, charges of surgeons, laboratory/diagnostic tests, rooms etc. and AYUSH treatment in government hospitals. Check the sub-limits before taking the insurance.
6. New India Assurance Health Insurance
New India Assurance Health Insurance is a government-owned insurance company, and the company has 91.26% of claim incurred ratio, which makes it a safe option as you will get timely and assured claim reimbursement. Have a look at some of the health insurance plans below –
- New India Assurance Mediclaim 2007– Apart from hospitalization expenses it provides additional cover to certain pre-existing ailments like hypertension, diabetes, hypertension after 2 years of continuous cover. Anyone between the age group of 18-60 years can buy this and children from 3 months to 18 years can be covered. Premium is decided based on the age and geographical profile of the proposer.
Selecting the Right Insurer
It is important to select the best health insurance company in order to get adequate health insurance coverage. To find the best health insurance plans, you need to consider certain things.
- You can select them on certain parameters such as eligibility criteria, key features, inclusions, exclusions, premium, additional covers etc. as per the IRDA guidelines – Insurance Regulatory and Development Authority regulates the insurance and reinsurance sector in India.
- Select the insurer after ascertaining the Incurred claim ratio of the company, the list of network hospitals, waiting period, co-payment clause, types of plans that are offered, discounts offered and exclusions among other features.
It is recommended to buy a health insurance policy to offer health security to yourself and your loved ones, as the cost of healthcare is soaring at a high pace. You can look at any of the above-mentioned health insurance plans and decide the workable option based on the policy features and benefits.