I have categorized different health insurance plans into 4 categories depending on different requirements. You can pick the best health insurance policy based on your requirement.
Before moving to the list of best health insurance policies in India 2023 let’s look at the important factors that you should know while getting health insurance.
Table of Contents
#1. Claim Settlement Ratio (CSR): It is the ratio of the total number of claims settled by the insurance company to the total number of claims received in the same duration of time.
Expert tip: A high CSR indicates that the company is more likely to settle a claim without any hassles.
#2. Incurred Claim Ratio (ICR): It is the ratio of the total amount of all claims received by a company to the total premiums collected in the same duration of time.
A high ICR indicates that an insurance company is more likely to accept new customers, more likely to have a less waiting period for pre-existing illnesses, and more likely to issue policies to people with pre-existing illnesses.
#3. Network Hospitals: An insurer should have a good number of hospitals in its network in each city, which cater to various classes of people. Network hospitals should include nursing homes, day-care centers, and multi-specialty hospitals.
#4. Waiting Period for Pre-existing Illnesses: A longer waiting period for pre-existing illnesses can mean that you cannot make a claim for hospitalization, even though you are paying the premium.
Expert Finding: 2 years is the waiting period for pre-existing illness to be covered. However, there are some insurers who specify the waiting period to be 4 years.
#5. Cost of Premiums: The premiums no doubt varies across insurers, but what matters is – the benefits that you are going to get for the premium you pay.
The premium should cover an acceptable room rent in any city, medical & surgical costs and also cover common treatment costs such as cataract, knee surgery and dialysis.
The insurer should have different types of plan available that is suitable for different sections of people such as individual health plans, family floater plans, senior citizen health plans, top-up plans and plans suitable for people with certain health conditions such as cancer and heart disease.
Let’s see what fits into our requirements from the list of best health insurance companies in India.
Care Health Insurance was earlier known as Religare health insurance.
Care Health Insurance is one of the best health insurance in India which offers coverage for health insurance, critical illness, personal accident, top-up coverage, international travel insurance, and maternity along with group health insurance.
The claim settlement ratio of Care health insurance is 92.3% and has over 4900 hospitals in its network.
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Tata AIG Insurance is a trusted 20-year-old joint venture between Tata & AIG Group that carries a AAA rating by ICRA for ability to pay claims and policy holder obligations in a timely manner. The individual death claim ratio for 2018-19 was 96.12%.
The company has access to 5800+ network hospitals.
Max bupa insurance offers coverage for a number of illnesses, access to hospital networks and cashless claims.
Claim settlement ratio of Max Bupa is 91.2% and a high ICR of 51.96%. Max has over 5000+ hospitals in its network.
ICICI Lombard has a network of 6500+ hospitals to avail cashless facilities.
According to IRDA, it is supposed to have settled 98.32% of the claims received. It has a very high ICR of 80.38% which indicates that people are renewing the policy and also making claims.
Star Health Insurance company provides a wide range of health insurance policies for individuals, families, senior citizens and for those who need specialized care like heart patients and cancer patients.
Star has a high claims settlement percentage of 98.72% and ICR of 60.51% with a whopping 9900+ hospitals are on its network.
Care Health Insurance was earlier known as Religare health insurance.
CARE Advantage health insurance is one of the best family floater plans in India. Care has launched the 1 Crore health plan with a motive to provide a higher health cover of Rs. 1 crore at a premium of regular plans. The floater combinations can be up to 2 Adults + 4 Children.
In the case of a claim-free year, the sum insured is increased by 10% as a No Claim Bonus (NCB). The increase is limited to a maximum of 50% in 5 consecutive years.
Highlights of Religare Care Advantage 1 Cr Plan
Features & Benefit
| Minimum age for cover | Individual – 5 years and Child – 91 Days (floater policy with 1 person above 18 years) |
| Maximum age for renewal | Lifelong renewability |
| Waiting period to cover pre-existing illness | Named ailment wait period – 24 months Pre-Existing disease wait period – 48 months |
| Pre-hospitalization | Medical expenses incurred up to 30 days before hospitalization is covered. |
| Post-hospitalization | Covers expenses like doctor consultations, diagnostic tests, medications up to 60 days post-hospitalization. |
| Restoration benefit | Recharge of sum insured at no extra cost. But not for ailment already claimed during the same year. |
| Room Rent / ICU Charges | No sub-limits for Room Rent charges or ICU Charges. |
| Exclusions | Self-inflicted injuries (suicide), injuries caused by alcohol or drug use, congenital disease, Infertility and sterility, change of gender treatments and expenses related to any admission primarily for diagnostics and evaluation purposes only. |
Advantages
Disadvantages
You can check out the different care insurance plans for different requirements like family floater, insurance for parents or insurance for any specific disease.
Calculate Your Care Health Insurnace Premium Thanks, Our expert will contact you soon!Tata AIG carries an AAA rating by ICRA for its ability to pay claims and policyholder obligations in a timely manner. The individual death claim ratio for 2018-19 was 96.12%.
Tata AIG Medicare is a comprehensive “Health Insurance” plan initially offered for 1,2 or 3 years. One can avail a long-term premium discount of 5% and 10% for the policy with tenure of 2 and 3 years respectively.
The best part is that the policy covers medical expenses incurred outside India. However, the initial diagnosis should have been made in India.
Tata AIG Medicare health plans come in three variants – Medicare, Medicare Protect and Medicare Premier.
Features & Benefits
| Minimum Age for cover | Dependent children between 91 days and 5 years, only when both parents are getting insured |
| Maximum Entry Age | 65 years |
| Initial Policy issued for the period | 1/2/3 years with life long renewal option |
| Policy Coverage | Individual or on a family floater basis. Maximum 7 members |
| Waiting Period | Specified disease waiting period – 24 months Pre-existing disease waiting period – 36 months |
| No-Claim Benefits | 50% increase in cumulative bonus for every claim-free year |
| Pre-hospitalization | Medical expenses incurred up to 60 days immediately before hospitalization is covered. |
| Post-hospitalization | Medical Expenses incurred in the 90 days immediately after the discharge |
| Restoration Benefit | An additional amount equivalent to the base Sum Insured will be restored once during the policy period |
| Preventive Health Checkup expenses | Up to 1% of the previous sum insured subject to a maximum of Rs. 10,000/- per policy |
| Day Care Procedures | 541 daycare procedures are covered |
| Domiciliary Hospitalization | The plan covers medical expenses incurred during treatment at home |
| Alternative Treatments – AYUSH | Medical Expenses incurred for In-patient treatment taken under Ayurveda, Unani, Sidha or Homeopathy. |
| Exclusions | Injuries caused by alcohol or drug use, mental disorders, weight control, congenital disease, treatment for correction of eyesight, maternity, abortion, self-inflicted injuries (suicide), an act of war, riots, strike and nuclear weapon induces hospitalization, hazardous or adventure sports. |
One can have a family floater discount on premium as under:
The unique coverage under the policy includes:
What I Liked
What I didn’t like
Heartbeat family is comprehensive health insurance best-suited to a family’s needs with international emergency coverage.
There are 3 variants in this plan – Silver, Gold, and Platinum.
Silver variant – It is a basic health insurance plan which covers inpatient care, pre and post hospitalization expenses and day care procedures. It also offers maternity benefits for 2 kids and covers the newborn baby also.
Gold variant – The Gold plan covers up to Rs. 50 Lakhs and has all features of the Silver plan. You have higher room rent coverage up to the sum insured and maternity benefits covered up to Rs. 1 Lakh.
Platinum variant – Offers insurance coverage up to Rs. 1 crore and all features of the Gold plan with additional features as below:
Features
| Minimum Age for cover | Entry age for adults is 18 to 65 years. The entry age for dependent children is from 91 days to 21 years. |
| Maximum Age for Renewal | Lifelong renewal is allowed. |
| Waiting Period to cover pre-existing illness | 2 years for gold and platinum variants and 4 years for the silver variant. |
| No-Claim Benefits | Irrespective of claim status, you will get a 10% per annum increase in the Sum Insured, up to a maximum of 100% of the Sum Insured for Gold and Platinum plan and 50% in case of the Silver plan. |
| Pre-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 60 days prior to hospitalization is covered. |
| Post-hospitalization | Expenses up to 90 days post-discharge is covered. |
| Refill Benefit | In case the base sum insured is exhausted, you can have 100% of the base sum insured refilled. |
| Day Care Procedures | 536 daycare procedures are covered. |
| Domiciliary Hospitalization | Provided only if there is no bed available in the hospital and a minimum of 3 days treatment is taken at home. |
| Alternative Treatments – AYUSH | Covered in all the variants |
| Exclusions | Eyesight, and optical services, suicide, illnesses due to alcohol & drug abuse, IVF treatment, cosmetic & plastic surgery, robotic assisted surgery and AIDS |
Advantages
Disadvantages
Health guard is a comprehensive family floater policy from Bajaj Allianz. The Sum Insured under the floater policy can be used to meet hospitalization or other permitted expenses for any of the insured members under the policy.
The biggest advantage of this policy is that the common surgeries that are carried out for aged-people such as hernia, piles, cataract and sinusitis are covered after a waiting period of 2 years.
Health guard family floater has three variants
Features
| Minimum Entry Age | Adult – 18 to 65 years Dependent children/ grandchildren – 3 months to 30 years |
| Maximum Age for Renewal | Renewable for lifetime |
| Waiting Period to cover pre-existing illness | 3 years |
| No-Claim Benefits | For every claim-free year, you will get a 10% per annum increase in the base Sum Insured, up to a maximum of 100% of the base Sum Insured. |
| Pre-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 60 days immediately before hospitalization are covered. |
| Post-hospitalization | Expenses incurred during the 90 days immediately after discharge are covered. |
| Reinstatement Benefit | 100% of the sum insured specified under inpatient hospitalization treatment cover |
| Day Care Procedures | 130 daycare procedures covered. |
| Domiciliary Hospitalization | Not covered. |
| Alternative Treatments – AYUSH | Ayurvedic and Homeopathic hospitalization covered under the Gold & Platinum plan only. |
| Exclusions | Attempted suicide, pregnancy, childbirth, fertility & infertility treatment, dental treatment and any treatment received outside India |
Advantages
Disadvantages
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You get covers like Air ambulance cover, infertility cover along with other benefits with My:health Suraksha insurance plan that is normally not covered with other insurers.
There are 3 variants of my:health Suraksha plan – Silver Smart, Gold Smart and Platinum Smart Plans.
Silver Smart Plan – with a basic sum insured up to Rs. 5 Lakhs covering basic hospitalization expenses, daycare procedures and domiciliary hospitalization expenses.
Gold Smart Plan – with a basic sum insured up to Rs. 50 Lakhs with air ambulance cover and higher road ambulance limit.
Platinum Smart Plan – with a basic sum insured up to Rs. 75 Lakhs with a cover similar to Gold Smart plan but with a higher limit.
Features
| Minimum entry age for cover Maximum entry age | Adult – 18 years/ Child – 91 days Adult – Lifetime entry/ Child – 25 years |
| Maximum Age for Renewal | Renewable for life |
| Waiting Period to cover pre-existing illness | 48 months for pre-existing disease 24 months for the specified disease |
| No-Claim Benefits (NCB) | For every claim-free year, you will get a 10%/ 25% per annum increase in the Sum Insured, up to a maximum of 100% of the Sum Insured. |
| Pre-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 60 days prior to hospitalization is covered. |
| Post-hospitalization | Medical expenses incurred up to 180 days immediately after you are discharged from the hospital are covered. |
| Restoration Benefit | An amount equivalent to claim amount is added, subject to a maximum of the basic sum insured |
| Day Care Procedures | Covered. |
| Domiciliary Hospitalization | Covered |
| Alternative Treatments – AYUSH | Covered provided that the treatment is carried out on outpatient basis. |
| Exclusions | Treatment for alcoholism, drug or substance abuse, obesity & weight control, attempted suicide, sterility & infertility treatment like IVF, and dental treatment & surgery. |
Advantages
Disadvantages
Manipal Cigna ProHealth plan offers the typical benefits of individual health policy and also offers protection up to the full Sum Insured in case of emergency hospitalization worldwide.
The plan also covers the cost of expert opinion on listed critical illnesses.
Features
| Minimum Entry Age for cover | Child – 91 days Adult – 18 years |
| Maximum Age for Renewal | Lifelong renewable |
| Waiting Period to cover pre-existing illness | 3 years |
| No-Claim Benefits | For every claim-free year, you will get a 10% per annum increase in the Sum Insured, up to a maximum of 200% of the Sum Insured. |
| Pre-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 60 days prior to hospitalization are covered. |
| Post-hospitalization | Expenses incurred up to 180 days after hospitalization is covered. |
| Restoration Benefit | Unlimited restoration of 100% of the Sum Insured for a policy year. |
| Day Care Procedures | 546 types of daycare procedures covered. |
| Domiciliary Hospitalization | If you need to be treated at home due to a bed shortage at the hospital or even if your doctor prescribed home care, it will be covered up to the sum insured. |
| Alternative Treatments – AYUSH | Inpatient hospitalization under Ayush covered up to the sum insured. |
| Exclusions | Dental treatment, birth control procedures, routine medical checkup & diagnostics, AIDS/HIV, ailments arisiong due to alcohol or drug abuse, non-allopathic treatment, and robotic or remote surgery. |
Advantages
Disadvantages
Optima Restore health plan was initially launched by Apollo Munich health insurance. Post take over of Apollo Munich health insurance HDFC Ergo renamed the plan.
You benefit by having a 100% cover restored instantly after the first claim. The benefit will restore the amount equal to your base sum insured on both partial & complete utilization. The restoration can be used once in every policy year for a lifetime
HDFC Ergo Optima Restore is an individual plan with cover up to Rs. 50 Lakh with affordable premium rates as compared to the other plans on this list with over 10,000+ network hospitals for cashless treatment.
Features
| Minimum Age for cover | Adult – 18 years Child- 91 days |
| Maximum Age for Renewal | Lifelong renewable |
| Waiting Period to cover pre-existing illness | 3 years |
| No-Claim Benefits | For every claim-free year, you will get a bonus of 50% of the Basic Sum Insured, up to a maximum of 100%. However, the Cumulative Bonus will be reduced by 50% of the Basic Sum Insured at the time of renewal. |
| Pre-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 60 days prior to hospitalization are covered. |
| Post-hospitalization | Expenses for consultation, investigations, and medicines incurred up to 180 days after to hospitalization are covered. |
| Restoration Benefit | 100% Basic Sum Insured will be reinstated only once in a policy year. |
| Day Care Procedures | All daycare treatments covered. |
| Domiciliary Hospitalization | If you need to be treated at home due to a bed shortage at the hospital or the condition of the patient is such that he/she cannot be removed to a hospital, it will be covered up to the sum insured. |
| Alternative Treatments – AYUSH | Covered |
| Exclusions | Attempted suicide, war, self inflicted injuries, adventure sports, IVF treatment, treatment of obesity & cosmetic surgery and AIDS/ HIV. |
Advantages
Disadvantages
ICICI Health Booster is a super top-up policy that is similar to other health insurance policies except that it comes with a deductible amount. The greatest advantage of such policies is getting high health cover at a low premium.
With this policy, you have to bear the hospitalization expenses which is equal to the deductible amount. All hospitalization expenses over and above the deductible amount will be covered by this policy.
For example, you have bought this policy with a Sum Insured of Rs.10 Lakh and a deductible amount of Rs. 3 Lakh.
Assume you get hospitalized and the total expenses are Rs. 5 Lakh. Since the deductible amount is Rs. 3 Lakh, you have to bear the expense of Rs. 3 Lakh and the policy will give you Rs. 2 Lakh.
It is important to note that you need not have to bear the deductible amount from your pocket. If you have an individual or family floater policy, then it can be used to pay the deductible amount.
So, a super top-up policy is good in case you already have a health insurance policy and you want to increase the sum assured at a lesser cost.
Features
| Minimum Age for cover | Under Individual policy – 6 years Under floater plan – 91 days onwards |
| Maximum Age for Renewal | Lifelong renewability |
| Waiting Period to cover pre-existing illness | 2 years |
| No-Claim Benefits | For every claim-free year, you will get a 10% per annum increase in the Sum Insured, up to a maximum of 50% of the Sum Insured. However, the Cumulative Bonus is reduced by 10% of the Sum Insured once a claim is made. |
| Pre-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 60 days prior to hospitalization are covered. |
| Post-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 90 days after hospitalization is covered. |
| Restoration Benefit | For plans with deductible of Rs. 3 Lakh and above – reset up to 100%of the sum insured once in a policy year |
| Day Care Procedures | 150 types of daycare procedures covered. |
| Domiciliary Hospitalization | If you need to be treated at home due to a bed shortage at the hospital or even if your doctor prescribed home care, it will be covered up to the sum insured. |
| Alternative Treatments – AYUSH | Covered without any sub-limit |
| Exclusions | Attempted suicide, routine medical, alcohol & drug abuse, dental treatment, AIDS, birth defect treatment, adventure sports, and treatment received outside the country. |
Advantages
Disadvantages
Star Senior Citizen Red Carpet plan is exclusively for senior citizens aged between 60 years to 75 years. The policy covers pre-existing diseases from the second year onwards and carries lifelong renewals.
Star Senior Citizen Red Carpet plan is available both as an individual and floater policy.
Features
| Minimum Age for cover | 60 years up to a maximum of 75 years |
| Maximum Age for Renewal | Lifelong renewable |
| Waiting Period to cover pre-existing illness | After 12 months of continuous coverage |
| No-Claim Benefits | At the discretion of the company |
| Pre-hospitalization | Medical expenses incurred up to 30 days prior to the date of hospitalization is covered. |
| Post-hospitalization | A sum equivalent to 7% of the hospitalization expenses incurred comprising of Nursing Charges, Surgeon / Consultant fees, Diagnostic charges, Medicines and drugs only subject to a maximum amount per occurrence as under Sum Insured up to Rs. 7.5 Lakh – Rs. 5,000. Sum Insured of Rs. 10 Lakh and 15 Lakh – Rs. 7,000. Sum Insured of Rs. 20 Lakh and 25 Lakh – Rs. 10,000. |
| Co-payment terms | Sum Insured – 1 Lakh to 10 Lakh – Co-pay 30% for Non-PED (pre-existing disease) claims and 50% co-pay for PED claims Sum Insured – 15 Lakhs to 25 Lakhs – Co-pay 30% for both PED and Non-PED claims |
| Day Care Procedures | All daycare procedures covered. |
| Domiciliary Hospitalization | Not applicable. |
| Medical Screening | No pre-aceptance medical screening |
| Exclusions | Attempted suicide, dental treatments, Laser surgeries for the eye, adventure sports and for treatment of disease by system of medicine other than allopathy |
Advantages
Disadvantages
This policy can be bought by anyone who is between the age of 46 – 70 years of age and can be renewed lifelong.
This is available as an individual policy only.
Features
| Minimum Age for cover | 46 years up to a maximum of 70 years |
| Maximum Age for Renewal | Lifelong renewable |
| Waiting Period to cover pre-existing illness | 12 months |
| No-Claim Benefits | For every claim-free year, you will get a cumulative bonus of 10% of the Sum Insured, up to a maximum of 50% of the Sum Insured. However, the Cumulative Bonus is reduced by 10% of Sum Insured once a claim is made. |
| Pre-hospitalization | 3% of admissible hospitalization expenses. |
| Post-hospitalization | 3% of admissible hospitalization expenses. |
| Restoration Benefit | Not available. |
| Day Care Procedures | 130 types of daycare procedures covered. |
| Domiciliary Hospitalization | Not applicable. |
| Alternative Treatments – AYUSH | Not covered. |
| Exclusions | Attempted suicide, dental treatments, obesity & weight control, refractive error for the eye less than 7.5 diopters, and treatment received out of India |
Advantages
Disadvantages
Star Health Cardiac Care is for those who are existing heart patients. People who have undergone stenting (angioplasty) or Bypass surgery within 7 years prior to the policy purchase.
All the other features of this policy are similar to other health insurance plans.
Features
| Minimum Age for cover | 10 years up to a maximum of 65 years |
| Maximum Age for Renewal | Lifelong renewable |
| Waiting Period to cover pre-existing illness | 48 months |
| No-Claim Benefits | Not available. |
| Pre-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 30 days prior to hospitalization is covered. |
| Post-hospitalization | Expenses for consultation, medical tests, and medicines incurred up to 60 days prior to hospitalization is covered. |
| Restoration Benefit | Not available. |
| Day Care Procedures | All daycare procedures are covered. |
| Domiciliary Hospitalization | Not applicable. |
| Alternative Treatments – AYUSH | Not covered. |
| Exclusions | Attempted suicide, dental treatments, Laser surgeries for the eye, adventure sports and for treatment of disease by system of medicine other than allopathy |
Advantages
Disadvantages
If you have an individual health insurance policy, you alone will be eligible to claim the benefit of the entire sum assured. All the benefits covered in the plan are available to you and cannot be transferred to anyone else.
The greatest advantages of individual health plans are
Family floater health policies are umbrella health cover tailored for the entire family. A single premium is paid to obtain a cumulative health cover for the entire family and the amount of health coverage can be utilized for hospitalization expenses of any member of the family.
The advantage of a family floater insurance policy is that
The biggest disadvantage of the family floater health policy is that
If your family members have frequent illness then opt for individual plans.
Buying health insurance at an old age is difficult or unaffordable. I suggest you buy a health insurance policy for your parents before they get too old.
The Senior citizen policies are similar to individual health policies but come with stringent medical checkups, high premiums, a higher waiting period for pre-existing illnesses and a greater number of exclusion clauses.
These policies are usually bought by people who have already crossed 60 years of age but do not have any health insurance with them.
Top-up and super top-up policies are health policies that come with a ‘deductible’ clause. These policies come into effect after the amount specified as the deductible is incurred as hospitalization expenses.
For example, assume that you have bought a top-up/super top-up policy of Rs.20 lakhs with a deductible of Rs.5 lakhs. If you get hospitalized, you are eligible to claim from the top-up/super top-up policy for all your hospitalization expenses over Rs. 5 lakhs.
The biggest advantage of these policies is that you can get a large cover for a low premium. Even though there is a deductible clause applicable, you can take a basic health policy whose sum assured will be equal to the deductible.
The biggest advantage is that these policies cover illnesses like heart disease or cancer, which are usually avoided by many insurers. The premiums for such policies are high as the risk is high for the insurer.
These policies are designed for people who are already diagnosed with certain diseases or are at high risk of getting certain diseases.
One of the main reasons why people avoid taking health covers is because they get employer-provided group health coverage. But no matter how much health cover your employer provides, it has its own drawbacks.
Let’s understand why having your own health coverage is important.
Tip #1.
Always buy an individual policy at a young age. Otherwise, insurance becomes as expensive as you grow old.
Tip #2.
Choose the right amount of sum insured as per your family size. Smokers, obese individuals and people with inactive lifestyles have higher health risks and need higher cover.
Tip #3.
If you are buying health coverage for a family of 4 (2 adults and 2 kids), you can either
Tip #4.
Choose a policy with minimal exclusions. Buy a plan which covers 100% of the costs of hospitalization, common daycare procedures and a part of pre and post-hospitalization costs. Do not opt for plans which have a co-pay option.
Tip #5.
Choose a policy that offers lifetime renewability.
Tip #6.
Do not buy a policy that has sub-limits on per day expenses or room rent
Tip #7.
Your health plan should cover hospitalization expenses for critical illnesses also. There should be no “claim loading” in case you or your family are diagnosed with a critical illness. Claim loading is a feature in which the insurance company can keep increasing your premiums year on year if you are diagnosed with a critical illness.
Tip #8.
Check the waiting period for pre-existing illnesses. Most insurance policies have 2 years as the waiting period but some have up to 4 years.
Tip #9.
Check the clauses for getting treated at network and non-network hospitals. Many insurers reimburse only 70-80% of the costs if you get treated at a non-network hospital.
Tip #10.
If you are buying health cover for aged parents, check the list of illnesses and medical procedures that are not covered. Your policy should provide cover for common surgeries required by aged people such as cataract and knee surgery.
Tip #11.
Buy the policy before you get any critical disease (health, lungs, cancer). Many policies have clear-cut clauses that the policies are to be bought before the onset of any such illness.
Tip #12.
Buy a top-up/super top-up policy at a very less premium to get a large cover if you want to increase your health cover.
Tip #13.
Buy separate individual policies for yourself and your spouse as you grow old. This is an important step because family floater policies are issued against the name of the oldest person listed in the group. If the oldest person passes away, the policy ceases and the remaining family members have to buy a new policy at higher premium rates.
Before we look at the best health insurance policies, let us understand some of the common terms used to describe the features, benefits and advantages of health policies.
AYUSH: stands for Ayurvedic, Unani, Siddha and Homeopathy. If a health insurance policy provides coverage for AYUSH treatments, it means that the insured can undergo treatments suggested by the AYUSH doctors and make a claim for it.
Restoration Benefit: It is a benefit that allows an insured to reinstate (refill) the entire sum insured in the policy year when it gets exhausted due to incurred claims. You can reinstate up to 100% of the sum insured in a year. But it costs slightly more than standard health insurance.
Daycare Procedures: A daycare procedure is a surgery or medical procedure that can be completed in less than 24 hours.
Domiciliary Hospitalization: It means medical treatment for a period exceeding three days for such illness/disease/injury which in the normal course would require care and treatment at a hospital but actually taken while confined at home under any of the following circumstances, namely:
i) The condition of the patient is such that he/she cannot be removed to the Hospital/Nursing Home or
ii) The patient cannot be removed to Hospital/Nursing Home for lack of accommodation therein.
By now you have gauged that you and your family’s health insurance needs will be unique. You have to choose a policy based on various factors such as sum insured, co-pay, sub-limit clauses and network hospitals, and not just about quoting low premiums.
Always buy a health policy early in life as it works out cheaper and you will be covered if you fall ill later in life.
About Pardeep GoyalI talk about saving & investing money. You would love my articles related to Credit Cards, Travel, Shopping, Tax Saving. I share transparently how I am making passive income from multiple sources online.
Hi Pradeep, One point not covered in the article is the rising cost of health insurance plan. I am holding a family health insurance policy for last 5 years and the price of premium has doubled (current age 53 years). If the premium of a Health insurance policy is calculated afresh, in my view one should continue with Group Insurance policy till the time it permits, and then switch to own family plan. Is there a way 5-6 families can come together and can take a group insurance scheme jointly?? Reply
That’s a good idea but I have to explore if such option is provided by any insurance company. Reply Sanks HalderHi Pardeep, Thanks for posting your highly informative article on health insurance plans. I am and NRI but plan to settle in India at the end of 2022 or early 2023. I am 43y, my wife 35y, and our daughter 3y. I have been looking for a comprehensive health insurance for my family. Although nowadays plenty of information is available online but more information makes it difficult to select the right health plan, which may cover all the requirements. Medical expenses are getting costlier day by day and health policies are also becoming complicated with lots of fine prints. Therefore, do you suggest: 1. 1 cr health cover? What will be the premium?
2. Restoration benefit with partial exhaustion?
3. Top-up / super top-up?
4. Critical illness cover?
5. Lifelong renewability?
6. Any other? If could suggest one or two policies then it will be helpful for us to choose from. Thanks for your help. Reply
I would suggest you fill in the details https://www.cashoverflow.in/religare-health-insurance/ You will receive the call back to provide you with the details. Reply
Good review. It will great to include around 3 or 5 Top Up and Senior Citizen Health Insurance companies in future reviews. Reply
