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Best Health Insurance Plans in India Research Team | Posted On Friday, December 28,2018, 06:37 PM

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Best Health Insurance Plans in India



Importance of Health Insurance in India:

A health insurance policy helps maintain financial stability in the family during a medical emergency. It helps the family feel less pressurized and ensures quality medical treatment. The costs incurred on treatment of critical illnesses are exorbitant. Treatment from a good hospital, doctor’s fees and cost of surgery can pile up. A health insurance policy comes to the rescue in such a desperate situation. Insurance companies also offer the cashless facility that helps reduce out of pocket expenses.

Compare Health Insurance Policies online:

Comparing various policies online is an important step that you must consider before finalizing a health insurance policy. Comparing policies online saves time and helps understand policies better. Follow the steps below to compare health insurance plans online:

  • Visit the portal of an online insurance aggregator.
  • The website will provide you with a list of the top insurance providers in India.
  • Enter the details required on the comparison tool.
  • You will immediately get a list of suitable health insurance policies with features and benefits.
  • Go through the insurance premium, sum insured, inclusions, and exclusions of each policy.
  • Choose a health insurance policy that meets your financial needs.
  • Request a quote on your chosen health insurance policy.
  • If you are satisfied with the cost of the insurance plan, you can make the purchase online.

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Best Health Insurance Plans in India:

Listed below are the most reputed health insurance companies in India that not only provide the insured with good coverage and benefits, but are also the market leaders in customer satisfaction and claim settlement ratio:

  • Bajaj Allianz health insurance
  • Apollo Munich health insurance
  • SBI health insurance
  • Star health insurance
  • ICICI Lombard health insurance
  • HDFC ERGO health insurance
  • Oriental health insurance
  • United health insurance
  • National health insurance
  • New India assurance health insurance

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Features of Health Insurance Policies in India:

There are various types of health insurance policies in India, that help you prepare for unforeseen circumstances like accidents, critical illness or emergency hospitalization. The need to purchase a good health insurance policy is essential to keep up with the rising cost of healthcare. Listed below are some key features of health insurance policies in India:

  • The insurance companies provide the insurer with an option to convert their individual policies as well as make a transfer.
  • Upon maturity, the policy holder can opt for renewal of the policy, either with the same insurer or a different insurer.
  • Most of the insurance companies in India provide health cover for pre-existing diseases provided the policy holder informs the insurer on his existing condition.
  • Porting of health insurance policy must be completed by the two insurance providers, old and new, under guidelines and timelines prescribed by IRDA.
  • To avail the benefits of the health insurance plan, the insured must undergo hospitalization for a period of at least 24 hours. For some surgical procedures which take lesser time like advanced daycare, this is not necessary. Consequently there are some insurance providers who have started offering cover for outpatient and day care expenses.

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Health insurance Inclusions:

A good health insurance policy will provide adequate insurance coverage to cover all medical expenses.  Listed below are the common health insurance inclusions provided by most of the insurance companies:

  • Hospitalization expenses like hospital room charges, cost of medicine and tests, OT and ICU charges and lab charges
  • Provides cover for pre-existing diseases
  • Maternity expenses
  • Day care procedure
  • Pre and post hospitalization expenses
  • Covers Health check up costs
  • Provides cover for Critical illnesses

Health Insurance Exclusions:

There are certain health conditions where the insurer is not liable to pay for the expenses. These are known as exclusions in the health insurance policy. The exclusions are mentioned in the policy document and it is a must read before purchasing the policy. Listed below are some of the procedures that are generally excluded by most of the insurance companies:

  • Dental treatments
  • Optical procedures
  • Genetic disorder
  • Psychiatric disorders
  • Injuries from suicide attempts
  • Injuries from hazardous activities, criminal acts
  • AIDS and HIV
  • STDs and other related illnesses
  • Treatments taken against the recommendations of the doctor.
  • Unnecessary diagnostic tests and post-care procedures.
  • Cosmetology, plastic surgery, gender change or hormonal replacements
  • Expenses for rest and rehabilitation of common illnesses of mild severity
  • Illness or injuries from Nuclear activities
  • Injuries from War, civil unrest, terrorism related acts and so on.

Health insurance claim procedure:

This is an important step that a policy holder must be aware of at all times. There are two types of processes to claim health insurance. You can choose one of them when making a claim:

  • Cashless claim: the insurance companies have tie-ups with leading network hospitals where they offer the cashless facility. The insured does not have to take care of cash transactions because the payments are directly settled between the insurance company and the hospital.
  • Reimbursement claim: a reimbursement claim can be submitted when the insured is admitted to a hospital and pays for the treatment received. In this procedure the insured will have to submit the original medical bills and claim for reimbursement. The insurance company will analyse the claim and then settle it. A reimbursement claim is forwarded in case the insured receives treatment in a hospital that does not have a tie-up with the insurance company.

Government Health Insurance schemes In India:

Given below is a list of health insurance schemes provided by the government:

  • Rashtriya Swasthya Bima Yojana (RSBY): This scheme was launched by the Ministry of Labour and Employment to provide health cover for Below Poverty Line families, where the insured can avail health benefit up to Rs 30,000.
  • Pradhan Mantri Suraksha Bima Yojana: this is a government scheme that provides health cover for the economically weaker sections of Society. This scheme features affordable premiums and provides compensation to the family of the deceased.
  • Central Government Health Scheme (CGHS): It provides comprehensive healthcare facilities to the central government employees, pensioners and dependents of these employees.
  • Janashree Bima Yojana (JBY): launched in August 2000, this scheme aims to provide health insurance to people below the poverty line (BPL) with 45 occupational groups covered under this scheme.
  • Employment State Insurance Scheme (ESIC): This is a social security scheme launched to provide socio-economic protection to the working class and their dependents.

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