Best Health Insurance Policy In India 2020
Health Insurance companies offer several kinds of health insurance plans to provide a wide coverage scope suitable according to different requirements of individuals. Such types involve –
- Individual health insurance plan
This policy provides insurance coverage to an individual on indemnity basis, providing coverage up to the sum insured to the policyholder for the medical expenses procured by a person in the situation of a medical contingency.
- Family floater health insurance plan
This policy permits insurance of multiple family members under one plan. A cumulative sum insured is deposited which covers the members of the family jointly.
Family Floater plan includes the policyholder, spouse, dependent children and, in some cases, dependent parents under the same policy. All members can initiate a claim up to the sum insured. Although, on each claim made, the sum insured reduces for other members.
- Senior citizen health insurance plan
This policy is formulated to provide wide scope of coverage value to individuals who are aged 60 years and above. These plans incorporate a great coverage range which particularly fulfills the requirements of senior citizens. The sum insured is limited and premiums are affordable.
- Top-up health plans
Top-up health plans are supplementary health plans which can be acquired to gain additional coverage level with an individual’s existing health policy. These plans possess a deductible and a sum insured which mean that the claim is accessible only after it exceeds the deductible.
Hence, the top-up will then pay the excess claim. So, when taken with an existing health plan, claims beyond the existing policy would be covered by the top-up plan thereby extending the scope of its coverage.
- Super top-up health plans
Similar to top-up health plans, Super top-up health plans also possess a deductible and a sum insured. Although, under top-up plans, every claim is tallied against the deductible limit and if it exceeds the limit, the claim is paid.
However, in a situation of a super top-up plan, the aggregate claims incurred in a year are compared against the deductible limit. If the value of aggregate claims exceeds the deductible, the excess claim is paid. The scope of your health insurance coverage also magnifies using super top-up plans.
- Disease specific health plans
These types of plans are known as the fixed benefit health insurance plans. Such plans incorporate a specified list of critical diseases and medical treatments.
The sum insured is paid to the insured in an estimate if he/she is diagnosed with any of the covered illness to ensure that all the medical bills of the illness can be conveniently met.
- Hospital cash health plans
Hospital cash health plans are a type of fixed benefit health insurance plans. Under this category, a fixed daily cash benefit is paid to the insured in case of hospitalised for or more than 24 hours.
The amount is paid regardless of any other health insurance coverage that the insured might own. On that account, this plan helps the insured to acquire the additional costs of hospitalisation which might not be covered under an existing health insurance plan.
Best health insurance companies in India
Handpicked from a plethora of options, following are some of the topmost health insurance companies in India enlisted with their benefits and the variety of plans they offer.
|Name of the company||Range of health plans offered||Salient features of the plans offered|
|ICICI Lombard General Insurance Company Limited||· Complete Health Insurance|
· Health Booster
· Personal Protect Policy
|· Approval for Cashless hospitalisation is imparted within 4 hours of request|
· More than 5000 networked hospitals all across India
· A vast range of add-on coverage benefits are offered under the company’s health plans
|Royal Sundaram General Insurance Company Limited||· Lifeline|
· Family Plus
|· ISO certified claim process which makes the method efficient and quick|
· Cashless hospitalisation claim accessible in more than 5000 hospitals of India
|Religare Health Insurance Company Limited||· Care|
· Care Freedom
· Care Heart
· Care Senior
· Cancer Mediclaim
· Critical Mediclaim
· Operation Mediclaim
|· A wide network with above 7400 hospitals|
· Cashless claim approval is provided within 2 hours ensuring a speedy claim settlement
· The company’s claim settlement ratio stands at 93%
|Future Generali General Insurance Company Limited||· Health Total|
· Accident Suraksha
· Future Vector Care
· Future Criticare
· Future Hospicash
· Future Health Surplus
· Surakshit Loan Bima
· Future Advantage Top-up
· Future Health Suraksha
· Future AarogyaBima
· Future VarishtaBima
|· The company settles its claims promptly and has settled above 17.5 lakhs claims creating a trustworthy will.|
· One of the highest claim settlement ratio in the industry, the company has settled 96.95% of its claims.
· A huge network of 5100+ hospitals across India for availing cashless claim facility
|HDFC Ergo Health Insurance Company Limited (Previously Apollo Munich Health Insurance Company Limited)||· Health Wallet|
· Optima Restore
· Easy Health Standard
· Easy Health Premium
· Easy Health Exclusive
· New iCan Cancer Insurance
· \New iCan Cancer Insurance for Women
· Dengue Care Plan
· Optima Cash
· Optima Super
· Optima Vital
· Optima Senior
|· A wide networking with above 10,000 hospitals all across India|
· The company has settled claims worth INR 5775 crores till December 2019, since its establishment
· Attractive premium discounts are offered under company’s policies for a lower premium outgo
|Max Bupa Health Insurance Company Limit Manipal Cigna Health Insurance Company Limiteded||· Go Active|
· Health Companion
· Criticare Plan
· Accidentcare Plan
· Health Premia
· Max Bupa Health Recharge
· Max Bupa Health Plus
· Money Saver Pla
|· The company’s claim settlement ratio is 92%|
· Claim processing takes only 30 minutes ensuring quick claim settlements.
· Above 28 lakh people have been covered under company’s health insurance plans
|HDFC ERGO General Insurance Company Limited||·My:healthMedisure Super Top-up|
· Critical illness insurance policy
· My:Jeevika Cash Hospital Micro Insurance
· My:JeevikaMedisure Micro Insurance
· My:health Women Suraksha
· My:Health Suraksha Silver (Regain & ECB)
· My: Health Suraksha Gold (Regain & ECB)
· Critical Illness Platinum Plan
· Health Suraksha Top-up
|· Trusted by more than 1 crore customers|
· Availability of 24*7 assistance is offered for quickly resolving queries and complaints of its customers
· More than 10,000 hospitals are tied-up with the company for providing cashless claim facility
· ProHealth Plus
· ProHealth Accumulate
· ProHealth Preferred
· ProHealth Premier
· Lifestyle Protection Critical Care
· Lifestyle Protection Accident Care
· ProHealth Select
· ProHealth Cash
· Global Health Group Policy
· Lifestyle Protection Group Policy
· ProHealth Group Insurance Policy
· Super Top-up
|· A wide range of health insurance plans are offered by the company|
· Sum insured levels of different values are provided so that individuals can choose coverage as per their needs
· The premiums are affordable and a host of value-added benefits are available under the company’s health insurance plans
|Star Health & Allied Insurance Company Limited||· Family Health Optima Insurance Plan|
· Senior Citizens Red Carpet Health Insurance Policy
· Star Comprehensive Insurance Policy
· Medi-classic Insurance Policy
· Star Health Gain Insurance Policy
· Super Surplus Insurance Policy
· Diabetes Safe Insurance Policy
· Star Cardiac Care Insurance Policy
· Star Cancer Care Gold Plan
· Star Care Micro Insurance Policy
· Star Criticare Plus Insurance Policy
· Star Family Delite Insurance Policy
· Star Special Care
· Star Micro Rural and Farmers Care
· Star Hospital Cash Insurance Policy
· Star Outpatient Care Insurance Policy
|· 90% of the company’s cashless claims are settled within 2 hours or intimation|
· The company has a network of 9800+ hospitals across India for easier cashless claim settlements
· The company is trusted by more than 16.9 crore individuals who are covered under the company’s health insurance plans
|The New India Assurance Company Limited||· Asha Kiran|
· Cancer Mediclaim Expenses – Individual
· Family Floater Mediclaim
· Jan ArogyaBima
· Janata Mediclaim
· New Family Floater 2012
· New India Floater Mediclaim
· New India Global Mediclaim Policy
· New India Mediclaim Policy
· New India Premier Mediclaim Policy
· New India Sixty Plus Mediclaim
· New India Cancer Guard Policy
· New India Top up Mediclaim
· Senior Citizen Mediclaim
· Standard Group Mediclaim 2007
· Universal Health Insurance
|· A public sector general insurance company with a solvency ratio of 2.10 times making it financially powerful|
· The company’s growth rate stands at 14.09%
· The health plans offered by the company are comprehensive and the premiums are highly affordable
Frequently Asked Questions about Health Insurance
What is cashless claim settlement
Cashless claim settlement is one where the insurance company takes care of the medical bills itself without you having to pay for the medical cost yourself.
A cashless claim is allowed only when you get admitted to a hospital which is tied-up with the insurance company. In such cases, the insurance company settles your medical bills directly with the hospital and you don’t have to bear the financial burden of your medical emergency.
What is Domiciliary Treatment
The treatments availed by the insured at their home are called as Domiciliary treatments. Such treatments are involved under many health insurance policies only under two instances.
Firstly, if the treatment was taken at home due to no availability of hospital bed, then it would be covered. Secondly if the treatment was taken at home because the insured was not in a condition to be moved to the hospital, it would be covered.
Under the above mentioned cases where treatments are subsequently taken at home, the cost of such treatments would be covered under a health insurance plan.
What is No claim bonus
A no claim bonus is a reward presented to the policyholder by its health insurance company in a case where no claims are initiated in the given policy year.
The bonus can be allowed either as a discount in the renewal premium or it can be given as an increase in the sum insured without a rise in the premium. Elevating the total amount insured is the most usual form of no claim bonus offered by most health insurance policies.
Under this bonus, the sum insured escalates by a specified percentage after every claim-free year. The maximum increase in the sum insured is, however, limited.\
Why you should consider a cancer insurance policy
Amidst the gradual increase in individuals falling ill, Cancer has emerged to be a common ailment. The incidence of cancer has taken a rise in recent times as a great number of individuals are falling sick with the disease.
Cancer not only outcomes in extreme physiological loss, it also causes a substantial financial loss. The expenses incurred on cancer treatments, chemotherapy, medicines, diagnostic tests, etc. are fairly expensive. A basic health insurance plan might prove insufficient in covering the costs incurred on treating cancer.
As such, a cancer insurance policy helps in supplementing your coverage. It pays a lump sum amount in case of diagnosis of cancer, granting you to meet the expensive treatment costs and any other financial liabilities it might cause on your pocket.
The premiums for cancer insurance plans are low and affordable and given the benefits offered by the plan, it is meriting.