A wide variety of health insurance plans available in India may leave you confused. We have picked the five best health plans to make it easy for you
Over the past few years, India has witnessed high medical inflation, standing at 11.3% in 2018. While medical science has made many advances, those are not always accessible to people because of the high cost of treatment. Given the higher incidence of medical conditions, it is important that you are prepared for any medical emergency. The best way to do this is by investing in a health insurance plan. The sheer number of policies available today may make it difficult for you to choose the right one. To help you zero down on the best suited for you, we have listed here the five best health insurance plans in India.
To select the best health insurance in India we have considered the following parameters:
Premium paid vs. Coverage provided
No claim bonus provided
Waiting period for pre-existing conditions
Waiting period for specific conditions
Network of hospitals providing cashless settlement
Critical illness rider and illnesses covered
Care from Religare Health Insurance
Care, a health insurance policy offered by Religare, is among the best health insurance schemes in India, thanks to its comprehensive coverage. It is one of the few health insurance policies that have no upper age limit. That means an individual can buy this policy regardless of their age. It provides a cover of up to Rs. 60 lakh at very reasonable premiums. As a further benefit, the sum assured is restarted if it gets exhausted during the year.
Other benefits of this policy include free health check-ups every year, no claim bonus of up to 150%, 7.5% discount on two-year policy term, worldwide coverage, and lifelong renewal. The plan also provides coverage for ambulance charges and a daily allowance when hospitalised.
It has a waiting period of four years and a co-payment of 20% if the insured is over 61 years of age at the time of enrollment.
Apollo Munich Optima Restore
Among the many health insurance plans available from Apollo Munich, Optima Restore is one of the best to choose from. The primary reason: along with all standard benefits, the sum assured is restored without any additional payments, if it is exhausted during the policy term.
It allows for coverage of up to 6 family members with a maximum sum assured of Rs. 15 lakh. It also provides cover for post-hospitalisation expenses for up to 180 days after discharge. This plan has no copayment clause and imposes no sub-limits of room rent. Daily cash benefit is also available during hospitalisation.
It offers a 7.5% discount on premiums if you opt for a two-year policy term. Further, 50% of basic sum assured is provided as no claim bonus for every year without a claim. Another advantage of choosing this policy is the wide number of add-on covers like critical illness rider available from Apollo Munich.
Max Bupa Heart Beat
If you are looking for a health cover for the whole family, one of the best health insurance plans in India is Max Bupa Heart Beat. It provides comprehensive coverage for up to 13 family members. Further, it also has an inbuilt maternity cover and additional benefits for newborns. There is a waiting period of 2 years for maternity cover, but the cover for newborn is applicable from day 1.
It has no upper age limit and has a lifelong renewal, making it the only family floater plan you would ever need. This plan provides a maximum sum assured of Rs. 50 lakh, and also has provision for no claim bonus. Max Bupa provides direct claim settlement for the expenses under this plan and no third party authority (TPA) is involved.
Another advantage of investing in this plan is that domiciliary treatments are also covered. Further, organ donor and organ transplant expenses are covered as well. If the insured is over 65 years of age, a 20% copayment is applicable.
ICICI Lombard Complete Health Insurance
This is the best individual health insurance plan offered by ICICI Lombard. It has a wide network of hospitals providing cashless settlement. Along with all standard benefits, it also comes with an option for lifetime renewal. Along with hospitalisation and both pre- and post-hospitalisation charges, this plan also provides cover for day care procedures. It also includes free annual health checkup.
Star Health – Senior Citizens Red Carpet
If you are looking to buy a health insurance cover for a senior citizen, the best option available in India is Senior Citizens Red Carpet from Star Health Insurance. This plan has an entry age of 60 years to 75 years. It provides a cover of up to Rs. 10 lakh, but the greatest benefit is that all pre-existing diseases are covered without any waiting period at all.
Star Health offers a 10% discount on premium if stress thallium, BP report, sugar, blood urea and creatinine reports are normal. That said, no medical exam is required to subscribe to this plan. Emergency ambulance charges and domiciliary treatments are also covered under this plan. This plan has a copayment of 50% of pre-existing diseases and 30% on other diseases.
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Disclaimer: This article is intended for general information purposes only and should not be construed as investment or insurance or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.