Health insurance is a crucial aspect of financial planning for every individual, as it helps to mitigate the risk of unexpected medical expenses. With numerous health insurance plans available in the market, choosing the right one can be overwhelming. In this article, we will discuss what to look for in a health insurance plan and provide a list of the top 5 health insurance plans available in India.
Coverage: When choosing a health insurance plan, the coverage should be the top priority. It should cover hospitalisation expenses, including room rent, doctor’s fees, operation theatre charges, ICU charges, and medical tests. Additionally, it should cover pre and post-hospitalisation expenses, day-care procedures, and ambulance charges. Some plans also cover alternative treatments like Ayurveda, homeopathy, and yoga.
Network Hospitals: It is crucial to check the list of network hospitals covered by the insurance provider. Network hospitals are the hospitals that have a tie-up with the insurance provider, and they offer cashless treatment to the insured. The network hospitals should be accessible to the insured to ensure that they can avail of the cashless facility without any hassle.
Premium: The premium of the health insurance plans should be affordable, and it should not exceed the budget of the insured. However, it is essential to note that a low premium plan may not provide adequate coverage. The premium of the plan depends on various factors such as age, sum insured, and medical history of the insured.
Claim Settlement Ratio: The claim settlement ratio is the ratio of the number of claims settled by the insurance provider to the number of claims received. It is an essential factor to consider while choosing a health insurance plan as it indicates the efficiency of the insurance provider in settling claims. A high claim settlement ratio indicates that the insurance provider is reliable and has a quick and hassle-free claims settlement process.
Health Insurance Age Limit in India: The age limit is an essential factor to consider while choosing a health insurance plan. Most insurance providers have an entry age limit, which is the age up to which an individual can purchase a health insurance plan. Additionally, some insurance providers have a maximum age limit up to which an individual can renew the policy. It is crucial to check these limits to ensure that the policy provides coverage throughout the insured’s life.
Now that you know what to look for in a health insurance plan let’s take a look at the top 5 health insurance plans available in India.
Apollo Munich Optima Restore: Apollo Munich Optima Restore is a comprehensive health insurance plan that offers lifelong renewability. It covers hospitalisation expenses, pre and post-hospitalisation expenses, and daycare procedures. It also covers alternative treatments like Ayurveda, homeopathy, and yoga. The plan has a high claim settlement ratio, and it has tie-ups with more than 10,000 network hospitals across India.
Niva Bupa Health Companion: The Niva Bupa Health insurance is a comprehensive health insurance plan that covers day-care procedures, pre- and post-hospitalisation costs, and hospitalisation costs. Additionally, the plan has agreements with more than 4,500 network hospitals across India and a high claim settlement ratio.
ICICI Lombard Complete Health Insurance Plan: For people looking for a comprehensive health insurance plan, there is the ICICI Lombard Complete Health Insurance Plan. It has benefits like adaptable coverage for pre-existing conditions, domestic and international ambulance service, and recovery aids. It provides additional defence against 20 serious diseases like cancer. These add-ons for sum insureds greater than 5 lakhs cover maternity insurance for both the mother and the newborn child.
HDFC ERGO Health Optima Restore Plan: Another well-liked individual health insurance plan is the HDFC ERGO Health Optima Restore Plan. The plan has three excellent benefits: Restore, Multiplier, and Stay Active. Restore will rise by 100% if you use the entire or a portion of the policy’s insured amount. The Multiplier Benefit entitles you to a 100% increase in the Sum Insured after two years without a claim. You will be eligible for the Stay Active benefit if you lead an active lifestyle.
Bajaj Allianz Health Guard Individual Plan: Individual health insurance is covered in detail by the Bajaj Allianz Health Guard Plan, which is offered to individuals. It offers an insured amount that ranges from Rs. 1.5 lakh to Rs. 50 lakh. The hospitalisation costs, pre- and post-hospitalisation costs, ambulance fees, and critical illness coverage are all included in this plan. Additionally, it has a restore benefit that, in the event that the sum insured is used up during the policy period, restores the entire amount insured.
