The moment you admit in a hospital, your medical bill will soar rapidly. That will make you anxious if you do not have a health insurance policy.
So, you must have at least one health insurance policy to secure yourself and your family from unwanted medical bills. It must be one of the key parts of your financial planning.
You need to know some of the key facts of a health insurance plan before you choose one. Facts like CSR, ICR, hospital networks, and pre-existing illnesses waiting period are key factors to watch.
Moreover, the premium amount and health insurance types are also some of the key facts you must know.
So, depending upon all the factors, I found the 5 best health insurance policy in India. However, you can choose as per your needs and requirements from the list.
ICICI Lombard Health Insurance Policy
ICICI Lombard general insurance has a network hospital of more than 3600 so that you can avail of cashless facilities. As per IRDAI, ICICI Lombard has CSR of 98.32% and ICR of 80.38%.
Health Booster secures you from surging medical costs and unexpected health issues. You will get easy access to cashless medical care in your city having a wide network of 3600+ hospitals across India.
Moreover, you can avail of flexible deductible options and an annual sum insured option ranging from 5 to 50 lakhs to suit your needs.
Your policy shall be reset up to 100% of the sum insured once in a policy year if you have a plan with a deductible of 3 lakhs and above.
This may happen in case the sum insured including accrued additional sum insured (if any) is insufficient due to previous claims in that policy year.
Your policy will reset only for claims within the same policy year excluding the first claim. If it is unrelated to your illness for which a claim has been paid in that policy year for the same person.
You can claim either through cashless or get reimbursed. If you made a reimbursement claim, then within 14 days you will get the payment after you submit all set of documents.
For cashless claims, you need to notify the empanelled network hospitals along with documents. They will respond to you within 4 hours of the actual receipt of such a pre-authorization request.
In case of delay in response by ICICI Lombard beyond the time period, they shall be liable to pay you Rs. 1,000 as well.
Medical expenses incurred by you during your domiciliary hospitalization or treatment at home shall also be covered.
The premium you paid for medical insurance also qualifies for deduction under Section 80D of the Income Tax Act. You may get the tax benefit up to Rs. 25,000/- under Section 80D for self, spouse, and children.
Moreover, you can also save up to Rs. 30,000/, if your parents are senior citizens.
You can buy ICICI Lombard health insurance plan as per your needs. Presently, you have the choice to select any of the below health policy.
Complete Health Insurance Policy
ICICI Lombard Complete health insurance policy covers your whole family in a single Mediclaim policy. So, you can protect all your family members and loved ones and you can stay stress-free.
Personal protect policy offers coverage against life’s worst uncertainties. That may include death or permanent total disablement due to an accident, anywhere in the world.
Health booster policy adds a booster to your current health insurance. It is a Super top-up plan that acts as a backup in case your base plan gets exhausted.
However, you can also purchase a Health Booster Plan with ICICI Lombard without having a base plan.
Star Health Insurance Plan
Star has a high CSR of 98.72% and ICR of 60.51% with a whopping 8200+ hospitals are on its network. It provides you with three basic health insurance plans.
1. Plan for Myself
You can avail Plan for Myself which is an individual health policy if your age is in between18 to 65 years. Moreover, you will get hospital cash benefits along with free health check-up for every block of 3 claim-free years.
Even, there is no cap on room rent and treatment cost and covers you for over 400 daycare procedures.
2. Plan for My Family
Plan for My Family allows you to choose affordable health insurance coverage on a floater basis. You will get a 100% increase in your sum insured upon a claim-free renewal.
Moreover, it also covers your dental and ophthalmic treatments on an OPD basis.
3. Plan for My Parents
You can opt health insurance plan for your parents if their age is in between 60 to 75 years. It covers pre-existing diseases from the second year onwards and guarantees you on lifetime renewals.
Furthermore, you won’t require to do any pre-insurance medical test with Star Health Insurance.
CSR of Apollo Munich is 98.18% and an ICR of 54.99%. That means Apollo Munich is highly likely to settle your claim.
Top health insurance plans offered by Apollo Munich Health Insurance are as follows:
Apollo Munich Optima Restore
Optima Restore allows you to avail of a sum insured from 3-50 lakhs. You will get 100% of your basic sum insured to your cover instantly on your first claim.
Moreover, its multiplier benefit doubles your sum insured in two consecutive claim-free years. Even you can avail discounts at renewal with the “Stay Active” Benefit.
Easy health lets you get 60 and 90 days of pre and post-hospitalization cover. Apart from AYUSH benefit, you can also get maternity coverage. You can also avail of 8 critical illnesses covered.
Health Wallet provides you with a sum insured from 3-50 lakhs. It covers your OPD expenses and the balance amount will be carried forward to your next policy year with a 6% bonus.
Whenever you exhaust your entire cover, then the Health Wallet plan restores your sum insured.
The Energy health plan is specifically designed for people with Diabetes and Hypertension. You will get the sum insured from 2- 50 lakhs.
It covers you from Day 1 for hospitalization arising out of diabetes & hypertension. Apart from that, the New Restore Benefit will allow you to get instant addition of 100% basic sum insured to your cover.
Moreover, you also get 30 & 60 days of pre and post-hospitalization along with expenses for the organ donor and emergency ambulance.
Even you may earn up to 25% renewal premium discount & other incentives for staying healthy.
Max Bupa Health Insurance Policy
CSR of Max Bupa is 91.2% and a high ICR of 51.96%. Moreover, Max has over 3000 hospitals in its network.
Max Bupa provides you with 5 different health insurance policy and you can choose as per your needs.
The GoActive health plan is comprehensive health insurance that covers overall wellness for you and your family.
You’ll get the option to choose from a diverse list of benefits. Some of the key benefits include OPD Consultations, I-Protect, Health Coach and more.
Health Companion is affordable & comprehensive and covers you and the nuclear family. It may include you, your spouse and up to 4 children.
You may get the benefit of direct claim settlement, cashless facility, and assured plan renewal for life.
Heartbeat Family Floater Plan protects you and your family through comprehensive blanket coverage for your medical expenses incurred
Max Bupa Health Recharge
You’ll get the benefits on any claim made by you will only commence once the deductible amount has been exhausted. So, you need to choose the yearly aggregate claim deductible amount under the Max Bupa Health Recharge plan.
Critical illnesses may disturb your life as your savings may wipe out. Criticare plan of Max Bupa covers you from cancer, stroke, kidney failure, or lung disease.
Max Bupa’s AccidentCare health insurance policy lets you cover in the case of accidental death. Apart from that, you’ll also be cover for permanent or partial disability along with other benefits.
CIGNA TTK Health Insurance
Cigna TTK has settled 98.22% of its claims and has an ICR of 48.14%.
It allows you to choose from a wide range of health insurance plans. Some of the top plans are CIGNA TTK Pro-Health Insurance, Lifestyle Protection Critical Care, and Lifestyle Protection Accident Care.
Apart from the top plans, you can also opt for Pro-Health Select, Pro-Health Cash, and Global Health Group Policy.
Comparison of different health insurance plans.
You need to choose a policy based on various factors such as CSR, ICR, network hospitals, and others. Moreover, always buy a health policy early in life as it works out cheaper. Also, you will be on a safer side if you get any illness later in life.
So, which health insurance policy you are likely to choose. Do share your experiences with us in the below comment box.
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Published on: Apr 29, 2019