Health Insurance - Choose your Family the Right Plan!

What is health insurance? How to invest in health insurance plans? What are the coverage guidelines? What are insurance benefits? Those new to insurance are usually seen finding answers to these questions. But before getting into the details, let’s get a basic understanding of health insurance.

What is Health Insurance?

Accidents, illnesses or disabilities never come informed. These sudden health issues might cause you a major financial loss. This is why it is suggested to save beforehand. But, how does one do that? This is where insurance policies come in. A type of Insurance Coverage, health insurance compensates you for various medical and surgical expenses incurred. It is a coverage provided by the Insurance companies to protect you from unforeseen medical expenses that might occur in the future.

With rising healthcare costs, the need for health insurance plans is increasing as well. The health Insurance Claim can be settled in two ways. It is either reimbursed to the insurer or is paid to the care provider directly. Also, the benefits received on health insurance premiums are tax-free.

Types of Health Insurance Plans

The health insurance companies offer various types of policies as mentioned below:

1. Critical Illness

This insurance covers the risk of any serious illness. It protects you from any critical illness that might occur in the future. The premium you pay for this insurance gets you a cover for a certain sum assured. In case of illness, the insurance company honors claim till the sum assured value.

For example, you buy a health policy for which you pay a premium of INR 10,000 and the coverage that you get is INR 10,00,000. So, when you are diagnosed with any critical illness in future, the insurance company will cover your medical expenses up to the sum assured of INR 10,00,000. Some of the various crucial illnesses covered by insurance firms include cancer, major organ transplant, stroke, first heart attack, kidney failure, paralysis, multiple sclerosis etc.

2. Medical Insurance

It is a type of insurance where the insurer is reimbursed for the hospitalisation charges. Also, the cost of medication or surgery, that you or your family members went through for diseases covered in this insurance are reimbursed. These policies are commonly known as “Mediclaim Policies”.

3. Individual Mediclaim

It is one of the simplest types of health policies. Under the individual mediclaim policy, you receive compensation for the hospitalisation expenses occurred by you up to a certain assured limit. Let’s understand with an example. If there are three members of your family and each one of you gets an individual cover of INR 1,00,000 under this policy then all the three policies are different. Each one of you can claim separate INR 1,00,000 if needed.

4. Family Floater Plans

Under the family floater Plans, the sum assured limit covers the medical expenses of the entire family or certain individuals that come under its cover. The premium paid under this plan is comparatively less than that paid under the Individual Medical Plans. Let's understand with an example. Assume that a family of four members gets a Family Floater Plan and is allowed a claim of INR 10,00,000. Now, any individual from that family can claim an amount up to INR 10,00,000 as mediclaim. Also, if a person has claimed INR 4,00,000 in a specific year, the mediclaim amount for other family members gets reduced to INR 6,00,000 for that particular year. From the next year, the amount again gets refreshed to INR 10,00,000.

5. Unit Linked Health Plans

Unit Linked Plans or ULIPs are plans that are linked to investments in which one can earn returns. So, when you choose a Unit Linked Health Plan you associate a health insurance with that investment. With this insurance, you earn returns at the end of the insurance term depending on the Market performance. Though these plans are expensive, they are recommended to those having a sound market knowledge.

6. Group Mediclaim

Group health policy or Group Mediclaim guards the regular employees and their dependents covered under the policy in case of hospitalisation due to certain disease or injury.

Best Health Insurance Companies in India 2024

• New India Assurance Health Insurance
• Oriental Health Insurance
• Apollo Health Insurance
• ICICI Lombard Health Insurance
• Bajaj Allianz Health Insurance
• Max Bupa Health Insurance
• Reliance Health Insurance
• TATA AIG Health Insurance
• HDFC Ergo Health Insurance
• Aditya Birla Health Insurance

1. New India Assurance Health Insurance

There are numerous types of health insurance offered by New India Assurance Company. Almost all the pans have cashless Facility for you.

• Arogya Sanjeevani Policy (Cashless facility available)
• Cancer Medical Expenses - Group
• Corona Kavach Policy, The New India Assurance
• Group Mediclaim 2007 (Cashless facility available)
• Group Mediclaim Policy for Workers
• Jan Arogya Bima
• Janata Mediclaim (Cashless facility available)
• New India Asha Kiran Policy(Cashless facility available)
• New India Cancer Guard Policy (Cashless facility available)
• New India Flexi Floater Mediclaim Policy (Cashless facility available)
• New India Flexi Group Mediclaim Policy (Cashless facility available)
• New India Floater Mediclaim (Cashless facility available)
• New India Mediclaim Policy (Cashless facility available)
• New India Premier Mediclaim Policy (Cashless facility available)
• New India Sixty Plus Mediclaim Policy (Cashless facility available)
• New India Top Up Mediclaim (Cashless facility available)
• Rashtriya Swasthya Bima Yojana (Cashless facility available)
• Senior Citizen Mediclaim (Cashless facility available)
• Standard Group Janata Mediclaim (Cashless facility available)
• Tertiary Care Insurance(Individual)
• Universal Health Insurance APL (Cashless facility available)

2. Oriental Health Insurance

Oriental Health Insurance helps you to pick a plan that fulfills your insurance expectations. There are various plans offered to you which covers wide facilities like cashless treatment, daily cash allowance, attractive discounts of premiums, quick claim settlement, etc.

Oriental health policies offer insurance cover to the following category of population -

a. Persons with Disabilities (PWD) b. Persons affected HIV/AIDS c. Persons affected with Mental illness diseases

Here's are the following health insurance products by Oriental -

• Happy Family Floater Policy-2015
• Mediclaim Insurance Policy (Individual)
• PNB- Oriental Royal Mediclaim-2017
• OBC- Oriental Mediclaim Policy-2017
• Mediclaim Insurance Policy (Group)
• Oriental Happy Cash-Nischint Rahein
• Oriental Super Health Top-up
• Pravasi Bharatiya Bima Yojana-2017
• Health of Privileged Elders
• Arogya Sanjeevani Policy-Oriental Insurance
• Oriental Super Health Top Up
• PBBY - 2017
• OBC 2017
• PNB 2017
• Mediclaim Policy (Individual)
• Group Mediclaim Policy
• Health of Privileged Elder (HOPE)
• Happy Family Floater Policy 2015
• Overseas Mediclaim Policy (E&S)
• Jan Arogya Bima Policy
• Oriental Happy Cash Policy
• Oriental Dengue Kavach
• Overseas Mediclaim Policy- Business and Holiday
• Oriental Critical Illness Policy
• Corona Kavach and Group Corona Kavach
• Oriental Insurance Bank Saathi Policy - Group
• Oriental Cancer Protect
• Oriental Corona Rakshak Policy-Oriental Insurance

3. Apollo Health Insurance

Apollo Health Insurance is packed with diverse plans that caters to your needs. It helps you meet your medical expenses by Offering financial assistance. You can buy a health insurance plan for your family or individual.

• Optima Secure Health Insurance Policy
• Optima Restore Health Insurance Policy
• My:Health Suraksha Insurance Plan
• My:Health Koti Suraksha Insurance Plan
• My:Health Women Suraksha Plan
• My:Health Medisure Super Top-up Plan
• Critical Health Insurance Policy
• Ican Cancer Insurance

4. ICICI Lombard Health Insurance

A reliable health insurance plan protects you from sudden medical expenses. It reimburses your bills or pays the medical care provider directly on your behalf. The health plan offered by ICICI Lombard covers the cost of hospitalisation, daycare procedures, medical care at home (domiciliary hospitalisation), ambulance charges, etc. It also helps you boost tax savings under section 80D of the income tax Act, 1961.

Below are some of the mentioned health insurance plans by ICICI Lombard:

• ICICI Lombard Complete Health Insurance
• Health Booster
• Personal Protect
• Arogya Sanjeevani Policy
• Corona Kavach Policy
• Saral Suraksha Bima

5. Bajaj Allianz Health Insurance

With Bajaj Allianz, you can check out various health insurance quotes online and figure out the one that is most suited to your budget. Also, you not only get covered for the medical expenses, but also get facilities such as cashless treatment, quality health care, tax benefits, extensive coverage, cumulative bonus, free health check-ups, etc.

Below-mentioned are the types of Bajaj Allianz Health Insurance plans you can opt:

• Individual Health Insurance
• family health insurance
• Critical illness insurance
• Critical Illness Insurance for Women
• Health Insurance for Senior Citizens
• Health Infinity Plan:
• Top Up Health Insurance
• personal accident insurance
• M Care Health Insurance
• Hospital Cash
• Arogya Sanjeevani Policy
• Comprehensive Health Insurance
• Tax Gain
• Star Package Policy
• Health Ensure
• Global Personal Guard

6. Max Bupa Health Insurance

To cater to the diverse needs of the customers, Max Bupa Health insurance provider has come up with different types of health insurance policies such as individual health insurance, family floater insurance policy, critical illness health cover, top-up insurance cover, and senior citizen health plan. Additionally, the plans offers various features like cashless hospital & health network, quick and convenient doctor consultations, doorstep connect for diagnostics & pharmacies, hassle free claims reimbursement process, etc.

• Corona Kavach Policy
• Health Premia
• Health Companion
• MoneySaver Policy
• ReAssure Policy
• Arogya Sanjeevani Policy
• Health Pulse
• AccidentCare (Discontinued)
• Health Recharge
• Criticare
• Heartbeat
• GoActive
• SuperSaver Policy

7. Reliance Health Insurance

The health insurance plans by Reliance not only gives you security from unforeseen medical expenses, but protects your life savings as well. The multiple benefits offered by the plans are - Cashless hospitalization in 7300+ hospitals across India, tax benefits under section 80D of the Income Tax Act, better discounts under special conditions, no claim bonus discount, pre and post hospitalization expenses, annual health check-up, etc.

• Health Infinity Health Insurance (Reliance Health Infinity Policy)
• Health Gain Health Insurance (Reliance HealthGain Policy)
• Arogya Sanjeevani Policy – Reliance General
• Corona Kavach Policy, Reliance General
• Corona Rakshak Policy, Reliance General
• Personal Accident Insurance
• HealthWise Health Insurance (Reliance HealthWise Policy)
• Critical Illness Insurance (Reliance Critical Illness Policy)

8. TATA AIG Health Insurance

TATA AIG offers a unique Range of health insurance plans that fulfil various needs of the customers. The company also ensures facilitating with various features such as paperless policies, cashless claims, tax benefits, ambulance cover, no-claim bonus, Ayush cover, no co-pay, etc.

• Tata Individual Health Insurance
• Tata Family Health Insurance
• Super Top-Up Health Insurance
• Critical Illness Health Insurance
• Personal Accident Insurance Policy
• Coronavirus Health Insurance

9. HDFC Ergo Health Insurance

The purpose of buying a health plan is to get financial support at the time of medical emergency. HDFC Ergo Health Insurance offers various types of health plan that will secure your finances during emergency medical issues.

• Optima Restore Health Plan
• Health Suraksha Plan
• HDFC ERGO my: Health Medisure Super Top-Up
• Critical Illness Silver Policy
• Personal Accident Insurance Policy
• iCan
• Corona Kavach Policy
• Health Wallet Family Floater

10. Aditya Birla Health Insurance

Aditya Birla Health Insurance offers a range of personalized health plan features such as - maternity benefits, organ donor treatment, emergency ambulance cover, cumulative bonus, pre-hospitalization cover, etc.

Some of the medical plans offered Aditya Birla Insurance are:

• Activ Health Platinum Enhanced
• Activ Assure Diamond + Super Health Topup
• Activ Care Classic
• Activ Assured Diamond
• Activ Health Platinum Essential
• Activ Health Platinum Premiere
• Activ Care Standard
• Activ Care Premier
• Arogya Sanjeevani
• Corona Kavach

How to Choose Best Medical Insurance?

Compare

You must not pick the plan randomly. Rather compare between different health policies and go for the best. This exercise may consume some time, but will be beneficial for a lifetime, as the policy will stay with you for the long-term.

Wide Coverage

Your prospective plan should offer cover against a wide range of medical expenses. Depending on your family medical history, you should take adequate cover on your policy.

Custom

Pick such policy which can be customized with other riders.

Price Factor

Paying premiums regularly on-time for a long-term is a commitment. Therefore, ensure you opt such a policy which is affordable for you in all situations.

Conclusion

As a matter of fact, health is an essential wealth. And to maintain a healthy life getting a health insurance is important. It creates a safety net in case of any unforeseen medical expenses.However, it is suggested to choose a health policy wisely. Do not just look for low-premium plans, know the best-suited plans for you, the claim ratio (of the insurer) and the claim process well before you buy. So what are you waiting for? Get a health insurance now! Insure your health for a better future.