Best Health Insurance Policies: Features, Benefits and Costs

With the Internet chock-a-block with options for the best health insurance policies available, it is hard to sort through each and every option. So we did some legwork and found some of the best health insurance plans available in the market that cater to both individuals and families. 

After looking through 20 different health insurance companies in India and at least 50 health insurance plans, we’ve narrowed down the search to 6 best health plan options that you might want to consider. Read on.

 

Max Bupa Health Companion Family First 

Company: Max Bupa

Claim settlement Ratio: 91.2%

Allowing 19 members to be insured in the same policy, this family floater plan proves ideal for joint families and large families. A key feature that sets this family plan apart is that each individual member in the policy can have an individual sum insured. Let’s look at some of its features and benefits.

  • In-patient hospitalization offers cashless coverage towards hospitalization expenses for all the members of the policy at network hospitals
  • 30 days pre hospitalization and 60 days post hospitalization expenses covered. 
  • Room rent covered for select categories (suite and above excluded).
  • Day care procedures including dental and ENT covered, among others.
  • Domiciliary hospitalization coverage includes medical treatments taken at home due to non-availability of a hospital bed.
  • Organ donor treatment expenses.
  • Lifetime plan renewability ensures a policyholder can have a long term health insurance plan security and need not have to worry about being uninsured in the future
  • 20% increase in coverage for every claim-free year

 

HDFC Ergo My: Health Suraksha

Company: HDFC Ergo

Claim settlement Ratio: 90.32%

Its features make it one of the best health insurance policies. With multiple sums insured options and multiple premium payment options, this policy caters to a wide range of health insurance seekers, no matter the budget or the needs. Here are its key features and benefits:

  • Entry at any age, which makes it suitable to insurance seekers of all age groups as well as ideal for family plan seekers
  • Lifetime renewability ensures that policyholders can enjoy long term benefits, whether individual or family plan
  • Sum insured ranging from Rs 3 lakhs to 75 lakhs
  • Air ambulance cover ensures fast medical attention and quality hospitalization options
  • Choose room rent capping, co-payment
  • Avail of discounts such as family discount, long term discount and more
  • Covers a broad range of hospitalization expenses including mental healthcare, home healthcare, and domiciliary hospitalization

 

Manipal Cigna ProHealth Insurance Plan

Company: Manipal Cigna Health Insurance

Claim settlement Ratio: 84.91%

Available for individuals and groups, this is a comprehensive health insurance plan that offers wide basic coverage, and options for add-on cover, value-added covers and optional coverage, too. Let’s look at some of its key features and benefits:

  • The plan allows alterations to the sum insured at the time of renewal. Sum insured ranges between Rs 4 lakhs and 50 lakhs.
  • The entry age for the plan is 91 days and there is no limit to the entry age.
  • Flexible options for the amount of deductible – Rs 1, 2 or 3 lakhs
  • Option for waiver of copayment for senior citizens
  • Critical illness additional coverage available for policyholders between the age of 18 and 65 years
  • Offers discounts – long-term discount, family discount, no-claim bonus and staying healthy rewards. 

 

Religare Care Health Insurance Plan

Company: Religare Health Insurance Company

Claim settlement Ratio: 97%

Another health insurance plan that offers a wide range of sum insured options, and can be purchased for individual or family, this insurance plan

  • Sum insured ranges from Rs 4 lakhs to Rs 6 crore.
  • Pre-hospitalization 30 days and post-hospitalization 60 days.
  • Organ donor treatment expenses Rs 50,000 to Rs 5 lakhs.
  • No-claim bonus up to 150%
  • Automatic recharge of sum insured
  • Annual health check-up

 

Star Health Gain Insurance Policy

Company: Star Health

Claim settlement Ratio: 98.72%

Going by a testimonial on the company’s website, this insurance plan provides maximum benefits at affordable premiums. Among its notable benefits are: 9000+ wide network hospitals, 90% cashless claim settlement record and hassle-free claim settlement. Let’s look at its features:

  • It provides flexible premium options ranging from Rs 15,000 to Rs 30,000
  • It offers flexible sum insured options from Rs 1 lakh to Rs 5 lakhs
  • This insurance plan caters to individuals as well as families
  • It covers all day care procedures
  • It has waiting periods: initial 30 days, specified diseases 24 months, pre-existing diseases 48 months
  • Pre-hospitalization 30 days and post-hospitalization 60 days
  • Entry age group: 91 days to 65 years

 

Tata AIG MediCare Insurance Plan

Company: Tata AIG

Claim Settlement Ratio: 95%

This is a comprehensive health insurance plan for individuals and families with the sum insured ranging from Rs 5 lakhs to 50 lakhs. Here’s an overview of its features:

  • This plan offers global coverage for expenses related to inpatient and day care procedures. 
  • It offers additional coverage for maternity. Organ donor, and newborn baby cover
  • Automatically restores sum insured to 100% 
  • It offers lifelong renewability.
  • OPD treatments covered after the completion of two years of policy.
  • Domiciliary treatment is included if the insured person’s treatment exceeds three days.
  • Provides compassionate travel coverage of up to Rs 20,000

 

By now, if you’ve selected at least 1 or 2 options from this list, we’ve done a good job and so have you! Now all you need to do is go online, look up the company website or approach our insurance representatives to help you out, and add insurance to your personal finance strategies.

 

FAQs: Best Health Insurance Plans

How much health insurance does an individual need?

The requirement of sum insured varies from individual to individual, as each individual may have different healthcare needs and economic conditions. Experts suggest that a person should typically have health insurance ranging from Rs 3 lakhs to Rs 10 lakhs depending on individual needs, location and financial capacity.

What are the factors that ascertain whether an insurance company is good or bad?

There are many factors that one must consider in order to determine the strength and reliability of an insurance company. Some key factors are:
1. Claim settlement ratio
2. Incurred claim ratio
3. Reviews by customers
4. Performance history
5. Customer service quality
6. Type and quality of health insurance products

What is the claim settlement process that insurance companies follow?

Different companies may follow specific claim settlement processes. However, there are two types of claim settlements: cashless claim and reimbursement.
Cashless claim: the insurer directly pays to the hospital on behalf of the policyholder
Reimbursement: the policyholder has to file a claim after which, the insurer reimburses the amount.

What are some of the best health insurance plans in 2020?

Activ Asure Diamond Plan by Aditya Birla Insurance offers sum insured of 2 lakh to 2 crore, HDFC Ergo offers the Health Optima Restore Plan that offers sum assured options of Rs 3 lakh to Rs 50 lakh, Bajaj allianz Health Guard Plan offers options of sum insured of Rs 1.5 lakh to Rs 50 lakh. Among other plans are Royal Sundaram’s Lifeline Supreme Health Plan that has options of sum insured of Rs 5 lakh to Rs 50 lakh.

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