What is Health Insurance?
Health insurance plans for individuals or family’s to protect the policyholder in case of any health-related problem. By getting medical insurance policy, individuals can find financial help when any kind of health problem arises. If you get health insurance policy, you will be able to find help with cashless treatment and the insurance company will repay all the expenses of your treatment under the terms and conditions of the policy.
Under the medical insurance policies, various kinds of surgical and medical treatment expenses are covered. Therefore, whether you have any kind of illness or injury, you do not have to worry about hospitalization and treatment expenses because of health insurance policy benefits.
At the present time, medical expenses are very high and it is not easy for every family to afford these expenses in case of an emergency. In such cases, Medical insurance plans are available as the perfect option to handle such situations with ease. Every policyholder can live stress-free life because of the benefits of these insurance plans in case of emergencies with cashless treatment facility.
If you are looking for the best insurance plan as per your requirements and budget, you will find it easy to compare and select the best insurance plan with Verified Policy. We are here to help the individuals and following ways:
- Details of individual Medical insurance plans with top insurance companies
- Easily compare all health insurance policies
- Choose health insurance plan with the lowest premium
Importance of health insurance services in India:
India is one of the countries where health-related problems are very common due to bad food habits and insufficient knowledge about health and fitness care. People are living busy and stressed life and they are unable to give enough time to health care. In such cases, you never want to face an emergency related to your health condition. In case of hospitalization and serious diseases, it is not easy for everyone to afford the expenses of medical treatments.
For the treatment of critical and serious diseases, you will need to visit best hospitals in the country and these expenses can be very high in such cases. To get rid of such stress, medical insurance policies are available as the best option for every family. Just pick the perfect insurance plan with best health insurance company and live a stress-free life with your family. By choosing Medical insurance policy, it is possible for every individual to get financial help in case of medical emergency.
Compare Health Insurance plans and choose the best one:
When you plan to choose health insurance plan for your family members, you will not find it that easy because of so many options available in the market. Today, a large number of insurance companies are available in the market and they offer different kinds of insurance plans for individuals and families. In such cases, Verified Policy is available to help you in the best way because you can easily compare all the plans of medical insurance provided by various companies with us. To buy the best plan, tell us your requirements and find complete information to choose the perfect plan as per your requirements.
Due to the increasing medical expenses, you never want to turn a medical emergency into a financial emergency. To take complete care of your healthcare, we provide the detailed information about all health plans available in the market.
Now, you do not have to compromise on your future goals by investing your savings in health care. Whenever you are looking for the best option for an insurance plan, you always want to save your money by getting the best plan available in the market.
To save the money and to get additional benefits on medical insurance plans, it is always beneficial to compare all plans available for individuals. With medical insurance policies, individuals will also get additional benefits like regular health check-up, pre and post hospitalization expenses and cashless treatment services in emergencies.
If you don’t want to spend your hard-earned money at the unwanted medical expenses, then you should get your medical insurance today.
The health insurance is highly necessary because of the following reasons:
- Diseases are increasing day by day
- A largeamount of hospital bills
- Visiting and consultation fees have been increased
- Increased prices of the medicines
The people, who want to get medical insurance policy, need to pay an amount of money at regular intervals according to the policy selected. Now, there is a number of health insurance companies trying to attract people to get their policy. Here, we have selected the top medical insurance plans that you can get to manage your future financial loss.
Best health insurance Policies by Top health insurance Companies in India
|Insurance Company||Coverage||Incurred Claim Ratio||Waiting Period||Renewability||Network Hospitals|
|Max Bupa Health Insurance||4 members of the family (2 adults + 2 children)||51.96%||4 years||Lifelong||Over 3500|
|HDFC ERGO Health Insurance||4 members of the family (2 adults + 2 children)||76.90%||4 years||Guaranteed Lifelong Renewal||Over 5000|
|Bharti AXA Health Insurance||4 members of the family (2 adults + 2 children)||76.88%||4 years||Lifelong||Over 5000|
|SBI Health Insurance||4 members of the family (2 adults + 2 children)||75.01%||1 to 4 years||Lifelong||Over 3000|
|L&T Health Insurance||4 members of the family (2 adults + 2 children)||77.83%||3 years||Lifelong||Over 2800|
|Bajaj Allianz Health Insurance||6 members of the family (2 adults + 4 children)||78.50%||4 years||Lifelong||Over 3700|
|Reliance Health Insurance||6 members of the family (2 adults + 4 children)||92.23%||4 years||Lifelong||Over 4000|
|National Health Insurance||6 members of the family (2 adults + 4 children)||97.25%||4 years||Lifelong||Over 6000|
Types of insurance plans by health insurance companies in India:
Everyone wants to secure the health of own and family members. Due to the increasing expenses of medical treatment and hospitalization in India, it is essential for everyone to get medical insurance plan.
If you do not want to find the trouble to arrange the expenses of medical treatment in critical diseases, just go with the services of health insurance companies offering various plans for individuals.Wheneverthe policyholder will face such emergency related to health care, he can claim the benefits of insurance plan and can get financial help in such condition.
If you want to find help to know about various kinds of policies available in Indian market, here are the details for it:
- Individual medical insurance policies:
Individual medical insurance plans are available to provide the coverage in case of certain diseases, injuries and other health-related issues to individuals. It also offers the benefits for cashless hospitalization expenses and other add-ons.
The coverage benefits will be applicable for one individual only and premium will be based on is of the policyholder. As per the terms of individual medical insurance policies, every policyholder will receive the complete amount separately.
- Family health insurance plans:
When it comes to getting the benefits of insurance plan for all members of the family, family health insurance policies are available. It is possible to include all family members under a single coverage option against multiple illness issues and diseases.
It is also known as family floater insurance policies and there will be only one fixed claim option for all the members’ of the family. As per the tenure of policy, either one or all members of the family can get one or more claim.
- Senior citizen medical insurance plans:
These health insurance policies are available for individuals who have an age of above 60 years. During old age, it is common for people to face health-related problems and critical diseases.
In such cases, medical insurance companies offer senior citizen plans to provide protection to people having age up to 65 years.
- Critical illness and surgery insurance policies:
These insurance plans are available as standalone policies to provide the treatment benefits for critical illnesses such as cancer, heart attack, paralysis and kidney failure etc. in these kinds of critical diseases, medical expenses are always very high and it is not easy for everyone to afford the expenses of treatment of these critical diseases.
It is possible to avail the benefits with these insurance plans if the policyholder is diagnosed with specified terminal conditions as per the terms of insurance plan.
- Maternity medical insurance plan:
To cover the additional cost of child delivery or pre and post natal care, Maternity medical insurance policies are available. Some of the medical insurance companies also provide the benefits to include the expenses of vaccination of babies under this insurance plan.
With these insurance plans, the policyholder will also get coverage for the transportation expenses to take mother to the nearest hospital in network covered under the insurance plan.
- Personal accident coverage policy:
In cases of accidents, these insurance plans are available to provide the benefits as standard insurance policies. It is possible to avail the coverage benefits for the medical expenses and hospitalization during the treatment in case of an accident. In these insurance plans, they also provide coverage options in case of disability or death of a person.
- Pre-existing disease coverage with insurance plans:
If you have any kind of existing this is like hypertension, diabetes, cancer or kidney failure, these insurance times are available with companies. The policyholder will get the claim benefits for the treatment of illness that he had before getting the policy.
- Preventive healthcare:
Today, healthcare is getting very expensive and nobody wants to face the medical issues. However, if you want to take care of your health before getting any disease, preventive healthcare options are available for it. With these policies, the company will provide coverage for regular health check-ups, consultation fees, x-ray fees and other such expenses to prevent the diseases.
Under various insurance plans, the individuals will find different benefits for the prevention of illness and diseases with proper healthcare. It is also beneficial for early detection of diseases.
- Unit linkedmedical insurance plan:
Most of the companies are offering ULHP (Unit linked health plans) that is unique kind of plan providing the combination of investment and health insurance together. If you want to get a return on your investment while choosing a Health Insurance policy, you can go with this option.
If you are searching for the perfect ULHP plans for a perfect investment of your money, you can choose from the plans given below:
- ICICI Pru’s Health Saver
- LIC’s Health Protection Plus
- Birla Sunlife’s Saral Health
- India First’s Money Back Medical insurance Plan
In these brands, the coverage limit will depend on health, gender, age and other variables. With these plans, it is possible to save a certain amount of your investment for treatment of serious diseases and you can also get a return on your Investments.
Make perfect choice for the medical insurance policy:
Because of so many insurance plans available in the market, you may get confused about the claim benefits of these policies. You will get help with the information given below about the benefits of various types of insurance plans provided by the companies.
|Type of insurance policy||Benefits for policyholder|
|Medical insurance with cashless facility and coverage with claim||Get the coverage benefits for surgical bills and other medical expenses|
|Critical illness insurance plans||Get the benefits to cover the expenses of serious and Critical diseases for the policyholder|
|Hospital cash plans||Provides the coverage with fixed cash amount on regular basis during the hospitalization|
|Personal accident insurance||Fixed cash amount to prevent the financial troubles in case of accident cases. Coverage benefits for treatment of temporary or permanent injury or disability in an accident|
|Maternity insurance plans||Benefits for policyholder for the coverage of all the expenses during delivery or newborn baby coverage|
|Family health insurance plans||The benefits for all family members in case of medical emergencies under a single insurance policy|
|Senior citizen Health Insurance plans||Provides the coverage benefits for the treatment of health issues of senior citizen|
Features and benefits of health insurance plans in India:
At the present time, it is not easy for every family to handle the expenses of Healthcare because the cost of treatment and hospitalization is increasing every day.
Whether it is the expense of hospitalization, regular health checkup or treatment of critical diseases, if you want to afford all these expenses without the financial crisis, medical insurance policies are available in the market as the perfect solution for it. To understand the benefits and key features of these insurance policies, you can check the information given below:
- Pre and post hospitalization expenses:
The health insurance plans are available to provide the claim benefits in case of pre and post hospitalization for the policyholder. The policyholder will be able to pay pre and post hospitalization fees over the time period of 30 to 60 days as per the terms and conditions of the selected insurance plan. The time period and the cost coverage benefits will depend on the type of plan selected by an individual for healthcare.
- Cashless treatment:
All the medical insurance companies have linkups with various hospitals and nursing homes all over the country. If you are getting the benefits of Health Insurance plans, you can visit the hospitals in the network for the treatment. You do not have to pay anything for your treatment and your insurance will take care of all the expenses with the cashless payment method.
These kinds of plans are getting popular because there is no stress to claim the amount of your insurance plan for the treatment of any disease. The insurance company will settle all the expenses directly with Hospital and policyholder will get the direct benefits in case of any treatment at the hospital without making the payments.
- Ambulance expenses:
With these insurance plans, the individuals will also find help to cover the transportation fees. As the add-on benefits of insurance plans, the companies will give options for the coverage of ambulance face during hospitalization for the policyholder.
- Medical check-up expenses:
Under the medical insurance plans, you will also find benefits to afford the expenses of regular medical check-ups. Some of the insurers provide the additional benefits to cover the expenses of medical check-up. It will depend on the type of insurance plan that you have selected.
- Advantages with no claim bonus:
For the policyholders, the insurance companies also provide the advantage of no claim bonus. If you haven’t got the benefits of your insurance coverage in case of any medical treatment expenses, they will provide no claim bonus benefits as the discount when you will renew your policy.
- Room rent expenses as per limits of insurance plan:
In medical insurance plans, you will find various kinds of sub-limits and room rent is one of it. With different insurance companies, you will find different terms and conditions related to the sub-limit related to room rent expenses. In the case of hospitalization, sub-limit for room rent expenses will depend on a regular basis.
For example; if insurance plan provides the option to cover room rent expenses up to Rs. 3000 and total rent of room is Rs 5000 per day, you will have to make payment of Rs. 2000 from your pocket. Therefore, the charges of room rent will always depend on the type of room that you have selected.
If the total expense of treatment at the Hospital is 5,000,00 rupees, you can estimate all the expenses with the table given below as an example:
|Sum Assured by Your Policy (in Rs.)||5,00,000|
|Room Rent as per Sub-Limit (in Rs.)||3,000|
|Room Rent Per Day (in Rs.)||5000|
|Room Availed at the Hospital (in Days)||10|
|Actual Hospital Bill (in Rs.)||Reimbursed Amount (in Rs.)||To be Borne by You (in Rs.)|
|Room Charges (in Rs.)||50,000||30,000||20,000|
|Doctor’s Fee (in Rs.)||20,000||12,000||8,000|
|Medical Tests’ Cost (in Rs.)||20,000||12,000||8,000|
|Operation/Surgery Cost (in Rs.)||2,00,000||1,20,000||80,000|
|Medicine Cost (in Rs.)||15,000||15,000||0|
|Total (in Rs.)||3,05,000||1,89,000||1,16,000|
With this information, you will be able to make a better choice as per the terms and conditions for sub-limits in a health insurance plan.
- Tax benefits with medical insurance policies:
With health insurance plans, it is also possible to get tax benefits under the income tax act section 80D, 1961. When you pay the premium for your health insurance plan, you will be able to get tax rebate with it.
The tax benefits will depend on the amount of premium that you are being. It is possible to get savings of Rs. 25000 annually in tax below the age of 60 years. After 60 years, you can avail the maximum tax benefits up to Rs.30000 annually with your medical insurance plan.
- Co-Payment options:
With medical insurance policies, the individuals all also find the option of co-payment as per the terms of plan selected. According to the benefits of this feature, it is possible to decrease the cost of Health Insurance plan. You will be able to share the expenses of treatments and hospitalization with the insurer.
- Health Insurance Plans by employer:
At the present time, over 80% employees provide the coverage of Medical insurance to the Employees. During the hospitalization of the employee, they offer the benefits of coverage for all the expenses. Coverage benefits during hospitalization will depend on the insurance plan selected by the employer for the employees. The employee will be able to avail the benefits of insurance plan until he is a part of the organisation as an employee. After leaving the job, the employee will not be able to avail the benefits of employer health insurance plan.
Because of all these key benefits and features of medical insurance policies for the individuals in India, it is always beneficial to invest in these policies for the assurance of protection and safety of your family members in case of medical emergencies. If you do not want to face the financial trouble during the treatment of critical illness and diseases, just go with the perfect health insurance plan available as per your requirements.
Things to keep in mind before choosing Medical insurance plans in India:
It can be a tough decision to choose the perfect medical insurance plan in the country. Lots of options are available when you are looking for the best medical insurance policy as per your requirements. If you want to make your choice easier, you can get help with the given below for it:
- Claim settlement record of the company:
First of all, it is essential to check the claim settlement record of the insurance company. It will be better to compare the claim settlement record of top Health Insurance providers in the country.
If you are choosing medical insurance plan with the company having good claim settlement record, you can always rely on the service quality and it will be helpful to get stress free claim benefits in case of medical emergencies.
- Expense coverage scope:
Most of the people select the health insurance plan according to its cost. It is always good to compare the cost of insurance plans but it is not necessary that the insurance plan with less cost will be a better one. You should always take a close look at all the benefits included in an insurance plan and you should make a right choice as per your needs and requirements.
- Sub-limits and caps:
To get other best benefits with your medical insurance plan, it is essential to understand the factors like sub-limits, co-payments and other caps. If you are comparing all these factors before choosing health insurance plan, you will get long-term benefits for complete safety of your financial condition to face medical treatment expenses.
- Terms of renewability:
With all other factors, it is essential to check the time period of protection of your help with medical insurance plan. You never want to face a situation when the protection time period of your health insurance plan ends and you need it to fill the medical expenses, mostly in your old age. It can be a bit confusing to stay with your existing plan or finding a new plan with time. To get rid of such stress, it is essential to check the terms of renewability before getting an insurance plan with a company.
- A network of cashless hospitals:
With the insurance plans, it is possible to find benefits of cashless payments for all the expenses of your treatment during hospitalization. Different insurance companies are linked with a range of hospitals and clinics where you can get these benefits.
It is a stress-free way to get any kind of treatment without worrying about cash payments. If you are going to choose medical insurance plan with any of the companies, you should also check if they are able to provide cashless Hospital facilities at your nearest locations or not.
- Floater family plan terms:
Family floater plans are available to provide the perfect option for the complete coverage benefits for the family members. Everyone has a different number of members of the family. It is essential to consider the size of your family before purchasing floater family plans with insurance companies.
If you are unmarried and your parents are in the 50s or 60s, it is not a good idea to go with family plans. It will be better to prefer family plans if you are married and you have kids as well as parents and your family.
- Internal team to handle Mediclaims:
The top companies are providing the better quality of services with a special theme to handle Mediclaim for the policyholders. If there is any kind of problem to claim your benefits, they will handle all the paperwork and will help to claim your insurance benefits without any kind of stress.
You should know if the insurance company is able to provide a dedicated internal team to handle Mediclaim for the policyholders.
- Portability of insurance plans:
At the present time, most of the companies are providing the portability options for the insurance plans. If you want to switch from your insurance company to any other company, it is always beneficial to get the portability option with your insurer. With the portability of your plan, you can also choose any other plan having better benefits with the same Insurance company. When it comes to switching to other insurance company, you will be able to do it for free without any additional expenses with the option of portability.
- Top up plans:
Due to increasing cost of the medical treatments, it is required to get the medical insurance plan having coverage options for critical diseases. It is not possible for every individual to afford these insurance plans due to the high cost of the premium. In such cases, at top of plans are available as the perfect solution.
It will be beneficial to get a cheaper plan with option of top up to get the benefits in cases of high expenses by the hospitals. Before choosing any of the insurance plans, it will be better to get complete information about top-up plans provided by the insurance company.
- Waiting period:
According to the terms and conditions of insurance companies, every policyholder has to follow the given waiting period in the pic situation of Pre-existing illness. With different companies and insurance policies providers, you will find different waiting period.
If you are going to claim the benefits of insurance in the waiting period, the insurer will have right to reject your claim. You should know about the waiting period policy and time with your insurance plan.
If you are able to consider all these factors, it will be beneficial to choose the perfect insurance plan to avail the maximum benefits during hospitalization or medical treatments.
We are here to provide the complete details by comparing the health insurance plans by various companies in the market. It is possible for every individual to make a better choice by considering all these tips.
Compare the health insurance plans online with us:
To avail all the benefits of your medical insurance plan, it is essential to make the right choice with the best insurance service provider in the country. Now, you do not have to face inconvenience to compare the insurance plans to know about all the benefits.
We are here to help you to compare Health Insurance plans online before making a selection for any of the insurance policies. We understand the requirements and needs of every individual on the basis of your selection.
With different companies, you will get options to choose different Medical insurance plans having various advantages and features. Sometimes, you can pay extra for a plan with more benefits but you do not need it as per your current situation.
In such cases, Verified Policy provides the complete details about all the insurance Plans by comparing all the benefits and futures for the policyholders. We ensure that every individual can get the maximum benefits try choosing the right insurance plan with a reliable insurance company in the Indian market.
Portability options with health insurance plans:
It is not necessary to stay with your existing insurance company if you are getting additional benefits and better features with the plans of other companies. Today, IRDA allows every policyholder to switch to other insurance companies without losing the benefits of the existing plan. It is possible to avail the following benefits with medical insurance plan portability options:
- Switch from the current insurance company to other companies for better plans
- You can change any individual insurance plan into a family floater or vice versa
- Both of the insurance companies will complete all the paperwork and formalities according to guidelines of IRDA
However, you should know that you can switch your policy only at the renewal time. When you switch to a new policy, the premium and terms and conditions will also change according to the new insurance company. You have to make a request for portability at least 45 days before the renewal date. It is also essential that there should not be brakes between the renewals of policy.
Inclusions in health insurance policies:
The coverage benefits will be different according to the selected insurance plan and Insurance Company terms and conditions. If you want able to pick the perfect insurance policy as per your requirements, you will get the benefits with following inclusions in insurance plan:
- Hospitalization expenses
- Ambulance charges
- Health check-ups
- Maternity / newborn
- Donor (in case of organ transplantation)
- During injuries requiring a stay for overnight hospitalization
- Pre-existing diseases
- Pre and post hospitalization expenses
- Daycare procedures
- Treatment at home
- Domiciliary hospitalization
Exclusions in health insurance plans:
With all the inclusions, it is also essential to know about exclusions so that you can stay prepared to face such situations. The exclusions in health insurance plans will also depend on the terms of the insurance company and selected plan by the individual. Here are some of the common exclusions in medical insurance policies:
- Injuries caused in war/terrorism/ nuclear activity/suicide attempt
- No coverage offered during the waiting period of the policy
- Cosmetic/plastic surgery, replacement of hormones, sex change and more
- Terminal illnesses, AIDS, and other diseases of similar nature
- Coverage of pre-existing diseases or critical illnesses is applicable for a waiting period of 2 to 3 years.
- Clear exclusion of expenses incurred for maternity/newborn
- Non-allopathic diseases’ treatment
- Dental or eye surgery
- Treatment/diagnostic tests, post-care procedures
- Bed rest/hospitalization and rehabilitation, common illnesses
- Treatment in abroad
Health insurance premium calculator:
Are you looking for a perfect solution to calculate the premium for selected health insurance plan? Various factors may affect the premium of your health insurance policy and you will need to calculate premium by considering all these factors. If you are looking to select the best medical insurance plan available in the market as per your needs and requirements, Verified Policy helps you in the best way by providing the future of medical insurance premium calculator. It is the best possible way to calculate the premium and pick the perfect insurance plan as per your budget and requirements.
Eligibility criteria for health insurance plans:
Health Insurance plans are essential for almost everyone out there. If you do not want to face the high expenses of medical treatments, the medical insurance policies are very beneficial and secure option to choose. If you want to choose the perfect health insurance plan as per your needs and requirements, you will find two options: Individual and Family Floater Insurance plans. To get any of the insurance policies, you should fulfil the following eligibility criteria:
- Entry age for Adults: 18 to 65 years (70 and above, based on the plan and insurer)
- Entry age for Children: 90 days to 18 years.
- Policy renewability: Lifelong and subject to medical clearance
Important questions to ask before getting Medical insurance:
Before buying any of the health insurance policies with companies available in Indian market, you should ask some of the questions about:
- About the covers offered for the policyholders
- About the features of add-ons on your plan
- What is sum assured?
- Options of individual and family floater
- Applicable sub-limits
- About the discount offers on insurance plans
- Options of co-payment/voluntary
- About all the exclusion and inclusion withan insurance plan
- Cashless benefits, claim options and settlement time period
- Medical check-up before acceptance of the policy
Claim process for health insurance:
With different medical insurance plans, the policyholders will find different benefits as per the claim process provided by insurers. If you do not want to face any kind of trouble to get a claim for your insurance policy, you should know about the claim processes as given below:
- Expense reimbursement:
With medical insurance policies, it is possible to get benefits to afford the medical expenses because they will repay the expense amount during the time of claim. If you have paid chances of medicines, doctors’ fees, lab tests and bed charges during hospitalization, you can get all the money back with the help of your insurance plan.
- Cashless treatment options:
Another way to claim the benefits of your health insurance plan is cashless treatment. If you get treatment at the hospitals in a network of your insurance company, you do not have to make payments because your insurance will directly pay the amount to the hospital. You will be able to get treatment without any cash payment in such cases of the claim.
Required documents to get a claim for health insurance plan:
If you want to claim the expenses of hospitalization, you will require the following documents to show to your insurance company:
- Discharge card issued by the hospital
- Medical store bills
- Claim-form with insured’ signature
- Hospitalization bills (signed by insured for authenticity)
- Doctors’ prescriptions
- Valid investigation report
- Consumables and disposables prescribed by the doctors
- Bill of doctors’ consultation fee
- Copies of the Insurance policy from the previous year and current year/copy of ID Card of TPA
List of all health insurance companies in India:
India is a large market for insurance companies and a large number of companies are available to offer various kinds of policies for the individuals and families. Here is information related to all the insurance companies in private and public sector in India:
Private Sector Insurer(s)
- IFFCO-Tokio General Insurance
- L&T General Insurance
- Liberty Videocon General Insurance
- Max Bupa Health General Insurance
- Raheja QBE Health Insurance
- Reliance General Insurance
- Religare Health Insurance Company
- Royal Sundaram General Insurance
- SBI General Insurance
- Star Health and Allied Insurance
- Tata AIG Health Insurance
- Apollo Munich Health Insurance
- Cigna TTK Health Insurance
- Bharti AXA General Insurance
- Cholamandalam MS General Insurance
- HDFC ERGO General Insurance
- Future Generali India Insurance
- Bajaj Allianz General Insurance
Public Sector Insurer(s)
- United India Health Insurance
- National Insurance
- New India Assurance
- Oriental Insurance
Public-Private Sector Insurer(s)
- Universal Sompo General Insurance
India’s top 10 medical insurance companies:
When it comes to finding the reliable and trusted Health Insurance services with the best policy, it is important to know about the top insurance service providers in the country. On the basis of incurred claim ratio and the service quality provided for the clients, here is a list of top 10 companies with Incurred Claims Ratio (ICR) for FY 2016-17providing the services of Health Insurance in the country:
|Company name||Incurred Claims Ratio (ICR)|
|National Insurance Company Limited||126.98%|
|Oriental Insurance Company Limited||118.23%|
|New India Assurance Company Limited||102.94%|
|Bajaj Allianz General Insurance Company Limited||78.50%|
|Cigna TTK Health Insurance Company Limited||48.14%|
|Religare Health Insurance Company Limited||50.52%|
|ICICI Lombard General Insurance Company Limited||90.22%|
|Max Bupa Health Insurance Company Limited||51.96%|
|Star Health & Allied Insurance Company Limited||60.51%|
|Apollo Munich Health Insurance Company Limited||54.99%|
Government health insurance schemes in the country:
If you want to know about the government medical insurance schemes for all the citizens of the country, here is a list of all these schemes:
- PradhanMantriSurakshaBimaYojana (PMSBY)
- RashtriyaSwasthyaBimaYojana (RSBY)
- Universal Health Insurance Scheme (UHIS)
- AamAadmiBimaYojana (AABY)
Find the best medical insurance policy online:
When it comes to finding the best insurance policy to ensure the safety of your Healthcare needs you do not have to contact different companies to know about the key benefits of their policies. In the country, lots of companies are opening various plans, therefore, you can find all this information at one website to choose the best plan. With Verified Policy, every individual will be able to make the right choice from medical insurance policies because of the following features:
- Explore the details of best insurance plans available in Indian market
- Stay updated with latest news and articles about medical insurance companies
- Compare the various medical insurance policies online
- Contact experts to get advice about right medical insurance policy
- Get help with reviews from other users
Comparison table for best health insurance plans in Indian market:
Verified Policy provides the detailed information to everyone who is searching for the perfect medical insurance plan as per the needs and requirements. If you want to make the right choice to make your selection for complete Assurance of safety and protection with an insurance plan for your family, you can take a look at the table given below.
|Insurer||Network Hospitals||Plan Name||Sum Insured Options||Features Available||Features excluded|
|Apollo Munich Health Insurance||3880||Easy Health Floater Exclusive||3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs||Health Check Up|
|Easy Health Floater Premium||4lacs, 5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs||Health Check Up|
|Easy Health Floater Standard||2lacs, 3lacs, 4lacs, 5lacs||Health Check Up|
|Optima Restore||3lacs, 5lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs||Restore Benefits|
|Bharti AXA Health Insurance||1609||Smart Health Basic||2lacs, 5lacs||Ambulance Charges|
|Smart Health Optimum||5lacs||Ambulance Charges|
|Health Check Up|
|Smart Health Premium||3lacs||Ambulance Charges|
|Health Check Up|
|Cigna TTK Health Insurance||5023||ProHealth Plus SB||15lacs, 30lacs, 50lacs||Health Check Up|
|ProHealth Preferred SB||4.5lacs, 5.5lacs, 7.5lacs, 10lacs||Restore Benefits|
|ProHealth Protect PLAN 2 Sub Plan||10lacs||Health Check Up|
|ProHealth Protect SB||2.5lacs, 3.5lacs, 4.5lacs||Restore Benefits|
|HDFC ERGO Health Insurance||8318||Health Suraksha Plus – Gold||3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs||Health Check Up|
|Health Suraksha Plus Regain – Gold||3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs||Health Check Up|
|Health Suraksha Plus Regain – Silver||3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs||Restore Benefits|
|Health Suraksha Plus Silver||2lacs, 3lacs, 4lacs, 5lacs||Ambulance Charges|
|IffcoTokio Health Insurance||SwasthyaKavach (Basic)||1lac, 2lacs, 3lacs, 4lacs, 5lacs||Domiciliary Hospitalization|
|Health Check Up|
|SwasthyaKavach (Wider with Critical Illness Cover)||1lac, 2lacs, 3lacs, 4lacs, 5lacs||Health Check Up|
|SwasthyaKavach (Wider)||1lac, 2lacs, 3lacs, 4lacs, 5lacs||Ambulance Charges|
|Max Bupa Health Insurance||3480||Health Companion||2lacs, 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs, 12.5lacs, 15lacs, 20lacs, 30lacs, 50lacs, 100lacs||Restore Benefits|
Health Check Up
|Heartbeat Gold||5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 50lacs||Health Check Up|
|Heartbeat Platinum||15lacs, 20lacs, 50lacs, 100lacs||Health Check Up|
|Heartbeat Silver||2lacs, 3lacs||Health Check UpAmbulanceChargesMaternity Cover||Restore Benefits|
|Reliance Health Insurance||1583||Health Gain||3lacs, 6lacs, 9lacs||Restore Benefits|
|Health Check Up|
|Religare Health Insurance||4439||Care||3lacs, 4lacs, 5lacs, 7lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs, 60lacs||Health Check Up|
|Care Freedom||3lacs||Restore Benefits|
Health Check Up
|Joy||3lacs, 5lacs||Health Check Up|
|NCB Super Premium||3lacs, 4lacs, 5lacs, 7lacs, 10lacs, 15lacs, 20lacs, 25lacs||Restore Benefits|
Health Check Up
|Royal Sundaram Health Insurance||Lifeline Classic||2lacs, 3lacs, 4lacs||Health Check Up|
|Lifeline Supreme||5lacs, 10lacs, 15lacs, 20lacs, 50lacs||Health Check Up|
|Lifeline Elite||25lacs, 30lacs, 50lacs, 100lacs, 150lacs||Health Check Up|
|Star Health Insurance||6313||Health Optima||2lacs, 3lacs, 4lacs, 5lacs||Restore Benefits|
|Star Comprehensive||5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 25lacs||Health Check Up|
|Tata AIG Health Insurance||1985||Mediprime||2lacs, 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs||Health Check Up|
Universal Sompo Health Insurance
|Individual Privilege||6lacs, 8lacs, 9lacs, 10lacs||Health Check Up|
|Universal Sompo Individual Basic||1lac, 2lacs||Health Check Up|
|Universal Sompo Individual Essential||3lacs, 4lacs, 5lacs||Health Check Up|
Health Insurance - FAQ’s
Why is Health Insurance beneficial?
By getting medical insurance policy, you will not face any kind of financial trouble due to expensive treatments in case of illness all diseases. The insurance company will pay all the expenses of medical bills, hospitalization and treatment for the policyholder. It is helpful for the complete protection of every individual for proper healthcare with best treatment services.
How to make choice for the best insurance plan in 2018?
Due to the availability of a large number of insurance companies and lots of Medical insurance plans for individuals, it is not easy to make the right choice. If you are searching for the best insurance plan with top features and best benefits, you should keep the following things in your mind for it:
- Coverage Amount (Sum Assured)
- Room rent capping
- Co-payment clause
- Inclusions & exclusions
- Waiting Period
- Entry Age and renewability clause
- No-Claim Bonus
What are the top medical insurance companies in 2018 in India?
To get the best insurance plans for the complete safety of your health care, you should always find the best insurance service provider as per your needs and requirements. If you are searching for a list of top companies offering Medical insurance plans for individuals and families, you can go with the services of companies given below and 2018:
- Bajaj Allianz Health Insurance
- Apollo Munich Health Insurance
- Bharati AXA Health Insurance
- Max Bupa
- Future Generali Health Insurance
- HDFC ERGO Health Insurance
- Oriental Health Insurance
- United Health Insurance
How much insurance coverage will I require?
In medical insurance, coverage is all about sum assured provided by your insurer. The premium of your insurance policy will always depend on the coverage requirements. The coverage requirement will always depend on your age, health, family medical background, existing lifestyle and place of residence. It is essential to consider all these factors to know your insurance coverage.
What are the required documents while going to get medical insurance policy?
You will not require any of the special documents while getting health insurance policy in normal conditions. If you are a senior citizen, you will need to go medical check-up before getting the policy. However, it is essential to get valid identity and address proof while going to plan your policy. To get complete information about all documents, you can visit the website of the insurance company.
What will be the cost of Health Insurance plan?
It is not easy to get a new medical insurance policy because of various factors that should be considered by the individual. When it comes to knowing about the cost of your medical insurance plan, it will depend on various factors. Your coverage needs will also affect the cost of insurance policy. If you are young and healthy, you will need to pay less as compared to senior citizen and unhealthy people. In the similar break, if you are going to get a single individual policy, you will find it affordable as compared to family plan. The cost of your health insurance policy will depend on the sum assured. If you are going to get an insurance policy with higher sum assured, you will find it more expensive on the basis of premium.
The cost of Medical insurance plan will also depend on your insurance service provider. Therefore, all these factors should be considered while estimating the medical insurance plan. Verified Policy is making it easy for the individuals to know about the estimated cost of an insurance plan by comparing all the plans available with health insurance premium calculator.
What are the benefits of add-ons available with health insurance plans?
If you are searching for additional coverage benefits with your medical insurance plan, there will be options for add-ons with it. Some of the useful add-ons available with medical insurance plans are given below:
- Hospital cash on a daily basis
- Critical Illness Rider
What are the conditions of pre-existing diseases?
If you are going to get a new health insurance policy if there is any kind of health problem it will be considered as a pre-existing disease. Most of the insurance policies do not cover the pre-existing diseases. It is not easy to find the health insurance plan to cover the existing disease because the insurance company will examine the medical history and other factors based on the situation.
What if the insurer refuses to provide the claim amount as per the insurance policy?
To provide better services to all the policyholders, integrated grievance management system is available that is provided by IRDA. At this platform, you will be able to register your complaint against the insurance company if it is required. If you want to contact IRDA grievance call Central to find any kind of help, you can contact toll-free number 155255 or you can send email to email@example.com.
What is the health card?
Health Card is provided with medical insurance policy and it is used to avail the benefits of cashless treatment at hospital similar to your identity card.
When should I go for medical insurance policy?
It will be better to go for medical insurance policy as soon as possible. If you are able to buy an insurance policy at a younger age, you will be able to get benefits of low premium rates. It is never a good option to wait for the right time period because there can be any kind of medical emergency in the situation of critical diseases or injuries. So, you should not wait for the right time and you should get your medical insurance policy right now with a good Insurance Company.
What do you mean by personal accident insurance policy?
Personal accident insurance policy is helpful to provide the compensation in case of disability, injury or death in an accident. In this policy, all the accidents in Road, rail or airways will be included.
What are the benefits to get critical illness cover?
With your health insurance policy, you will find the option to get critical illness coverage. There may be various kinds of critical diseases like major organ failure, paralysis, cancel, so, heart attack or stroke. It is not affordable for everyone to get treatment for all such diseases. By getting critical illness cover, you will be able to avail the benefits to get financial support with your insurance policy. The benefits of critical illness cover will depend on the selected insurance policy and your insurance company.
What is the waiting period?
The waiting period is the time that is not included in the coverage of your medical insurance in the case of pre-existing illness. You will not be able to claim the benefits of your insurance policy in this time period. With different insurance companies, you will find the option of the different waiting period.
What is the process of claim settlement?
You will need to inform the insurance company and submit the field Insurance claim form within 30 days from your release from the hospital. You will also submit original medical reports, Hospital bills and other required documents according to policies of the insurance company. By providing all the required documents and completely filled reimbursement form, they will you complete the registration process and after approval, the claim will be settled within 2 to 3 weeks.
Will my medical insurance policy cover Maternity?
When it comes to getting the benefits of your health insurance policy during Maternity period, you will need to get an add-on to get the benefits. Some of the medical insurance policies are available to cover the Maternity for the policyholders. Here are these insurance policies to provide these Maternity coverage benefits:
- Royal Sundaram Master Product – Total Health Plus
- Apollo Munich Insurance – Easy Health Family Floater
- Cigna TTK Health Insurance – ProHealth Plus Plan
- Star Health Wedding Gift Pregnancy Cover
Is it possible for the foreigners to get medical insurance plans in India?
Yes, the foreigners who are residing in India can also get health insurance plans. When foreigners choose to get medical insurance plan, they will be able to get the coverage benefits only within India.
Will I get coverage for diagnostic charges for MRI, x-ray and ultrasound?
It is possible for the patients to get coverage for all these Diagnostic charges for MRI, Blood test, ultrasound or x-ray. If the patient is hospitalized for at least one day, these coverage benefits will be covered in the insurance policy.
What will happen after the policy is claimed?
If you have claimed some of the amounts from the sum in your medical insurance policy, the amount will be reduced. For example, if you have health policy with coverage of Rs. 10 lakh and you have claimed Rs 5 lakh in May month, you will be able to avail the balance amount of Rs 5 lakh from June to December.
Can I get an insurance policy for 3 years old baby?
Usually, you will not find the option of individual health insurance plan for kids, however, there will be an option to include the coverage in medical insurance policy of parents.
Is it possible to cancel the medical insurance?
Yes, it is possible for the individuals to cancel the health insurance plan. To review all the terms and conditions of the policy, you will get a period of 15 days from policy receipt date. If you are not happy with the terms and conditions of your insurance policy, you can choose for the cancellation. In such cases, you will be able to get a refund of your expenses by the insurance company.
If you have any other questions related to insurance policy or plan, it is possible to get expert advice at Verified Policy. We are always with you to provide complete help when you want to secure your future by selecting the best insurance policy.