Top 5 Best Health Insurance Plans 2018 in India 

What is health insurance? What is the benefit of best health insurance plans?

Health insurance is a type of an insurance which covers the whole or a part of the risk of a person incurring medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs from his/her hard-earned money and is then reimbursed, or the insurer makes payments directly to the provider. Thus getting health insured would be a critical financial aid during the medical emergency.

It is important for everyone to get the best health insurance as it would be of great financial help during the emergency time of medical and surgical expenses. Health Insurance policy is a agreement between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (e.g. an employer or a community organization). This contract can be renewable (e.g. annually, monthly) or lifelong in the case of private insurance, or be mandatory for all citizens in the case of some developed countries.

best health insurance plans 2018

The best health insurance plan is that which meets your needs. You should always consider key factors for deciding which medical insurance plan is the best and fits your requirements. A variety of benefits can be gained by the holders of health insurance policies, including hospitalization charges, ambulance expenses, and room rent, etc. The total coverage sum provided by varied health insurance policies tend to vary from company to company.

In the present times the health insurance industry is evolving a lot. In order to keep up with the changing requirements of customers, insurance companies have come up with innovative products to meet their requirements. Buying a health insurance policy in India is a tricky affair especially within the range of choices available in the Indian market. Various factors such as premium charges, benefits offered and types of diseases covered etc are taken into consideration.

Why to buy the best Health Insurance Plans and what are the factors to check before buying?

top 5 health insurance plans india

1. Waiting period: In most situations, health insurance policies have a waiting period ranging from 30 to 90 days, during which one cannot make any claims even if there is a medical emergency.  But, Individuals above 60 years have a longer waiting period in some cases. Hence buying a health insurance policy at a young age is always desirable because the waiting period is waived off. Always, check the amount of time taken to cover pre-existing diseases in your plan because pre-existing diseases aren’t covered from day one of buying the policy.

2. Lifelong renewal: You can opt for lifetime renewal of your health insurance plan and thereby, avail of extended coverage throughout. The duration of coverage is the most key factor in buying a health insurance policy. Therefore you can enjoy healthcare benefits for your entire life by opting for renewal of your policy. Always go for a plan that can be renewed for longer duration.

3. Tax benefit: Buying a health insurance policy will allow you to enjoy tax benefits. In this benefit one can claim the premium paid as the deduction from their total income regulated by 80D of the Income Tax Act, 1961.

4. Co-pay: Co-pay is a fixed percent of the hospital bill you will have to pay when you make a claim, while the balance will be paid by the insurance company. Buying a health insurance policy not only gives you greater coverage but also helps you plan your finances in a better way.

5. Wider options: There a wider range of health insurance plans offered. Many latest health plans offer wide coverage among others for diseases. In short, your coverage costs will only increase as you grow older owing to more medical complications. Hence pick the one which is suitable which has the benefit of comprehensive and holistic coverage.

6. Bonus: Most insurance companies offer a ‘No Claim Bonus’ in the absence of any claims in the preceding year of a policy term. If you buy a health insurance policy, you can avail cumulative bonus as you would likely to renew your policy every year. As a result, the bonus accumulated increases your coverage amount which will prove to be an advantage at later stages of life when you are old. No claims bonus may range from 5% to 100% of sum insured in most cases.

7. Financial planning: Buying a health insurance policy not only gives you greater coverage but also helps you plan your finances in a better way. When you have adequate medical cover to take care of any health emergencies, you can focus on making other long-term investments.

What are the types of best Health Insurance Plans?

  • Hospitalization Plans/Indemnity Plans: The word ‘indemnity’ means compensation for losses or damages. Indemnity health insurance policy compensates the policy holder and makes them to come back to their original financial position as there were before. Hospitalization Plans compensate the policyholder by reimbursing the actual hospitalization costs incurred by him subject to a maximum of the chosen Sum Assured.
  • Hospital Daily Cash Benefit Plans: The daily cash benefit plan is a defined benefit policy. As known from the name, the policy pays out a defined sum of money for every day of hospitalization regardless of actual costs.
    Critical Illness Plans: These are benefit-based health insurance plans which pay a lump-sum amount on recognition of predefined critical illnesses and medical diagnosis. By nature, critical illnesses are highly severe and cost of treatment is higher compared to regular medical problems.
  • Individual Health Insurance: This is the simplest form of health insurance. As the name suggests, Individual health Insurance is believed by many to be the best option. The premium amount is as per the size of the policy cover. It covers hospitalization and surgical expenses till the cover limit is reached. If there is a large limit, higher premium should be paid. This plan ensures an individual against illnesses and medical costs. In this type of health insurance plan, you can buy independent healthcare policies for each member of your family.
  • Family Floater policy: These are the improved forms of healthcare policy. This policy is suitably adapted to ensure the health of whole family members in one policy. Through family floater health insurance plan, you can avail maximum benefit for money spent because it gives a single insurance cover for your entire family. Unlike, Individual health insurance it covers the entire family so that anybody in your family can claim in case of hospitalization or surgical costs.  The premium amount paid, in case of a family floater policy, is generally lower compared to individual health insurance for each family member and hence it is cheaper.
  • Unit Linked Health Plans: Medical Insurance plans through ULIP route are yet another form of health insurance which is a combination of investment and insurance. Many health insurance companies have started Unit Linked Health Plans. Returns in such ULIPs definitely depend on stock market performance. In India, such plans are still considered as new and are still in development phase. Only financial experts who understand equity market movements can handle these market linked products like ULIP. All the returns you earn through this plan will be paid to you at the end of the policy term.

As they say, “Health is wealth” Choosing the right policy is always the key to a secure future for you and your family.

Top 5 Best Health Insurance Plans 2018 in India

Ranking Source: policybazaar.com

S.No

Company

Plan

Entry Age

Sum Assured (Rs)

Policy Renewability

Features

1

Apollo Munich Health Insurance

Optima Restore Family

5 years to 65 years

3lacs, 5lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs

Lifelong

Restore Benefits

Organ Donor

Domiciliary Hospitalization

2

Bharti AXA Health Insurance

Smart Health Plan & Smart Super Health Plan

Minimum 18 years. For children it is 91 days ( if both the parents are insured)

5 Lakhs in smart health plan. Extended to 2 cr. in smart super health plan

Lifelong

20 critical illnesses covered

Double the sum insured for critical illnesses

Restoration & maternity benefits in super health plan

3

Cigna TTK Health Insurance

Pro Health Insurance Plus

91 days for children & 18 years for adults

Rs. 4.5 Lakhs to Rs. 10 Lakhs

Lifelong

Critical Illness cover

Maternity Cover

New born baby cover

4

HDFC ERGO Health Insurance

Health Suraksha Plan

No minimum entry age. Maximum up to 80 and above

Rs 300000, Rs 400000, Rs 500000, Rs 750000 and Rs 100000

Lifelong

Individual & family floater

Comprehensive plan with Regain and ECB features.

5

Iffco Tokio Health Insurance

Swasthya Kavach (Wider)

18 to 60 years for the proposer.
3 months to 23 years for dependents

Rs. 2 to 5 Lakhs

Up to 80 years of age

Optional critical illness extension

Value added services

Coverage to family members as well

6

Max Bupa Health Insurance

Heartbeat Plan ( Gold, Platinum & Silver)

No age limit

Rs. 5 Lakhs to 1 crore

Domiciliary hospitalization

Maternity benefits

Childcare benefits

7

Religare

Comprehensive Care Plan

Minimum 91 days and there is no bar on maximum age

Rs. 3 Lakhs to 6 crore

Lifelong

Emergency ambulance cover

Domiciliary hospitalization

Organ donor cover

8

Royal Sundaram Health Insurance

Lifeline Supreme

Anyone above 18 years of age

Rs. 5 Lakhs to 50 Lakhs

Lifelong

Domiciliary hospitalization

AYUSH treatment cover

Emergency domestic evacuation cover

9

Star Health Insurance

Comprehensive Insurance

3 months to 65 years

Rs. 5lacs to 25lacs

Lifelong

Personal accident cover

Maternity Cover (normal & caesarean)

Air ambulance assistance

10

Universal Sompo Health Insurance

Individual Health Insurance

Up to 55 years

Up to Rs. 5 Lakhs

Domiciliary hospitalization

Add-on critical illness cover

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