We do not know when a medical emergency would occur and we may need to spend huge money. Hence, Mediclaim Policy or health insurance plan would play an important role in our lives. While there are several mediclaim policies in India, every product has its own positives and negatives. But there are a few parameters which you can verify before considering mediclaim policy or health insurance plan. In this article, I would discuss about choosing best mediclaim policy in India, some of the best policies and their main features.
How to select a best mediclaim policy / health insurance plan in India
a) Enhanced Features: When you choose a mediclaim policy, you should consider its main features. There are several mediclaim policies which cover several features like pre and post hospitalization expenses, quick processing of cashless claims, cash benefits, day care procedures , etc. The more the features, the better is the health insurance plan.
b) How it ranks in Customer Support: One of the main feature is about its customer support service. What is the use to buy a good mediclaim policy, when there is a bad customer support service. One should give due importance to this. Last month when I was looking at getting a policy plan and tried HDFC Life for more than 10 times. Every time they said they are recording my request and acknowledging, but it took more than 60 days time for me to take a decision and move to another insurance company. To consider taking a policy if I need to wait for more than 60 days, just imagine, when I am not in trouble or when I am not there, how my family has to suffer.
c) Does it offer a health insurance plan for low premium: This could be another important feature to consider before taking mediclaim policy. If similar products are available in the market at lower cost, what is the point in buying at high prices ?
I have analyzed major mediclaim policies and shortlisted a few of them based on these 3 parameters. I am providing only main features.
5 Best Mediclaim Policies in India
1) Apollo Munich Easy Health Family Floater
- This health care plan offers for 2, 3, 4 and 5 year tenure.
- This plan offers in-patient treatment, pre hospitalization and post hospitalization expenses. This also covers several day care procedures, organ donor expenses and so on
- If you subscribe for 2 years, you would get a discount of Rs 7.5%.
- For 2 adults (18-34 yrs) and 2 kids (0-16 yrs), the premium works out to be Rs 7,787 per annum.
- For 2 adults (18-34 yrs) and 2 kids (0-16 yrs) with additional coverage for critical illness, the premium works out to be Rs 9,497 per annum.
2) Apollo Munich Optima Restore
This mediclaim policy offers the following unique benefits.
- Restore benefit: Sum insured exhausted during any year would be automatically enhanced by 100% without additional premiums.
- Multiple benefits: In case of any free claim year, the sum insured would be enhanced by 50% in 1st year. In case of free claim for 2nd year, the sum insured would be enhanced by 100%.
- Detailed analysis about Apollo Munich Optima Restore mediclaim policy can be read here
3) Bajaj Allianz Health Ensure
- This health care insurance plan covers pre-existing diseases after 2 years continuous renewals.
- Flat 2% expenses paid for pre and post hospitalization expenses
- Non network hospitals settlement within 14 days
- No medical tests up to 55 years
- 130 day care procedure coverage
- Family discount of 5%
- Renewals up to 75 years
- Sum insured for Rs 50,000, Rs 75,000 and Rs 1 Lakh.
4) L&T Medisure Classic
- Entry and renewals at any age
- Assured claim service assurance within 6 hours for cashless decisions or pay Rs 1,000 fixed penalty. In case of non working hours, the maximum waiting period would be 8 hours else penalty would be paid to you.
- Maternity expenses coverage after 4 years
- Covers ayurvedic treatment expenses
- Pre-existing diseases coverage after 3 years continuous renewals.
- Additional coverage for hospital cash, ambulance charges and homeopathic treatment.
- A discount of 5% if you take 2 year policy.
5) United India Health Insure Policy-Platinum
- This policy aims to provide pre and post hospitalization expenses.
- Entry up to 35 years of age only
- Covers non-allopathic treatment
- Sub limits on room rent and ICU charges
- Sum insured is from Rs 1 Lakh to Rs 10 Lakhs
- Family discount of 5% is applicable
Conclusion: I felt these are some of the best mediclaim policies in India which one can consider taking it after going through all the features and selecting the one which is suitable to you. As indicated, these are picked up based on service levels, features and low premiums compared to its competitors under similar products.
I would love to hear from you in case you have considered above health insurance plans. What are your personal experiences?
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Best Mediclaim Policy / Health insurance plan in India
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