Best Mediclaim Policy / Health insurance plan in India
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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Suresh
Best Mediclaim Policy / Health insurance plan in India
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Hi Suresh,
Many public sector banks have tied up with insurance companies for health insurance for the account holders with family. There are much cheaper than the regular policies.
I came across the below article which seems to be very useful.
http://www.gettingyourich.com/1/post/2012/11/why-health-insurance-offered-by-nationalized-banks-is-an-attractive-option.html
Arun
Yes Arun. However they come up with less features. This is what I have seen.
Dear Suresh,
Kindly help me with an answer on the following query:
Which is a better option- To go for a family floater with coverage for self + wife + parents or separate policies for self + wife & parents. My age is 31 years, my wife is 27 years old and my parents are 58 years & 53 years of age. Also, kindly suggest best plan for the option you recommend. Ideally, I would want a plan which covers pre existing diseases in shortest possible span of time.
Thanking you in anticipation of a prompt response.
Regards,
Nilesh, If you take specific policies for your parents, it would cost you very high. You should go for family floater covering all your family members.Regd pre-existing diseases, every insurance company is putting a clause about waiting period of atleast 1-2 years. I have analysed a few in this article and based on your requirement you can go for one.
Dear Suresh,
Thanks a lot for your valuable insights.
Kindly guide on an ideal mix between Term Insurance, Medical Insurance & Health Insurance. I am already having a term insurance worth Rs. 50 lacs with riders for critical illness & accidental death. I also have a group mediclaim of Rs. 3 lacs for self & parents from my employer.
Kindly suggest what else I should opt for to cover contingencies like death, critical illness, accident, medical emergencies, etc for self & parents.
Thanking in anticipation of a prompt response.
Regards,
Nilesh, there is no ideal mix. It depends on individual requirement. e.g. If one has monthly expenses of Rs 30K per month at age of 30. His expectation would be that his family should survive for 20 years peacefully with this amount. Means approx Rs 72 Lakhs is needed. This could be one criteria. You can compute similar way based on your requirement. regd medical insurance, I feel one should have in between Rs 5 Lakhs to Rs 10 Lakhs. There is no hard and fast rule. Any normal surgery costs you Rs 3 Lakhs to Rs 5 Lakhs easily, hence I felt such coverage would help
Hi Suresh, could you please comment about Religare medical insurance policy.Is it good to go with?.
thanks.
Hi Jey, As indicated in my other comment, Religare is new private insurer in last 1-2 years. We need to wait and see about the company service. I personally do not prefer to consider such policies.
Hello Suresh,
Thanks for providing helpful knowledge to everyone.
I was looking for a Mediclaim policy and Term Insurance. Please suggest some good mediclaim policy. I am 24 years old. My salary is 5 lacs/annum.
Ankit, The ones which are listed here are top mediclaim policies. You can review and consider them. regd term insurance plans, I am writing top plans next week, pls wait for my analysis
`i was planning for family flotter for me, wife and 2kids of 2.5 lakhs from new india assurance-per annum is 8100–
recently my freind told me about religare medicalim how is it any idea found cheaper,and how is claim ratio
Hi Suryaban, Religare has recently launched mediclaim. Price and features look ok, but service levels are yet to be determined. You should wait and watch before considering any new products.
thanks suresh
why i was thinking cause newindia provide max is 8 lakhs-and religare have more than this.
till when i can wait for religare
Suryabhan, there is no thumb rule here. We need to watch 1-2 years for such new insurance companies.