Best Health Insurance Plans in 2022 in India

Best Health Insurance Plans in India in 2022Health insurance plan is considered as one of the basic financial planning. Such plans provide medical insurance coverage in case of hospitalization. Due to sky rocketing of medical expenses, having a medical insurance is MUST. Otherwise, it can put a dent in our hard earned savings. There are over 30 private and public sector insurance companies that are offering health insurance plans in India. One should choose a health insurance plan suitable to them. What are Health Insurance Plans? How to choose a best health insurance plan in India? Which are the Best Health Insurance Plans in 2022?

Also Read: Do you need life insurance after achieving financial goals?

What are Health Insurance Plans?

Skip this section if you are already aware about this topic.

Health Insurance Plans provide insurance coverage in case of emergency hospitalization. Gone are the days where health insurance plans used to provide just hospitalization expenses. New age health insurance plans provide insurance coverage for robotic surgeries, daily cash allowance in case of hospitalization, coverage for day care procedures, coverage on AYUSH etc.,

If you want to save your hard earned money for high hospitalization expenses, health insurance plan is must.

How to choose a best health insurance plan in India?

Here are the key parameters which can help you to choose a good health plan.

#1 – Ideal Sum Insured

One need to assess the sum insured required and can consider an ideal health insurance plan. These days, taking a health plan of 1 Lac or 2 lacs might not be sufficient. As an example, heart surgery would cost anywhere between Rs 2 lacs to 5 lacs. One should assess their family medical history, number of family members and take adequate sum insured in a health insurance plan.

#2 – Individual plan Vs. Family Floater

Term insurance plans are considered only for earning member. However, in case of health insurance, one should consider it for the entire family, preferably taking a family floater health plan. Incase there are aging parents, one should take separate health insurance plan for them for easy renewals.

#3 – Waiting period in Pre-existing diseases

There is waiting period in health insurance plans for pre-existing diseases which ranges between 2 years to 4 years. One should consider health insurance plans which have lower waiting period especially when choosing a good health insurance plan for senior citizens. One need not worry in case of hospitalization due to pre-existing diseases if they opt for lower waiting period.

#4 – Maximum Renewal Age

Many health insurance plans have maximum renewal age of 65 years. Aged individuals might get hospitalized more frequently, hence one need to have health insurance plans for maximum age. There are a few insurance companies which are offering life long renewals in health insurance plans. One should prefer these plans.

#5 – Incurred Claim Ratio (ICR)

The incurred claims ratio is the ratio of total claims paid over the total premiums received by the insurance company during the financial year. Ideal claim ratio is 50% to 90%. This way while the insurance company is honoring the claims for the majority of the claims, they are also keeping some amount towards the profits. This is win win situation for an insurance company and policy holders.

Best Health Insurance Plans in 2022 in India

Here is the list of the top health insurance plans in India to consider in 2022, eligibility criteria, features and benefits.

#1 – Star Health Comprehensive Plan

Star health insurance “comprehensive plan” is really a comprehensive plan that offers a wider range of features and benefits.

Eligibility Criteria

  • Minimum age of Entry is 60 days
  • Maximum age of entry is 65 years

Features of Star Health Comprehensive Plan

  • Cashless Treatment available
  • Health insurance plan with life long renewability
  • Pre-hospitalization expense are covered up to 60 days
  • Post hospitalization expenses are covered up to 90 days
  • Health insurance coverage of Rs 5 Lacs to 1 Crore
  • Sum Insured restore benefit up to 100% of SI
  • Health insurance plan with no limit on room rent
  • 10% Co-Payment applicable for above 60 years
  • Health insurance policy with no limit on ICU charges
  • Day care procedures are covered
  • Domiciliary hospitalization expenses covered Upto SI
  • Free Health checkups every year
  • Ambulance Charges Covered
  • Network hospitalization coverage for over 11,000 hospitals
  • Pre-existing diseases waiting period is 36 months
  • Personal accident cover against death and total disablement benefit with no additional cost
  • Cash Benefit / Daily Allowance benefit up to 7 days in case of hospitalization.
  • Air Ambulance benefit Upto 2.5 Lacs per hospitalization and Max 5 Lacs in a year.
  • Income Tax Benefits u/s 80D for the premium paid
  • Latest Incurred Claim Ratio (ICR) for 2022 is 94.44%.

#2 – HDFC Ergo Optima Restore

HDFC Ergo has several health insurance plans and among them HDFC Ergo Optima Restore is the most popular health insurance plan.

Eligibility Criteria

  • Minimum age of Entry is 91 days
  • Maximum age of entry is 65 years

Features and Benefits in HDFC Ergo Optima Restore Plan

  • Cashless Treatment available
  • Health insurance plan with life long renewability
  • Pre-Hospitalization expense are covered up to 60 days
  • Post hospitalization expenses are covered up to 180 days
  • Health insurance coverage of Rs 3 Lacs to 50 lacs
  • Sum Insured restore benefit Up to 100% of BSI
  • Health insurance plan with no limit on room rent
  • There are no limits on ICU charges
  • Day care procedures are covered
  • Domiciliary hospitalization expenses covered Upto SI
  • Free Health checkups every year
  • Ambulance charges covered Rs 2,000 per hospitalization
  • Network hospitalization coverage for over 13,000 hospitals
  • Pre-existing diseases waiting period is 36 months
  • No claim bonus – 100% increase in SI after 2 claim free years
  • Cash Benefit / Daily Allowance benefit 800 per day – Up to 6 days in case of hospitalization.
  • Air Ambulance benefits available – Rs 2.5 Lacs per hospitalization for Sum Insured of 5 Lacs and above
  • Income Tax Benefits u/s 80D for the premium paid
  • Latest Incurred Claim Ratio (ICR) for 2022 is 79.3%

Also Read: ICICI GIFT Plan (Guaranteed Income for tomorrow) – Should you buy?

#3 – Niva Bupa Health Companion

Niva Bupa (erstwhile Maxbupa) offers a health insurance plan in the name of “Health Companion” that comes with good features.

Eligibility Criteria

  • Minimum age of Entry is 91 days
  • Maximum age of entry is No limit

Features and Benefits in Niva Bupa Health Companion

  • Cashless Treatment available
  • Health insurance plan with life long renewability
  • Pre-Hospitalization expense are covered up to 30 days
  • Post hospitalization expenses are covered up to 60 days
  • Health insurance coverage of Rs 2 Lacs to 1 Crore
  • Sum Insured restore benefit Upto 100% of SI
  • Health insurance plan with no limit on room rent (covered upto Sum Insured)
  • Health insurance policy with no limit on ICU charges
  • Day care procedures are covered
  • Domiciliary hospitalization expenses covered up to Sum insured
  • Free Health check-up once in 2 years
  • Ambulance Charges Covered Rs 3,000 per hospitalization
  • Network hospitalization coverage for over 6,000 hospitals
  • Pre-existing diseases waiting period is 48 months
  • No claim bonus – 20% increase in SI every year – Max 100%
  • Cash Benefit / Daily Allowance benefit 1,000 per day – Upto 30 days in case of hospitalization.
  • Income Tax Benefits u/s 80D for the premium paid
  • Latest Incurred Claim Ratio (ICR) for 2022 is 56%

Have you liked our tips and analysis? Then share it on your Facebook, Twitter, Telegram and other social media, which might be useful to your friends too.

17 comments

  • atanu mitra

    About ‘No claim bonus’ of “Neva Bupa Health ReAssure” :-
    “”In case a claim is made, your no claim bonus will reduced by ₹2.5 lakh”” .(if 5 lakh policy is taken).

    Spoke person says with example: Suppose 2 times no claim bonus has been added . So now coverage= Base 5 Lakh+ 2 times No Claim Bonus=5 Lakh+ (2 * 2.5) Lakh= 10 Lakh.

    Catch are –
    # 2.5 lakh increment per year for claim free year up to Maximum amount . Maximum amount can be 10 Lakh only for a 5 Lakh policy and will not be exceed this amount.

    # 2.5 lakh will be decreased from No claim bonus amount only if One take the claim. But will NOT BE DECREASED FROM THE BASE COVERAGE(5 lakh).

    My anxiety is-
    There is a fear factor – If one claim only Rs 40,000 then Rs 2.5 lakh also will be deducted if already no claim bonus added(i.e. suppose 5 lakh policy taken and now with no claim bonus its coverage is Rs 7.5 Lakh or 10 Lakh).
    So if added-coverage is 10 Lakh and make a claim(suppose Rs 40,000) one time , then ‘next year’ coverage amount will be 7.5Lakh (10 Lakh – 2.5 Lakh).Imagine Rs 40,000 VS Rs 2.5 Lakh.

    This thing(reduction) is not good. Is there any way to stop this at same plan?

    Would you please discuss on this.

    Thank you in advance.

    • Hello Atanu, What you are indicating is “booster benefit” in Niva Bupa Reassure scheme. The policy is designed that way. You and me can’t change the T&C of an insurance plan.

Leave a Reply

Your email address will not be published.