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%

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Suresh KP

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).

    What’s the mean? Will coverage amount be less Rs 2.5 Lakh(5-2.5) in next year if clam is made in this year? Or no bonus, so coverage will be 5 lakh ?
    Would you please focus on this.

    Thank you in advance.

    • There are no such clauses in any of the health insurance plans in India. If some told you, they gave wrong info. No claim bonus is only incentive in case of no claims. There is no penalty in any of the health insurance plans if you claim it.

  • Surendhran S

    Can you compare with NAVI Health insurance

  • Nanmith

    Thanks much for your quick response as always Suresh. If you don’t mind what is the Premium paid by you for the 10L cover + 90L top up ?

    And pls check and cover in your blog on the even.in Insurance. Its a good and new concept, looks good for individuals or couples only. For Families of 4 it will turn out expensive on premium.

    • The plan what I took is for 3 members only as 1 member pre existing disease cannot be covered. The premium would depend on number of members + age. You can ask for quote with Niva Bupa before opting. Regd even.in, I will check and come back

  • Nanmith

    Hi Suresh

    Check this even . in its a new concept, for individuals or only couples this looks good.

    Also in Star the Room Rent is Single Standard room covered but in event of emergency if one end up at a hospital and no single room is available, then will Star cover for double room or other rooms taken ? cause in Niva Bupa the room rent is covered upto sum insured for any room but in Star the word ANY room is not mentioned and only Single Standard is mentioned

    I will share the comparison on your email.

    Also have prepared below criteria to check for best insurance. Which Insurance you think best fits this criteria ?

    1. Covers monthly medicines for BP, Sugar, Diabetics, Uric Acid, Thyroid etc.
    (optional)
    2. Doctor consultation (optional)
    3. Pre and post hospitalization. 60 days minimum. higher the better. 180 days best. Hospitalization at home to be covered also
    4. Pharmacy bills even if not hospitalized.
    5. All Day care treatments covered
    6. Critical illness ALL types cancer, tumour, heart probs diff types transplant including cost of any implants, TB bone marrow, leukamia etc
    7. Cataract operation/ laser for eyes
    8. Ambulance minimum 3000
    9. No claim bonus percent min 100% per year to be continued even after one reached 60 yrs of age. accumulated bonus will not be reduced, even in the scenario of a claim
    10. Family floater
    11. No room rent cap
    12. Alternative treatments
    13. 95% + claim settlement ratio
    14. 30 mins or less claims processing time
    15. Reinstatement of 1.5 time the base Sum Insured for a non-related illness of the original sum insured + no claim bonus exhausted once in policy year
    16. Full claim paid by Insurer

    • 1) Single A/c Standard room – This is the limit and one can go up to this level (below would be fine, but cannot have above)
      2) Based on entire list, there is no single health policy would fit-in. Because every one would not need every thing. Some might feel low waiting period. Some feel incurred claim ratio should be good. Some might think that they need re-assure and some might not need as they might have super topup plans.

      I would suggest one should consider the plan based on their need. Tick mark what is needed for them and which plan covers majority of their need and consider that plan.

      e.g. I personally considered Niva Bupa health policy for 10L + 90L top-up plan which i felt fits majority of my needs.

  • SHABBIR INAYAT ALI

    Mr. SURESH EMAILS SENT TO YOUR EMAIL ID ARE BOUNCING BACK PLEASE CHECK WHAT IS THE ISSUE

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