How to choose a Best Medical Insurance in India?

How to choose a best medical insurance in India2How to choose a Best Medical Insurance in India?

With our food habits these days, diseases are increasing year on year. How many of us would try to implement the good diet and do exercises regularly? Due to increase in diseases, we all are running to hospitals frequently and emptying our pockets by paying high medical bills. Here comes medical insurance plans. If you are smart, you can choose a best medical insurance in India to save money. In this article, we would provide some good tips on choosing a best medical insurance in India.

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What is a medical insurance plan?

Medical insurance, also known as health insurance takes care of our medical expenditure and ensures that the expenses incurred are curtailed at least till the sum assured. It enables us to take the treatment cashless from the network of hospitals without having to pay to them. The health insurance plans pay for the contingent medical emergencies.

How to choose a Best Medical Insurance in India?

Selection of a good medical insurance company is very important as in the time of need, if the payment policies of the company are not prompt or there are any hidden clauses, they may give you extra tension. With the issue of new guidelines from IRDAI, a number of companies have re-launched their health policies with attractive policy coverage like higher entry age, lifelong renewals etc.,. So, targeting on right policy and right insurer can be a real challenge. Below are the few points that you might consider while taking a decision:

1) Longer the history of the company is better

Currently, there are more than 20 companies that are operating in India for providing health insurance. Moreover, all the companies provide a variety of plans. So, you must consider the background of the company, its reputation and promptness in making the claims, the premium charged and cover offered, etc. It is always better to select a provider that is solely responsible to operate their services like Religare, Apollo Munich etc. You can ignore some of the new medical insurance companies in India which are offering medical insurance with low premiums.

2) Prefer Lifelong Renewals option

The chances of getting sick is very much higher in older age, so you must always pick a company that offers higher renewal age or lifelong renewal option. This will enable the insured to enjoy the benefits of the policy lifelong without getting it renewed in the middle. e.g. – National Insurance Renewal allows the insured to be covered for a higher period.  Max Bupa Health Companion offers life long renewals of its health plan. Lifelong renewals option is one of the key parameters in choosing a best medical insurance in India.

3) Choose a right type of the policy for sum assured or right policy for your parents

How to choose a best medical insurance in India - right type of policyYou have to be very meticulous while making a selection in policy otherwise you will find it insufficient at the later stage of your life where you need it the most. The health cover needs to be adequate. If you have elderly parents, you can opt for senior citizen health insurance policies to make sure that your parents receive comprehensive security in the old age and you do not run out of funds due to several ailments that require expensive medical treatment. 

4) Low Insurance premium better, but not always

Don’t run solely for low premiums. The health insurance coverage needs to be comprehensive and adequate. Check out the list of things that are covered. You need not pay a premium for the risks you are not exposed to. You can put add-ons like personal accident, critical illness cover etc. to the basic health plan as per your needs.

5) Think of sub-limits – At what cost it is coming

The sub – limit is applied to doctor’s consultation, room rent, etc. where the insured is reimbursed up to certain limits. Above that, the expenses are borne by the policyholder only. So, choose the insurer with no sub-limit. Also check any additional premiums you are paying for such sub limits and is it worth. Choosing a plan that has no sub-limits is one of the key parameters in choosing a top medical insurance in India.

6) Lower Co-Payment better

Some insurance companies put the clause of the co – payment clause under which a certain part of the total claim has to be paid by the insured. This clause is undersigned at the time of picking the policy only. It is a common feature in the senior citizen plans. Pick a plan with no co-payment or very little as pee the suitability of your pocket.

7) Choose medical insurance that has Least Waiting period for pre-existing disease

How to choose a best medical insurance in India - waiting periodThere are restrictions on certain medical treatments like treatment of already existing diseases are covered after a certain pre-decided period. Insurance companies generally cover them after 4 years of continuous policy renewals. However, there are some companies which cover them in 2-3 years also. E.g. Apollo Munich Optima Restore covers pre-existing diseases after completion of 3 years onwards. So, it is advisable to for a policy that has least waiting period for specific illnesses. Lower pre-exising disease coverage is one of the critical parameters in choosing a good medical insurance in India.

8) Scope of Network Hospitals

You should always check the list of hospitals that are included to get the cashless health care services. If the medical services are availed at a hospital which is included in your insurer’s list, the claims are settled directly to the hospital authority by the insurer.

9) Go for plans that incentivise as No claim bonus

It is an additional bonus offered by the company for not claiming the insurance policy. It is availed either in the form of increase in sum assured or discount in next premium. E.g. Religare Care health insurance plan as no claim bonus where every year 10% of sum assured would be added for maximum of 50% to the existing sum assured in case of claim free year. Make sure that your insurance company has an arrangement for this.

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10) Maximum coverage for Pre and post-hospitalization expenses

How to choose a best medical insurance in India - pre and post hospitalization expensesEvery insurance company has different clauses regarding the coverage of pre and post-hospitalization charges. Some provide cover for 30 or 90 days while others cover for lesser days. E.g. Apollo Munich Optima Restore medical insurance plan covers upto 180 days of post hospitalization expenses. Maximum pre or post hospitalizations expenses coverage is also a key parameters in choosing a best medical insurance in India.

Conclusion:  Health is wealth. If you are on a good diet and regular exercise or not, consider a good medical insurance plan in India that can help you to avoid any unexpected medical expenses to be incurred during hospitalization when you are unwell.

Readers, how have you considered best medical insurance in India?

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How to choose a Best Medical Insurance in India

Suresh KP


  1. Dear Suresh Sir,

    I am 37 Yr working professional. I am planning to buy a family floater health insurance for my family consisting of my wife & 1 child. I already have company insurance of 2lacs. Please suggest the best health insurance .

  2. Hii Suresh…Thanks for an another insightful article. I have done Bajaj Allianz Silver Health(Senior Citizen) plan for my father (67yrs) & mother(54) on 2015…premium 18700/..recently my mother got hospitalised in network hospital & insurance covered 72k out of 76k hospital bill. The service was really good with no sub limit, room limit, co-payment but only one drawback, it covers only 2% of the medical expense (i.e.72k) as Pre & post expenditure. Also this yr the primium rose to 25000/. Should I continue or shift to Star Health Senior citizen plan

  3. Hour of need sir. Thanks for the write up. But have a question. Already my family is covered through my official insurance. But if i take additional insurance can the same document be produced and additional expenses be claimed from the 2nd insurer also. Because all our Original documents will already be with the 1st insurer.

    Can we have more than 1 Health insurance policy?

    Need some light on this.

      1. Dear Suresh I heard that if a person has taken 2health policies,in case of need ,he can split the amount and claim (suppose he has to pay Rs.5lacs,but coverage is up to 3lacs only,then he can claim 3lacs from one policy and the other2lacs from other.Anyway top up is better.

        1. Hello Dr. Sudhakar, Yes this is possible, however the process is little complicated. One of the readers has commented below in comment on how he approached two insurance companies for the claim.

    1. Hi Sivaraman, If the office group insurance did not cover full Hospitalization expenses,it an be claimed through another Policy we have at out side. Process is : Before Hospitalization or on Hospitalization both Company should be informed. One can be cash less. We have to get certified copy from 1st Insurance company and send it to 2nd Insurance company the eligible amount will be paid my 2nd one. I have done this recently it worked.

  4. Hello sir,

    Can u suggest me one or two plans which suits my needs:

    I am 32yrs and parents are 60+ so I want to include my parents also for medical insurance. For long term coverage. I am working as a professional I have my person health coverage of 5lak in current company.
    Please help me?

  5. Sir, I am reading all your articles, daily, most of them are very informative. I request you to publish an article on ‘Ayushman Bharat’ prestigious health insurance of our beloved prime minister Modi ji.

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