Top 5 Best Health Insurance Plans in India in 2018

Top 5 Best Health Insurance Plans in India in 2018

One of the best way to avoid high medical expenses, is taking Best Health Insurance Plan in India. With modern life style and unhealthy eating habits, life has become uncertain. A healthy person today can get hospitalized tomorrow. High medical costs can ruin your financials. Here it comes Health insurance plans as saver to such individuals. Health insurance plan provides risk coverage in case of hospitalization. There are several insurance companies offering variety of mediclaim policies / health insurance plans. Which are the Best Health Insurance Plans in India in 2018? What are the key features of such Top Health Insurance Plans for 2018 in India?  I have listed Top 5 Best health insurance Plans in India for individuals and for family which can be considered now in 2018.

Also Read: SBI Life has launched Sampoorna Suraksha Insurance Plan – Should you opt?

How to choose a good Health Insurance Plan in India?

There are a few key parameters that can be considered while choosing a good health insurance plan in India.

1) Premiums – Lower the premiums, better for the us.

2) Co-payment – Co-payment is where an individual need to pay amount from his pocket when the person insured is hospitalized. It could be 10% or 20% of the total hospitalization expenses.

3) No claim bonus – Higher the no claim bonus, better

4) Waiting period for pre-existing medical conditions – Lower the waiting period, it is better.

5) Waiting period for specific diseases – Lower the waiting period, it is better.

6) Incurred Claim Settlement Ratio of Insurer – Higher the claim settlement ratio means, higher the chances such insurance company would settle your future claims.

7) Maximum Age Period – Insurance plans are good that protect for maximum age period of say 65 years or 70 years or 80 years.

8) Hospital Network – Wider the network, better for us.

9) Critical Illness Riders – Higher coverage of critical illness diseases means better policy.

However, we can’t find a health insurance plan which has all above features. Hence one can consider a plan which covers maximum features indicated above.

Best Health Insurance Plans in India in 2018 – Individual Plan

1) Religare Health Insurance – Care Plan

Religare’s Health Insurance Policy “Care” comes with an entry age of 91 days with no upper age limit. This means any individual can buy this at any time. Here the unique features of this plan.

• The minimum sum assured is ₹ 2 Lakhs and maximum sum assured is ₹60 lakh.
• Waiting period of 4 years for pre-existing medical conditions.
• Sum insured would be restated if exhausted during the year.
• It offers free health check-ups every year.
• No claim bonus of 50% to 150% available.
• This plan covers ambulance expenses.
• This plan offers 7.5% discount on 2 year policy term.
• One can avail treatment any where in the world and no restriction.
• It Offers Cashless treatment provides daily allowance.
• Lifelong renewal, means, there is no maximum age limit.
• Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses, increased sum assured on each claim free year and income tax benefit u/s 80d is available in this plan.
• Premium is low as ₹ 2,300 per annum. One can check the premium applicable to them based on age, sum assured and term of the policy. 
• Incurred claim settlement ratio (ICR) is 51%.

Drawbacks in this plan

• 4 years waiting period for pre-existing diseases coverage.
• Co-payment of 20% of the claim amount if the insured person is more than 61 years of age.
• Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

High sum assured of ₹ 60 Lakhs makes Religare Care Health Insurance Plan as a unique plan.

2) Star Health – Senior Citizens Red Carpet

Star Health Senior Citizens Red Carpet is an health insurance plan designed for Senior Citizens. The unique feature of this plan is the entry age is extended to 75 years. Here are the unique features of this plan.

• Entry age is 60 years to 75 years.
• The minimum sum assured is ₹ 1 Lakh and maximum sum assured is ₹ 10 lakhs.
• Pre-existing diseases coverage from first year.
• This plan offers 10% discount on providing test reports of stress thallium, BP report, sugar, blood urea and creatinine.
• No medical examination required under this plan.
• Plan offers emergency ambulance charges.
• Domiciliary treatment covered in this plan
• Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses and income tax benefit u/s 80d is available in this plan.
• Premium is low as ₹ 4,500 per annum. One can check the premium applicable to them based on age, sum assured and term of the policy.
• Incurred claim settlement ratio (ICR) is 61%.

Drawbacks in this plan

• 2 years waiting period for pre-existing diseases like cataract, knee replacement surgery etc. and 1 year waiting period for specific diseases like hernia, piles etc.,
• Treatment should be done in network hospitals only.
• Co-Payment of 50% for pre-existing diseases and 30% for other diseases.

This is one of the Best Health Insurance Plans for Senior Citizens in India.

3) New India Assurance – Janata Mediclaim Policy

This is the most affordable low premium health insurance plan in India which is useful for low sum assured.

• An individual between 18 years to 65 years can consider this plan.
• Sum assured is ₹ 50,000 to ₹ 75,000.
• Plan offers ambulance charges.
• Coverage is given to Ayurvedic/Homeopathic and Unani system of medicine.
• Discount in premium for family cover.
• Offers Loyalty discount.
• Plan has Good health discount.
• Cumulative bonus is offered.
• Cost of health check up is offered.
• Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses and income tax benefit u/s 80d is available in this plan.
• Premium is as low as ₹ 700 per annum. One can check the premium applicable to them based on age, sum assured and term of the policy.

Drawbacks in this plan

• 4 years waiting period for pre-existing diseases like cataract, knee replacement surgery etc. and 2 year waiting period for specific diseases like hernia, piles etc.,
• Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,
• Low sum assured makes this plan unattractive. Only two sum assured are available i.e. ₹ 50,000 and ₹ 75,000 where there is no flexibility.

Best Health Insurance Plans in India in 2017 for Family

4) Max Bupa Heart Beat

Max Bupa Heart Beat health insurance plan is a unique plan which offers health insurance coverage upto 13 family members under single policy. It also offers in-built maternity coverage and benefits for new born babies.

• There is no entry age limit.
• The minimum sum assured is ₹ 2 Lakhs and maximum sum assured is ₹  50 lakh.
• Total of 13 family members are covered as part of the family floater insurance plan.
• Plan offers free health check-up every alternative year.
• Plan offers Direct claim settlement and without the intervention of Third Party Authority (TPA).
• No claim bonus available.
• Waiting period of 2 years for Maternity benefits.
• Newborn baby cover from day-1.
• Lifelong renewal available in this plan.
• Organ donor’s expenses covered.
• Organ transplant covered.
• Domiciliary treatment covered.
• Insured claim settlement ratio is 52%.
• Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses, increased sum assured on each claim free year and income tax benefit u/s 80d is available in this plan.
• Premium is as low as ₹ 3,700 per annum. One can check the premium applicable to them based on age, sum assured and term of the policy.

Drawbacks in this plan

• 4 years waiting period for pre-existing diseases coverage. 2 years waiting period for specific diseases like hernia, cataract, stones etc.,
• 20% co-payment if the insured age is 65 years and above.
• 90 days initial waiting period from the commencement of the policy.
• Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

Max Bupa Heartbeat is unique insurance plan which covers upto 13 members in a family.

5) Apollo Munich Optima Restore

Apollo Munich Optima Restore is unique health insurance plan where if sum assured is exhausted before the end of the policy term, it would be restored afresh without any additional premiums. Here are the key features of this plan.

• Minimum age of entry is 91 days (proposer should be 18 years) and maximum age of entry is 65 years.
• The minimum sum assured is ₹ 3 Lakhs and maximum sum assured is ₹ 15 lakh.
• Total of 6 family members are covered as part of the family floater insurance plan.
• Post hospitalization expenses are covered upto 180 days.
• Waiting period of 4 years for pre-existing diseases coverage.
• There is no co-payment to be done for any claim to be made.
• There are no sub-limits on room rents.
• Daily cash benefit in case of hospitalization.
• Rider available with this plan that provides additional benefit pay outs on the diagnosis of a critical illness.
• No Claim Bonus is available which is 50% of basic sum assured for every claim free year.
• Offers 7.5% discount on premium if the policy term is 2 years.
• Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses, increased sum assured on each claim free year and income tax benefit u/s 80d is available in this plan.
• Premium is as low as ₹ 5,000 per annum. One can check the premium applicable to them based on age, sum assured and term of the policy.
• Insured claim settlement ratio is 55%.

Drawbacks in this plan

• 4 years waiting period for pre-existing diseases coverage.
• Sum assured would be restored only if the insured hospitalizes for new illness. Means if the insured utilizes full sum assured and gets hospitalized for same illness, they would not get benefitted.
• Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

Conclusion: Above listed plans are best health policies for individuals as well as for family. I have provided only basic points such as sum assure, entry age, pre-post hospitalization expense etc. But you are advised to read fine print of the policy before buying.

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Suresh

Top 5 Best Health Insurance Plans in India in 2018

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Suresh KP

Founder at Myinvestmentideas.com

Suresh KP is a seasoned financial expert with over 20 years of experience. He is NISM Certified Investment Adviser and Research Analyst. For more about his expertise and certifications, visit About Suresh KP

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