Health Insurance

Health insurance is one of the most important things that you should have, it is a must in today's day and age. You should always buy a health insurance plan for yourself and your entire family.

Due to the recent Covid-19 pandemic, the cost of medical treatment and hospitalization has risen many folds. Plus, what would you do if you or any of your family members needed emergency hospitalization? This is where a health insurance policy will come to your rescue!

It will save you from the mental, emotional, and financial stress arising out of medical treatment and hospitalization costs.

A health insurance policy is a type of medical insurance cover that provides complete protection against the cost of medical treatment and emergency hospitalization.

This means that, in case you meet with an accident that requires immediate surgery/hospitalization, you can efficiently utilise your health insurance coverage to pay the bills for medical treatment.

How does this work? Well, it is simple. When you buy a health policy, you pay a small premium amount to get a large sum insured as cover. This cover is utilised to pay for your medical/clinical/hospitalization expenses.

Accidents are entirely unpredictable. It is better that you create your safety net instead of relying on your hard-earned savings. A health plan will help you achieve the same and protect you from the hefty expenses of hospital treatment and medical inflation. Read more about the best health insurance in India, on Coverfox.

When it comes to buy health insurance policy, the best method to do so is online. Health insurance is no longer a brick and mortar product where you are required to stand in a long line at the bank branch only to fill a 10-page form that is nothing but confusing!

Yes, you can get the best health plan online on Coverfox. We understand how difficult it can be for you to understand the problematic insurance terms and conditions. That is why we have simplified the entire process of buying on a single webpage with minimum paperwork.

Buying health insurance online has the following benefits:

• Insurance made easy

• Save time and get discounts

• Compare the best plans

• Online Premium Calculator

• Complete Paperless Buying Process

So what are you waiting for? Get your health policy delivered straight into your inbox in 5 minutes, only with Coverfox.

The Indian insurance market has a wide range of health and general insurers that provide good plans at an affordable premium. At Coverfox, you can customise your favourite health insurance plan as per your financial capacity and medical requirement.

Read more about the different types of health insurance plans in India:

• Individual Health Insurance

• Family Health/Family Floater Policy

• Coronavirus/COVID-19/Corona Kavach

• Health Insurance for Senior Citizens

• Maternity Insurance

• Critical Illness Insurance

Disclaimer: The above information has been sourced from the Insurance Company's Website.

Just like every other health insurance plan, there is a list of exclusions that are not covered:

• Pre-existing illness and diseases (only post the waiting period)

• Self Inflicted harm or suicidal tendencies

• Participation in extreme sports and adventure activities

• Participation in defence activities and sports

• Warlike events - Biological, Chemical or Nuclear

• STDs/AIDs/Venereal Diseases

• Congenital diseases and defects

• OPD Expenses

• Maternity and newborn baby cover

• Any form of Cosmetic/Plastic Surgery

• Any form of Cosmetic/Plastic Surgery

• Cost of eye correction/lenses

Undoubtedly, the cost of quality medical treatment and healthcare has become double over the last five years. The ongoing pandemic has made it more difficult for people to avail of basic hospitalisation across the country. The only way to protect yourself and your family is to buy comprehensive health insurance.

Here are 5 points that highlight the need for medical insurance:

• The cost of medical treatment and hospitalisation is rising on an annual basis.

• A health plan will take care of your medical and hospital-related expenses.

• This will keep you financially prepared and stress-free in times of a medical emergency.

• You can cover your entire family under a single health policy.

• Avail cashless facility in times of a financial crunch.

Here is a list of India's best health insurance companies 2021, along with their incurred claim ratio for 2019-20. The CSR has been sourced from the annual report filed by IRDAI.

Disclaimer: The Incurred Claim Ratio depicted above of all the Standalone Health Insurance and General Insurance Companies is for the Financial Year 2019 - 2020 as per the data released by the Insurance Regulatory and Development Authority of India (IRDAI) in its Annual Report for the Financial Year 2019 - 2020.

Last Updated on 23-02-2021.

The Indian Government (both central and state) has provided a wide range of standard health schemes for India's population. Here is a list of plans:

• CGHS - Central Government Health Scheme - This is one of the most popular health insurance coverage schemes offered to the central government employees and their families. Members working under the judiciary, executive, and legislative branches of the Indian Government are covered along with AYUSH benefit.

• ESI - Employee State Insurance - This scheme is provided to employees and workers in non-seasonal factories. It is regulated by the ESI Act, 1948. The scheme offers medical, sickness, maternity, disablement, funeral, and rehabilitation benefits.

• Aam Aadmi Bima Yojana (AABY) - The is a government-backed social security scheme for India's low-income population. This scheme aims to provide benefits in case of death due to natural causes, death due to an accident, and partial disability/permanent total disability.

• Universal Health Insurance Scheme (UHIS) - This is a government-backed health scheme that provides health cover to the poor section of the society, people below below the poverty line, and above the poverty line. It covers medical expenses and provides personal accident benefits if anything happens to the primary breadwinner of the family.

• Rashtriya Swasthya Bima Yojana - This is a government-backed social security scheme that provides cashless facilities at various private/public hospitals for poor people. You can avail of medical care of up to Rs. 30,000 at an empanelled hospital.

• PMSBY - Pradhan Mantri Suraksha Bima Yojana - This is an accident insurance policy offered by the Government of India. It comes at an insurance premium of Rs. 12 and provides accident cover in the policyholder's death.

• Ayushman Bharat Yojana - Ayushman Bharat - This is one of the largest health schemes offered by the Government of India. It aims to cover at least 40% of the Indian population. It comes with a maximum cover amount of Rs. 5 lakhs. You can access hospitals via the PMJAY eCard.

• West Bengal Health Scheme

• National Health Policy 2017

• National Health Insurance Schemes (NHIS)

• Biju Swastya Kalyan Yojana

• Bhamashah Swasthya Bima Yojana

Buying a new health insurance policy online is important; make sure you go through the following points before making the final decision.

• Type of Sum Insured - Always look for a comprehensive health plan with a high sum insured that is sufficient for you and your family. Do not go for a cheaper policy; you might regret it later.

• Claim Settlement Ratio - Go for an insurer that has a high claim settlement ratio. It will be easier for you to claim in the future without any hassle.

• Co-Payment and Room Rent Limits - Always go for a health plan that comes with minimum co-payment and no limit on room rent. This will save you a lot of money during the time of paying the hospital bill.

• Top-up Facility - A top-up or a super top-up health plan provides additional coverage over and above your existing sum insured. Avail this feature as it will save you from the cost of rising medical expenses.

• Waiting period for Pre-existing Illness and Diseases - Every health plan has a waiting period of 24-48 months from the policy's inception to include pre-existing illness.

• Lifelong Renewability Option - Your health needs to be looked after all your life. Therefore, look for a health cover that offers lifelong renewability.

• Network Hospital List - Choose a health plan that comes with a vast network of cashless hospitals near your residence or city.

What is Incurred Claim Ratio? (ICR)

• The incurred claim ratio is the number of claims paid to the number of premiums received. Example - If your insurer has paid claims worth Rs. Seventy crores, while the premium received is Rs. One hundred crores, the ICR will be 70%.

What is Claim Settlement Ratio? (CSR)

• The claim settlement ratio is the number of claims settled by the insurer against the total number of claims received. Example - If your insurer pays 80 claims out of 100, the CSR is 80%. The CSR cannot go above 100%.