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.

What is a Health Insurance Policy?

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.

Benefits of Health Insurance

Your health insurance plan comes with a wide range of benefits for you and your entire family. It is a complete 360-degree protection shield! Plus, you can get to know about all of these benefits in simple words on Coverfox. We care about your health too!

Here are the top 5 essential benefits of a health insurance policy:

  • Save money, save tax: Yes, you got this right. In case you have completely exhausted your deductible limit under Section 80C, feel free to buy a comprehensive health insurance plan and claim an additional deduction of up to Rs. 75,000 under Section 80D of the Income Tax Act, 1961.

  • Secure your family's health: Family is important; there is no need to compromise their healthcare. Get a family floater plan today online on Coverfox and secure your spouse, parents/parents-in-law, and dependent children under a single umbrella cover at the cost of an affordable premium.

  • AYUSH Benefit: Most health insurance companies already provide cover for alternate medical treatment such as Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homoeopathy.

  • Critical Illness Cover: Critical illnesses can impede the healthy functioning of you and your family's life. It can take a complete toll on your physical, mental, and economic health. This is where a critical illness plan will come in handy. It will provide a lump sum payout if you are being treated for any life-threatening diseases, as mentioned in the policy list.

  • Pay without cash: Yes, now you can go cashless if you undergo treatment at a cashless treatment facility. Under this feature, your insurer will directly settle the claim with the network listed hospital via a third-party administrator.

Benefits of Buying Health Insurance Online

When it comes to purchasing a 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 - We at Coverfox believe in making health insurance simple in every possible way. That is why we have created an extensive library of blogs, videos, articles, infographics, and FAQs on our website. Plus, you can access this for free!

  • Save time and get discounts - When you buy online health insurance, you are directly getting it from the insurer. There is no agent or intermediary involved. This means that there is no agent commission, which, in return, leaves more room for a discount on the premium amount.

  • Compare the best plans - With Coverfox, you can easily compare the top quotes of multiple insurers simultaneously on a single webpage. Compare features and benefits, terms and conditions, inclusions, and exclusions at a single click of a button.

  • Online Premium Calculator - We completely understand all of your doubts related to the amount of premium. Therefore, we have created an online premium calculator that you can utilise for free. Just enter the requested details and let Coverfox do all the math work for you.

  • Complete Paperless Buying Process - We understand that paperwork can be tiresome and time-consuming. From start to the end, the entire process of buying a healthcare plan on Coverfox is paperless.

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

Best Health Insurance Plans

Here is a list of India's best health insurance plans for 2020, along with the maximum cover amount and renewable option. Worry not, you need not search the entire world for the same. You can quickly get them all on Coverfox.

The information mentioned below has been sourced from the official website of the respective insurance companies.

Last updated on 16-09-2020

Health Insurance Plans Maximum Sum Insured Renewal Option
Aditya Birla Active Assure Diamond Plan Rs. 2 Crores NA
Universal Sompo Essential Privilege Plan Rs. 10 Lakhs Lifetime Renewability
Care Health Plan (formerly known as Religare) Rs. 6 Cores Lifetime Renewability
Max Bupa Health Companion Individual Rs. 1 Crore Lifetime Renewability
Star Family Health Optima Plan Rs. 25 lakhs Lifetime Renewability
HDFC ERGO Optima Restore Rs. 50 lakhs Lifetime Renewability
HDFC ERGO my:Health Suraksha Rs. 75 lakhs Lifetime Renewability
Royal Sundaram Lifeline Supreme Rs. 50 lakhs Lifetime Renewability
Star Health Senior Citizen Red Carpet Plan Rs. 25 lakhs Lifetime Renewability
ManipalCigna Prohealth Plus Rs. 50 lakhs Lifetime Renewability

Features of Health Insurance

Health insurance is crucial for you and your entire family. Before you begin your journey towards buying the best health insurance plan in India, you need to understand a health plan's critical features.

Scope of cover
This includes daycare procedures/pre & post hospitalization/methods/medical treatments that require less than 24 hours or more in the hospital. Daycare procedures are expensive these days; it is crucial to get them covered by your sum insured.
Expert Advice
Organ donation cover
Your medical cover must include the treatment expenses for organ donation, especially if you are receiving a new organ from an unknown donor.
Post Sales Assistance
Ambulance and emergency evacuation services
This refers to the cost of transportation to a nearby hospital via an ambulance or helicopter. It is ideal if you require a medical emergency from a remote location.
Road Side Assistance
Domiciliary hospitalization cover
There are many instances under which you might require an extended period of hospital treatment and care that can be delivered at home (fracture, paralysis, physiotherapy, etc.). Many health plans provide coverage for home hospitalization.
Expert Advice
AYUSH Benefit
Make sure that your medical plan covers alternate systems of medicine such as Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.
Post Sales Assistance
Cashless payment facility
Always look for this option along with the network list of hospitals nearby to your location of residence. Still, confused about getting the best health insurance plan? Call us on 1800 209 9930 and let Coverfox handle the rest.
Road Side Assistance

Types of Health Insurance Plans in India

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/Mediclaim - As the name suggests, this is a healthcare policy for a single individual. If you want to cover yourself at an affordable premium, this plan is the perfect option.

  • Family Health/Family Floater Policy - This is a single health insurance plan that provides comprehensive cover for you, your spouse, parent, and dependent children up to 25 years. This plan is an ideal option for taking care of your family's healthcare needs.

  • Coronavirus/COVID-19/Corona Kavach - This is the latest type of health insurance plan being offered by the Government as well as private insurers. Due to the ongoing pandemic, the IRDAI has advised all insurers to provide Corona Kavach and Corona Rakshak health plans to every individual at an affordable premium. These plans take care of all the expenses arising out of Covid-19 hospitalisation.

  • Senior Citizen Health Insurance Cover - This is a specially designed health plan for individuals above the age of 65 or India's senior citizens. It is ideal for meeting health care expenses arising out of old age and retirement.

  • Maternity Insurance Cover Policy - Maternity insurance cover includes the hospitalisation expenses arising from maternity, cesarean delivery, pregnancy, pre and postnatal care, newborn baby, vaccinations, and ambulance cover.

  • Critical Health Insurance Policy - This is a special type of health insurance cover that offers a lump amount in the form of payout if you are suffering or contract a life-threatening disease in the long run. This list of conditions is mentioned in the policy document.

Best Health Insurance Plans in India

Best Health Insurance Plans Sum Insured Range Entry Age Coverage Policy Periods
Star Senior Citizen Red Carpet Plan 1 Lakh to 10 Lakh Adults: 60 years to 75 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1, 2 years
    Care Health Insurance Joy Plan (formerly Religare) 3 Lakh to 5 lakh For children : 1 day - 90 days, Adults: 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 3 years
    Star Family Health Optima Plan 2/3/4/5/10/15 lakhs For children : 16 days old, Adults: 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1 year
    Care Health Insurance Plan (formerly Religare) 2/3/4/5/7/10/15/20/25/50/60 Lakh 18 Years to No Limit
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1, 2 & 3 years
    Oriental Happy Family Floater Mediclaim Plan Up to Rs.10 Lakhs For children : 91 days, Adults: 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1 year
    Star Comprehensive Insurance Policy 5/7.5/10/15/20/25 Lakhs For children : 16 days old, Adults: 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1 year
    Aditya Birla Activ Assure Diamond Plan Up to Rs.50 Lakhs 5 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 2 to 3 year
    SBI Arogya Premier Policy INR 10,00,000 up to INR 30,00,000 For children : 91 days, Adults: 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1, 2 & 3 years
    SBI General Arogya Plus Policy Rs. 1,00,000, Rs. 2,00,000 and Rs. 3,00,000 For children : 91 days, Adults: 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1, 2 & 3 years
    Bajaj Allianz Health Guard Family Floater Plan 2 Lakh - 10 Lakh For children : 91 days, Adults: 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1 year
    Oriental Bank Mediclaim Policy 1 Lakh - 10 Lakh 3 months to 79 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1 year
    National Insurance Parivar Mediclaim 2 Lakh to 5 lakh 18 years to 65 years
  • Day Care Treatment
  • Post Hospitalization
  • PRE-Existing Illnesses
  • No-Claim Benefits
  • 1 year

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

    Health Insurance Plan Inclusions

    Every health insurance policy provides comprehensive cover for the following instances:

    Hospitalization Expenses and Day Care Treatment - Pre and post hospitalization expenses for 60/180 days are covered along with daycare treatments for less than 24 hours.
    Medical Checkups and Health Report - Only if you are below the age of 45 years and healthy. It is free once a year.
    Accident Cover/Accidental Emergency - In case of injury due to a major/minor accident that requires immediate hospitalisation.
    Ambulance Cover and Emergency Evacuation - Up to a specific percentage of the sum insured or on the basis of cap limit.
    AYUSH Benefit - All forms of alternative systems of medicine are covered, provided the Indian Government recognizes them.
    Mental Healthcare/Therapy - Many neo insurers are providing cover for the treatment of mental health.
    Domiciliary Cover - In case you are allowed to be hospitalised in your residence under the consent of your doctor/physician.
    Organ Donor Expenses - All related surgical and medical costs associated with receiving/donating/harvesting vital organs.

    Health Insurance Plan Exclusions

    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
  • Compare Health Insurance Before you Buy

    If you are still confused about buying health insurance coverage, it is alright. The first thing you need to do is compare the different types of health insurance coverage and their features and benefits. There are plenty of health insurance policies in the market; you should select the best option possible. Here is how you can do the same on Coverfox.

    How to compare health insurance plans?

    First, select a list of medical plans, then compare them based on the following points.

    Premium Amount

    The premium amount is the money you must pay on an annual basis for availing the health cover. Ensure that you select a high cover at the cost of an affordable premium.

    Type of Cover

    Always look for a plan that offers maximum coverage for you and your entire family. This will keep medical inflation in check and keep your wallet safe in the future.

    Online Reviews

    You can also check the reviews posted online by existing policyholders. This will give you a fair idea of the type of customer service being offered by an insurer.

    Type of Claim Settlement

    You must go for an insurer that offers cashless and reimbursement mode of claim settlement. Get complete details on the entire claim settlement process.

    List of Network Hospitals

    Always go for a health plan that is eligible at your nearest hospital. You can check the list of network hospitals in the policy document.

    Company's Credentials

    You need to check if the insurer has a good claim settlement ratio and an incurred claim settlement ratio. These parameters determine the capacity of the insurer to settle claims successfully.

    Cost of Medical Treatment

    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.

    Health Insurance Schemes by Government of India and Various States

    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:

    • 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.

    • Employee State Insurance Scheme - 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 - 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 - 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.

    • 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 - 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.

    Documents Required for Buy Health Insurance Policy

    Here is a standard list of documents required to purchase health insurance in India:

    • Proof of Age - KYC/each family member

    • Proof of Address - KYC/each family member

    • Proof of Income - Bank Statement/Form 16/Salary Slip

    • Application Form

    • Medical Check-up/Report, if required

    Checklist Before Buying Health insurance Policy

    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.

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

    What is Health Insurance Portability?

    The Insurance Regulatory and Development Authority of India has made it simple to switch your health insurance plan from one insurer to another. Plus, you need not worry about the no-claim bonus. It will get transferred to your new insurer. You can only port health insurance policy during the time of premium renewal.

    Health Insurance Claim Procedures

    The two common types of claim settlement processes are reimbursement and cashless facility. Know more about them here:

    Reimbursement Facility

    Under this method, you get admitted to any hospital for availing medical treatment. Once you are discharged, you can raise a reimbursement claim with your insurer by submitting all the relevant documents and bills. The cost of medical treatment is paid back to you by your insurer.

    Cashless Facility

    Under this method, you get admitted to a network hospital for availing medical treatment. All you need to do is furnish your cashless eCard, and the third party administrator will take care of the rest. The cost of medical treatment is directly settled between the hospital, TPA, and the insurer. You can also take this option in case of planned hospitalization.

    Difference Between Incurred Claim Ratio (ICR) and Claim Settlement Ratio (CSR)

    What is Incurred Claim Ratio? What is Claim Settlement Ratio?
    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%. 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%.

    List of Best Health Insurance Companies in India

    Here is a list of India's best health insurance providers for 2020, along with their incurred claim ratio for 2018-19. The CSR has been sourced from the annual report filed by IRDAI.

    Network Hospital List Last updated on 1st October 2020.

    Disclaimer: The above information on Incurred Claim Ratio has been sourced from IRDAI’s Annual Report (2018-19). The cashless network hospital information has been collated from Insurance Company's Website

    Coverfox advantage

    Coverfox Advantage

    Expert Advice

    We understand that health insurance is difficult to grasp for a first time user. This is where our 24x7 customer service team will come to your help. From renewals to claim, health insurance policies to reimbursement facilities, everything is covered!
    Expert advice

    POST-SALES ASSISTANCE

    We, at Coverfox, provide full-fledged services even after you have purchased your policy. We are your one-stop-shop for health insurance plans, claims, and renewal.
    Post sales assistance
    Buy Confidently

    With 25 insurers and 100+ products to choose from, Coverfox works actively to find a plan that is ideal for you—basically, the best one, the right one. From providing you with all the right information to offering unbiased comparisons, we do it all. Hey, you don't even need to engage with the insurer yourself.

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    faqs

    FAQ's on Health Insurance

    What is a health insurance in India?

    In India, a health insurance is something that pays for hospitalizations, medical expenses incurred for an in-patient, sometimes out-patient and for the treatment through alternative modes like Ayurveda, etc.

  • The first health policies in India were Mediclaim Policies.
  • What is the average health insurance cost?

    Health insurance premiums are determined after taking into consideration factors like age, family medical history, pre-existing medical conditions, Body Mass Index and smoking habits, among others. Additionally, the type of coverage, sum insured and members covered under a policy have an impact of the premiums payable.

    What are fixed benefit health insurance plans?

    To encounter such financial hardships to treat critical illnesses, it is essential to introduce something called as ‘fixed benefit health insurance plans’. These plans take care of two major expenses such as hospital room charges as well as the entire cost of the surgery. But, remember these plans do not pay the expenses that include pathology, radiology and medical consultation.

    CAN HEALTH INSURANCE POLICIES BE PORTED?

    Yes, health insurance plans can be ported to another insurer.

    What is co-pay?

    Co-pay is a clause in the health insurance policy that underlines that the insured will have to share the claim burden and co-pay a pre-determined amount.

    Is maternity covered under health insurance plans?

    Yes, maternity is covered under health insurance plans. In fact there are special health insurance plans by many insurers that take care of medical expenses related to maternity.

    What are overseas health insurance policies?

    Overseas health insurance is covered under international travel plans. These plans usually cover bodily injuries caused, medical illnesses or diseases contracted during an international journey.

    Is health care and Health insurance the same thing?

    Yes. Mostly, health care and health insurance is referred to as the same thing.

    Are children covered in health insurance plans?

    According to the current law, your health insurance plan can cover your dependent children., You can now add or keep your dependent children included in your policy, until they turn 26 years old.

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