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Health insurance is the best way by which one can get a cover against medical expenses and protects their savings. A health insurance policy is a form of medical insurance cover that provides complete protection against the cost of medical treatment and emergency hospitalization. It covers medical expenses and hospital bills in case of an accident, medical emergency or illness.
Be it for you, your parents or your entire family, every individual can be covered at the cost of an affordable premium. In addition, you can also purchase a COVID19 specific health cover plan .
As mentioned above, a health insurance coverage plan is designed to provide financial protection in case you, your parents or any one of your family members require planned or emergency hospitalization.
The cost of medical treatment is covered under your health plan that is provided by a general insurance company. In addition, you can avail of cashless as well as reimbursement mode of payment at a nearby/network hospital.
Here are the different types of health insurance plans you can choose according to your insurance requirement:
Here is a comprehensive list of top health insurance plans.
|Health Insurance Plans||Sum Insured (Rs.)||NETWORK HOSPITALS||NETWORK HOSPITALS|
|HDFC ERGO my:Health Suraksha||Min-3Lakh - Max- 50 Lakh|
|HDFC ERGO General Insurance Optima Restore||Min-3 Lakh - Max- 50 Lakh|
|Star Family Health Optima Plan||Min-1 Lakh - Max- 25 Lakh|
|Care Health Care Plan||Min-4 Lakh - Max- 6 Crore|
|United India UNI Criticare Health Plan||Min-1 Lakh - Max- 10 Lakh|
|Bajaj Allianz Individual Health Guard Plan||Min - 1.5 Lakh - Max - 50 Lakh|
|Chola Healthline Plan||Min-2 Lakh - Max- 25 Lakh|
|ManipalCigna Prohealth Plus||Min-2.5 Lakh - Max- 1 Crore||Aditya Birla Active Assure Diamond Plan||Min - 2 Lakh - Max - 2 Crore|
|SBI Arogya Premier Policy||Min-10 Lakh - Max- 30 Lakh|
|Digit Health Insurance Plan||Min- Lakh - Max- 25 Lakh|
|Future Generali Criticare Plan||Min-5 Lakh - Max- 50 Lakh|
|IFFCO TOKIO Health Protector Plus Plan||Min-2 Lakh - Max- 25 Lakh|
|Royal Sundaram Supreme Policy||Min-5 Lakh - Max- 50 Lakh|
|Universal Sompo Individual Health Plan||Max- 10 Lakh|
|Bharti AXA Health Insurance||Min - 3Lakh - Max - 5 Lakh|
|Oriental Individual Mediclaim Policy||Min-1 Lakh - Max- 10 Lakh|
|Max Bupa Health Companion||Min-3 Lakh - Max- 1 Crore||Reliance Critical Illness Plan||Min-5 Lakh - Max- 10 Lakh|
|Liberty Health Connect Supra Top-up Plan||Max- 1 Crore|
|National Parivar Mediclaim Plus Policy||Up to 50 Lakh|
|Tata AIG MediCare Plan||Min-2 Lakh - Max- 10 Lakh|
|Edelweiss Health Insurance Plan||Min-5 Lakh - Max- 1 Crore|
|Raheja QBE Health Plan||Min-1 Lakh - Max- 50 Lakh|
Disclaimer: The above table has been compiled by sourcing information from the insurance company’s website. The Incurred Claim Ratio has been sourced from IRDAI Annual Report 2018-19. Last Updated 15-04-2021.
Here are some important advantages of buying a health insurance plan:• Cashless Claim Facility
Now no more worrying about how you will arrange money in case you or your loved ones get hospitalized to face a medical emergency. Health Insurance Plan provides you cashless facility by which you can avail treatment at network hospital without spending anything from your pocket.
All the expenses incurred before getting hospitalized for a period of 60 days and after getting discharged from a hospital for a period of 90 days are covered.
Had a claim free year! congratulations you will receive a No Claim Bonus in the form of an increment in the sum insured at the same premium or a discount on the premium cost.
The ambulance charges for transferring the patient to the hospital are covered upto a specified amount say Rs. 5000/- or upto a certain limit like 1% of the sum insured capped with a maximum amount.
A health insurance plan entitles you to receive tax benefits for a premium paid upto Rs. 1 Lakh under section 80D of the Income Tax Act, 1961. Here are the scenarios under which you can claim tax benefits
|Health Insurance Plan for Self|
|Health Insurance Plan for Self and Spouse|
|Health Insurance Plan for Self, Spouse, dependent children up to age 25|
|Health Insurance Plan for Parents|
|Health Insurance Plan for Senior Citizens|
|Health Insurance Plan for Self, Spouse, dependent children up to age 25 and Parents|
|Health Insurance Plan for Self, Spouse, dependent children up to age 25 and Parents|
|Health Insurance Plan for Self and Parents (All Senior Citizens)|
*The tax benefits are subjected to changes in tax laws.
You and your family members also become eligible for free health checks at the nearest network hospital of the insurance company.
If you or any of your loved ones are already suffering from any medical condition you need not worry, you can still buy a health insurance plan. The existing diseases and medical condition will be covered post a waiting period which ranges from 24 to 48-months depending upon the disease, insurer and insurance plan.
The answer is yes, your existing health insurance policy covers the expense of COVID-19 treatment.
• Corona Kavach Policy
|Entry Age||18-65 years|
|Coverage Type||Individual/Family floater|
|Sum Insured (Rs.)||50,000-5,00,000|
|Discount on Premium||5% for health workers and doctors|
• Corona Rakshak Policy
|Entry Age||18-65 years|
|Sum Insured (Rs.)||50,000-2,50,000|
|Discount on Premium||5% for health workers and doctors|
Here are some common health insurance plans inclusions:
Following are common health insurance plans exclusions:
There are some factors that need to be considered closely to make the right decision:
● Caps and Sub-limits
● Cover offered
● Life-Long Renewability
● Network Hospitals
● Claim Record
● In-house Claim Settlement Team
● Restore Benefit
● Waiting Period
An ideal health insurance plan for you is the one that offers you the desired coverage, here we have compiled a few health insurance plans based on some of your needs:
|Your Requirement||Health Insurance Policy you Should Get|
|Cover for In-patient hospitalization expenses, inclusive of surgical bills||Health insurance providing cashless and reimbursement claim facility|
|A constant amount daily while you are hospitalised||Hospital Cash Plan|
|If diagnosed or hospitalised with a critical illness or if the disease is leading to loss of income||Critical Illness Plan|
|When an accidental disability leading to the loss of income||Personal Accident Insurance|
|Coverage for expenses in the event of cesarean and normal delivery||Maternity Insurance|
|Insurance coverage for the whole family in a single plan||Family Floater Health Plan|
|Coverage for senior citizens||Senior Citizen Health Insurance|
Health insurance policy eligibility criteria depend on pre-existing illnesses (if any), current medical conditions, the customer’s age, etc. The health insurance companies also conduct a medical test to check if the applicant already has some health diseases or not. Commonly these eligibility criterion needs to be met:
Most health insurers question the applicant if they have any medical conditions such as blood pressure, diabetes, kidney problems, cardiovascular diseases, and other diseases. You also have to inform about your smoking or alcoholic habits (if you have the habit); based on these factors, the insurance company will decide if you are eligible to get medical cover or not.
If one insurer rejects your application, you can also check with another or buy a specific health plan as per your medical conditions. Check the policy for terms and conditions to have a better understating of the eligibility criteria.
A comparison of health insurance policy can be difficult, we completely understand. That is why we have created our platform which specializes in making insurance simple for you.
There is no point in comparing something of which you know nothing about. With Coverfox on board, just sit back and relax. Let us do the hard work for you. Comparing Health Insurance on our platform is very easy. We have a detailed page that explains you the importance, benefits of comparison. You also get to know how you can perform quickly.
With over 25 insurance companies and more than 200 health insurance products available in India, performing a comparison of various benefits, features of health insurance plans and finding the best quote becomes a daunting task. Here are some important tips to make an informed decision:
The country’s healthcare inflation is rising and is increasing at the rate of 17% to 20% annually. To take care of growing expenses in health care, it is essential to select the maximum available sum insured at the best possible premium rate.
Provide correct information about your health in the proposal form, as any inaccurate information can make the insurer reject your claim form.
Some elements that influence a health insurance plan’s premium include the sum insured, proposer’s age, medical history, family health history, lifestyle, smoking habits, etc. These factors are considered before the premium amount is determined.
Check the history of the health insurance company from where you are planning to buy your health insurance plan. It is best if you select the health insurance company based on the following parameters:
Due to busy schedules these days, it has become challenging to visit different health insurers’ offices or branches to compare various medical insurance policies.
You don’t have to worry as Coverfox understands the dilemma of the customers and hence, has a tech-enabled platform that helps you compare different health insurance quotes online.
Listed below are some of the advantages of buying a health insurance plan online:
Arogya Sanjeevani is a health insurance policy offered by every Indian health insurance company. Arogya Sanjeevani policy covers your primary health insurance needs. It is a good option for those who do not have medical insurance cover, particularly in smaller towns.
As mandated by the IRDAI, the Arogya Sanjeevani policy offers health cover ranging from Rs. 1 lakh to Rs. 5 lakhs. A primary waiting period of 30 days is applicable from the date of policy issuance. The waiting period for specific illnesses ranges from 24 months to 48 months, depending on the disease.
Benefits of Buying Arogya Sanjeevani Policy:
Features available under an Arogya Sanjeevani Plan:
You don't have to continue with your current health insurance provider if you do not want to since IRDAI now allows you to change your insurer without losing any existing or accumulated benefits.
Now IRDAI allows you to switch from one insurer to another while the new insurer will have to consider the credits you have gained from your previous insurer, where the credits refer to the completed waiting period in pre-existing conditions. The same thing applies if you switch from one plan to another within the same insurance company.
Before believing the information, it is imperative to check the facts and then buy a health insurance policy. Here are a few popular myths that most people believe about health insurance policies:
I am Healthy; therefore, I Don’t Need a Health Insurance
Even if you are healthy, there are many unforeseen circumstances like seasonal illnesses, malaria, dengue, or an accident that can hit anyone at any time. These days, hospitalization expenses are not easy to pay. Even 2-days of hospitalization would cost you between INR 60,000 to INR 1 lakh and even more (depending on the illness).
My Health Insurance will provide for all the Medical Expenses
According to the IRDAI regulations, all health insurance plans come with a set of exclusions/limitations. You must check all the policy details mentioned in the plan. The insurer will only cover the expenses covered in the policy and up to the specified limit only.
Declaration of Pre-existing Diseases
You must declare all the pre-existing diseases in the proposal form before buying a health insurance policy. Inadequate information can lead to claim rejection and can cost you more than the expected amount.
Smokers can not Buy a Health Insurance Plan
According to the survey, almost 49% of the applicants who consume alcohol or smoke are perplexed to buy a health insurance policy. But some health insurance companies give medical insurance coverage to them. But considering the risks, alcohol consumers and smokers will have to undergo a stringent pre-medical examination process and pay a higher premium to get health insurance coverage.
Medical Insurance will only Include Hospitalization Expenses
Although most of the health insurance plans cover medical expenses towards hospitalization for more than 24-hours, some plans have a capping on the duration of hospitalization. But most of the insurers cover daycare procedure where you don’t have to be hospitalized for 24-hours. It includes cataract surgery, varicose vein surgery, and similar medical procedures.
I am Covered by a Group or Corporate Health Insurance Plan!
Most people depend on the health insurance plan that their employer provides. You should be well aware of the fact that a group health insurance policy comes with limitations. Group health insurance policy will not offer coverage to all your family members in most cases; the sum assured will generally not be sufficient, and it will not cover critical illnesses.
It is essential to pay a fixed premium regularly in order to keep the policy in force. Have you ever wondered how this premium is calculated? Certain factors affect health insurance premiums like your family’s medical background, your personal medical history, and so on.
Depending on that, you might want to calculate your premium to know how much you would have to pay for the policy. It can be done via a health insurance premium calculator. A premium calculator is an online tool that calculates the premium to be paid as per your information. At Coverfox.com, you can calculate your health insurance premium easily.
As the medical facilities are advancing, so are the health care costs. The primary benefit of health insurance is that it takes care of healthcare costs. It gives financial security to you and your family if any unanticipated serious illness or accidental injuries draining all your savings. Learn how the cost of your insurance premium is determined:
Health insurance plans have additional benefits of cashless treatment and expense reimbursement by the insurer. You can check out the entire claim settlement process in detail and know about the documents required for making a claim on our dedicated page, " Health Insurance Claims "
If the policyholder is hospitalization he/she needs to submit certain documents as mentioned below for making a reimbursement claim:
Buying health insurance can be hassle-free if you approach the right channel. Having said this, Coverfox.com provides you with a tech-enabled platform where you can compare the best health insurance and then can choose the one the suits your requirement. Well, visit Coverfox and get expert advice along with an informed, unbiased opinion that will clear all your doubts and help you buy the perfect plan. Moreover, enjoy the attention of a service manager who will assist you with all your post-sale requirements- from claims processing to renewals! What more can you hope for?
Now buy health insurance online in no time from Coverfox. Here are the steps to buy medical insurance:
To ensure the best and convenient buying experience for you, we have made a list of General Insurance Companies in India. This list is created based on the Incurred Claim Ratio (ICR) and the overall health insurance policy benefits that they are offering:
Let’s go through these Health Insurance Providers in detail.
To begin with, let us understand what premium is all about. A health insurance premium is the annual cost of the insurance plan. It is the cost of providing health cover (an amount you pay to buy your coverage).
For example, suppose you buy a new health insurance policy for Rs. 1500 per year for a cover of Rs. 5 lakhs. As per this plan, Rs. 1500 is the premium amount which you have to pay every year and Rs. 5 lakhs is the financial cover you get by paying Rs. 1500 as premium for a single year.
Check our page on Health Insurance Premium Calculator to know in detail factors that affect your health insurance premiums.
|Your Requirement||What you Should Get|
|Protection from hospitalization expenses, inclusive of surgical bills||Health insurance plan with the cashless facility and claim reimbursement.|
|Protection from medical bills and hospital expenses for the whole family.||Family Floater Health Plan|
|Coverage for senior citizens||Senior Citizen Health Insurance|
|Daily amount to meet hospitalization expenses||Hospital Cash Plan|
|Financial aid to fight a critical illness||Critical Illness Plan|
|Help in meeting Maternity and New Born Baby medical expenses||Maternity Insurance|
Health Insurance, in its simplest term, is an arrangement between you and the insurance company. The insurance company provides a financial safety net to your savings by taking care of all your medical expenses in return for a small amount paid by you called a premium.
Under a health insurance plan, when you make a claim, the insurer checks the illness for which claim is made against the illnesses covered under the plan. If the illness is covered, the insurer accepts the request for a cashless claim at a network hospital or reimburses the treatment expenses upto the sum insured amount.
We have compiled a list of the best health insurance plans available in India for you. Click here to check the same. (https://www.coverfox.com/health-insurance/)
Health insurance protects your savings from the cost of medical treatment expenses. It helps you get good quality health care services at the best hospitals and medical treatment facilities without worrying about huge bills. It also helps reduce your tax liability.
The premium for a health insurance plan for a 30-year-old male for a sum insured of Rs. 4 Lakhs residing in Mumbai starts from Rs. 3425/-. The cost for a health insurance plan varies from person to person and insurer to insurer. It depends on factors like sum insured, family members, covered, age, etc. You can check the premium applicable by using our free calculator.
Yesterday was the right time to buy a health insurance plan. You should purchase health insurance at the earliest possible. This way, you can get a high sum insured at the cheapest rate. Buying a health insurance plan early also helps you complete the applicable waiting period when you are healthy.
Yes, you can have multiple health insurance policies if you like. You can get an individual health insurance policy and at the same time also be covered with a group health insurance plan provided by your employer. You can also increase your health insurance cover with a Super Top-Up Plan or a critical illness plan.
NO, if you are below the age of 45 years, then undergoing a medical test for buying a health insurance plan is not mandatory for you. This requirement may vary from insurer to insurer, health insurance plan variant, sum insured, etc.
A 30-year-old single person residing in Mumbai can get a health insurance plan starting from just Rs. 300/- per month for a sum insured of Rs. 4 lakhs. The premium depends on the sum insured, health insurance plan chosen, insurer, age and other applicable factors.
Generally, there are no restrictions on the no. of claims you can make in a policy year. It is best to go through the policy document to know about the exact no. you are allowed in your health insurance plan.
Terminal illnesses, AIDS, Internal Congenital diseases, Diseases of the gall bladder including cholecystitis, all forms of Cirrhosis, and any other similar diseases are generally not covered under a health insurance plan. You can go through the policy document to check out the complete list.
There is a constant rise in health insurance costs. Today inflation in the health insurance sector has reached double digits. Getting treated at a private hospital means emptying your bank account. Health insurance is the best way of getting the best in class health service and keeping your savings intact at the same time.
Yes, you can cancel your health insurance plan during the free look period of 15 days. Suppose you cancel your policy during the 15 days free look period. In that case, you will get your premiums back after deduction of medical examination charges borne by the company and the stamp duty charges.
The waiting period is the no. of days mentioned by the insurance company during which a claim will not be accepted for the defined illness. There are 3 types of waiting periods applicable under a health insurance plan, i.e. Initial waiting period of 3 months, pre-existing diseases waiting period of 24 - 48 months, a disease-related waiting period of 24 or more months.
Yes, health insurance plans offer cover for outpatient expenses like OPD charges for doctors consultation. Not all health insurance plans provide cover for these expenses, so it is wise to check the product brochure before buying the plan.
You can file a health insurance claim in case of an accident or when any covered members require medical treatment. If the disease or treatment expenses are covered under the health insurance plan's scope, you can make a claim.
No-Claim Bonus is a benefit given by the insurance company to the policyholder for having a claim-free year, i.e. not claiming in the previous year. This benefit is in the form of an increase in the sum insured by 5% or 10% at the same premium.
The cost of health insurance depends on various factors like sum insured, age, geographical location, medical history, no. of members covered, morbidity rates, plan type and features, and insurance companies are some of the factors that determine the cost of a health insurance plan. As you are different from the person next to you, so the price would also be different.
Sum insured is the maximum amount for a policy year upto which the insurance company will take care of all your hospital, treatment and medical bills. Any amount that becomes payable over this amount has to be paid by you.
You can attach various riders like OPD, Cover Hospital Cash Rider, Critical Illness Rider to your base health insurance plan. Rider increases the coverage level of your health insurance plan by paying just a nominal amount.
A pre-existing disease or condition in health insurance refers to your medical condition, health issue, or medical complications that you are / or have been facing and for which you are / or have been taking medicines before buying a health insurance plan. Pre-existing diseases are covered after a waiting period of 24 to 48 months or permanently excluded depending upon the disease.
First, you must raise a complaint with the insurance company's in-house complaints/grievance redressal cell. If you are still unhappy with the insurer's resolution, you can approach IRDAI with your complaint. You can register your complaint on IRDAI Portal at https://igms.irda.gov.in or by email on email@example.com or by calling on Toll-Free No. 155255 or 1800 4254 732.
A Health Insurance card is an identity document issued to you by the insurance company. This health insurance card enables you to get cashless services at network hospitals that are empanelled with the insurance company.
It would be best if you bought a health insurance policy at the earliest possible. If you purchase a health insurance plan when you are young, you can get a large sum insured as coverage for a small premium amount.
Personal Accident Insurance plan provides cover against accident-related risks like death and permanent disability. The amount paid depends on how severe the disability is due to an accident. Say, on losing a limb, 50% of the sum insured is paid and so on. On accidental death, 100% of the sum insured is paid.
A critical illness cover provides financial coverage against 34+ critical illnesses like cancer, kidney failure, heart ailments, organ failure, other life-threatening critical illnesses. This way, your health insurance plan will take care of your hospital bills, while a critical illness plan pays you a lump sum amount to overcome your critical illness.
Read our detailed article on “All You Wanted to Know About Health Insurance Portability” (https://www.coverfox.com/health-insurance/articles/health-insurance-portability-all-you-wanted-to-know/) gives you all the details required for porting your existing health insurance plan to a new insurance company.
You can use our health insurance premium calculator by visiting our home page to calculate and compare various health insurance plans. By comparing multiple health insurance plans, you can pick the best plan as per your requirements. Check out our page on health insurance premium calculator (https://www.coverfox.com/health-insurance/health-insurance-premium-calculator/). It explains the importance of comparing a health insurance plan.
You can go through the detailed claim settlement process (https://www.coverfox.com/health-insurance/health-insurance-claim-settlement/) to know how to make a reimbursement claim.
You must have a primary health cover of Rs. 5 to 10 lakhs in today's scenario. Apart from this base cover, you must also have a Super Top-up plan of Rs. 25 to 30 lakhs. This way, you and your family will be adequately covered.
This decision solely depends on your requirement. If you are looking to protect only yourself, then individual health insurance is the right choice. If you want to protect your entire family, then you must go for a family floater health insurance plan.
If you are a smoker or consuming tobacco in any other form, then you must get ready to pay a higher premium. A person who smokes has high chances of contracting diseases like heart problems, hypertension, breathing issues, cancer, etc. hence premiums are higher.
A health insurance policy takes care of all expenses related to In-patient hospitalization, Pre and post hospitalization, illnesses, organ transplantation, donor expenses, daycare procedures, Ambulance Cost, Domiciliary hospitalization and much more.
You need to provide primary KYC documents like Age proof, Address proof for buying a health insurance plan. If you are above the age of 45, you would be required to undergo a medical test.
No, If you are below the age of 45, you are not required to undergo a medical checkup. If you are above the age of 45, you may be required to undergo a medical checkup before buying a health insurance policy.
You can buy a health insurance plan for a minimum duration of 1 year and a maximum duration of 2 or 3 years. If you purchase a longer duration policy for 2 or 3 years, you can get a discount on the premium payable.
Yes, foreign nationals living in India can buy a health insurance policy. The policy offered would provide cover only within the boundaries of India.
Yes, health insurance plans cover pre and post-hospitalization expenses, including diagnostic charges like X-ray, ultrasound, MRI, Blood Tests, and other tests required before hospitalization and after getting discharged from the hospital. If such tests are conducted on an OPD basis, these expenses are not covered under the health insurance plan.
The policy continues providing coverage even after a claim is filed. The coverage provided reduces by the amount of claim paid. So, if you have a sum insured of Rs. 10 lakh and a claim of Rs. 3 lakhs is paid, then the sum insured applicable becomes Rs. 7 lakhs.
Yes, you can include your 3-year-old child in your health insurance plan. You can also buy a family floater plan and have all your family members covered under a single plan. However, you cannot buy a standalone individual health insurance plan for your 3-year-old kid.
Click on this link to find out the best health insurance plans (https://www.coverfox.com/health-insurance/)
Yes, health insurance plans can be ported to another insurer.
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.
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.
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.
Yes. Mostly, health care and health insurance is referred to as the same thing.
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.