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.

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Health plans starting @ Rs 350 / month

Best Health Insurance Plans in 2021

Here is a list of India's best health insurance plans for 2021, 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.

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
Rs. 1 Crore
Lifetime Renewability
Star Family Health Optima Plan
Rs. 25 lakhs
Lifetime Renewability
HDFC Ergo General Insurance 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
TATA AIG Mediplus Plan
NA
Lifetime Renewability
Max Bupa GoActive Plan
Rs. 25 lakhs
Lifetime Renewability
Max Life Cancer Insurance Plan
Rs. 50 lakhs
NA
Max Bupa CritiCare Insurance Plan
Rs. 3 lakhs to Rs. 2 Crores
NA

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

Last updated on 16th February 2021

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.

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

  • Organ Donation Cover

  • Domiciliary Hospitalization Cover

  • Cashless Payment Facility

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:

  • Secure your family's health:

  • AYUSH Benefit:

  • Critical Illness Cover:

  • Pay without cash:

Benefits of Buying Health Insurance Online

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.

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Types of Health Insurance in India 2021

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:

List of Best Selling Health Insurance Policies till February 2021

Best Health Insurance Plans Sum Insured Range Entry Age
Star Senior Citizen Red Carpet Plan 1 Lakh to 10 Lakh Adults: 60 years to 75 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
Star Family Health Optima Plan 2/3/4/5/10/15 lakhs For children : 16 days old, Adults: 18 years to 65 years
Care Health Insurance Plan (formerly Religare) 2/3/4/5/7/10/15/20/25/50/60 Lakh 18 Years to No Limit
Oriental Happy Family Floater Mediclaim Plan Up to Rs.10 Lakhs For children : 91 days, Adults: 18 years to 65 years
Star Comprehensive Insurance Policy 5/7.5/10/15/20/25 Lakhs For children : 16 days old, Adults: 18 years to 65 years
Aditya Birla Active Assure Diamond Plan Up to Rs.50 Lakhs 5 years to 65 years
SBI Arogya Premier Policy INR 10,00,000 up to INR 30,00,000 For children : 91 days, Adults: 18 years to 65 years
SBI 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
Bajaj Allianz Health Guard Family Floater Plan 2 Lakh - 10 Lakh For children : 91 days, Adults: 18 years to 65 years
Oriental Bank Mediclaim Policy 1 Lakh - 10 Lakh 3 months to 79 years
National Insurance Parivar Mediclaim 2 Lakh to 5 lakh 18 years to 65 years

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

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.

  • Personal Accident Insurance/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.

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, check here for compare health insurance. 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
  • Types Of Cover
  • Type Of Claim Settlement
  • List Of Company Networks
  • Company's Credentials
  • Online Reviews
  • 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 Network Hospitals

    Cashless Network Hospitals

    All the insurance companies have a tie-up with leading hospitals across the country wherin their facilities, doctors availability , treatment offered, etc. These hospitals are known as network hospitals of a particular insurer. Check out the list of cashless network hospitals.

    Health Insurane Incurred Claims Ratio in Financial Year 2019-20

    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.

    NAME OF HEALTH INSURANCE COMPANY INCURRED
    CLAIM RATIO
    (2019 - 2020)
    NETWORK
    HOSPITALS
    Apollo Munich Health Insurance (formerly Religare)
    73.69%
    10000+
    Bajaj Allianz Health Insurance
    81.96%
    5700+
    Aditya Birla Health Insurance
    49.08%
    5700+
    Star Health Insurance
    65.91%
    6000+
    National Health Insurance
    103.30%
    6000+
    ManipalCigna Health Insurance
    61.64%
    4000+
    New India Health Insurance
    100.83%
    1200+
    ICICI Lombard Health Insurance
    69.90%
    5025+
    Care Health Insurance (formerly Religare)
    59.13%
    4500+
    United India Health Insurance
    104.24%
    7000+
    HDFC ERGO Health Insurance
    69.01%
    10000+
    LIC health insurance
    NA
    NA
    Reliance Health insurance
    62.17%
    4000+
    Raheja QBE Health Insurance
    85.07%
    2000+
    Oriental Health Insurance
    104.97%
    4300+
    TATA AIG Health Insurance
    66.61%
    3000+
    Cholamandalam Health Insurance
    40.67%
    2600+
    IFFCO TOKIO Health Insurance
    95.66%
    3000+
    Royal Sundaram Health Insurance
    63.55%
    3000+
    Bharti AXA Health Insurance
    77.50%
    4500+
    Max Bupa Health Insurance
    61.64%
    3500+
    Shriram Health Insurance
    96.64
    NA
    SBI Health Insurance
    50.54%
    NA
    Navi Health Insurance
    34.69
    NA
    Magma HDI Health Insurance
    72.87
    NA
    Liberty Health Insurance
    87.78
    NA
    Kotak Health Insurance
    49.22
    NA
    Future Generali Health Insurance
    62.52
    NA
    Edelweiss Health Insurance
    113.05
    NA
    Go Digit Health Insurance
    51.83
    NA

    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.

    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:

    • 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)

    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.

    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.

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

    Health Insurance Claim Procedures

    The two common types of health insurance 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.

    Incurred Claim Ratio Vs Claim Settlement Ratio

    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%.

    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

    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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    Thank you so much..... Better price and claim service
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    Nice info.......
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