Health insurance has become an increasing necessity in this day and age. Today we will look at the best health insurance for the year 2021 - 2022 in this article.
In our lifetime, we have always come across people saying, “Health is Wealth”. Health is an irreplaceable asset that we all should cherish and protect. If we are healthy, we are happy. But, medical treatment has gotten more expensive and will get even costlier day by day.
A huge hospital bill or a costly medical treatment can give you a major shock and ruin your financial life. One should think about taking a good health insurance plan to overcome this. A health insurance policy plays a major role in ensuring that the medical expenses do not convert into a financial problem.
Health insurance plan gives you a financial assistance in case of hospitalization. In today’s market, there are several health insurance providers offering a variety of medical insurance products. So the question arises “Which are the Best Health Insurance Plans in India in 2021-2022?”
There are several factors that need to be considered for selecting a good health insurance plan in India. Few of them are listed below. I have considered the below factors in identifying the best health insurance plan:
Premiums
Incurred Claim Settlement Ratio of Insurer
Hospital Network
Co-pay requirements
No claim bonus
Waiting period for pre-existing medical conditions
Waiting period for specific diseases
Maximum Age Period
Critical Illness Riders
In order to make your decision much easier I have listed 5 Best health insurance Plans in India for individuals as well as for a family.
1). Religare Health Insurance - Care Plan
Religare Care Health Insurance Plan has several unique features like:
Religare’s Care has an entry age of 91 days and no upper age limit. It enables any individual to buy the plan at any time
The sum assured ranges from Rs.2 lakh to Rs.40 lakh
Here, the waiting period for the pre-existing medical conditions is 4 years There is no co-payment clause for any claim to be made
There are no sub-limits on room rents
Insured claim settlement ratio is 61.13%
The no claim bonus ranges from 50% to 150%
Offers coverage for day care procedures
Offers coverage for pre and post hospitalization expenses along with ambulance charges
2). Apollo Munich - Easy Health
Apollo Munich Easy Health comes with some unique features which covers Ayurvedic, Homeopathic etc.
Easy Health Policy is available for individual within the age of 5 years (with 18 years as proposer) to 65 years with renewal throughout life.
Rs.2 lakh and Rs.50 lakh is the range in which one can choose the appropriate sum assured.
Coverage of Ayurvedic, Homeopathic, Unani and Sidha Treatment makes this as unique plan
The waiting time for pre-existing diseases is 3 years
It provides lifelong renewals with no sub-limits on room rents
There is no co-payment clause for any claim to be made
The insured claim settlement ratio is 63.03%.
Offers a No Claim Bonus up to 100%.
No medical check-up required for individuals below 46 years. Offers coverage for 144 listed day care procedures
Offers coverage for Pre and post hospitalization expenses
3). ICICI Lombard Complete Health – iHealth
ICICI Lombard Complete Health –iHealth Plan has a minimum entry age of 6 years.
There is no Maximum entry age.
The minimum sum assured is Rs.3 lakh and maximum sum assured is Rs.50 lakh
The waiting period for this plan is 2 years or 4 years for the pre-existing medical conditions
There is no co-payment clause for any claim to be made
There are no sub-limits on room rents
The insured claim settlement ratio is 87.38%.
No Claim Bonus helps to increase the sum assured by 10% for every claim free year up to a maximum of 50%
Provides coverage for day care procedures, pre and post hospitalization expenses and ambulance charges
4). Niva Bupa Health Companion
The minimum entry age is 3 months (proposer should be 18 years).
There is no maximum entry age
The sum assured ranges from Rs.3 lakh to Rs.1 crore
This plan has a waiting period of 3 years or 4 years for pre-existing diseases, depending on the coverage option chosen
There is no co-payment clause for any claim to be made
There are no sub-limits on room rents
Insured claim settlement ratio is 55.16%
No Claim Bonus is available up to 100% in 5 years period
Offers an in-house claim settlement process
Offers coverage for pre and post hospitalization expenses
5). Bajaj Allianz Health Guard Family Floater Plan
The minimum entry age is 3 months (proposer should be 18 years).
The maximum entry age is of 65 years
The sum assured ranges from Rs.1.5 lakh to Rs.50 lakh
Offers life-long renewal options
The insured claim settlement ratio is 73.59%
Offers sum insured reinstatement for similar illnesses too
Offers coverage for pre and post hospitalization expenses and all day care treatments
Offers a good network of 5700+ hospitals
Offers a 20% discount on co-payment
Organ donor expenses are also covered
Offers a 10% cumulative bonus benefit for each claim free year up to 100%
These policies are best suited for an individual as well as for the entire family. It is best to know the suitable premium for your age since premiums are based on age and will differ from person to person. You must also read the coverage offered and the exclusions list for each product before finalizing the best possible plan for yourself and your entire family. So don’t wait, go ahead and get yourself protected. This will also give you an added advantage of savings tax under Sec 80D of the Income Tax Act, 1961.
Read More: Benefits of Buying Health Insurance Online
