There is no debating on the importance of having a medical insurance in a country like India that ranks very low on human life index. Every person must buy a good health plan that covers medical costs, hospitalization costs, treatment and laboratory test costs and even critical illness. As is rightly said, “Health is wealth”, one must be prepared to manage such a situation in life. Don’t get confused with questions like – Which policy to buy? Is Does this cover everything? What are the diseases excluded from this cover?
PolicyBazaar is here to resolve all such confusions. Just compare policies from top health insurers on our website and buy a good plan. Let us know your basic requirements and we will find the best suited ones. You can then compare them side by side on parameters like premium, riders, benefits etc and choose the best fit cover.
There are various plans readily available in India to cover every aspect of a medical emergency. Some popular types of policies are explained below:
Individual Health Plan - This is designed to cover an individual against various illnesses with cashless hospitalization and other add-on features.
Family Floater Mediclaim – With this you can cover all your family members against diseases under a single cover. This cover offers a fixed sum insured for the family members that can be availed either by an individual member or as a sum total for treatment of one person.
Surgery & Critical Illness Policy – This is usually brought as a standalone policy or a rider in case of treatment against serious illnesses like- cancer, kidney failure, heart attack, paralysis etc. As the treatment of such diseases is expensive so the premium is also on a higher side.
Pre-Existing Disease Cover - After a waiting period of 2-4 years, various policies offer a cover against the pre-existing diseases -e.g. - diabetes, hypertension, kidney failure, cancer etc. Pre-existing disease cover includes the diseases or illness that the policyholder had before buying the policy.
Senior Citizen Health Plan - This offers to protect you from health issues during your old age. According to IRDA norms, every insurer must provide cover for people up to the age of 65 years.
Preventive Healthcare - Undoubtedly health care is expensive and who wants to fall sick; anyways. So, now we have preventive health care that offers to take care of you and not let your fall sick. This includes preventive care treatments like regular checkups, consultation charges and other tests or x-ray fees concessions. The idea is to monitor your health at timely intervals and provide overall health care benefits.
A comprehensive health plan comes packed with features. Let us understand these features in detail so that buying a healthy policy becomes easy.
Cashless treatment – Every insurance provider will have a list of hospital under its network and if you get admitted in these hospitals then you don’t need to pay anything. Just tell your policy number and rest everything will be taken care by the hospital and the insurance provider. This type of plan is the most preferred on because there is no stress of claim reimbursement and arranging the documentation.
Pre and Post Hospitalization – This feature takes care of both pre and post hospitalization charges for a period of 30 to 60 days depending on the plan purchased.
Ambulance charges - The policy holder is free from burden of transportation or ambulance charges as it is paid by the insurer. This is a add-on benefit and you should have opted for it while purchasing.
No Claim Bonus - NCB or No Claim Bonus is a benefit provided if the insured does not claim for any treatment in the previous year. Benefit could be in any form, either an increment in the sum assured or a discount in premium. You can avail this benefit on renewal.
Medical Check- Up - Free check up is provided by few insurers provided you have a good history of no claim bonus.
Tax Benefits – According to India’s tax system if you are paying a premium amount then you are liable to get tax rebate under section 80D of Income Tax Act for a maximum value of Rs.25000 for Indians in the age group of 18 to 50 years and Rs.30000 for senior citizens.
Co-Payment - According to this feature you can lower the premium amount. Medical insurance offers co-payment option wherein there is a pre-defined amount of voluntary deductibles mentioned in the policy to be paid by the insured. So in case of a treatment, some amount is paid by the insured and rest by the insurer.
There are few factors that you should consider closely to make the right decision and choose the best.
Caps and sub-limits - Imposition of sub limits, co-payments or other caps might reduce the premium you pay for the insurance policy but in the long run it would alter the benefits. You should understand and assess this factor vis-à-vis your requirement and paying capacity to get maximum benefit out of a health insurance plan.
Claim settlement record – This is an important criterion to assess the credentials of a insurance provider. You should always go with a company with has good claim settlement record. Thus you can ensure that your claims and reimbursements would not be wrongly withheld. Always ask for the company’s claim settlement ratio before purchasing their health plan and save yourself from unnecessary harassment.
Scope of coverage - Just don’t buy a plan by comparing premium. Less amount of premium does not necessarily mean a good plan. On the contrary such a plan might not cover your needs properly. Closely look at what the plan covers. Buy a comprehensive plan.
Renewability - It is important to see how many years the plan proposes to cover you. You should not be left without a proper cover when you need the most, say during your old age.
Cashless Hospital Network - Check if the hospitals around you are covered as a network hospital by the company you are considering to buy from. Cashless hospitalization is hassle free and seamless. You and your family won’t be required to run around collecting documents and filling reimbursements.
Premium Loading - We would strongly recommend you to check the terms and conditions pertaining to premium loading. This will save you from paying a high incremental premium post making a claim. This aspect though ignored in the beginning usually becomes a bone of discontentment at a later stage. The best practice would be to verify the premium fluctuation data of the plan for previous 5 years the least.
Internal Team - Check for the plans from insurers who have a dedicated internal team for handling mediclaim. This comes in handy while expediting the claim settlement process.
Floater (family) Size - Everyone has a different family size so you should always look for the family floater size allowed under the plan before buying it.
There are so many companies offering medical insurance plans and each of them have a different set of features and benefits that it gets mind-boggling to select one. Sometimes you end up buying a plan that though costs less but has contradictory clauses and you practically get nothing when making a claim. On the other hand you might buy a fancy plan paying a higher premium only to realize at a later stage that you actually didn’t use or never needed those frill items.
PolicyBazaar facilitates comparison and ensures you buy the best fitted policy.We help you sieve through the innumerous policies and get you a few best plans based on your needs. You can then compare them side by side and not only save money but also buy a policy that covers your properly. Make an informed choice!
What is Health Insurance?
The term health insurance (popularly known as Medical Insurance or Mediclaim) is a type of insurance that covers your medical expenses. Health insurance comes in handy in case of severe emergencies. Health Insurance provides a financial coverage for medical and hospitalization expenses, in case of an illness/disease or accident.
Health insurance provides for medical expenses to the insured in case of hospitalization for more than 24 hours caused due to illness or accident. Health insurance covers Medicare needed by individual or family for surgeries, nursing care, consultation fees, diagnostic tests, hospital accommodation et al. Health insurance also pays for regular checkups. The insured in return pays a specified amount called premium on an annual or biennial basis.
Why Health Insurance?
Health insurance comes with dual benefits where you get a health cover as well as save on tax under section 80(D). With increasing risk of medical emergencies due to modern lifestyle patterns and exorbitant medical expenses, health insurance is important so that you do not compromise on a good medical treatment. Health Insurance provides protection to your family and yourself with hospitalization in best hospitals along with best medical facilities. Good medical treatment is necessary for fast recovery. This is why everyone needs health insurance.
How much cover do I need?
Your age, lifestyle pattern, city of residence and annual income are vital parameters that help to determine the appropriate coverage required for you.
Generally documents required are age proof, address proof and identity proof. Specific documents may be required in case the person needs to undergo medical tests. This can be checked on the Price quotes page.
Type of Health Insurance
The services provided by policy bazaar are extremely helpful in making the right choice. Overall I had a good experience with policy bazar. Parag Lele -
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