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Health Insurance: Compare and Buy The Best Plan

Individual Plans Cashless Hospitalization: Medical expenses are sky-rocketing! Get health insurance and cover your medical costs. With cashless hospitalization stay tension-free and cure yourself faster. PolicyBazaar will help you compare and find the best plan.

  • Individual Health Insurance Plan from Top Insurers
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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? 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 best health plan. Let us know your basic requirements and we will find the best suited health insurance quotes. You can then compare them side by side on parameters like premium, riders, benefits etc and choose the best fit cover.

List Of Health Insurance Plans

Types of Health Policies in India

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.

Health Insurance Plans Online

Key Features of Health Insurance Policy

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.

Best Health Insurance PLans

How to Find the Best Medical Insurance Plan?

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.

Health Insurance Comparison online

Compare and Find the Best Cover Online

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 in numerous policies and get you a few best Health insurance 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!

Best Health Insurance Plans

Insurer Nerwork Hospitals  Plan Name Sum Insured Options  Features Available Features excluded
Apollo Munich Health Insurance 3880 Easy Health Floater Exclusive 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs
  • Health Check Up
  • Ambulance Charges
  • Maternity Cover
  • OPD Coverage
  • Restore Benefits
Easy Health Floater Premium 4lacs, 5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs
  • Health Check Up
  • Organ Donor
  • Maternity Cover
  • Restore Benefits
  • OPD Coverage
Easy Health Floater Standard 2lacs, 3lacs, 4lacs, 5lacs
  • Health Check Up
  • Ambulance Charges
  • Daily Cash
  • Maternity Cover
  • Restore Benefits
Optima Restore 3lacs, 5lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs
  • Restore Benefits
  • Organ Donor
  • Domicillary Hospitalization
  • Maternity Cover
Bharti AXA General Insurance 1609 Smart Health Basic 2lacs, 5lacs
  • Ambulance Charges
  • Domicillary Hospitalization
  • OPD Coverage
  • Restore Benefits
Smart Health Optimum 5lacs
  • Ambulance Charges
  • Domicillary Hospitalization
  • Health Check Up
  • Restore Benefits
Smart Health Premium 3lacs
  • Ambulance Charges
  • Domicillary Hospitalization
  • Health Check Up
  • Restore Benefits
CignaTTK Health Insurance 5023 ProHealth Plus SB 15lacs, 30lacs, 50lacs
  • Health Check Up
  • Restore Benefits
  • Maternity Cover
  • Alternative Benefit
  • Dental Cover
  • Daily Cash
ProHealth Preferred SB 4.5lacs, 5.5lacs, 7.5lacs, 10lacs
  • Restore Benefits
  • Ambulance Charges
  • Maternity Cover
  • Alternative Benefit
  • Convalescence Benefit
ProHealth Protect PLAN 2 Sub Plan 10lacs
  • Health Check Up
  • Ambulance Charges
  • Maternity Cover
  • Restore Benefits
  • Eye Cover
ProHealth Protect SB 2.5lacs, 3.5lacs, 4.5lacs
  • Restore Benefits
  • Ambulance Charges
  • Organ Donor
  • Alternative Benefit
  • Maternity Cover
HDFC ERGO General Insurance 8318 Health Suraksha Plus - Gold 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs
  • Health Check Up
  • Maternity Cover
  • Organ Donor
  • Restore Benefits
  • OPD Coverage
Health Suraksha Plus Regain - Gold 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs
  • Health Check Up
  • Restore Benefits
  • Maternity Cover
  • Dental Cover
  • OPD Coverage
Health Suraksha Plus Regain - Silver 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs
  • Restore Benefits
  • Ambulance Charges
  • Maternity Cover
  • Convalescence Benefit
  • OPD Coverage
Health Suraksha Plus Silver 2lacs, 3lacs, 4lacs, 5lacs
  • Ambulance Charges
  • Domicillary Hospitalization
  • Restore Benefits
  • Maternity Cover
HDFC Life 4342 Health Assure (Gold) 5lacs, 7.5lacs, 10lacs
  • Health Check Up
  • Ambulance Charges
  • Domicillary Hospitalization
  • Maternity Cover
  • OPD Coverage
Health Assure (Silver) 3lacs, 5lacs
  • Ambulance Charges
  • Domicillary Hospitalization
  • Restore Benefits
  • Maternity Cover
Iffco Tokio General Insurance Swasthya Kavach (Basic) 1lac, 2lacs, 3lacs, 4lacs, 5lacs
  • Domicillary Hospitalization
  • Organ Donor
  • Health Check Up
  • Restore Benefits
Swasthya Kavach (Wider with Critical Illness Cover) 1lac, 2lacs, 3lacs, 4lacs, 5lacs
  • Health Check Up
  • Domicillary Hospitalization
  • Restore Benefits
  • OPD Coverage
Swasthya Kavach (Wider) 1lac, 2lacs, 3lacs, 4lacs, 5lacs
  • Ambulance Charges
  • Organ Donor
  • Restore Benefits
  • OPD Coverage
L&T Insurance 4435 my:health Medisure Classic 1lac, 2lacs, 3lacs, 4lacs, 5lacs
  • Health Check Up
  • Ambulance Charges
  • Maternity Cover
  • OPD Coverage
  • Restore Benefits
my:health Medisure Prime 3lacs, 4lacs, 5lacs, 6lacs, 7lacs, 8lacs, 9lacs, 10lacs,
  • Health Check Up
  • Maternity Cover
  • OPD Coverage
Max Bupa Health Insurance 3480 Health Companion 2lacs, 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs, 12.5lacs, 15lacs, 20lacs, 30lacs, 50lacs, 100lacs
  • Restore Benefits
  • Ambulance Charges
  • Health Check Up
  • Maternity Cover
  • OPD Coverage
Heartbeat Gold 5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 50lacs
  • Health Check Up
  • Domicillary Hospitalization
  • Maternity Cover
  • Restore Benefits
  • OPD Coverage
Heartbeat Platinum 15lacs, 20lacs, 50lacs, 100lacs
  • Health Check Up
  • Ambulance Charges
  • OPD Coverage
  • Convalescence Benefit
  • Restore Benefits
Heartbeat Silver 2lacs, 3lacs
  • Health Check UpAmbulance ChargesMaternity Cover
  • Restore Benefits
  • OPD Coverage
Reliance General Insurance 1583 Health Gain 3lacs, 6lacs, 9lacs
  • Restore Benefits
  • Ambulance Charges
  • Health Check Up
  • Maternity Cover
Religare Helth Insurance 4439 Care 3lacs, 4lacs, 5lacs, 7lacs, 10lacs, 15lacs, 20lacs, 25lacs, 50lacs, 60lacs
  • Health Check Up
  • Restore Benefits
  • Domicillary Hospitalization
  • Maternity Cover
  • OPD Coverage
Care Freedom 3lacs
  • Restore Benefits
  • Health Check Up
  • Ambulance Charges
  • Maternity Cover
Joy 3lacs, 5lacs
  • Health Check Up
  • Restore Benefits
  • Maternity Cover
NCB Super Premium 3lacs, 4lacs, 5lacs, 7lacs, 10lacs, 15lacs, 20lacs, 25lacs
  • Restore Benefits
  • Health Check Up
  • Ambulance Charges
Royal Sundaram Alliance Insurance Lifeline Classic 2lacs, 3lacs, 4lacs
  • Health Check Up
  • Restore Benefits
  • Ambulance Charges
  • Maternity Cover
  • OPD Coverage
Lifeline Supreme 5lacs, 10lacs, 15lacs, 20lacs, 50lacs
  • Health Check Up
  • Restore Benefits
  • Ambulance Charges
  • Maternity Cover
  • OPD Coverage
Lifeline Elite 25lacs, 30lacs, 50lacs, 100lacs, 150lacs
  • Health Check Up
  • Restore Benefits
  • Ambulance Charges
  • Maternity Cover
  • OPD Coverage
Star Health & Allied Insurance 6313 Health Optima 2lacs, 3lacs, 4lacs, 5lacs
  • Restore Benefits
  • Ambulance Charges
  • Maternity Cover
Star Comprehensive 5lacs, 7.5lacs, 10lacs, 15lacs, 20lacs, 25lacs
  • Health Check Up
  • Restore Benefits
  • Ambulance Charges
  • OPD Coverage
  • Convalescence Benefit
Tata AIG General Insurance 1985 Mediprime 2lacs, 3lacs, 4lacs, 5lacs, 7.5lacs, 10lacs
  • Health Check Up
  • Ambulance Charges
  • Restore Benefits
  • Maternity Cover
Universal Sompo General Insurance Individual Privilege 6lacs, 8lacs, 9lacs, 10lacs
  • Health Check Up
  • Restore Benefits
  • Ambulance Charges
Universal Sompo Individual Basic 1lac, 2lacs
  • Health Check Up
  • Restore Benefits
  • Ambulance Charges
Universal Sompo Individual Essential 3lacs, 4lacs, 5lacs
  • Health Check Up
  • Restore Benefits
  • Ambulance Charges

FAQ's

What is Health Insurance?

Ans:

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?

Ans:

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?

Ans:

Your age, lifestyle pattern, city of residence and annual income are vital parameters that help to determine the appropriate coverage required for you.

Documents required?

Ans:

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

Ans:

  • Individual health insurance
  • Family Floater
  • Senior Citizen Health Insurance
  • Hospitalization Insurance
  • Travel Health Insurance

What if the insurance company refuses to settle my claim and I want to file a complaint? Or I am not happy with processed claim amount.

Ans:

In order to monitor grievances and turnaround times of policyholders, IRDA has implemented the Integrated Grievance Management System (IGMS). It is a platform where policyholders can register their complaints with insurance companies first and if required, it can be escalated to IRDA Grievance Cells. You can reach IRDA Grievance Call Centre (IGCC) through-

Call - Toll free number 155255 for voice calls

Email - complaints@irda.gov.in

Can I cancel my health insurance? If yes, will I get my premium back?

Ans:

Yes, you can cancel your health insurance. A free look period of 15 days from the date of policy receipt is available to you to review terms and conditions of the policy. In case you are not satisfied with the terms of the policy, you may seek cancelation of it. In such an event, insurance company allows refund of premium paid after adjusting underwriting costs, cost of pre-acceptance medical screening, etc.

What are pre-existing diseases or conditions?

Ans:

Any health problem faced by an individual prior to seeking insurance policy is called pre-existing diseases. Insurance companies are reluctant to cover pre-existing diseases as it is a costlier affair for them.

The problem is that people with pre-existing conditions usually do not get warm welcome from insurance companies. But it should not deter you from buying a health cover even if you have a pre-existing ailment.

Every insurance company has its own conditions regarding pre-existing illness. Some insurers prefer to check a person’s entire medical history to know pre-existing condition status, while other insurers will look for medical records over the past four years. Individual health policies bring pre-existing illnesses into the ambit of coverage after the waiting period. So while choosing a policy, you should also need to compare waiting period stipulated in policies for covering pre-existing ailments.

What are the fine prints which I should know before buying health policy?

Ans:

A) Buying health insurance can be a painstaking process, so you should make sure you keep below things in mind before buying a health insurance policy-

B) What’s covered and what’s not covered in the policy= No health policy covers all diseases, so it is important to know the list of covered diseases

c) Pre-existing diseases= Be upfront about your current health state and pre-existing diseases. Concealing information may become the reason of claim rejection.

d) When does the cover start= No health insurance offers coverage from Day 1. So it is important to know when your coverage will start. If you will undergo treatment before that period, you will not be entitled to get a claim.

e) Family floater or individual policy= A family floater offers insurance coverage for the entire family under one plan and is cheaper than individual policy. However, it is crucial to check what happens if the main policyholder of the plan dies. Some policies may lapse while some won’t. Also, taking a family floater with your ageing parents would mean that most of your coverage would go in their treatment and less coverage would be available for the rest of the family.  

f) Understand the premium= Costs of healthcare services are rising exponentially. Thus, it is important to have comprehensive health coverage so that timely treatment could be made. However, before you buy a plan, it is crucial to compare costs with the total sum assured and coverage. There is no sense in taking up low priced plan if it covers very few diseases.

What are the exclusions of a health insurance policy?

Ans:

Make sure you know what is not covered by your health policy to get its optimum benefits. Following are treatments and medical expenses which do not covered by health insurance companies-

  • Any pre-existing disease that was diagnosed 48 months prior to policy issuance.
  • Any disease contracted during first 30 days of the inception of the policy, except those arising out of the accident.
  • Medical expenses incurred on AIDS.
  • Congenital disease.
  • Test/treatment related to infertility and vitro fertilization.
  • Accident in an inebriated state.
  • There are expenses like joint replacement, non-infective arthritis, etc; which are covered after completion of 2 years continuous policy.
  • Expenses attributable to self-inflicted injury, including suicide attempt or suicide.
  • Insured person committed or attempting to commit criminal or illegal activity.
  • Cost of spectacles, dental treatment and any cosmetic surgery.

Any insured person’s participation or involvement in military, air force operations, racing, scuba diving, parachuting, mountain climbing and any other dangerous activity

What are the inclusions of a health insurance policy?

Ans:

Almost all health insurance policies cover following expenses-

A) Day care treatment where 24 hours hospitalization is not required due to technology advancement.

B) Hospitalization

C) Domiciliary hospitalization where care & treatment is taken at home due to unavailability of room in the hospital or the condition of the person is critical and cannot be moved to hospital under any circumstances.

Critical illnesses like cancer, heart attack, coma, major burns, organ transplantation, etc.

What do you mean by no claim bonus?

Ans:

No claim bonus (NCB) is a discount on the base premium if no claim on the health policy is made during the policy term. This bonus is usually given in the form of a discount in premium rates or enhancement of sum insured. Some insurers also add to the sum insured at a pre-defined rate. However, more commonly NCB is offered in the form of discount on premium. NCB is quite attractive for a healthy person who has bought health insurance policy for emergency situations. He/she doesn’t need to make small claims at regular intervals and thus, he can enjoy NCB.  However, for a person who is suffering from chronic heart ailment, NCB is almost not applicable.

How can I exercise portability procedure on my current health insurance?

Ans:

Portability can be exercised only at the time of renewing a policy, not at any time during the policy term. Switching to a new insurer can be easy if you follow below simple steps.

  • A policyholder needs to send an application to port the policy to the new insurer which should reach at least 45 days prior to the last day of renewal of the current policy. Though the insurance company is free to consider a proposal even if the policyholder fails to approach them before 45 days of policy renewal, but in that case it will not be legally bound to consider your application. So, chances are high that your application will be rejected.

 

  • Once your request is received by the new insurer, he will send proposal and portability forms along with details of different products offered by it. Choose the insurance product which suits you most and fill up the proposal and portability forms and submit them to the new insurer.

 

  • After receiving both the forms, insurance company will approach your current insurer seeking details like medical history and claim history. The data will be received through a common data sharing portal developed by IRDA for all insurance companies. The current insurer will have to furnish all details about your policy within seven working days.

 

After the new insurer receives all details regarding your previous policy, he has to take a decision on underwriting your insurance application within 15 days. If the new insurer fails to abide by this duration, he will be bound to accept your application. 

What are the various riders and benefits available in a health insurance policy?

Ans:

A rider is an add-on option that can be added to a current health policy to get additional coverage. There are various riders available in health insurance sector and some of the major ones are listed below-

  • Critical illness rider= There are certain critical ailments, such as heart attack, paralysis, cancer, etc; for which hospitalization expenses are too high to be covered under a regular health insurance policy. Under critical illness rider, mostly lump sum is paid to the insured and this amount is substantial to cover massive expenses which are involved due to critical illness.

 

  • Hospital Cash= Insurer provides fixed cash on a daily basis to compensate the loss of income & meet petty expenses of the policyholder during hospital stay

 

  • Top-ups= In case there is a change in coverage needs or premium paying ability increases, it is better to opt for a top-up insurance plan than buying an individual plan. It helps in expanding the existing health insurance coverage. 

 

  • Attendant allowance= Some insurers are giving attendant allowance to accompany the insured person who is hospitalized.

 

  • Co-Payment= It is the portion of the claim that a policyholder agrees to pay in the event of a claim. For a policyholder, main benefit comes in the form of low premium. Higher the co-payment ratio, lower will be premium. A healthy individual whose chances of being hospitalized are low can consider buying a policy with a co-payment clause. 

 

  • Deductible= Also known as ‘excess’, deductible is the uninsured part of the claim amount which an insured has to pay before the insurance company takes over and pays remaining expenses as per the policy. Since the insurer shifts the small portion of risk on you, he gives you discounts on premium. Unlike co-payment, insured has to first pay his portion and then only insurer settles the remaining portion.

What is the right time to buy health policy?

Ans:

ASAP- As soon as possible is the perfect answer to this question. By buying at a younger age, you can enjoy low premium rates. Moreover, for critical illnesses and maternity, every insurer has its own waiting period. By buying it a young age means you get access to health coverage when the need actually arises. So don’t wait for any accident or a medical condition to occur before you hit a panic button and buy a health insurance policy. 

What do you mean by health card?

Ans:

It is a card that comes along with health insurance policy. Similar to the identity card, this card will allow you to avail cashless hospitalization at any network hospital.

How much does health insurance cost?

Ans:

• Buying a health policy is not an easy task. There are various factors that collectively play an important role in deciding the total cost which you need to shell out to get coverage. Young, healthy people need to pay far less for insurance cover than their old counterparts. Similarly, if you are buying an individual policy then premium would be low in comparison to a family floater plan as the latter is a comprehensive plan that covers the entire family, whereas the former covers only individual. Similarly, corporate health insurance is cheap as it is similar to buy policies in bulk. However, in individual policy, you spend more to get coverage.

• The cost of health insurance also depends upon sum insured. If you opt for a higher sum insured, your premium rates will increase. Similarly any rider attached with the plan increases its premium cost. For instance, premium rates of a basic health policy offering Rs 3 lakh sum insured to an individual aged 30 years, would vary between Rs 3000-4000/annum. But if you take a critical illness rider, you have to spend more 1500-2000/annum.

• The cost of health insurance also varies on the basis of the health condition of a person. For example, an unhealthy person who is already suffering from any pre-existing condition may need to pay higher premium in the form of loading as compared to a healthy person who doesn’t need to pay the loading charges.

• Also, in certain cases, the premium may vary from the city to city. For example, a person living in metro city may need to pay the higher premium as compared to the other person of same age and family size living in the remote area, for the same sum insured.

What are the different types of health insurance?

Ans:

There are various types of health insurance plans available in the market and some of the major ones are-

  • Individual health plan It offers coverage to an individual against illnesses. There are various factors that affect the cost of health insurance premium like age of the insured, sum insured, personal health, etc. To know more about individual health plan and available options, Read more 

  • Family Floater health plan With this policy, you can cover the entire family under a single plan. Here the sum insured is shared by all members of a family. It means, if a family of 5 members takes a cover of Rs 5 lakh, the entire family can claim up to Rs 5 lakh. Read more about family floater health plan.

  • Critical illness plan Insured is entitled to get payment either as a lump sum or as an indemnity, in accordance to the policy chosen. Under lump sum payment, insured is entitled to get the total sum insured irrespective of the total hospitalization cost. However, in indemnity, the company will reimburse only the hospitalization cost, provided it should be within sum insured. For instance, if your hospitalization cost is Rs 2 lakh and the policy sum insured is Rs 5 lakh, you will get Rs 5 lakh under lump sum payment plan. However, in case of indemnity plan, you will get only Rs 2 lakh. The policy offers coverage to insurer against a fixed number of serious ailments after certain survival period. It can be bought alone or as a rider on a health insurance policy. To know more about insurance plan, Read Here

 

  • Senior citizen health plan It offers coverage to protect you from health issues during old age. Many companies have devised special plans for aged people. It is important to choose a plan offering vast coverage as the probability of falling ill increases with age.

What is Convalescence benefit?

Ans:

After a long period of hospitalization, a policyholder may not be able to get back to work immediately. This means there may be a loss of income. At this point of time, he/she may need extra funds to take care of the household expenses, medicines, etc. Convalescence benefit is an additional benefit offered with health insurance to take care of such expenses.

What is cumulative bonus?

Ans:

An increase in the sum assured by a percentage for every claim free year is called cumulative bonus. It is important to renew the policy without a break to avail cumulative bonus benefit.

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