Health Insurance

Health Insurance is a type of insurance that offers coverage to the policy holder for medical expenses in case of a health emergency. A health insurance plan chosen by the insured provides coverage for different expenses including surgical expenses, day-care expenses, and critical illness etc.

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Tax Benefit up to Rs.75,000
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

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    What is Health Insurance Policy?

    A health insurance policy is a contract between the insurer and policyholder in which insurance company provides financial coverage for medical expenses incurred by the insured. A health policy provides benefit of reimbursement of medical expenses or cashless treatment mentioned in the health policy.

    Importance of Health Insurance Plans

    Health emergencies do not come with a prior notice. With sedentary lifestyles more and more people are becoming prone to lifestyle diseases in India. And with the increased demand for quality healthcare services, medical treatment has now become quite expensive, especially in the private hospitals. And without insurance the hospital bills are enough to drain one’s savings.

    Health Insurance Plans

    Therefore, a health insurance plan becomes an absolute necessity as it offers coverage to the insured family members and the policyholder against the exorbitant hospitalization expenses in case an accident or illness.

    By providing tax saving benefits on health insurance premiums, the Government encourages everyone in the Budget 2021 to get health insurance cover and avail tax deductions benefits u/s 80D.

    At present, tax deduction of up to Rs 25,000 is permissible u/s 80D for health insurance premiums paid for individuals below the age of 60 years. If your parents are above 60 years then you are allowed additional tax benefit of Rs 50,000. If you and your parents both are above 60 years then this limit is extended to Rs 1 lakh.

    We at Policybazaar can help you buy a right health insurance plan that suits your requirement below is the list of health insurance plans with the top Insurers. You can do the comparison and find the best health plan for your family.

    Health Insurance plans for everyone

    family health insurance plans

    Health Insurance for Family

    Family health insurance offers insurance coverage to entire family against a single premium. Under this health plan, a defined sum insured is divided among the members equally, which can be claimed by one or more family members during the policy term.

    senior citizen health insurance plans

    Health Insurance for Senior Citizens

    Senior Citizen health insurance plans offer insurance coverage to the age group of 60 years and above. The health insurance plan covers hospitalization expenses like in-patient, pre and post-hospitalization expenses, OPD expenses, Daycare procedures with tax-saving benefits.

    critical illness health insurance plans

    Health Insurance for Critical Illness

    Critical illness health insurance plans offer a lump sum amount in case the insured is diagnosed with a critical illness such as kidney failure, paralysis, cancer, heart attack, etc. Usually brought as a standalone policy or as a rider, the sum insured is pre-defined

    health insurance plans for parents

    Health Insurance for Parents

    Health insurance for aging parents refers to the senior citizen health plans that are designed for elderly people above the age of 60 years. It is essential for aging parents as they are more vulnerable to health risks like heart ailments, kidney ailments, and other critical illnesses.

    health insurance for coronavirus

    Health Insurance for Coronavirus

    Post COVID-19 outbreak, the IRDAI has also launched two Coronavirus specific health insurance plans i.e. Corona Kavach health plan and Corona Rakshak health insurance plan. Corona kavach is a family floater plan while Corona Rakshak is an individual coverage based plan.

    health insurance for diabetic petients

    Health Insurance for Diabetic

    Health insurance for diabetes covers hospitalization expenses for diabetic patients, who otherwise find it hard to get insurance cover. The policy can cover both Type 1 and Type 2 diabetes and related medical complications. Tax benefits on the premium can also be availed.

    personal accident health insurance plans

    Personal Accident Health Insurance

    Personal accident insurance is a health policy that reimburses the medical costs incurred on hospitalization due to death or disability caused by an accident. The insurance company pays a certain amount as per the nature of the disability.

    Best Health Insurance Plans in India

    Insurance Companies

    Health Insurance Plans

    Sum Insured (Rs.)

    Incurred Claim Ratio

    Network Hospitals

    Aditya Birla Health Insurance

    Active Assure Diamond Plan

    Min – 2 Lakh

    Max – 2 Crore

    59%

    8200 

    Bajaj Allianz Health Insurance

    Health Guard Plan

    Min – 1.5 Lakh

    Max – 50 Lakh

    85%

    6500+

    Bharti AXA Health Insurance

    Smart Health Assure Plan

    Min – 3 Lakh

    Max – 5 Lakh

    89%

    4300+

    Care Health Insurance (Formerly known as Religare Health Insurance)

    Care Health Care Plan

    Min – 4 Lakh

    Max – 6 Crore

    55%

    7400+

    Chola MS Health Insurance

    Chola Healthline Plan

    Min – 2 Lakh

    Max – 25 Lakh

    35%

    6500+

    Digit Health Insurance

    Digit Health Insurance Plan

    Min – 2 Lakh

    Max – 25 Lakh

    11%

    5900+

    Edelweiss Health Insurance

    Edelweiss Health Insurance Plan

    Min – 5 Lakh

    Max – 1 Crore

    115%

    2578+

    Future Generali Health Insurance

    Future Generali Criticare Plan

    Min – 5 Lakh

    Max – 50 Lakh

    73%

    5000+

    IFFCO Tokio Health Insurance

    Heath Protector Plus Plan

    Min – 2 Lakh

    Max – 25 Lakh

    102%

    5000+

    Kotak Mahindra Health Insurance

    Kotak Health Premier Plan

    -

    47%

    4800+

    Liberty Health Insurance

    Health Connect Supra Top-up Plan

    Max – 1 Crore

    82%

    3000+

    Max Bupa Health Insurance

    Companion Individual Health Plan

    Min – 3 Lakh

    Max – 1 Crore

    54%

    4115+

    ManipalCigna Health Insurance

    ProHealth Plan

    Min – 2.5 Lakh

    Max - 1 Crore

    62%

    6500+

    National Health Insurance

    National Parivar Mediclaim Plus

    Up to 50 Lakh

    107.64%

    6000+

    New India Assurance Health Insurance

    New India Assurance Senior Citizen Medi claim Policy

    Min – 1 Lakh

    Max – 15 lakh

    103.74%

    3000+

    Oriental Health Insurance

    Individual Mediclaim Health Plan

    Min – 1 Lakh

    Max – 10 Lakh

    108.80%

    4300+

    Raheja QBE Health Insurance

    Health QBE

    Min- 1 LakhMax – 50 Lakh

    33%

    2000+

    Royal Sundaram Health Insurance

    Lifeline Supreme Plan

    Min – 5 lakh

    Max – 50 Lakh

    61%

    5000+

    Reliance Health Insurance

    Critical Illness Insurance

    Min – 5 Lakh

    Max – 10 Lakh

    14%

    4000+

    Star Health Insurance

    Family Health Optima Insurance Plan

    Min – 1 LakhMax – 25 Lakh

    63%

    10200+

    SBI Health Insurance

    Arogya Premier Policy

    Min – 10 Lakh

    Max – 30 Lakh

    52%

    6000+

    Tata AIG Health Insurance

    Tata AIG MediCare Plan

    Min – 2 lakh

    Max – 10 Lakh

    78%

    3000+

    United India Health Insurance

    United India UNI Criticare Health Plan

    Min – 1 Lakh

    Max – 10 Lakh

    110.95%

    7000+

    Universal Sompo Health Insurance

    Individual Health Plan

    Max – 10 Lakh

    92%

    5000+

    See More Plans

    Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.


    Why Do You Need to Buy Health Insurance?

    You need a health insurance cover as a financial back up to be able to meet the rising cost of healthcare in India. Medical inflation in India has been 15% over the past few years, and a health insurance policy helps people to be able to pay for expensive medical treatments, hospital bills, in case of an illness or accidental injury.

    Unfortunately, only 20% of the total population in India has health insurance coverage. Additionally, only 18 percent of the total population residing in urban areas and 14 percent of the total population residing in rural areas had any form of health insurance coverage. Let’s check why do you need to buy a health insurance plan in India:

    • A health insurance policy can pay for hospitalisation expenses, medication and laboratory test costs, ambulance, doctor fees, etc. Some health plans also cover OPD expenses up to a certain limit.
    • It helps in minimizing your out-of-the-pocket expenses with a cashless medical treatment facility in the network hospitals
    • Nowadays, amid the coronavirus outbreak, it is all the more important to have or buy a medical insurance cover that covers the cost of treatment including the cost of PPE kits, masks, ventilators, ICU charges, etc.
    • Even those who are planning a family can buy a health insurance plan to get maternity and new-born baby cover
    • You can buy Corona kavach and Corona Rakshak health plans if you do not have coronavirus health insurance plans cover and keep all your worries at bay
    • The cost of major surgeries like liver transplantation, open-heart surgery, and day-care treatments like cataract surgery, varicose veins, and the likewise are also paid by the insurer if you have a medical insurance policy
    • A health insurance policy helps you and your family enjoy their peace of mind without worrying about the future hospitalization or a medical emergency, which can otherwise drain a major portion of your savings
    • If you cannot pay much premium and are confused which health insurance you should buy then you can opt for a standard policy i.e. Arogya Sanjeevani health insurance policy, it covers modern treatments and COVID-19 treatment as well

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

    Key Benefits of Health Insurance Plans

    Comprehensive health insurance plans come packed with features that can assist a person in managing expenses associated with medical emergencies and also with preventive health care check-ups.

    Following are the key benefits of health insurance plans that one can consider:
          • Cashless Medical Treatment

            Every medical insurance company has tie-ups with various nursing homes and hospitals across the country called 'empanelled hospitals'. If you are admitted to one of these, you don’t need to pay anything. You only need to mention your policy number and everything else will be taken care of by the hospital and your insurer.

            These types of health insurance plans are preferred because there is no stress of claim reimbursement and documentation. However, if your expenses go beyond the sub-limits specified by the insurance cover or marked as not covered by the provider, then you will have to settle it directly with the hospital. Another important thing to remember is that cashless mediclaim is not available if one gets hospitalized which is not a part of the hospital network of the insurance company.

          • Coverage of Pre and Post-Hospitalization Expenses

            This feature of a health insurance policy takes care of expenses incurred on both pre and post-hospitalisation. It takes into account the costs incurred during a certain number of days both prior to and post hospitalization as part of the claim, provided the expenditures are related to the covered disease/illness.

          • Ambulance Fee

            Once hospitalized the person is free from the burden of transportation fees as it is borne by the insurer.

          • No Claim Bonus

            NCB (or No Claim Bonus) is a bonus provided to the insured if no claim has been filed for any treatment in the previous policy year. The reward can be offered either as an increment in the sum assured or as a discount on the premium cost. You can avail this advantage on policy renewal.

          • Medical Check-Up Facility

            A medical plan entitles the insured to receive regular medical check-ups. A free check-up facility is provided by some insurers, or you can get it as an add-on benefit.

          • Room Rent Sub-limits in Your Health Insurance Plan

            A health insurance plan may have various sub-limits associated with it; room rent is one of those sub-limits. General Insurance Companies provide you with maximum coverage up to the sum assured. However, they can deliberately trim down their liability by introducing the sub-limit clause in the coverage for hospital room rent.

            Once the insured is hospitalized the sub-limit on room rent coverage is applicable on a per day basis. For instance, if your medical insurance policy covers your daily room rent up to a maximum of Rs. 3,000 and your room cost incurred is Rs. 5,000 per day, then you will have to pay the remaining Rs. 2,000 from your own pocket. Besides, room charges are directly associated with the type of hospital room you are availing, i.e. a single room or on a sharing basis. Everything else is calculated accordingly.

            If the total cost incurred on treatment at the hospital is Rs. 5,00,000, the table shown below illustrates the expenses that are expected to be borne by your insurer and you, respectively.

            Policy Sum Assured (in Rs.) 5,00,000
            Room Rent as per Sub-Limit (in Rs.) 3,000
            Room Rent Per Day (in Rs.) 5000
            Room Availed at the Hospital (in Days) 10
            Actual Hospital Bill (in Rs.) Reimbursed Amount (in Rs.) To be Borne by You (in Rs.)
            Incurred Room Charges (in Rs.) 50,000 30,000 20,000
            Doctor's Fee (in Rs.) 20,000 12,000 8,000
            Medical Tests' Cost Incurred (in Rs.) 20,000 12,000 8,000
            Operation/Surgery Cost (in Rs.) 2,00,000 1,20,000 80,000
            Incurred Medicine Cost (in Rs.) 15,000 15,000 0
            Total Expenses Incurred (in Rs.) 3,05,000 1,89,000 1,16,000

            In this case, the total cost borne by you is Rs. 1,16,000 out of the total expenses incurred, i.e. Rs. 5,00,000. Thus, make sure you choose wisely if you want any such sub-limits in your medical insurance policy.

          • Co-Payment

            Medical insurance plans offer a co-payment option that pre-defines the voluntary deductibles, which have to be borne by the insured. So, in the event of a medical exigency, some amount is paid by the insured and the rest, by the provider. According to this feature, you can lower the cost of your health insurance.

            Co-payment is a cost-sharing requirement under a health policy, which states that the organization or the person will bear a certain share (in percentage) of the total admissible cost incurred. However, the co-payment option does not have any effect on the sum assured. It allows you to reduce your premium to a certain extent (subject to the insurer and insurance policy).

          • Tax Benefits of Health Insurance Plans

            Health insurance plans entitle you to receive tax benefits under section 80D of the Income Tax Act, 1961. The premium you pay towards health insurance plans for yourself or your family members, get you a tax rebate, irrespective of whether they are dependent on you or not. The tax deduction offered, with respect to the premium, is subjected to the age of the insured and the maximum tax deduction limit that is available. You can save up to a maximum of Rs. 25, 000 in a financial year if you are below the age of 60 years. If your age is above 60 years, then this cap of maximum tax benefit increases to Rs. 50,000.
            If you are paying the medical insurance premium for your parents and for self, then you are eligible for tax exemption up to Rs. 55, 000 in a year under section 80D, provided your parents are senior citizens.


          • Third Party Administrators

            The TPA concept is the brainchild of the Insurance Regulatory and Development Authority of India (IRDA), to assist both the insured and the insurer. While it benefits the insurer by reducing their overheads or administrative costs, fake claims, and claim ratios, the insured, too, enjoys improved and fast insurance services.
            TPAs are important players in the health insurance sector. They have the capacity to handle all or a portion of the claims related to health insurance plans. They have tie-ups with health insurers or self-insuring companies to manage services such as premium collection, enrollment, claim settlement and other administrative services.

            Often, hospitals and health insurers outsource medical insurance-related responsibilities to lower their burden.

          • Pre-Existing Disease Cover

            After 2-4 years of policy inception, various policies begin considering pre-existing diseases, e.g. diabetes, hypertension, etc., for claims. Coverage for pre-existing diseases is offered for specific illness (es) that the insured had before purchasing the policy.

          • Preventive Healthcare

            Undoubtedly, healthcare is very expensive and nobody wants to get hospitalized. So, now we have preventive health care check-ups that take care of you before you fall sick. Preventive care, such as regular health check-ups, concession in X-ray fees, consultation fees, etc., is offered under some health insurance plans. By offering various healthcare provisions, this type of plan benefit aims at keeping you healthy. Preventive care is medical care rendered not for a specific complaint but for prevention and early-detection of ailments.


    Does Your Health Insurance Policy Cover Coronavirus (COVID-19) Treatment?

    Yes, your existing health insurance policy covers the cost of COVID-19 treatment. India is one of the worst’s hit nations with cases constantly on a rise, which put the medical insurance policyholders are in a state of dilemma. The insured people are in a quest, will their standard  health insurance policy cover coronavirus (COVID-19)?

    During this pandemic all the insurers are likely to provide coronavirus cover to people who already have a health insurance policy. As it is a new illness and not a pre-existing condition, the coverage cannot be denied as per the IRDAI guidelines. It might not cover the cost of consumable items like PPE kits, oximeters, ventilators, masks, which are a crucial part of the treatment. However, you can check with your insurer for the same.

    Those who do not have medical insurance cover or want to enhance the existing scope of coverage can consider buying specific COVID mediclaim policies.  Several health insurers and general insurers have already launched health insurance plans for coronavirus that cover the expense of treatment of coronavirus.

    After the IRDAI guidelines, two special standard health insurance products, namely Corona Kavach policy and Corona Rakshak policy were launched and are being purchased by a lot of people already. Lets’ check out how these two COVID insurance products and how they are different from basic health plans.

      • Corona Kavach Policy

        It is an indemnity based health insurance product that covers coronavirus hospitalization (minimum 24 hours), home treatment, and AYUSH treatment cost up to Rs 5 Lakh. The cost of masks, gloves, ventilators, oxygen cylinders, PPE kits, is also recompensed.

        Also, the benefits provided under Corona Kavach policy shall remain the same across all the insurance providers.

        Eligibility Specification
        Entry Age 18-65 years
        Coverage Type Individual/Family Floater
        Sum Insured ( Rs) 50,000-500,000
        Discount on Premium 5% for health workers and doctors
      • Corona Rakshak Policy

        Corona Rakshak policy is a benefit based product that provides lump sum payment for hospitalization (minimum 72 hours) upon diagnosis of Coronavirus during the policy term. The minimum policy term is 3.5 months and maximum is 9.5 months.

        Eligibility Specification
        Entry Age 18-65 years
        Coverage Type Individual
        Sum Insured ( Rs) 50,000-2,50,000
        Discount on Premium 5% for health workers and doctors



      • Coronavirus Claim Settlement

        Since, COVID-19 has been declared as a pandemic therefore, there has been a lot of confusion regarding claim settlement. The claim is settled just like it’s settled for other insurance plans. In this policy the insured needs to furnish the passport (if he/she has) to file a claim, as the insurer needs to check their travel history.

        Now, let us understand the following situations wherein claims for the treatment of coronavirus can get rejected:

            • In case, if an individual is affected with coronavirus and then intending to buy health insurance policy most likely it will not be covered under the newly bought health insurance policy.
            • The policyholder will not get a claim filed if the treatment of coronavirus falls within the waiting period of the health insurance policy.
            • If an individual is diagnosed with coronavirus within the waiting period of the health insurance policy it will not get covered.

        Any claim will not be settled if an individual gets infected with coronavirus from any of the family members who recently travelled to COVID-19 affected countries where the travel has been restricted by the country.

    Health Insurance Inclusions

    The coverage offered by a health insurance policy is subject to the type of policy and the insurance provider. An ideal policy is customizable and suites your requirements in the best way possible.

    Following are some common health insurance plans inclusions:
    • In-patient hospitalization expenses
      • Donor expenses, in case of organ transplantation
      • During injuries requiring overnight hospitalization
    • Pre-existing illnesses or diseases
    • Pre and post hospitalization
    • Ambulance charges
    • Maternity or newborn
    • Health check-ups
    • Daycare procedures
    • Treatment availed at home or domiciliary hospitalization

    Health Insurance Exclusions

    Coverage offered by health insurance policies varies with the insurer; however, certain points are not covered by health policies and fall under the category of policy exclusions.

    Following are common health insurance plans exclusions:

    • Unless an accidental emergency, no coverage or reimbursement offered with the waiting period of the policy, usually initial 30 days.
    • Coverage of critical illnesses and pre-existing diseases is subject to a waiting period of 2 to 4 years
    • Clear exclusion of expenses incurred for maternity/newborn unless a maternity rider has been added on
    • Injuries caused by war/terrorism/ nuclear activity/suicide attempt
    • Terminal illnesses, AIDS, and other diseases of similar nature
    • Cosmetic/plastic surgery, replacement of hormones, sex change and more.
    • Dental or eye surgery
    • Non-allopathic treatment
    • Bed rest/hospitalization and rehabilitation, common illnesses, etc.
    • Treatment/diagnostic tests, post-care procedures
    • Treatment abroad or by an under-qualified medical professional

    Note: It is recommended to explore each plan to ensure maximum coverage


    Factors to Consider Before Buying Health Insurance Plans

    There are a few factors that you should consider closely to make the right decision:

    • Caps and Sub-limits

      Caps and sub-limits are the thresholds set on various policy-covered expenses. If a health policy has impositions of co-payments, sub-limits, and other caps, this would mean that there will be a policy-stated coverage offered for various expenses. At times, the co-pay clause and caps help in reducing the premium of the plan. These, however, would alter the benefits in the long run. To make the most of your health insurance policy you must understand these factors before you pay for a health insurance plan.

    • Claim settlement Record

      This is an important criterion to assess the credentials of an insurer. You should always go with a company with a good claim settlement record. Thus, you can ensure that your medical insurance claims would not be wrongly withheld. Always ask for the company’s claim settlement ratio before purchasing their health insurance plans and save yourself from unnecessary harassment in the future.

    • Scope of Coverage

      Don’t buy a health insurance plan by just comparing health insurance premiums. Less cost does not necessarily mean a good medical insurance plan. On the contrary, such a health plan might not consider your coverage needs properly. Closely look at what the plan includes. Buying a comprehensive plan is a better option comes to your rescue when you need it the most.

    • Renewability

      It is important to see how many years the plan proposes to protect you. Mediclaim policies are usually annual contracts. Once the policy term ends, in order to continue the insurance coverage, the insured has to pay the insurance premium. This recurring process is called health insurance renewal. The policy should be renewed continuously, because if there is a break, then, the person will lose the benefits of medical insurance.

    • Cashless Hospital Network

      Check if a hospital around you is included by the medical insurance company you are considering to buy the plan from. You and your family won’t be required to run around collecting documents and filling reimbursements. The provider or its Third Party Administrator should have a tie-up with a range of network hospitals. The insured can get admitted to any of these nursing homes/network hospitals without paying anything from the pocket. However, cashless claim settlement is subjected to limits and sub-limits, which, in turn, are subjected to the sum assured of the medical insurance policy.

    • Premium Loading

      Premium Loading refers to the increase in standard premium applicable when the medical insurance company perceives a person to be more at risk (of claiming the insurance) in comparison to others. It is strongly recommended that you check the terms and conditions pertaining to premium loading. This will save you from paying an extra premium after making a medical insurance claim. This aspect, though ignored in the beginning, usually becomes a bone of discontentment later.

    • Internal Claim Settlement Team

      Check the health insurance plans from insurers that have a dedicated internal claim settlement team. This expedites the claim settlement process. Most of the medical insurance players use a third-party administrator to process the claims and do the paperwork. Even though most of these Administrators provide great services, the fact that they are a third-party slows down the process. There are certain rules and regulations to be followed when an administrator processes a medical insurance claim before it is handed over to the medical insurance company, which in-turn affects the turnaround time.

    • Members Included

      Everyone has a different family size, so you should always look for the family size allowed under the medical insurance plan before purchasing it. If you are in your late 20s and your parents already have a health insurance cover, then purchasing insurance only for yourself does make sense. Alternatively, if you are married with or without kids and have dependent parents, parents-in-law, siblings, etc., then a family health insurance plan is best for you. Checking the premium cost, family size covered, critical illnesses or other benefits will ensure that you are able to purchase the plan you need.

    • Health Insurance Portability

      It is wise to choose a health insurance company that offers health insurance portability. Earlier, policyholders had to stick to a policy just to retain the advantage. Now, you are allowed to switch from one insurance company to another without losing the waiting period advantages earned in your current policy. Moreover, with the insurance landscape changing so regularly, insurance providers regularly come up with better policies and it may make sense to opt for health insurance policy portability.

      Although health insurance portability is free, some companies may charge you a certain fee if you are to port out of their plans to those of some other players. Therefore, make sure you do not pay any charges for medical insurance portability. Health insurance portability is a good thing to check when you are finding the best health policy or mediclaim.

    • Restore Benefit

      With the 'restore benefit' facility in your health care plan, you can restore your basic sum assured in case you have already spent the same or the multiplier advantage during your policy tenure. Mostly, the benefit cannot be obtained on the same ailment if you have exhausted the existing sum limit.
      Restoration assistance proves to be helpful for a family floater health plan, where if the entire sum assured is used in the treatment of only a single family member, the other members are not left uncovered. In such a case, the other family members can avail policy coverage for the illness other than the one for which the expenses have already been compensated by the insurer.
      Well, while finalizing your health insurance plan, you should consider other important factors such as waiting period, sub-limit, claim settlement procedures, etc. You can replace restore benefit with a super top-up plan at an affordable price. Moreover, top-up health insurance plans are more comprehensive since they come with few or no restrictions.

    • Top up Health Insurance Plans

      With the rise of medical inflation, it is prudent to increase the medical insurance coverage amount. But, not all can afford it due to the high cost of the premium. This is where a top-up medical insurance plan comes into the picture. A top up health plan reduces the deductibles cost i.e. the portion of a claim you pay willingly for the damages before the insurer compensates the rest or up to the sum assured. With a top up medical policy, you don’t pay until a hospital breaks its defined limit. A top up plan is considered far cheaper than a standalone medical insurance policy.
      For instance, if the medical bill is Rs. 6 lakhs with a deductible of Rs. 2 lakhs, you are required to pay only the latter amount and the remaining 4 lakhs will be paid by the insurer. But, you can utilize your health policy to pay the liable amount. Again, the blending of a top-up plan with a medical cover is helpful as the premium you pay is much more affordable than an individual health plan. For example, if you pay 6,500 as a premium for Rs. 5 lakh regular cover, a top up coverage of Rs. 15 lakh will entail an additional premium of 5,000, which is anyhow cheaper than a separate policy.

    • Waiting Period

      As per the medical insurance norms, every insured must serve a defined waiting period to get coverage for any pre-existing illness. It is usually a 30-day period from the day your health insurance plan is initiated. If any claim falls during the waiting period, the insurer has the right to reject the claim for any hospitalisation, except in the case of an emergency. A hospitalisation that arises out of an accident can be registered as a claim and the insurer will compensate for the hospitalisation cost. However, the insured is not required to serve the waiting period for subsequent years.

    Which Health Insurance Policy Should You Buy?

    Your Requirement What You Should Get
    Coverage for hospitalisation expenses including surgical bills Medical insurance offering cashless facility and claim reimbursement
    A fixed amount daily while you are hospitalised Hospital Cash Plan
    If diagnosed/hospitalized with a critical illness or if the illness leading to loss of income Critical Illness Plan
    When an accidental disability leading to loss of income Personal Accident Insurance
    Coverage for expenses in the event of caesarean and normal delivery Maternity Insurance
    Insurance coverage for the entire family in a single plan Family Floater Health Plan
    Coverage for senior citizens Senior Citizen health Insurance

    Health Insurance Eligibility Criteria

    The eligibility criteria for health insurance depends on the age of the customer, pre-existing illnesses, current medical conditions, etc. For this reason a medical test is also conducted by the health insurance companies to find out if the applicant is going through some health diseases or not.  In most of the mediclaim policies the following eligibility criterion needs to be met:

    Age Criteria- Entry age for Adults: 18 to 65 years (70 and above, based on the plan and insurer). Entry age for Children: 90 days to 18 years and in some plans it is up to 25 years as well.

    Pre-medical Screening- In most cases it is required for applicants above the age of 45 years, but it may vary depending on the insurer and the type of medical insurance plan. Most of the senior citizen health plans require pre-medical tests to check if the applicant meets the eligibility criteria for insurance cover or not. The criterion for individual and family floater health plans may vary as per the policy terms and conditions.

    Pre-existing Diseases- When buying a health insurance policy you need to disclose about the health diseases that you have or any pre-exiting illness that you or your family members have. Do not keep it as a secret as it may cause problems at the time of claim settlement. It can even lead to rejection of you claims.

    Most of the health insurers ask the applicant if they are going through any medical conditions like blood pressure, diabetes, cardiovascular diseases, kidney problems, and any other diseases. If you are a smoker or an alcoholic then also you need to disclose it to the insurer. Based on this the insurance company will decide if you are eligible to get medical cover or not.

    If one insurer doesn’t offer then you can also check with another or a buy a specific health plan as per your medical conditions. Check the policy wordings for terms and conditions to have a better understating about the eligibility criteria.

    Why Compare Health Insurance Plans?

    It is vital that you compare health insurance quotes online in order to choose the best one to meet your healthcare needs. It can get confusing to select the best health insurance plan as so many insurers offer different health insurance products with varied features.

    It is no wonder that sometimes, people end up with a plan that might cost less, but has contradictory clauses, and they practically get nothing when a claim is filed. On the other hand, you end up buying a health insurance plan with a higher cost just to find out later that it has features that you did not use or might never need.

    Amid the increasing cost of treatment, a Health insurance policy prevents a medical emergency from turning into a financial emergency. It makes sure that one's healthcare needs are taken care of without depleting his/her savings or compromising on one's future goals.

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

    How to Compare Health Insurance Plans?

    With more than 25 insurance companies’ and more than 200 health insurance products in the Indian health insurance market, comparing health insurance plans and finding the best quote is not an easy task. Listed below some of the tips to help you make an informed decision:

        • Select the Appropriate Sum Assured

          The healthcare inflation in the country is skyrocketing and is increasing at the rate of 17% to 20% annually. To cover this inflation, it is important to look for the maximum available sum insured at the best possible rate of premium.

        • Provide Complete & Correct Details

          Provide accurate information regarding your health in the proposal form, as any sort of inaccurate or mismatched information can make the insurer reject your claim form.

        • Keep in Mind the Factors That Influence the Premium

          A few factors that influence the premium of a health insurance plan include the proposer’s life history, family health history, lifestyle, smoking habits, etc. These factors are taken into account before the premium amount is determined.

        • Check the Credibility of the Health Insurance Company

          Do go through the history of the health insurance company you are planning to buy the medical insurance plan from. It is recommended that you select the health insurance company on the basis of the following parameters:

          • ICR: Incurred Claim Ratio or ICR, is one of the most important parameters to check while comparing health insurance companies in India. When taking into account the ICR of a health insurance company, look for the average ICR of all the health insurance companies online on Policy bazaar and go for the one that is closest to this average for a period of few years.

    Incurred Claim Ratio

      • Customer Experience: You should always take heed to the mass opinion. Look for customer reviews online. If a large number of customers of an insurance company are unhappy, it may be because their customer support or after-sales service isn’t up to the mark.
      • Find out the Claim Process: Though the health insurance claim process is pretty generic over providers, knowing the nitty-gritty of the process can help save a lot of hassle at the eleventh hour.

    Benefits of Comparing Health Insurance Plans Online

    Due to tight and hectic schedules these days, it has become quite impossible to visit different offices or branches of different health insurers in order to compare various medical insurance policies.

    Thankfully, Policybazaar understands the dilemma of the customers and hence, has offered a platform where you can compare different health insurance quotes online.

    Enlisted below are some of the major advantages of buying a health insurance plan online:

      • Access to Accurate Information:

        It offers easy access to every medical insurance policy available in the market. It also saves the buyers from dealing with the agents who are known to provide unreliable and biased information most of the time..

      • Time Efficient and Convenient:

        By comparing health insurance plans online, the users are able to save their time as they don’t have to keep meeting with the agents to compare and choose the best plans. Additionally, several tasks, such as paying premiums, renewing the health insurance plans, etc., are also easier via online mode.

      • Pocket-Friendly:

        If a customer buys a health plan via an online channel, he/she will be able to compare the premium and opt for the one that fits in the budget. Also, no brokerage or agent fees are levied and hence, the buyer ends up saving a significant amount of money.

      • Availability of Provider/Plan Reviews:

        Doing so will help you get an overall idea of an insurer’s reputation, enabling you to make an informed decision.


    Arogya Sanjeevani Policy: A Health Insurance for All

    Arogya Sanjeevani is a standard health insurance policy that is provided by every health insurance company in India. Arogya Sanjeevani policy covers basic health insurance needs and is a good option for those who not have medical insurance cover, especially in smaller towns.

    As mandated by the IRDAI, Arogya Sanjeevani policy provides coverage from Rs. 1 lakh to Rs. 5 lakhs, with a waiting period of just 30 days. However, the waiting period for specific diseases ranges from 24 months to 48 months, which depends on the illness as well.

    • Benefits of Buying Arogya Sanjeevani Policy:

      • The policyholder under Arogya Sanjeevani get coverage for Coronavirus related hospitalization expenses
      • It reduces the complications that arise while selecting from several health plans with varied inclusions, exclusions, and sum assured. Therefore, it is easier for common people to buy a health cover without any difficulty to understand the policy terms and conditions
      • Cashless hospitalization, NCB, and lifelong renewal facility is provided
      • Moreover, it is easily portable from one insurer to another
    • Features of Arogya Sanjeevani Policy:

      • Arogya Sanjeevani health plans cover anyone between the age group of 5 months and 65 years
      • The minimum sum assured is Rs. 1 lakh and the maximum sum assured is Rs. 5 lakhs, therefore it makes a perfect health plan for people in rural areas and those who cannot afford to pay a higher premium
      • The policy cover hospitalization expenses, all daycare procedures, ICU expenses, Ayush treatment, Ambulance charges, Cataract treatment etc.
      • A co-pay of 5% is applicable regardless of the age of the policyholder

    How to Port a Health Insurance Policy?

    You do not have to stick to your current insurer any longer if you do not want to since IRDA now allows you to change your current insurer without losing any of the existing benefits. Previously, if you changed your insurer, then you had to compromise on the benefits, viz. coverage for any pre-existing disease offered by your existing medical insurance policy.
    According to the new rules, IRDA allows you to switch from one insurer to another while the new insurer will have to consider the credits you gained from your previous insurer, where credits refer to the waiting period under pre-existing conditions. The same applies if you switch from one plan to another with the same insurance company.

    What you can do

    • Switch from one health insurance company to another
    • Any family floater or individual policy can be switched from/to.
    • Avail insurance cover by your new insurer up to the sum assured by the previous policy.
    • Both the insurers should mutually complete the formalities as per the IRDA timeline.

    Criteria to meet

    • A policy can be switched only at the time of renewal.
    • With the new policy, the terms and conditions, including the premium are at the discretion of the new insurer.
    • Submit a formal shifting request to your current insurer at least 45 days before the due date of the renewal.
    • Make sure you specify the name of the new insurer you are willing to switch to.
    • There should not be any break between policy renewals.

    Some Myths about Health Insurance

    Before relying on the information it is imperative to check the facts and then buy a health insurance policy. Mentioned below are some popular myths that most people believe about medical policies:

    • I am Healthy, and I Don't Need Medical Insurance

      Despite taking good care of your health, there are numerous unforeseen circumstances like seasonal illnesses, dengue, malaria, or an accident that can hit anyone anytime. Nowadays, hospitalization expenses are not easy to pay off. Even 2-days of hospitalization expenses would cost you somewhere between INR 60,000 to INR 1 lakh and even more (depending on the type of illness).

    • My Health Insurance will Cover all the Medical Expenses

      As per the IRDAI regulations, all the health insurance plans come with a set of exclusions/limitations. It is required that you check all the policy details and the coverage that is mentioned in the plan. The insurer will only compensate for the expenses that are covered in the policy and up to the specified limit.

    • Declaration of Pre-existing Diseases

      It is essential to declare all the pre-existing diseases in the proposal form. One must mention pre-existing diseases clearly before buying a health insurance policy. Inadequate information can lead to rejection of the claim and can cost more than the expected amount.

    • Smokers are not Eligible to Buy a Health Insurance Plan

      As per the survey, nearly 49% of the applicants who consume alcohol are perplexed to buy a health insurance policy. But there are health insurance companies that offer medical insurance coverage to them as well. But taking into consideration the risks, alcohol consumers, and smokers would need to undergo a stringent pre-medical examination procedure and pay a higher premium to get health insurance coverage.

    • Medical Insurance will only Cover Hospitalization Expenses

      Though most of the health insurance plans cover medical expenses for hospitalization more than 24-hours, there are plans that have a capping on the duration of hospitalization as well. But most of the insurers these days cover daycare procedure as well, where it is not required to be hospitalized for 24-hours. It includes cataract surgery, varicose veins surgery and similar medical procedures.

    • I am Covered Under a Group or Corporate Health Insurance Plan!

      Most people rely on the health insurance plan that is provided by their employer. It is important to know that a group health insurance policy comes with a set of limitations. It will not offer coverage to your family members in most of the cases, the sum assured will not be sufficient, it will not cover critical illnesses. Also, getting health insurance coverage after retirement or losing a job can prove to be an expensive affair.

    How to Calculate Health Insurance Premium

    In order to keep the policy in force, regular payment of a fixed premium is essential. Did you ever think about how this premium is calculated? There are certain factors that affect health insurance premium such as the medical background of your family, your personal medical history and so on.

    Based on that, you might want to calculate your premium to figure out how much you would have to pay for the policy. It can be done through a health insurance premium calculator. Premium calculator is an online tool that calculates the premium to be paid as per the information provided by you. At Policybazaar.com, you can calculate your health insurance premium easily.

    Factors Affecting Health Insurance Premium

    With the advancement in medical facilities, health care costs have also increased. The main benefit of health insurance is that it takes care of the healthcare expenses. It offers financial security to you and your family in the event of an unanticipated serious illness or accidental injuries that could drain all your savings. And here is how the cost of your insurance premium is determined:

    • Medical History

      Your medical history is one of the major determinants of the health insurance premium. Almost all the ' health insurers in India make pre-medical tests mandatory (after a certain age) before buying a health insurance policy.

      While, some insurance companies don’t make medical screening mandatory but do consider your current medical conditions, lifestyle-related health risks and medical background of your family.

      That is why medical insurance premium for smokers is higher than other people.

    • Gender and Age

      Age is another important determinant of the medical insurance premium. The premium varies based on the age of the insured person.

      That is why it is recommended to buy a policy at a young age because the cost of the premium is low for young applicants.

      Elderly people are vulnerable to cardiovascular diseases, and other critical illnesses such as cancer, kidney problems, etc. For this reason, senior citizen medical insurance premium is usually on a higher side.

      Also, the cost of the premium for women's health insurance is lower in comparison to the male candidates due to lower risk of stroke, heart attack, etc.

    • Policy Term

      The premium for a 2-year health insurance plan will be higher than a 1-year plan. However, almost all insurance companies offer a discount on long-term medical insurance plans.

    • Type of Health Insurance Plan

      The type of health insurance policy you select also affects the cost of the premium. The higher the risks involved the higher will be the premium and vice-versa.
      With the help of an online health insurance premium calculator, you can compare the premium for different health insurance plans.

    • No-Claim-Discount

      If you have not made any claim during your policy term, then you can earn NCB or No-claim-bonus ranging from 5 to 50 percent. It is also one of the most important factors that are taken into consideration while calculating the cost of the premium.

    • Lifestyle

      If you drink or smoke regularly, chances are high that you will be charged more premium amount. In that case, the insurer can also reject your medical insurance policy request.

    Health Insurance Claim Procedures

    Health insurance plans come with additional benefits of cashless treatment and expense reimbursement by the insurer. One can file a claim against an event that is covered by the insurance policy. Following are two claim processes:

    • Expense Reimbursement

      Health insurance plans provide the insured with the benefit of getting their medical expenses reimbursed by the insurer. The cost of various hospital charges such as bed charges, medicines, lab tests, surgeon's fees, etc. are paid back to the insured if the claim for reimbursement is filed. The insured pays the (hospital) expenses but gets reimbursed by the insurance company.

    • Cashless Treatment

      Insurance companies provide policyholders with a wide range of network hospitals to get medical treatment without having to make upfront payments. No payment is required to be done by the insured since the clause involves a mutual agreement between both the parties, i.e. the insurer and the network hospital. Availing cashless benefit requires TPA approval.

      The insured can also show the insurer-issued health card at the particular hospital as proof of medical insurance cover along with a valid government ID. Following cases are considered for cashless treatment:

    • Planned Hospitalization

      In case of planned hospitalization, in order to avail health insurance benefit the insured needs to have TPA approval in advance along with other mandatory documents. Fill the pre-authorization form at the network hospital signed by the treating doctor(s).

    • Emergency Hospitalization

      Show the health card issued by the insurer at the hospital along with the appropriately-filled pre-authorization form to get TPA approval for emergency hospitalization. If you fail to get TPA approval, you would need to file for reimbursement later. The insured might have to show the itemized bill, proof of medical expenses, discharge bill, etc., as the proof of the treatment availed to avail claim reimbursement.

    Documents Required for Health Insurance Claim Reimbursement

    In the event of hospitalization, the policyholder needs to submit certain documents as mentioned below:

    • Discharge card issued by the hospital/network hospital
    • In-patient hospitalization bills signed by insured for authenticity
    • Doctors’ prescriptions and medical store bills
    • Claim-form with insured’s signature on it
    • Valid investigation report
    • Consumables and disposables prescribed by the doctors with complete details
    • Bills of doctors’ consultation
    • Copies of the Insurance policy from the previous year and the current year/copy of ID Card of TPA
    • Any other document(s) asked by the TPA

    Buy Top Health Insurance Plans Online from Policybazaar

    Buying health insurance can be easy if you approach the right channel. Having said this, Policybazaar.com can be a good platform for choosing the right insurance policy. Policybazaar has made the process of comparing & buying a health insurance policy easier in comparison to earlier days. One has easy access to the complete details of almost all the health insurance plans available in the Indian insurance market at a competitive price.

    Policybazaar helps you sieve through numerous mediclaim and health insurance plans and zero down on the one that measures up to your needs. Moreover, the post-sale services are extended to the customers online as well even at the time of medical insurance claim.

    Steps to Buy Health Insurance Plan Online from Policybazaar

    To get insured from the comfort of your home, you can buy health insurance online from Policybazaar. No medicals are required and the steps to buy medical insurance are listed below:

    Step 1- Select Male/Female and enter your full name

    Step 2- Enter your correct phone number, and click on view plans and select your age

    Step 3- Click on continue and your city where you are living in and the pin code

    Step 4- Click on Yes or No if you take any medications

    Step 5- Select the best health insurance plan from the options that are displayed. Choose ‘Get Free Advice’ if you want suggestions or help

    Step 6- Select and compare the different health insurance plans on Policybazaar. You can choose the personalized plans options as well

    Step 7- Once the plan is selected you can pay the premium or speak to our customer care representative to take your through different options

    Step 8- Make an informed decision and pay the premium. Once all the steps are completed, the policy will be emailed on your registered email-id


    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

    FAQs

    • Q: How much does health insurance cost for an individual?

      Ans: As per the market trends, a person buying a family floater policy of Rs 5 lakh covering self, spouse, and one child, the premium will cost around Rs 10,000 to Rs 17,000 on an annual basis. However, it depends on the age of the person insured and medical history. However, an individual health plan with a basic cover of Rs 5 lakh for a 32-year-old will only cost around Rs 5000-8000 a year. Please note that there is no fixed set of insurance costs, it varies as per different factors such as the sum insured amount, policy duration, medical history, illnesses covered, etc.
    • Q: What is the right age to buy health insurance?

      Ans: There is no right age or wrong age to buy a health insurance policy. However, it is suggested that the earlier you buy it the lesser would be the premium. The reason is the lesser risk of health issues at a young age as compared to someone who is in their mid-50s or 60s and is more prone to critical illnesses. Therefore, if you get health insurance in your 30s you will be able to avail yourself maximum insurance benefits that too at a lower premium.
    • Q: Can a person have more than one health insurance policy?

      Ans: Yes, you can buy more than one health insurance policy in India. For example, if you are covered under a corporate health plan then you can get an individual or family floater health insurance policy as well. And if you already have individual health insurance you can get another top-up health plan or a senior citizen health insurance plan for your parents.
    • Q: Is a medical test mandatory to buy a health insurance policy?

      Ans: Medical tests are not mandatory before buying a health insurance policy. However, most of the health insurance companies in India require medical reports if the age of the applicants is above 45 years. But this can vary depending on the age of the applicant and the insurer’s requirement.
    • Q: How much is health insurance a month for a single person?

      Ans: The cost of health insurance a month for a single person can range anywhere around Rs 200-Rs 1000. However, it can vary as per the age of the policyholder and the sum insured amount that he/she has opted for.
    • Q: How many claims are allowed in health insurance?

      Ans: Usually, a health insurance policy permits one to two claims during a policy term. And some health insurance companies that offer policies with unlimited claims during the policy tenure. So, please read the policy wordings before making the purchase.
    • Q: What are the diseases that are not covered in health insurance?

      Ans: A health insurance policy usually does not cover HIV/AIDS treatment, only a few companies cover it. Any of the congenital disorders, venereal diseases, general debility, and dental treatment/surgery unless it is required as a part of the treatment is excluded from health insurance coverage. But do check your policy wordings to know more about the detailed list of exclusions in a health insurance plan.
    • Q: I have my employer's group policy; do I need to buy a separate health insurance plan?

      Ans: Yes, an employer’s health insurance policy might not be sufficient in certain cases. The sum insured is usually between Rs 2 lakh and Rs 5 lakh, which might not be sufficient. And to cover today’s expensive treatment costs, it is important to have a separate health insurance plan of minimum of Rs 10 lakh.
    • Q: Does my health insurance policy cover healthcare expenses related to COVID-19?

      Ans: Yes, health insurance plans cover COVID-19 hospitalization expenses. You can also buy COVID- specific health plans like Corona Kavach and Corona Rakshak health plans if you want COVID treatment cover. However, normal health insurance plans cover the expenses and insurers provide special health plans.
    • Q: What does cashless hospitalization mean in a health insurance policy?

      Ans: Cashless hospitalization means that the treatment charges are paid by the insurance company to the hospital. All the insurance companies have a tie-up with the network hospitals where the insured/policyholder can avail cashless treatment for an illness or accidental treatment.
    • Q: What are pre-and post-hospitalization expenses in health insurance?

      Ans: Pre-hospitalization expenses refer to the expenses incurred 60-90 days before getting admitted. Post-hospitalization expenses refer to the cost of tests and treatment charges incurred after getting discharged from the hospital.
    • Q: How to add my family members to my existing medical policy?

      Ans: You can add your family members to your health insurance policy at the time of renewal or at the time of purchase. You, your spouse, dependent children, parents, can be covered in a family health insurance plan.
    • Q: At what age can I include my children in my health insurance plan?

      Ans: You can include your children in a family floater policy from Day 1. In some health plans, children are covered after 91 days.
    • Q: What is a free-look period in health insurance?

      Ans: A free-look period in health insurance starts 15 days after policy purchase. During this period you can review your health insurance policy features, coverage, and decide if you want to continue or not. You can also opt for add-on covers during this period.
    • Q: What do you mean by Network and Non-network Hospitals?

      Ans: Network hospitals refer to those hospitals that are under the panel of the Insurance Company. In these hospitals, you can avail cashless hospitalization facility and the insurer settles the bills directly with the hospital. Non-network hospitals are the general category hospitals where you can avail the treatment and file for reimbursement of medical expenses.
    • Q: What does it mean to have Domiciliary Hospitalization cover?

      Ans: Domiciliary hospitalization refers to the treatment taken at home, only if it is prescribed by the treating doctor. Some health plans also cover COVID-related domiciliary treatment costs.
    • Q: What are the benefits offered under basic hospitalization cover?

      Ans: Basic hospitalization expenses include the cost of the treatment, doctor fees, ICU charges, room rent charges, cost of medicines, diagnostic fees, etc. These are the basic hospitalization benefits. If you want critical illness cover you can get this as an add-on cover or buy it as a rider benefit.
    • Q: Can a minor buy a health insurance plan in India?

      Ans: A minor below the age of 18-years cannot buy a health insurance policy. However, it depends on the insurer.
    • Q: What to do if I am admitted to a non-network hospital?

      Ans: If you are admitted to a non-network hospital then you can avail of the treatment and file a reimbursement claim. The health insurance company will provide you compensation up to the sum insured limit.
    • Q: Can the nominee be changed in the middle of the policy term?

      Ans: No, you cannot change a policy nominee in the middle of the policy. However, you can file an endorsement to make changes in your policy coverage benefits.
    • Q: What happens if my medical policy lapses during hospitalization?

      Ans: If the policy lapses during hospitalization you won’t be able to avail the insurance benefits. Therefore, it is recommended to renew your policy timely if you want to avail continuous policy coverage benefits.
    • Q: Does a waiting period apply if I increase my sum insured at the time of policy renewal?

      Ans: Yes, you can increase your policy sum insured at the time of renewal. Yes, the waiting period will apply, it will only be over when the duration of the waiting period i.e. 2-years, 4-years will complete.
    • Q: What is a Cumulative Bonus in a health insurance plan?

      Ans: A cumulative bonus in health insurance implies monetary benefits that the insurer provides you as a reward for not filing a claim during the policy year. It is also called a No-claim-bonus similar to that in car insurance. However, the policy benefits differ from one health insurance Company to another.
    • Q: Does every network hospital provide a cashless facility?

      Ans: Yes, most of the network hospitals provide cashless facilities. As they have tie-ups with the insurance company. Therefore, the claims are settled directly with the hospital.
    • Q: What is the claim settlement ratio?

      Ans: The claim settlement ratio refers to the number of claims settled by the insurance company against the number of claims filed. The higher the claim settlement ratio the better is the insurer’s ability to settle the claims.
    • Q: What happens to my health insurance policy after a health claim is filed?

      Ans: Once the claim is filed the policy benefits continue till the end of the policy term unless it is a Lumpsum cover like in a critical illness policy or a top-up health insurance plan.
    • Q: How do I renew my mediclaim policy?

      Ans: You can renew your mediclaim policy online through Policybazaar or the Insurer’s website. The steps to renew health insurance are simple:
      • Go to the ‘health insurance renewal page’
      • Select the policy or the policy number
      • Select the policy benefits and features
      • You can also increase the sum insured at the time of renewal
      • Now pay the premium and your policy is renewed
      • You will receive the soft copy over email and a hard copy will be sent to your registered address
    • Q: Can I transfer my health insurance policy without losing renewal benefits?

      Ans: While transferring your health insurance policy from one insurance company to another, you don’t lose the benefits that you have accumulated during the policy term. As per IRDAI’s new regulations, the benefits remain intact. Earlier it resulted in losing out on benefits accumulated in health insurance policies, like the waiting period for covering Pre-existing Illnesses.
    • Q: Do I get any discount on the premium at the time of my health insurance policy renewal?

      Ans: It is not necessary that you will get a discount on the premium at the time of renewal. However, if you renew it online from Policybazaar you can save between 7.5% and 12.5% on the premium.
    • Q: If I do not renew my health insurance policy e before the expiry date, will it be denied for renewal?

      Ans: If you do not renew your health insurance policy before the expiry date, it cannot be renewed. You will have to buy a new mediclaim policy with a fresh waiting period clause.
    • Q: Is it possible to modify add-on covers while renewing my health insurance policy?

      Ans: Yes, you can modify your health insurance policy add-on covers at the time of renewal. The insurer can charge you some extra premium to modify the add-ons or rider benefits.
    • Q: Is there a grace period for health insurance renewal?

      Ans: Online health insurance renewal is quick and convenient. You can renew your health insurance plan on Policybazaar.com by entering your policy number and other required details. Once you make the payment the insurance gets renewed without much paperwork. Moreover, you can avail of good discounts with online renewal.
    • Q: What to do if the health insurance policy renewal date is missed?

      Ans: If your health insurance policy renewal date is missed you can check for the grace period. If that is also missed, you would need to buy a fresh health insurance plan with a fresh waiting period, NCB, etc.
    • Q: Why do I need Health Insurance?

      Ans: Health insurance policy ensures that you would not have to bear medical bills and hospitalization expenses out of your own pocket. It comes with the dual-benefit of coverage against medical emergencies and assured tax benefits under section 80D of Income Tax Act, 1961. With the increasing risk of medical contingencies and its corresponding rise in hospitalization cost, medical insurance is quite important for your family and you. It safeguards your loved ones against financial troubles, thereby assuring you for best medical facilities
    • Q: 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. If you are not satisfied with the terms of the policy, then you may seek cancelation of it. In such an event, insurance company allows refund of expense done after adjusting underwriting costs, cost of pre-acceptance medical screening, etc.
    • Q: What do you mean by waiting period in health insurance plans?

      Ans: The waiting period is a defined time-period that the insured has to serve to cover the pre-existing illness. No claim during this period will be accepted by the insurer except in the case of emergency hospitalisation. Let’s say if the waiting period is 3 years, a claim for the cover can be claimed only after serving 3 years from the date of inception of the policy. Read more about waiting Period in details
    • Q: Do health insurance plans cover outpatient expenses also?

      Ans: Most of the insurance companies have a mandatory requirement of 24 hours hospitalization. However, some insurance companies like Cigna TTK, and MAX Bupa cover OPD (outpatient department) expenses in their base mediclaim policy, while companies like National Insurance offer an OPD cover as a rider at an additional premium.
    • Q: When should I make a health insurance claim?

      Ans: A health insurance claim can be filed for any illness or medical expense that is covered under the policy.
    • Q: What do you mean by No-claim-bonus in health insurance plans?

      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 or enhancement of sum insured amount.
    • Q: How much does health insurance cost?

      Ans: Various factors collectively play an important role in deciding the total cost which you need to shell out to get cover. Young, healthy people need to pay far less for insurance than their old counterparts. Similarly, if you are buying a single policy then total payable would be low in comparison to a family health plan. The cost of medical insurance also depends upon the total sum insured, the higher it is the higher the premium and vice versa. Assured. Other factors include pre-existing medical conditions, age, policy type, policy tenure, etc.
    • Q: What is the sum insured in health insurance plans?

      Ans: Sum Insured is the pre-determined coverage amount that is paid by the insurance company to the policy holder at the time of claim.
    • Q: What are the various riders and benefits available in health insurance plans?

      Ans: A rider is an add-on option that can be added to current health policy to get additional cover. There are various riders available in medical insurance sector and some of the major ones are listed below-
      • Critical illness rider
      • Hospital Cash benefit
      • Attendant allowance to accompany the insured person who is hospitalized
      • Maternity cover
      • OPD expenses cover
      • Health check-up cover
    • Q: What are pre-existing diseases or conditions?

      Ans: Any health problem faced by one prior to seeking insurance policy is called pre-existing diseases. Insurance companies are reluctant to cover such diseases as it is a costlier affair for them. Every insurance company has its conditions regarding such illnesses. Some firms 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. So while choosing a policy, you should also need to compare the waiting period stipulated in policies for covering such ailments.
    • Q: What if the insurance company refuses to settle my claim and I want to file a complaint?

      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
    • Q: 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 of cashless hospitalization.
    • Q: What is the right time to buy a health insurance 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, every firm has its waiting period. By buying it at a young age means you get access to health inclusion 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.
    • Q: What is personal accident insurance?

      Ans: Personal accident insurance is an annual policy that offers compensation in the event of injury, disability, or death due to an accident caused by external and violent means. An accident may include events like rail/road/air accident, injury due to cylinder burst, injury due to collision, burn injury, drowning, etc.
    • Q: Why should I buy a critical illness cover?

      Ans: While mediclaim takes care of hospitalization expenses, critical illness cover is used to cover extra costs that may arise while seeking treatment for critical diseases like cancer, stroke, coronary heart disease, major organ failure, paralysis, etc. Under critical illness, the insurer agrees to pay a lump sum amount on the diagnosis of dreadful diseases listed in the policy document. expenses. The purpose of a critical illness cover is to pay for costly treatments. The scope of coverage is much wider as it covers up to 20 critical illnesses. Moreover, general insurance companies offer a critical illness cover for 1-5 years. It means you have ample coverage for a longer duration.
    • Q: How can I exercise the portability procedure on my current health insurance?

      Ans: Health insurance portability can be exercised only at the time of renewing a policy, not at any time during the policy term. Switching to a new firm can be easy if you follow below simple steps.
      • An insured needs to send an application to port the policy to the new firm which should reach at least 45 days before the last day of renewal of the current policy
      • Once your request is received by the new firm, they will send a 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 firm
      • After receiving both the forms, the insurance company will approach your current firm seeking details like medical history and claim history.
      • After the new firm receives all details regarding your previous policy, he has to decide on underwriting your insurance application within 15 days. If the new firm fails to abide by this duration, he will be bound to accept your application.
    • Q: How to select the best health insurance plan in India?

      Ans: Almost all the health insurance companies offer different health insurance plans to meet the needs and requirements of its different customers. Here are some of the most important points that you must keep in mind when selecting the best health plan in India. Check the Sum Insured, Coverage limit, Entry Age and renewability clause, co-payment clause, Inclusions & exclusions, waiting period and the No-claim-bonus. After comparing different plans based on the above parameters you can select the right plan.
    • Q: What is the procedure for reimbursement settlement?

      Ans: The process for reimbursement goes as follows:
      • Inform the insurer and submit the filled reimbursement claim form within 30 days from the date of release from the hospital .
      • You are required to submit all the original and duly stamped medical reports, medical bills and hospital bills with the claim form.
      • A discharge card, which ensures that you are medically fit, is to be submitted to the insurer as well.
      • Doctor’s follow-up prescription should also be submitted at the time of filing a claim. For a post-hospitalization expense to be covered, you can submit the bills within 60/90/120 days from discharge, as per your insurer’s norms.
      • Keep copies of all submitted documents for future reference and retain them all. The insurer will follow you once the claim is registered and he/she will further guide you. Usually, a claim is settled within 2-3 weeks after it is registered.
    • Q: How much health insurance coverage do I need?

      Ans: You need to decide the medical insurance coverage you need based on your lifestyle, pre-existing health conditions, medical background of your family, annual income, age, health risks and the premium that you can pay.
    • Q: Are individual health insurance plans better than family floater health insurance plans?

      Ans: An individual health insurance plan only provides coverage for an individual, whereas a family floater plan ensures coverage for the entire family in case of a medical emergency. However, an individual plan costs more than a family health insurance floater plan, which is why most individuals opt for family floaters. Family floaters also offer a higher sum insured than individual health insurance plans, in case of only one claim in a year.
    • Q: How does smoking affect health insurance premiums?

      Ans: The cost of getting a health insurance plan can be significantly higher for those who are regular tobacco users. This is because smoking predisposes an individual to various diseases like heart complications, hypertension, respiratory issues, cancer, etc. Though the number of smokers is higher for men, women who smoke are also prone to osteoporosis. As a result, the premiums for health insurance are higher for smokers and tobacco users are higher than those who do not smoke.
    • Q: What is covered under a health insurance policy?

      Ans: Health Insurance provides all essential health benefits, including doctors' consultation fees, inpatient and outpatient expenses, while some insurers also cover pregnancy and childbirth-related expenses.
    • Q: What are the documents required for purchasing a health insurance policy?

      Ans: There are no documents required as such for purchasing a health insurance policy. You may have to undergo a pre-policy medical check-up if you are a senior citizen. However, you must have valid proof of your identity, address, age, etc. when you need to file a claim with your insurer. Note: You can always check on your insurer’s website about the documents required for purchasing a health insurance policy.
    • Q: Is medical checkup necessary before buying a policy?

      Ans: Pre policy medical checkup is mostly applicable to higher age bracket or people having past medical history and opting for high sum insured. However, it is in our best interests to undergo medical test at the time of buying a policy to ensure the fast and efficient claim settlement.
    • Q: What are the minimum and maximum policy durations?

      Ans: You have the option to buy health insurance plans either for 1 year, 2 years or 3 years. Buying it for 2 years entitles you to get discounts.
    • Q: Can my friend buy a health insurance policy if he/she is not an Indian National but living in India?

      Ans: Yes, foreigners living in India can apply for health insurance policy. However, coverage would be applicable within India only.
    • Q: Do health insurance plans cover diagnostic charges like X- ray, ultrasound or MRI?

      Ans: Health insurance plans cover diagnostic charges like X ray, ultrasound, blood tests or MRI, only if a patient stays in a hospital for at least one day. Any diagnostic test which doesn’t lead to treatment or those tests which have been prescribed to outpatients are not covered.
    • Q: What happens to the policy after the claim is filed?

      Ans: After a claim is filed and settled, the coverage amount would be reduced by the sum that has been paid. For instance, in January, you start a health policy with Rs 10 lakh coverage and in May, you make a claim of Rs 5 lakh. The coverage available to you for June-December would be the balance amount i.e. Rs 5 lakh.
    • Q: Can I take policy for my kid who is 3 years old?

      Ans: Usually children are not covered individually in a health insurance policy but can be covered by either of the parent in their own health policy.

    News

    • U.P. announces accident & health insurance cover for laborers

      Chief minister Yogi Adityanath on this Labor Day announced two schemes for the laborers in U.P. They are provided an insurance cover of Rs 2 lakh that is provided to all the laborers for accidental death or disability. They will also be given a health insurance cover of Rs 5 lakh.

      In a virtual interaction on Saturday with the laborers, the CM said that amid the second wave of the Covid-19 pandemic, the government will also start distribution of free ration under the PM Garib Kalyan Yojana from May 5, 2021.

    • Rajasthan first state to offer health insurance to its people

      Chief Minister Ashok Gehlot announced the launch of Mukhyamantri Chiranjeevi Swasthya Bima Yojana. In this scheme, every family gets coverage up to five lakh per year for medical expenses. People can register themselves and avail cashless treatment.

      It is one of the biggest medical insurance schemes that will provide medical relief to all the people of Rajasthan. Chief Minister Gehlot announced this health insurance scheme in the state budget 2021-22. With this Rajasthan becomes the first state to roll out health insurance cover to its people..

    • IRDAI Extends the validity of COVID Health Insurance till Sept 30

      IRDAI in its recent circular announced to extend the validity of COVID-specific health schemes till September 30, 2021. The extension is for both purchase and renewal of these COVID plans i.e. Corona Rakshak and Corona Kavach schemes. It will help the people to secure themselves amid the rising number of Coronavirus cases in India. The regulator also mentions that the policy terms and conditions will remain the same.

      At present, you can buy these COVID insurance products 3.5/6.5/9.5 months. While Corona Kavach is a standard Indemnity based plan and Corona Rakshak is a Standard benefit-based plan and all the health insurance companies will now allow the renewal of these plans up to September 30, 2021..

    • Health Insurance Companies to Pay for Coronavirus Vaccine Adverse Reaction: IRDAI

      As the COVID vaccine drive is in full swing, The Insurance Regulator and Development Authority of India (IRDAI) has clarified that the treatment of any reaction after Coronavirus vaccination to be covered under health insurance policy. The insurer will pay for hospitalization expenses and the policyholder can claim just like a normal health insurance plan. Health insurance companies will settle the claims just like other health insurance claims..
    • IRDAI directs Health Insurance Companies to periodically notify the policyholders

      In a move to improve the communication between the policyholders and the insurance companies, IRDAI has specified norms that the insurers need to follow to ensure the flow of relevant information to policyholders.

      Health insurance companies need to intimate the policyholders twice a year or once in six months after policy issuance. This can be done at least 1 month before the policy renewal date. And if it is a multi-year policy, the insurer needs to share the information with a frequency of six months from the policy issuance date.

      Additionally, in the event of claim settlement under a health insurance policy, the insurance company shall also communicate the details of the remaining coverage amount along with the No-claim-bonus. The policyholders shall be notified within 15 days of settlement of claim..

    • Covid-19 Vaccination Adverse Reactions to be Covered under Health Insurance: Report

      The General Insurance Council has notified the Insurance Regulatory and Development Authority of India (IRDAI) about the industry's decision to cover the adverse effects related to COVID-19 vaccination.

      Since the rollout of the Covishield and Covaxin vaccine in India the Authorities have been trying to mitigate fears surrounding the COVID-19 vaccination. Covaxin, which was developed in dual collaboration of the National Institute of Virology and the Indian Council of Medical Research has been granted approval for restricted use in emergencies.

      As speculations around the new jabs mount, the Industry officials have said that the Adverse reactions to Coronavirus vaccines requiring hospitalization are covered under health insurance.

    • Budget 2021: Finance minister announces Rs 64,180 cr. boost for healthcare sector

      Finance Minister Nirmala SItharaman has presented the Union budget for year 2021. We have seen the effects of Covid-19 on the healthcare sector. As the first pillar out of six pillars is Health and well-being in the Budget 2021.

      India has the world’s second highest coronavirus caseload after the USA and currently spending about 1% of GDP on health, among the lowest for any major economy.

      “The investment in health infrastructure in this budget has increased substantially”, said Nirmala SItharaman.

      FM Nirmala SItharaman, taking a comprehensive approach towards healthcare has focused on strengthening three key areas, which are Preventive, Curative and Well-being.

      Finance Minister has announced a new center sponsored scheme with an outlay of Rs 64,180 Crore to boost the health care infrastructure across the country amid ongoing COVID-19 pandemic. The total budget for healthcare is Rs 2,23 lakh crore. This is an increase of 137% from last year. Moreover, the Finance Minister announced Rs 35,000 Crore Covid-19 Vaccine.

    • New health insurance policy rules to reduce out-of-pocket expenses

      Starting from October 1, 2020, health insurance claims will become more transparent. As per the recent IRDAI guidelines, restrictions have been imposed on proportionate deductions. Deductibles are a percentage of the bill that the insured pays from his pocket. And sub-limits means the insurer will only cover the expense to the specified limit like in-room rent, ambulance charges, etc.

      The insurers need to define these as 'associate medical expenses' in the policy wordings and the cost of implants, pharmacy, medical devices and diagnosis will not be a part the same.

      Proportionate deductions shall not apply to ICU charges and in-room category if the hospital does not follow the differential billing.

      This move will reduce out-of-the-pocket expenses for customers. It will apply to new policies that are issued on or after October 1, 2020 or are due for renewal from April 1, 2021.

    • Health insurance renewal extended till April 21: IRDAI

      In a recent circular, Insurance Regulatory and Development Authority of India, IRDAI has asked the health insurance companies in India to extend the health insurance renewal dates of the policyholders whose renewal fall due during the COVID-19 lockdown. The Department of Financial Services, Government of India, issued a notification in this regard on April 1, 2020.

      As per the circular, the Central Government has directed that the customers who are not able to renew their health insurance policy between March 25 and April 14, 2020 and considering the current situation due to COVID-19 lockdown, for them the renewal date has been extended till April 21, 2020 to ensure continued health insurance benefits.

      IRDAI said that the insured person shall be required to pay the health insurance renewal premium for the entire year from the date it was due till April 21,2020. In addition to that the regulator has also mentioned that the customers should be communicated by the insurers regarding this renewal grace period via mail, telephone, sms, and online on their website.

      Once the premium is paid and the policy is renewed on or before April 21,2020 the period of insurance cover will be in continuance from the last renewal date without any gap provided the renewal falls during the lockdown period.

      IRDAI has also asked the insurance providers to make necessary arrangements ensuring easy premium payment by the insured persons during the week after the lockdown period ends.

    • 1 Month grace period for paying renewal premiums”, says IRDA

      When all news channels are swamped with news of Corona pandemic and its deadly effect globally, IRDA’s announcement for an additional window of 30 days to pay the life insurance renewal premiums is a big relief.

      In a recent circular IRDA has notified that even the health insurers may overlook delay in renewal payments up to a period pf 30 days without deeming this delay as a break-in insurance policy. In case of a life insurance policy, the insurance providers are asked to enhance the grace period if needed up to an additional 30 days.

      With this IRDA has also confirmed that there will be no change in the benefits offered under a particular policy, including no claim bonus if applicable.

    Written By: PolicyBazaar
    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
    Average Rating
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