*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
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.
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.
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.
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.
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 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 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 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.
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 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 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.
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+ |
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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:
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
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: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.
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.
Once hospitalized the person is free from the burden of transportation fees as it is borne by the insurer.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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 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 |
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:
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.
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:
Note: It is recommended to explore each plan to ensure maximum coverage
There are a few factors that you should consider closely to make the right decision:
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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 |
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.
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.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:
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 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.
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.
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:
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:
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..
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.
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.
Doing so will help you get an overall idea of an insurer’s reputation, enabling you to make an informed decision.
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.
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
Criteria to meet
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:
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).
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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 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:
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.
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:
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).
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.
In the event of hospitalization, the policyholder needs to submit certain documents as mentioned below:
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.
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
In order to help you with the best and convenient buying experience, we have compiled a list of General Insurance Companies in India providing health insurance in India. This list is prepared based on the Incurred Claim Ratio (ICR) and the overall health insurance policy benefits that they are offering:
Let’s discuss these Health Insurance Providers in detail.
Aditya Birla health insurance plans are designed to meet the diversified needs of the customers. The insurer offers a range of comprehensive plans with a sum assured limit up to Rs. 2 Crores. It is known for its individual, family, critical illness, and group health insurance plans. With more than 17,000 advisors, the insurance provider has presence in more than 650 Cities.
Activ Health Platinum | Activ Care | Activ Assure Diamond |
Activ Secure | Global Health Secure | Group Activ Health/Secure |
A joint venture of Bajaj Finserv Limited, a comprehensive financial services company based out of India and Allianz SE, the global financial services major based out of Munich, Germany, Bajaj Allianz General Insurance Company focuses on the general insurance space in the country, including medical insurance. The insurance company has received the iAAA rating from ICRA for the 10th year in a row. With more than 6500 cashless hospitals in India, the insurer offers supreme healthcare with high sum insured options. As of 2019, Bajaj Allianz continues to be one of the robust general insurers in India with a profit of Rs 780 crore and revenue of Rs. 11,097 crore with a growth of 17%.
Health Guard Family Floater Plane | Critical illness Policy | Extra Care Health Plan |
Hospital Cash Daily Allowance Plan | Silver Health Plan | Star Package Health Plan |
Tax Gain Health Plan | Critical illness for Women | Individual Health Guard Insurance |
Health Care Supreme Plan | Health Ensure Plan | Silver Health Plan for Senior Citizens |
Bharti AXA Health Insurance claims to have settled 98.27% claims in a year, 1.3 million policies issued, 101 branch offices all over India and PAN India network hospitals to avail cashless treatment and these figures are enough to prove the reliability of the insurer. Health insurance offered by Bharti AXA offers extensive coverage maximum up to Rs. 1 Crore.
Smart Health Insurance Plan | Smart Super Health Insurance Policy- Value, Classic and Uber Plan |
With a wide network of over 4,100 hospitals across the country, Care Health Insurance Company (Formerly known as Religare Health Insurance) is promoted by the founders of India’s leading private hospital chain, Fortis Hospitals. The insurance claims are directly entertained by the company executives and there is no third-party involved in the claim processing. Based on the coverage offered by individual health plans, customers can opt for riders for protection enhancement. Recently, the insurer was awarded MCX Award in 2019, Best Claims Service Provider of the Year for 2018 by Insurance India Summit & Awards 2018 and many more.
Care (Comprehensive Health Insurance) | Enhance (Super Top Up Insurance) | Care Freedom (Health Insurance with Medical Check-up) | Joy (Maternity & New Born Cover) |
Group Care (Group Health Insurance) | Secure (Personal Accident Insurance) | Cancer Mediclaim (Lifelong Cancer Protection Cover) | Heart Mediclaim (Health Cover for 16 Types of Heart Ailments) |
Critical Mediclaim (Critical Illness Cover) | Operation Mediclaim (Surgery/Operation Expenses Cover) | Group Secure (Group Personal Accident Insurance) |
Chola MS Health Insurance General Insurance Company Limited, established in 2001, was set up by the India-based Murugappa Group, a multi-business conglomerate, and the Japan-based Mitsui Sumitomo Insurance Group as a joint venture to address the general insurance market in India. The company provides both individual and corporate insurance solutions through its 105 branches and 9000 plus agents in the country.
The insurer has received many accolades in a form of numerous awards for being perfect in its niche. The Pride of Tamil Nadu Award for BFSI, Golden Peacock Award in 2017 for best risk management, named as dream company to work to name a few.
Chola Swasth Parivar Insurance | Chola Tax Plus Healthline | Chola MS Family Healthline Insurance |
Chola Topup Healthline | Chola MS Critical Healthline Insurance | Chola Accident Protection |
Chola Hospital Cash Healthline | Chola Classic Health - Individual | Chola Classic Health - Family Floater |
Chola Super Topup Insurance | Individual Healthline Insurance | Hospital Cash Healthline Plan |
Chola Healthline |
Digit Health Insurance as the name suggests is a digital friendly health insurance provider that offers customized plans that can be easily purchased online. The policies are designed for individuals, families, and senior citizens, who can avail cashless claims in more than 5900 partner hospitals PAN India.The Insurer has bagged a couple of awards such as - ' Top Indian Startup 2019', and Asia's General Insurance Company of the Year 2019.
Health Insurance | Corporate Health Insurance |
Edelweiss health medical insurance plans offer coverage to Individuals, Families, and Groups. It comes in three variants- Silver, Gold, and Platinum. The Platinum plans offer comprehensive coverage upto sum assured of Rs. 1 Crore. Coverage for Critical Illness is provided in both Gold, and Platinum plans.
Edelweiss Health Insurance | Edelweiss Group Health Insurance |
A joint venture of the Indian Conglomerate Future Group, and the Generali Group, one of the world’s largest international insurance companies, Future Generali Health Insurance an Insurance Company has a PAN India presence with its 137 branches. The company provides a range of insurance solutions and intends to exploit the expansive network and local experience of the Future Group and the in-depth insurance expertise of Generali Group.
Future Health Suraksha - Individual Plan | Future Health Suraksha - Family Plan | Future Hospicash - Hospital Cash |
Comprehensive Plan - Health Total | Accident Suraksha - Personal Accident | Future Criticare - Critical Illness |
Future Vector Care | Future Advantage Top up | Future Health Surplus - Top-Up |
Surakshit Loan Bima |
IFFCO Tokio Health Insurance is one of the most sought after insurance products in the market offered by IFFCO Tokio General Insurance Company. Formed in December, 2000, the provider is one of the most renowned insurance providers with maximum customer satisfaction that promises transparency and a hassle-free claim settlement. The health insurance company caters to the rural population as well and offers cashless treatment in more than 5000 network hospitals across India.
Family Health Protector Policy | Critical Illness Health Insurance | Individual Medishield Policy |
Swasthya Kavach Policy | Individual Health Protector Policy | Personal Accident Insurance Policy |
The insurance company is a subsidiary of one of the leading private sector banks in India i.e. Kotak Mahindra Health Insurance Ltd. In addition to the basic coverage, the insurer also provides add-on covers and discounts on premium. In more than 4000 network hospitals, the policyholders and the insured members in a plan can avail cashless hospitalization facility.
Kotak Secure Shield | Kotak Health Super Top-up |
Accident Care Health Plan | Kotak Health Premier |
Liberty Health Insurance was commenced in the year 2013 and has been providing diversified health insurance products catering to the needs of different customers. The insurer has more than 5000 partner hospitals where the insured can avail cashless treatment. For it services in the insurance sector, Liberty General Insurance has been awarded Employer of Choice by the Excellence Awards.
Health Connect Policy | Health Connect Supra |
Secure Health Connect | Individual Personal Accident |
Max Bupa Health Insurance has a presence in more than 190 countries and offers direct claim settlement without Third-party Administrator. To ensure convenience to its policyholders and seamless claim settlement the insurer offers cashless claim pre-authorization in 30-minutes
GoActive Family FloaterHealth Insurance | Heartbeat Family Floater Health Plan |
Max Bupa Health Recharge Plan | Criticare Health Insurance Plan |
ManipalCigna Insurance Company Limited (formerly known as CignaTTK Insurance Company Limited) is a joint venture between the Manipal Group and Cigna Corporation; both are global market leaders with a huge customer base. ManipalCigna Health Insurance offers a full suite of insurance solutions ranging from health, personal accident, major illness, travel and global care to individual customers, employer-employee, and non-employer-employee groups to meet their diverse health needs.
ProHealth Insurance | Lifestyle Protection Critical Care | Lifestyle Protection Accident Care |
Lifestyle Protection Group Policy | ProHealth Group Insurance Policy | ProHealth Select |
Global Health Group Policy | ProHealth Cash |
It is one of the most renowned and oldest fully government organizations providing insurance cover In India. It was started in 1906 and now has nearly 1998 offices across India. It is one of the leading insurers providing customized national health insurance plans with comprehensive coverage to individuals, families, groups and senior citizens. Cashless hospitalization is provided in more than 6000 network hospitals across India
National Parivar Mediclaim | Overseas Mediclaim Business and Holiday Plan |
National Mediclaim Policy | National Critical Illness Plan |
New India Assurance Health Insurance GI Co. was founded in 1919 and has its headquarters in Mumbai and has its presence across 28 countries. In addition to other insurance products, New India Assurance Health Insurance is one of the most trusted products among its customers. Most of the health plans do not require pre-medical check-ups up to the age of 50 years
New India Assurance Senior Citizen Mediclaim Plan | Asha Kiran Health Insurance Plan |
Asha Kiran Health Insurance Plan | New India Assurance Mediclaim Policy |
The Oriental health insurance company offers a range of comprehensive general insurance products. In addition to India the insurer offers services in Nepal, Kuwait, and Dubai. People can easily compare, buy and renew health insurance policies online. It offers the medical insurance plans promising an enhanced coverage at an affordable price. The insurance provider also offers insurance products for chemical and petrochemical industries.
Happy Family Floater Plan | Oriental PNB Health Plan |
Individual Mediclaim Health Insurance | OBC Oriental Mediclaim Plan |
Reliance is one of the most renowned general insurance providers in India. The insurer has 139 offices PAN India to where you easily reach out to them and avail their seamless services as per your own convenience. With online purchase and renewal services, they are even more accessible.
Moreover, Reliance health insurance has its presence across India and abroad. Reliance provides both Individual and family floater plans. Moreover, Independent women can avail a discount of 5 percent on the premium
Reliance Health Wise Plan | Reliance Health Gain Plan | Reliance Health Gain Installment Plan |
Reliance Wellness Plan | Reliance Critical Illness Plan | Reliance Personal Accident Plan |
Raheja QBE Health Insurance belongs to the Rajan Raheja Group. It is one of the most popular general insurers in India. The insurer offers health insurance policy and cancer insurance policy with comprehensive policy features. Even the non-medical expenses are covered like attendants and hygiene in case of cashless claims. The Cancer Insurance policy offers coverage to individuals in the age group of 1 day to 70 years.
Cancer Insurance | Health QBE |
Royal Sundaram Health Insurance GI Co. Ltd is recognized as one of the most popular general insurance companies in India. The insurer also offers cashless hospitalization facilities in nearly 5000 network hospitals in India itself. Royal Sundaram health insurance offers a lifelong renewability option.
Family Plus Health InsurancePlan | Elite Lifeline Health Plan |
Supreme Lifeline Health Plan | Classic Lifeline Health Insurance Plan |
Star Health insurance is the first standalone insurance company. Founded in the year 2006 Star Health and Allied Insurance Co Ltd. initially the company focused on Overseas Medicliam Policy, Health Insurance, and Personal Accident Plan but the vision has now expanded. With more than 9800 network hospitals across the country, the insurer was awarded the best BFSI Brand Award by Economic Times in 2019.
Family Health Optima Plan | Senior Citizens Red Carpet | Star Comprehensive Insurance Policy |
Star Health Gain Insurance Policy | Super Surplus Insurance Policy | Diabetes Safe Insurance Policy |
Star Criticare Plus Insurance Policy | Star Family Delite Insurance Policy | Medi-classic Insurance Policy (Individual) |
Star Cardiac Care Insurance Policy |
SBI Health Insurance operated as a joint venture between State Bank of India and Insurance Australia Group. The company offers a range of health insurance plans for both individuals and groups. Serving a large share of insurance customers in India, it has gained the trust of its existing as well as prospective customers.
Over these years, the company has successfully established its feet in the vast insurance market of India. The health insurance products of SBI allow its customers to manage their financial expenses. Based on the health cover required, its customers can opt for health insurance plans with sum assured up to Rs. 50,000 to Rs. 5,00,000.
Health Insurance | Group Health Insurance - SBI | Critical Illness | Hospital Daily Cash |
Loan Insurance | Arogya Premier | Arogya Plus | Arogya Top Up |
Tata AIG Health Insurance General Insurance is a collaboration between TATA Group and the American International. The insurer has tie-ups with more than 4000 network hospitals in India where cashless treatment is available. The insurance provider ensures a seamless settlement of claims so that the insured can focus on the treatment.
MediPrime Health Insurance Plan | Tata AIG Wellsurance Family Plan | MediSenior Plan | Tata AIG Wellsurance Women Plan |
MediPlus Plan | MediRaksha Plan | Wellsurance Executive Plan | Critical Illness Policy |
United India Health Insurance is one of the most popular general insurance companies in India. It was formed as a merger of 22 companies with their headquarters in Chennai. The insurer facilitates cashless medical treatment in more than 7000 hospitals PAN India. Also, the insurer has been accredited by ICRA for its high claim paying ability and high solvency margin ratio.
MediPrime Health Insurance Plan | Tata AIG Wellsurance Family Plan | MediSenior Plan | Tata AIG Wellsurance Women Plan |
MediPlus Plan | MediRaksha Plan | Wellsurance Executive Plan | Critical Illness Policy |
Universal Sompo GI Co. is a private-public undertaking, which was founded in 2007. It is a joint collaboration between Dabur Investment Corporation, Indian Overseas Bank, Karnataka Bank, Allahabad, and Sompo Japan. Universal Sompo health insurance plans are designed in a simple and affordable manner to meet the most of the insurance needs of its customers. Moreover, cashless treatment is available in more than 5000 network hospitals across India. Diversified plans available for individuals, families, groups, NGOs, students and the likewise.
Individual Health Insurance | Janta Personal Accident Insurance | Complete Healthcare Insurance |
Senior Citizen Health Insurance | Aapat Suraksha Bima Policy | Hospital Cash Insurance Policy |
Sampoorna Suraksha Bima | Group Personal Accident Policy | Critical Illness Insurance |
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..
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 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..
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.
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.
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.
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.
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.