A while ago, the best way to get a healthcare insurance plan was to meet up with one of the sales representatives of a specific company who would then pitch the best features of a specific plan. The agent's usual approach is to mould their plan according to your needs and requisites to tempt you into buying that plan. But when you buy this way, you are left with a doubt in your mind that you might be missing out on other health plans that are comparatively cheaper as well as more beneficial. But online insurance portals such as Policy Bazaar have revamped and streamlined the entire insurance buying process. Now, finding an affordable health care insurance has become superfast and super easy.

We’re sure you probably already know that medical care insurance is by no means cheap. However, there are more than one ways to get your hands on health coverage at a low price. If you want to save a big on premium, you can go basic. But if the riders are valuable and come at a little extra price, then they are worth adding to the plan. Another way to make your policy more affordable is to voluntarily go for higher deductibles and get discounts on premium.

The most overlooked health cover is the one given by the employer. At present, most of the employers get their employees covered under a group plan. However, an individual is covered only as long as he is an employee with that company. Hence, it seems that to buy a personal individual health plan cannot be compromised with.

Many insurers out there empathize with the consumers and offers low cost medical coverage.

Here we present to you a handpicked list of the most affordable health plans available in Indian Insurance market.

S.No.	Company	Plan	Entry Age	Sum Assured (Rs)	Premium * starts from (Rs)
1	New India Assurance	Janata Mediclaim	18 – 65 years3 months (for floater)	50,000 or 75,000	700
2	Bajaj Allianz	Health Guard	18 – 65 (renewable up to 80 yrs)3 months (for floater)	1,50,000 – 10,00,000	1880
3	The Oriental Insurance	Individual Mediclaim	18 – 80 years3 months (for floater)	50,000 to 5,00,000	800
4	Religare	Care Health Insurance Plan	5 years – No upper limit 3 months (for floater)	2,00,000 to 60,00,000	2300
5	Star Health	Health Gain	5 months – 60 years	1,00,000 to 5,00,000	15286

* Kindly note that the premium differs from age to age, on whether you are taking an individual policy or a family floater and on various other factors. However, for keeping an uniformity in comparison, we have mentioned the lowest possible premium under a plan. You should assume that the lowest premium is for the individual plan with lowest sum assured for <45 yrs age group.

(1). New India Assurance Janata Mediclaim Policy

New India Assurance is the leading health insurer in India, offering a number of valuable health insurance plans. Janata Mediclaim Policy stands tall as the most affordable medical care insurance plan that has ever been introduced in India.

Check out the table below to understand the key features of this bestselling and affordable healthcare insurance plan from New India Assurance.

	Minimum	Maximum
Sum Assured	Rs.50000	Rs. 75000
Entry Age	18 years	60 years
Entry Age (Children)	3 months	18 years
Policy Term	1 year	1 year
Grace Period	30 Days
Renewal	Lifelong

It offers the following benefits.

• In-patient hospitalization
• Pre and post hospitalization
• Ambulance charges
• Ayurvedic/Homeopathic and Unani system of medicine
• Discount in premium for family cover
• Loyalty discount
• Good health discount
• Cumulative bonus
• Cost of health check up
• Day-care treatment

In addition to the above, this amazing plan also offers tax saving options to the policy holders. Premium payments made by the policy holders are liable to get tax exemption under section 80D of the Income Tax Act. However, one must make the premium payments through cheques or online transfer in order to receive tax exemption.

(2). Bajaj Allianz Health Guard

Bajaj Allianz as a brand has always been held high in the consumer's mind. Bajaj Allianz Health Guard is one of the best and most affordable health insurance plans in the company's portfolio. Considering the features this plan has to offer, it's a real good value for money.

Here are the key features of Health Guard Plan, one of the most sought after and affordable health care plan launched by Bajaj Allianz.

	Minimum	Maximum
Sum Assured	Rs. 1.5 lakhs	Rs. 10 lakhs
Entry Age	18 years	65 years
Entry Age (Children)	3 months	25 years
Policy Term	1 year	1 year
Grace Period	30 Days
Renewal	Lifelong

Here’s a list of just some of the many benefits offered by Bajaj Allianz Health Guard Plan.

• Inpatient hospitalization
• Pre and post hospitalization
• Cashless hospitalization
• Ambulance charges
• Daycare procedures
• Family discount
• No medical tests upto 45 years
• Cost of health check-up reimbursed if policy issued

Apart from the above mentioned benefits, this plan offers tax benefits on the premium payments under Section 80D of the Indian Income Tax Act, 1961.

(3). Religare Care Health Insurance Policy

If you are looking for an affordable health care insurance plan, but do not want to compromise with the coverage, then Religare Care health insurance plan provides you an optimal solution. It is a comprehensive health plan that offers the buyer a cover up to Rs 60 lakh (highest among all health insurers in India).

Here’s a table to illustrate the key features of Religare Care Health Insurance Policy that has consistently been ranked alongside the most popular and most affordable health insurance plans available in the Indian insurance sector.

	Minimum	Maximum
Sum Assured	Rs. 2 lakhs	Rs. 60 lakhs
Entry Age	91 days	No limit
Policy Term	1 year	3 year
Co-payment	20% for policy holders aged 61 years or more
Grace Period	30 Days
Renewal	Lifelong

Religare Care offers a multitude of benefits. Some of the most prominent ones are listed below:

• Reinstatement of the sum insured
• Lifelong renewable
• No maximum-entry age limit
• Free health check-ups every year
• No claim-based loading
• The policy can be bought online with no paperwork required
• Organ donor’s medical expenses
• Ambulance charges
• Avail treatment anywhere in the world
• Cashless treatment
• Daily allowance

Quite like Bajaj Allianz and New India Assurance plans, Religare Care health insurance plan also provides tax benefits to the policy holders. Under this plan, the premiums paid by the policy holders are tax exempt under Section 80D of Indian Income Tax Act.

(4). The Oriental Insurance Individual Mediclaim

The Oriental Insurance company is one of the most trusted life insurers in India. Almost all its plans are popular amongst Indian insurance consumers. However, the one plan that steals all the limelight is its Individual Mediclaim plan. It is one of the lowest priced and most affordable health care plans in India.

Here’s a table that illustrates the benefits of Oriental Insurance Individual Mediclaim.

	Minimum	Maximum
Sum Assured	Rs. 50000	Rs. 5 Lakhs
Entry Age	3 months	80 years
Policy Term	1 year	1 year
Co-payment	10%
Grace Period	30 Days
Renewal	Lifelong

This plan offers the following features.

• Inpatient hospitalization expenses
• Pre and post hospitalization
• Cashless hospitalization
• Domiciliary hospitalization
• Family discount, when family members are covered
• Pre acceptance medical examination not required below 45 years of age

Besides, this affordable health care plan offers income tax benefits on premium payments Income Tax benefit under Section 80D of the Income Tax Act.

(5). Star Health Gain

Star Health Insurance is yet another trusted health insurance in Indian insurance sector. The company offers a large number of affordable health insurance plans to make it easy for insurance seekers to take their pick. But the one plan that constantly ranks alongside the bestselling plans from Star Health is Health Gain. This complete health insurance plan covers medical expenses incurred by the policyholders due to any illness or injury.

Check out the table below to understand the key features of Star Health Gain.

	Minimum	Maximum
Sum Assured	Rs.1 Lakh	Rs. 5 Lakhs
Entry Age	5 months	65 years
Policy Term	1 year	1 year
Grace Period	30 Days
Renewal	Lifelong

Here is a list of benefits offered by Star Health Gain insurance plan.

• Hospitalisation cover
• Pre hospitalisation cover
• Post hospitalisation cover
• Nursing expenses
• Ambulance expenses
• Medicine and drugs expenses cover
• OPD expenses
• 10% cumulative bonus

The plan also offers tax benefits. The premiums paid through cheque or online transfer modes are tax exempted under section 80D of the Income Tax Act. In addition, the company does not involve TPAs (Third Party Administrators) and settles the claims direct in-house, which makes the claim settlement process relatively faster.

A Word of Advice

So, there you have it – the top 4 most affordable health care insurance plans in India for fiscal year 2016-17. Remember, industry experts and veterans believe that buying a health plan solely based on premium is a grave mistake. So while choosing a healthcare insurance, you should remember to give priority to the coverage and exclusions over the overall price of the insurance product.

Disclaimer: The ranking of the insurance companies in this content is not in any particular order. The list is not complied as per the IRDA ranking.

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