Best Health Insurance Plans
Best Health Insurance Plans
With even young and seemingly fit people falling prey to severe ailments and diseases these days, it is impossible now to ignore the importance of health and fitness in our lives. However, even after taking all precautions, medical emergencies can strike at any time and shake our ground.
Moreover, the cost of healthcare services is on a constant rise, and quality medical care seems out of budget for most people. Therefore, a medical insurance plan has become a necessity to keep pace with the ever-inflating costs of medical treatment and healthcare services.
The best mediclaim policy should ideally provide a safety net to protect you and your loved ones against the financial strain of falling ill. But, with the range of health insurance policies available in our country, how does one choose the best health insurance plan in India?
To help you make the right decision when it comes to your family’s health, here is your complete guide to choosing the best health insurance plan for your family.
Why Should You Buy the Best Health Insurance in India?
The harsh truth of life is that no matter how healthy or active you are, you will require medical treatment or a doctor’s attention at some point in your life.
However, even routine medical tests can sum up to a significant amount of money today. These expenses can be hard to cover on a routine income. In extreme cases, you may be forced to use up your savings, meant for other goals, on hospital bills.
Moreover, illnesses are no longer limited to the older generations. The increasing pollution levels, dependency on processed food, and a sedentary lifestyle have led to various kinds of illnesses and lifestyle diseases in people of all ages.
Thankfully, the best health insurance policies can save you from the financial burden of a loved one falling ill. At a time when you or your loved ones need love and care, you can focus on their or your own recovery and rely on your health insurance provider to take care of the cost of medical treatment.
To ensure adequate coverage and support when required, choose a mediclaim policy carefully. Therefore, it is advisable to compare health insurance to choose the best health policy option available.
Types of Best Health Insurance Plans in India
Health insurance plans are available under various categories. Understanding the different types of mediclaim policies available will help you choose the best health insurance plan for your insurance needs.
Here are the various types of health insurance plans you can buy for your family and yourself:
Individual health insurance plan: An individual health insurance plan is the best mediclaim policy to insure a single person. It provides extensive coverage to the insured for a reasonable policy premium. If you are still young, unmarried, and your parents and other family members are not dependent on you, the individual health insurance plan is a good option.
**With Tata AIG, you can enjoy several benefits on your individual mediclaim policy, such as COVID-19 cover, cashless treatment at network hospitals, income tax benefits, coverage for pre and post-hospitalisation and much more. To know more about our individual health insurance plan, click here.
Family floater health insurance plan: If you have other dependent family members, like a spouse, dependent children, or dependent parents, buying an individual health plan for each family member can be an expensive and cumbersome task. Instead, you can buy a family floater health insurance plan to cover your entire family in a single medical insurance plan.
**Under a family floater health insurance plan, you need not pay separate policy premiums to get coverage for all individual family members. You get a single sum insured, which is shared by all the insured family members for a single premium.
**With the Tata AIG family health insurance plan, you can buy a health plan through a quick, paperless procedure and enjoy discounts based on the number of family members insured and policy duration. To know more about our family floater health insurance plan, click here.
Senior citizen health insurance plan: The senior citizen health insurance plan is the best health insurance plan for parents above 60. It offers comprehensive coverage for several health issues, including age-related diseases and ailments.
With Tata AIG, you can buy a senior citizen health insurance plan for your parents or parents-in-law who are above the age of 60 and provide them with a host of benefits like daycare benefits, AYUSH benefits, health check-up coverage, and more. To know more about our senior citizen health insurance plan, click here.
Critical illness health insurance plan: A basic health insurance plan does not cover critical illnesses like cancer, paralysis, kidney failure, blindness, and cardiac stroke. If you seek coverage for such grave medical conditions, you can opt for a critical illness medical insurance plan. To know more about our critical illness health insurance plan, click here.
Top-up health insurance plan: It may happen that you exceed the claim limit of your basic health insurance plan. In such a situation, a top-up or a super top-up health insurance plan helps you get coverage over the maximum limit of your basic mediclaim policy.
With our Tata AIG super top-up plan, Medicare Plus, you get premium benefits such as life-long renewals, consumable benefits, cumulative no-claim bonus, and much more. To know more about our top-up health insurance plans, click here.
Benefits of Buying the Best Health Insurance Plan in India
Not all mediclaim policies are the same. Some stand out from the others by providing lucrative benefits to the policyholders, such as:**
Cashless treatment: The best health insurance plans offer a cashless treatment facility to the insured. With this facility, you can get healthcare services from the insurer’s network hospitals without paying the bills from your side. For example, with Tata AIG health insurance plans, you can get quality treatment at any of our 8000+ network hospitals without shelling out any money from your pocket.
Daily allowance: Some top medical insurance plans, like the Tata AIG health insurance plans, offer a daily allowance to the insured when they are hospitalised. This daily allowance supports you with the cost of medicines and other health-related expenses when you are admitted to a hospital. The daily allowance is over and above the sum insured, and its amount and duration may vary per the policy schedule.
Tax benefits: Understanding your health insurance tax benefits is a key component of how you can save on taxes. It is a built-in feature among the best medical insurance plans. As per the provisions of Section 80D of the Income Tax Ac, 1961, you can claim a tax deduction on the premium paid for a health insurance plan for yourself, your spouse, your dependent children, or your dependent parents. You can claim a total of up to ₹1,00,000 for a plan for yourself, your spouse, dependent children, or dependent parents, depending on the ages of all insured persons.
Additional benefits: The best health insurance plans aim at providing the best possible coverage to the insured. Therefore, they provide several additional benefits and features to their health insurance policyholders. These include benefits like no-claim bonus, top-up facility, AYUSH benefits, coverage for health check-ups, and policy discounts. With Tata AIG, you can enjoy all these benefits on your mediclaim policy.
Add-Ons Available With the Best Health Insurance in India
A basic health policy may provide enough coverage to protect you and your loved ones against some medical conditions. To ensure expansive coverage under a mediclaim policy, you can add certain insurance riders to your policy. Before selecting a mediclaim plan, check if these riders are available with the health insurance plan. Check below for some popular add-ons you may want with your health plan to ensure you do not fall short of financial support in your difficult times.
Accidental death benefit cover: A health insurance plan covers the cost of medical treatment and other healthcare services. Adding an accidental death benefit ensures that the insured individual’s family is not left without financial support in case of his accidental death. This cover is especially important for the breadwinners in a family.
Outpatient treatment cover: Several health issues may not require hospitalisation. Medical procedures like dialysis, chemotherapy, cataract surgery, and several medical check-ups and diagnostic tests require only a few hours, and the patient can go home the same day after the procedure or check-up. An outpatient treatment cover, also known as daycare procedure cover, provides coverage for such check-ups, tests, and procedures that do not require hospitalisation.
Vaccination cover: Timely vaccination protects children as well as adults against deadly diseases, including the Coronavirus disease. The cost of these vaccines can be very high. A vaccination cover helps you cover the cost of immunisations without disturbing your budget.
Consumable expenses cover: Several single-use consumables, such as gloves, syringes, masks, etc., are required when a person undergoes surgery or has to stay in the hospital for several days. The cost of these consumables is usually not covered in a regular health insurance plan. Therefore, you can consider an insurance plan that provides the option to add a consumable expenses add-on to cover these expenses.
Bariatric surgery cover: Bariatric surgery is a life-saving procedure that can save a patient from obesity-related medical conditions such as diabetes and cardiac issues. However, bariatric surgery is usually considered a cosmetic procedure and is not covered under a regular mediclaim policy. An individual likely to undergo this treatment at some point can add a bariatric surgery cover to a regular health plan to cover its costs in the future.
Emergency air ambulance cover: Time is of utmost importance during a medical emergency. An emergency air ambulance cover can help you get airlifted from a remote area to be transported to a medical facility during such critical times.
Comparing Health Insurance Plans Online to Select the Best Mediclaim Policy
Similar to buying any essential product or service, it is a good practice to compare various health insurance plans available to select the best health insurance in India. It helps you select the best option that matches your requirement and budget. Here are a few points to keep in mind when comparing medical insurance plans:**
Provide accurate details: Provide accurate and true details in the policy proposal form. The insurer will be able to assess your insurance needs accurately and provide you with an ideal policy offer only if they know your accurate medical condition and history. This way, you can compare genuine health plan costs, which will not vary much when you buy the policy.
Consider factors that affect health insurance premium: Several factors affect your health insurance policy premium, like your age, medical history, location, nature of employment, lifestyle, etc. These factors may vary for different insurers. Understand the factors that will affect the health plan of your choice to ensure you do not have to pay an unnecessarily high policy premium due to them.
Go through the reviews: An advantage of buying online health insurance is that you can go through the reviews of existing customers regarding the insurer’s services, products, claim procedures, customer support unit, etc. These reviews give a clear picture of the insurer’s performance and help you make an informed decision.
Carefully read the policy inclusions and exclusions: It is essential to understand what a health policy covers and does not cover. It will save you from unpleasant surprises at the time of claim settlement. Additionally, you can choose a health policy that provides you with the desirable coverage, and you end up paying for what you really want.
How to Choose the Best Health Insurance Plan in India?
Every individual has a different health condition and medical history. Thus, the medical insurance requirements for every person are different. Similarly, no two medical insurance plans are the same. Hence, it is essential to check a few crucial factors before choosing a health insurance policy so that you can zero down on the best option available for your insurance needs within your budget.
The sum insured amount: The purpose of a medical insurance plan is to provide financial assistance for your healthcare expenses. This financial assistance is in the form of the policy sum insured. The sum insured is the amount you can claim against your health plan for medical and healthcare expenses.
It is necessary that the sum insured should be adequate enough to cover these expenses, keeping in mind the medical inflation. However, you must also remember that the policy premium depends on the sum insured. While a low sum insured can leave you grappling for funds, an unreasonably high sum insured can result in unnecessarily high policy premiums. So, when you choose a medical plan, ensure that the plan offers a reasonable sum insured.
Coverage flexibility: When you are young and hail and hearty, you may not require extensive medical support. But as you progress in life, you may require increased healthcare and medical services. Moreover, the cost of these services is likely to rise every year.
In such situations, the sum insured you opted for at the time of policy purchase may not be sufficient after a few years. You may consider a plan that offers coverage flexibility and the option to increase the sum insured with time.
With Tata AIG, if you do not file a claim during the policy year, you get rewarded with a no-claim bonus. This bonus helps you get a higher sum insured at the time of policy renewal. You can also enhance the insured amount with our top-up plans.
Coverage type: As discussed earlier, you can choose from several types of health insurance plans, such as individual mediclaim policy, family floater plan, senior citizen plan, etc. All these plans have unique features and benefits and are suitable for different types of medical insurance requirements.
Before choosing a health plan, consider the type of health insurance policy that satisfies your insurance needs. For example, if you are a newlywed woman, you may want a plan that covers maternity benefits. Or, if you are over 60, you may prefer a senior citizen plan which has wide coverage, including coverage for age-related medical conditions. Choose a health insurance plan that aligns with your medical requirements.
Pre-existing disease waiting period: Pre-existing diseases are diseases that the insured has before purchasing the medical insurance plan. Every insurance provider has different terms and conditions for pre-existing diseases. In most cases, the insured needs to pass a waiting period before they can file a claim against pre-existing medical conditions. This waiting period can range between 2 to 5 years.
Additionally, most mediclaim policies have an initial waiting period, before which you cannot file a claim, except in the case of an accident.
Choose a plan for the initial and pre-existing disease waiting periods and choose a policy that has a lesser waiting period.
The maximum policy renewal age: Every health insurance plan has a maximum age until which you can keep renewing your insurance policy. This age is 65 for most health insurance plans. However, with some plans, you can get a life-long renewal option with the health plan. You can choose the plan with the renewal policy based on your individual and family medical history and your health conditions.
Cashless hospitalisation: If you get treatment from the insurer’s network hospitals, you can use a cashless treatment facility, where you need not pay anything for the treatment from your pocket and the insurer and the hospital settle the bills between themselves. Check the list of network hospitals from the insurer to ensure there are sufficient approachable network hospitals nearby so that you do not have to run around collecting and submitting documents for claim reimbursement.
At Tata aiG, we have a strong network of 8000+ network hospitals across the country, where you can get cashless treatment for covered medical conditions.
Claim settlement ratio: The claim settlement ratio is the ratio of claims settled by an insurer to the claim filed in the given financial year. A high claim settlement ratio indicates that the insurer has a track record of settling a higher number of claims and has fewer claim rejections. It increases the probability of claim settlement when you file for a health insurance claim.
Look for an insurer with a high claim settlement ratio to improve the chances of getting your claim passed. Additionally, ensure that you file a timely claim, submit all necessary documents, and follow the claim filing process correctly to increase your claim settlement chances.
Claim settlement process: Not only the claim settlement ratio but the claim settlement process is also equally important. Understand the cashless and reimbursement claim settlement process and opt for an insurer with a smooth and hassle-free claim settlement process. Also, ensure there is an online claim initiation process available for smoother processing.
Policy premium: The premium plays a pivotal role while selecting a health insurance plan. Before you choose a health policy, compare different plans, their features, and costs. Instead of looking for a low premium, look for a cost-effective premium that offers adequate coverage. Do a comparative study of the features versus the cost, and then pick a plan.
Policy inclusions, exclusions, and riders: As stated before, understand the extent of coverage of a health plan before purchasing it. Also, consider what the policy does not cover to ensure you do not miss out on any crucial aspect. Go through the add-ons available with the insurer to check if there are suitable riders available or not.
With Tata AIG, you can enjoy a wide range of benefits of health insurance with your health insurance plans especially curated to provide maximum coverage to our customers. You can choose the most suitable plan from the bouquet of our health insurance policies and ensure the best protection for your loved ones and yourself.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
Frequently Asked Question
1. What are the common exclusions under health insurance plans?
Here are common exclusions under health insurance:
Plastic or cosmetic surgery unless it is a part of medically necessary treatment certified by the attending medical practitioner
Rest cure, sanatorium treatment, rehabilitation measures, private duty nursing, respite care, long-term nursing care or custodial care.
Preventive care and vaccination
Hospitalization for enteral feedings
Experimental and unproven treatments,
Rotational Field Quantum Magnetic Resonance (RFQMR)
External Counter Pulsation (ECP)
Enhanced External Counter Pulsation (EECP)
Hyperbaric Oxygen Therapy
Charges incurred on diagnostic, X-ray or laboratory examinations not consistent with the primary diagnosis and treatment
Expenses incurred on items of personal comfort like television, telephone, internet, cosmetics, hygiene and body care products, barber or beauty service, guest service, etc.
Treatment by a medical practitioner which is outside their discipline
Fees charged by a medical practitioner sharing the same residence as the insured person or by an immediate relative of the insured person
2. Do health insurance plans cover healthcare expenses related to COVID-19?
Yes, health insurance plans cover the medical expenses related to or arising out of Covid-19.
3. How do I choose the best medical health insurance plan?
Pay attention to aspects of the policy’s premium, coverage, add-on options, exclusions, renewal process, etc., while selecting a plan. Additional benefits like cashless hospitalization and short waiting periods can also help you choose the best medical health insurance. Another important thing to check is the insurance company’s reputation and claim settlement ratio.
4. What are the four types of health insurance?
Here are the different types of health insurance plans:
- Individual health insurance
- Family floater health insurance
- Senior citizen health insurance
- Super Top-up health insurance
5. Which is the best medical policy?
The best medical policy is one that offers comprehensive and wholesome coverage at cost-effective premiums.
Which is the best health insurance plan in India?
Every health insurance plan differs based on its sum insured, coverage scope, policy exclusions, availability of riders, etc. The best plan would be the one that meets your insurance needs and fits within your budget.
Which is the best cashless health insurance policy in India?
Several health insurance plans come with the facility of cashless treatment at network hospitals of the insurer. You can check the list of the insurer’s network hospitals on their website and choose an insurer with a wide network of cashless hospitals. To check the list of the 8000+ network hospitals at Tata AIG, click here.
Will I get coverage for COVID-19 expenses with my mediclaim policy?
Yes, most medical insurance plans cover the expenses for COVID-19. You can check the policy wording for confirmation.
What treatments, procedures, etc., are not covered under a health insurance plan?
Plastic surgery or cosmetic surgery, unless advised by the doctor for the treatment for an accident, burn, or cancer.
Long-term nursing care
Preventive treatments such as vaccinations, unless included in the plan
Hospitalisation for enteral feedings
Experimental treatments that have not been certified by the requisite medical authority, for instance, External Counterpulsation and Hyperbaric Oxygen Therapy.
Charges for diagnostics, including X-ray and laboratory tests, unless for the diagnosis of a specific illness that requires hospitalisation.
Things required for personal comfort at a hospital, for instance, television, telephone, and the internet.
Hygiene-related articles, body-care parts, cosmetics, guest service, beauty service, etc., used during hospitalisation.
Treatment from a medical practitioner beyond the realm of their medical discipline.
The fee paid to a doctor sharing the same house as the patient or one that is related to the patient.
You can refer to the policy wordings for a comprehensive list of inclusions and exclusions from the insurer.
What is a health insurance deductible?
A health insurance deductible is the amount that the insured pays from his pocket for medical treatment. The rest of the amount is paid by the insurer. It reduces the health insurance policy premium but also reduces the policy benefits for you.
What are network and non-network hospitals?
Network hospitals have a tie-up with the insurer to provide cashless treatment to the insured. If you get treatment from a non-network hospital, you will have to pay the bills on your own and get them reimbursed from the insurer later.
Can I port my existing health insurance plan to another insurer in India?
Yes, you can port an existing health insurance plan to another insurance in India for better coverage or lower policy premiums.
My grandparents have never had a mediclaim policy. Which is the best mediclaim policy for them?
The best mediclaim policy for your grandparents will depend on their age, past medical history, and present health condition. If they are above 60, you can consider the senior citizen health insurance plan for them.
What is a pre-existing disease? Is it covered under health insurance?
A pre-existing disease is a medical condition or injury already present at the time of buying health insurance. Most insurers offer coverage for pre-existing medical conditions after the completion of a statutory waiting period of 2 to 5 years.
What is a restoration benefit under a health insurance plan?
Under the restoration benefit, if you consume the entire sum insured in a policy year on your health plan, the insurer will restore the entire sum insured on your policy for the same year for no extra cost. A medical insurance plan with the restoration benefit usually costs a little more than a regular one.
Is a regular health insurance plan worth it?
A regular health insurance plan provides basic coverage against several medical conditions. It depends on your family and individual medical history, present medical condition, lifestyle, age, financial situation, and several other factors if this policy is enough for you or not. You can enhance the coverage of a health policy by adding a top-up cover or insurance riders to it.
Can a cancer patient buy health insurance in India?
While a regular health insurance plan might not be available to a person diagnosed with cancer, they can add a critical illness cover to an existing health insurance policy to get coverage against cancer and other critical diseases.
At what age can I buy the best health insurance plan for myself?
Most health insurance plans have a minimum entry age of 18 years. The maximum entry age is usually 65 years, but it can vary depending on the type of health insurance. Dependent children below 18 years can be included in a family floater health insurance plan along with other family members.
What is a no-claim bonus in health insurance?
A no-claim bonus is a reward provided by insurers to policyholders who do not file a single claim in the policy term. The discount can be offered as a reduction in the policy premium or a higher sum insured for the existing premium at the time of policy renewal.
How do I benefit from buying the best health insurance policy?
The best health insurance plan protects you against the financial impact of getting healthcare services or medical treatment. It helps you keep your savings intact so that your other life plans do not suffer due to your medical condition. You can also enjoy tax benefits on the best health insurance plans in India.
Is the cheapest health insurance plan the best option for me?
A too-good-to-be-true-sounding insurance plan might be just that. It may have hidden costs or terms and conditions that would surface later. Moreover, the cheapest health insurance plan may not provide sufficient coverage and you may be left without financial assistance when you need it the most.