Which Health Insurance is Best in India?
In India, majority of the population is unaware of the health insurance and its benefits. Those who are aware of it, also ignore it thinking that it is not so useful to them. But there are variety of health insurance plans available in India suiting the needs of different people.They can simply choose the plan for themselves and secure their future. Let’s have a look at the types of health insurance plans available in India and what they offer.
Variety of Health Insurance Plans available in Indian Market-
Following are the types of health insurance plans available in India for different categories of people.
- Individual Health Insurance Plan
It is an insurance policy which provides medical coverage to a single person a sum insured on individual basis. Insurance provider enters into this agreement to provide certain coverage and policy holder agrees to pay premium for the same. Each family member needs to be insured separately under this type of policy.This plan allows the insured to avail customised coverage for self and not for the entire family.
Some of the benefits of individual health insurance are as follows-
- It provides the solo coverage and ensures that the benefits are enjoyed by the insured only.
- It provides better sum insured, wider coverage and is more suitable for senior citizens who are more prone to health issues.
- The other benefits are lifetime renewability, no claim bonus and multiple claims up to sum insured limit gets exhausted.
- Tax deduction benefit is available under the section 80D of the Income Tax Act.
- Family Floater Insurance Plan
This type of insurance policy provides coverage to the multiple members of a family for a sum insured against a common premium paid for the year. The sum insured can be divided within the family members in case of multiple illnesses in the family. This policy is more cost-effective than paying for individual policies for each family member with the advantage of multiple claims.
Some of the benefits of family floater insurance plan are as follows-
- A person can take care of his/her entire family with this policy which is easier than handling 5-6 individual policies for all members.
- It is a cheaper option for covering parents under the policy than the senior citizen insurance plan.
- Adding your immediate family members such as spouse or new-borns to the floater is easier.
- This policy also gives the benefit of saving tax under the section 80D of Income Tax Act.
- Senior Citizen Insurance Plan
We know that senior citizens are more likely to fall ill or suffer from variety of diseases due to age and other factors. The cost of treatment of these people is not only high but also long term. This policy is specifically dedicated to the elderly people and their needs. It covers the healthcare expenses of the people whose age is above 60 years.
Some of the benefits of senior citizen insurance plan are as follows-
- Along with the preventive medical check-up facility, the cashless hospitalization is made available at network hospitals.
- Not only hospitalization is taken care but the pre and post hospitalization costs are covered under this policy.
- Senior citizen plan provides coverage for pre-existing health issues and critical illness for these people.
- This policy provides other benefits such as no claim bonus, income tax benefits and lifetime renewability.
- Group Health Insurance Plan
The name itself explains that this policy provides cover for a group of people. Basically this policy is offered by the employers to their employees to gain their loyalty and dedication towards work. The employees can avail insurance cover for self, spouse, children and dependent parents. Thus they can be worry-free about the health of family members. This plan is different from the family floater insurance plan.
Some of the benefits of group health insurance plan are as follows-
- There is no need of pre-medical check-up for availing this policy. The policy cover begins from the day 1 of joining the organization.
- This plan is default cover for those who want to buy individual policy along with the cover for family members which is cost-effective.
- Easier claim procedure is another advantage of this policy apart from the benefits to the employer.
- The range of coverage is extensive and the pre-existing diseases are covered without any waiting period.
- Health Insurance Plan for Maternity
Pregnancy or maternity is an important part of life which needs a lot of preparation and financial back-up. Pregnancy involves medical check-ups, hospitalization, medication and cost of delivery. Maternity insurance takes care of these expenses up to the certain limit within the policy period.Maternity insurance can be availed as an add on cover along with other basic policies while it also comes as standalone policy.
Some of the benefits of maternity insurance plan are as follows-
- Not only hospitalization expenses are covered in this policy but also pre and post hospitalization up to 30 days and 60 days is covered respectively.
- Cashless treatment is available with the network hospitals and the ambulance charges are also covered.
- Both the normal delivery and the C-section delivery are covered under this policy along with the treatment of new-born baby.
- This policy helps to manage the financial burden at the time of delivery which itself is a situation with many other tensions.
- Health Insurance for Critical Illness
Critical illness is nothing but the serious diseases which are long term in nature and require expensive treatment. They are the life-threatening diseases which are destructive and cause inability to work and other serious consequences. The health insurance policies provide add on cover for such diseases by charging extra premium from the insured. The costs of treatment and the exorbitant hospitalization is covered under this policy.
Some of the benefits of critical illness insurance plan are as follows-
- This plan helps to minimize the financial pressure at the time of serious emergency due to such complicated health issues.
- The claim settlement procedure is kept easy after the submission of supporting documents.
- This policy allows considerable tax exemption benefits under the section 80D of the Income Tax Act.
- The benefit of cashless treatment can be availed for critical illness issues at the network hospitals.
- Top-Up Insurance Plan
When the coverage provided by the base health insurance plan is insufficient to settle the hospitalization requirement, then this top up plan comes into the picture. This is an extra coverage provided by charging separate premium for the same with specific deductible limit. This plan helps people to avail cover for the expenses beyond their base sum insured. If you compare this plan with basic health insurance plan, it is more affordable and economical.
Some of the benefits of top up insurance plan are as follows-
- You can secure yourself with this plan even after you exhaust the basic health insurance policy.
- Top up plan can be availed even without purchasing a basic insurance policy. You need to pay the deductibles in that case.
- Top up insurance plan is easily convertible in to a basic health insurance plan.
- You can avail the tax benefits under section 80D of the Income Tax Act even for the premium paid towards top up plan.
Disadvantages of types of Health Insurance Plans-
We have seen the types of health insurance plans and their benefits. Just like the two sides of the coins, there are some drawbacks of these plans as well. Not all the plans have all the drawbacks. Some are common while the rest are specific. They are-
- Limited coverage offered.
- Temporary and Permanent exclusions.
- Sub-limits assigned to various expenses.
- Waiting period applied for pre-existing health issues.
- Other case specific restrictions.
Best Health Insurance Plan for You-
When you are in search of a best insurance plan, you must try to understand the available options, their advantages and disadvantages. Once you go through all of these, you get a clear idea of what that plans are offering you and how you are going to use them to secure your future.
Another important thing to consider before purchasing the insurance policy is, your specific requirements. The available plans may be offering benefits as per the provider’s terms and conditions. But the plan which satisfies your requirements should be your choice.
Now we have gone through the available types of health insurance plans, their benefits and drawbacks. We can definitely say that, not a one particular plan can be said as the best plan for all. There are different people with different needs related to their health conditions. They need separate plans to secure their future from the health issues faced by them. So the Best Health Insurance plan is the one which perfectly fits your budget and provides coverage for all your requirements.