A good percentage of people are today aware of the benefits of good health and adequate medical cover. However, it is a fact that most us still look at insurance as a tax saving instrument, rather than understanding its true relevance and need. As per a survey by ICICI Lombard of 1,400 young people in the age group of 25-35 years, 75% of the respondents said that they had health insurance, but around 46% of the buyers said they had bought it only for the tax benefits.
With a plethora of options in the market along with a variety of riders and offers, people tend to get confused on which plan to opt for and thus end up choosing just any plan, that may offer them low premiums without going into the details of all the associated offerings with a simple aim of tax saving.
Well, the fact is that health insurance is not just a tool to save taxes, but it saves lives by providing financial security at the right time.
5 Best Health Insurance Plans in India
Here are the five best health insurance plans in India, and how they fare on different parameters of judgement:
| Feature | Max Bupa Health Companion
|
ICICI Lombard Health insurance
|
Aditya Birla Active Assure Diamond | Star Family Health Optima | Royal Sundaram Lifeline Supreme |
| Min and max entry age | 90 days / no max age | 90 days / no max age | 90 days / no max age | 90 days / no max age | 90 days / no max age |
| Min/Max cover | 3 lakh/1 crore | 2 lakh/50 lakh | 5 lakh/50 lakh | 5 lakh/50 lakh | 5 lakh/50 lakh |
| Critical illness | Yes | Yes | Yes | Yes | Yes |
| Room Rent | Yes | Yes | Yes | Yes | Yes |
| Ambulance charges | Yes | Yes | Yes | Yes | Yes |
| Drug charges | Yes | Yes | Yes | Yes | Yes |
| Before and after hospitalization care | Yes | Yes | Yes, with Rider | Yes, with Rider | Yes, with Rider |
| Requirement of medical test for insurance | 45 years and above | 46 years and above | 45 years and above | 45 years and above | 45 years and above |
| Alternative treatments | No | Yes | Yes | No | No |
| Vaccination | No | Yes | No | No | Yes |
Table: How the Best Health Insurance Plans fare on Various Features?
Max Bupa Health Companion
This plan is quite an affordable and comprehensive. There are multiple variants based on the sum assured that varies from Rs.3 lakhs to Rs.1 crore. This plan does not have room cover cap that means if you get admitted for any illness that is covered under the plan you have opted for, the in-patient charges along with the room charges will be covered by this plan.
There are a lot of pre-hospitalization and post-hospitalization charges which are covered under this plan. This plan covers organ transplant and other surgeries as well, and if you do not claim the bills in one year, the next year you will get a no-claim bonus. The minimum age limit is 90 days, and there is no maximum age limit.
ICICI Lombard Health insurance
If you are looking for something that is trustworthy and has quick claim approvals, then ICICI Lombard is the best option for you. The company provides several different plans based on the sum assured that varies from Rs. 2 lakh to Rs. 50 lakh. It is available for both family and individuals.
The policy covers all the expenses including doctor’s consultation fees, room rent, in-patient charges, drug charges, pre and post hospitalization cost, ambulance charges and much more. It also covers the charges that the patient has to bear for the donor in case of organ transplant. More than 3600 hospitals are covered under the network where you can opt for cashless treatment.
The plan also provides cover for critical illness end-stage coverage for diseases such as kidney failure, bone marrow transplant, organ transplant and much more. The alternative treatments such as AYUSH, Ayurveda, Unani and Homeopathy are also covered under this plan. The minimum entry age is 90 days, and there is no age cap for senior citizens. It provides no claim bonus as well.
Aditya Birla Active Assure Diamond
This is one unique plan that provides the insured person with reloading benefit. In case the sum assured is exhausted due to illness the company will provide up to 50% of the sum assured extra in case of hospitalization unrelated to the previous illness. It also provides extra cash benefit of Rs.500 for every day the insured person is hospitalized.
The plan covers vaccination, surgeries including minor and major, emergency ambulance charges, daycare expenses, inpatient expenses, room charges etc. It also covers the alternative treatments. The minimum entry age limit is 90 days, and it also has no cap for the senior citizens. Health screening is necessary for the people above 45 years of age. The plan offers no claim bonus as well.
Star Family Health Optima
The plan offers comprehensive coverage for every aspect of the health problems. It provides cover for in-patient charges, hospital charges, doctor fees, drug charges, daycare expenses, ambulance, surgeries, and organ transplant etc. It also provides cover for the newborn children from 16th day onwards. It is one of those plans that cover air ambulance charges as well. If you are going for a second opinion, the plan will cover the doctor fees there as well. The plans provide coverage from Rs.2 lakh to Rs.50 lakhs. The minimum entry age is 90 days, and there is no cap for the elderly. No claim bonus is available as well.
Royal Sundaram Lifeline Supreme
Varying from Rs.5 lakh to Rs. 50 lakh, this policy provides cover for critical illness, hospital charges, doctor fees, drug charges, room rent, ambulance expenses and much more. It also covers animal bite vaccination and alternative treatments as well.
The plan offers cover for STD and infectious diseases like HIV AIDS as well. The entry age for this policy is 90 days, and there is no cap for the elderly. However, if the person is above the age of 45 medical test is required.
You cannot be sure about your health at any given time. Health insurance plans are an important instrument to have the financial security you need at the time of an emergency.
thanks for you information keep up the good work. Health Insurance is compulsory now a day for every human.
Right!
First of all, I would like to thank you for sharing such a nice help on the basic problems that we come across often. Thank for the information.
Glad that you found it helpful!