Best Health Insurance Plans In India For 2024
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Health insurance is crucial to keeping medical expenses in check. A health insurance policy covers expenses related to hospital bills, diagnostic tests and scans, and pre- and post-hospitalization costs. It also protects you and your entire family in the most unfortunate times. That’s why buying a health plan is regarded as one of the most intelligent financial decisions an earning individual can make.
However, with so many options in the market today, selecting the right health insurance plan can take time and effort. To help, Forbes Advisor India analyzed 45 health policies to choose the most suitable and beneficial ones. Some of India’s best health insurance policies have made it to the list.
- Featured Partners
- List of Top Health Insurance Plans
- Aditya Birla Activ Health + Multiply Fit Combo
- STAR Health's Senior Citizens Red Carpet Health Policy
- HDFC ERGO My: Health Women Suraksha
- Care Youth Health Insurance plan
- Niva Bupa Health Plus Policy
- Reliance Health Gain Policy
- ICICI Lombard- Complete Health Insurance Policy
- Tata AIG Super Top-Up Policy
- Royal Sundaram Family Plus Policy
- Bajaj Allianz Criti Care Policy
- IFFCO Tokio Family Health Plan
- ACKO 1 Cr Platinum Health Plan
- Comparison of Best Health Insurance in India
- Methodology For Choosing The Best Health Insurance Policy
- Key Factors To Consider Before Buying Health Insurance Plans
- How To Save Tax With A Health Insurance Policy?
- How To Calculate Health Insurance Premiums?
- What Are The Factors That Affect Health Insurance Premiums?
- Documents Required For Health Insurance Claim Reimbursement
- How To Renew Health Insurance Online?
- Featured Partners
Featured Partners
1
Aditya Birla Activ Fit Health Insurance
Sum Insured
INR 2 lakh to INR 2 crore
Network Hospitals
9,000+
Minimum and Maximum age
Five years and no limit
2
Tata AIG Health Insurance
Tax Benefit
Upto INR 75,000
Cashless Hospitals
10,000+
Claim Settlement Ratio
94.21%
3
Acko Health Insurance
Initial waiting period
0 Days
Claim Settlement Ratio
98%
Other Benefits
No room rent limit, 100% Bills covered
List of Top Health Insurance Plans
- Aditya Birla Activ Fit Health Insurance: Best Health Insurance Plan for Individuals
- STAR Health’s Senior Citizens Red Carpet Health Policy: Best Health Insurance for Senior Citizens
- HDFC ERGO My: Best Women-Specific Health Insurance Plan
- Care Plus Youth Health Insurance Plan: Best Health Insurance for Youth
- Niva Bupa Health Pulse Policy: Best Health Insurance With Affordable Plans
- Reliance Health Gain Policy: Best Health Insurance for Families
- ICICI Lombard- Complete Health Insurance Policy: Best Health Insurance for Complete Coverage
- Tata AIG Super Top-Up Policy: Best Health Insurance: Top Up Plan
- Royal Sundaram Family Plus Policy: Best Comprehensive Plan for a large family
- Bajaj Allianz Criti Care Policy: Best Health Insurance Plan for Critical Illness Cover
- IFFCO Tokio Family Health Plan: Best Health Insurance for Families in an Affordable Range
- ACKO 1 Cr Platinum Health Plan: Best Health Insurance for Comprehensive Coverage of Critical Illnesses and Pre-existing Diseases
Comparison of Best Health Insurance in India
Methodology For Choosing The Best Health Insurance Policy
For our Forbes Advisor India ratings, we considered the top factors that help consumers decide whether to opt for a specific health policy. We ranked these best health insurance plans based on these parameters:
Sum Insured Amount (20% of score): While analyzing the plans mentioned above, we first checked the coverage these plans offer. Select the sum insured amount per your medical needs and your family’s. Do not choose a policy that gives more coverage than you need, as it will increase your premium. Focus on customizing the plan by selecting various riders as per requirement.
Network of Hospitals (30% of score): It is always better to check if the insurance company has a comprehensive list of network hospitals. There are also cashless hospitalization services, where the insured is not required to pay the hospital bill. Always check for network hospitals in your vicinity.
Sub-Limits and Co-Payments (10% of score): A health policy with no sub-limits on hospital room rent or a co-payment clause is also essential when considering a health policy. We have carefully analyzed the clauses and limits in each of these plans and also mentioned whether such limits or no limits exist in the plans.
Claim Settlement Ratio (20% of score): This is a significant factor, as the insured purchases the policy only in the hope of a fast claim settlement process in the event of an unfortunate event. A higher ratio shows that the company is steadfast in settling its claims.
Waiting Period (10% of score): This is also a crucial parameter, as the insured cannot activate the policy if the waiting period is not completed. However, these waiting periods are unavoidable, so that you can find a plan with a comparatively shorter period.
Add-on Benefits (10% of score): The health policies come up with a wide range of optional benefits such as international coverage, maternity coverage, personal accident and critical illness cover, daily hospital cash, discounts on long-term policy tenure, flexible sum assured option, cumulative bonus, etc. Always choose these benefits per your needs, which can provide additional security, over and above the regular health plan, at reasonably affordable rates.
Purchasing a health insurance policy is a significant decision, and if you need help deciding how to select the best one for you, keep the points mentioned above in mind to avoid mistakes while choosing the best health policy.
Key Factors To Consider Before Buying Health Insurance Plans
Age Factor: Age is one of the most crucial criteria for purchasing a health insurance plan. Also, while buying a health policy, it is essential to remember the age of the family members who need to be insured. The higher the age bracket, the higher the premium. You must also check the minimum and maximum age limit when buying health insurance coverage.
Generally, the health insurance plans in India have the minimum entry age limit of 91 days and the maximum entry age limit of up to 60 or 65 years.
Perfect Blend of Premium and Sum Insured Coverage: Buying a health insurance plan with average premiums and good coverage is always a win-win situation. If one goes for a meager premium, they might compromise on a reasonable sum of insured coverage. Therefore, the right blend of premium and sum insured coverage is buying a health insurance plan.
Waiting Period: Always check the waiting period clause before buying health insurance coverage. For instance, the waiting period for pre-existing diseases is usually one to four years. Compare and buy a plan with a minimum waiting period so that you can claim the benefits at the right time in case of any health emergency.
Cashless Hospitalization Network: Health insurance companies have a tie-up with network hospitals, where the insured can avail themselves of the benefits of a health insurance policy without paying a penny from their pocket. This also saves precious time from the lengthy paperwork process, as the insurer pays the sum insured directly to the hospital.
Always check the cashless hospitals lists, and then decide on buying a health insurance plan.
Claim Settlement Process: Check their policy “wordings” carefully to understand the claim settlement process. An easy and timely claim settlement procedure is bliss when settling health claims. For this, check the claim settlement ratio, read customer reviews, and then choose an insurance provider known for its smooth claim settlement process.
Check Inclusions And Exclusions: Each health policy’s document, or brochure, contains information on what is included and excluded in the plan. Knowing all the exclusions and inclusions beforehand saves the hassle and pain of claim rejections later.
The above-mentioned criteria have to be kept in mind while buying a health insurance plan. However, one can also check the co-payment clause, room rent limits, add-on benefits, no-claim bonus, maternity and new-born coverage, pre and post hospitalization coverage before buying a health insurance plan.
How To Save Tax With A Health Insurance Policy?
Health insurance policies not only provide financial protection during difficult times but also provide tax benefits. The Income Tax Act allows the deduction for health insurance premiums via Section 80D. Individuals, including Non-resident Indians (NRIs) and Hindu Undivided Families (HUF), can claim tax exemption under Section 80D of the IT Act.
Another critical point to claim for tax deductions on health insurance premiums is paying premiums via cheque, bank draft, credit, or debit cards but not in cash. If someone pays their health insurance premium in cash, they won’t be allowed to claim any benefit from their policy.
The maximum deduction on premiums paid for self and family (if senior citizen) plus premiums paid for separate health insurance for parents is INR 1 lakh annually.
The health insurance tax benefits under Section 80D for senior citizens who are above 60 years and below 80 years) on health insurance premiums are as follows:
- Tax exemption of up to INR 50,000 for every financial year.
- Tax exemption of up to INR 5,000 on preventive health check-ups for every financial year.
Documents Required To Claim Tax Benefits
The income tax department does not require documents to claim the deduction while filing income tax return (ITR). But for the record and proof, it is advisable to retain the following documents:
- Premium payment receipt.
- Health insurance policy copy.
- 80D certificate from the insurer if one has paid a premium towards their parent’s coverage.
- No documents are required to claim tax exemption for preventive health check-ups.
Note: Tax benefits are subject to change per the Income Tax laws.
Documents Required For Health Insurance Claim Reimbursement
To file a claim, the insured is required to submit the following documents:
Duly filled claim form with the applicant’s signature.
Valid identity proof includes an Aadhaar card, Voter ID, passport, PAN card, and driving license.
A medical practitioner prescribes a prescription recommending hospitalization, tests, and medicines.
Original pharmacy bills, case papers, and ambulance receipts.
Certificate from employer (for salaried individuals).
The insurance policy states the insured’s name, address, illness, and other details.
How To Renew Health Insurance Online?
A health insurance plan should be renewed before expiry to avoid a policy lapse and retain the no-claim bonus, s which is given to the policyholder for not making any claim in the policy tenure.
Below are the steps that can be followed to renew the health policy online:
- The insurer sends you a renewal reminder to your registered e-mail address.
- The email will contain an online link to renew the policy, which will take you to the payment for the continuance of the policy.
- Generally, the policy gets renewed within a time frame of 24 hours.
Featured Partners
1
Aditya Birla Activ Fit Health Insurance
Sum Insured
INR 2 lakh to INR 2 crore
Network Hospitals
9,000+
Minimum and Maximum age
Five years and no limit
2
Tata AIG Health Insurance
Tax Benefit
Upto INR 75,000
Cashless Hospitals
10,000+
Claim Settlement Ratio
94.21%
3
Acko Health Insurance
Initial waiting period
0 Days
Claim Settlement Ratio
98%
Other Benefits
No room rent limit, 100% Bills covered
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