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Best Health Insurance Plans in India in 2022

Top and Best Health Insurance Plans in India

There are several health insurance companies and getting a best health insurance plan in India could be a nightmare. Health insurance plan protects from unforeseen hospitalization expenses which can dent your hard earned savings. One should not just go with low health insurance premium plan in selecting a good health plan. One should look at benefits, riders, hospital network, coverage etc., while choosing a good health insurance plan. This article details about some of the Best Health Insurance Plans in India to opt in 2022 from Standalone Health Insurers.

What is Health Insurance Plan?

Health insurance plan provides coverage for medical expenses in case of emergency hospitalization. This would help to protect our savings for unexpected hospitalization expenses. Since medical expenses are skyrocketing, hence it is important that one should have health insurance for the entire family.

Benefits of Health Insurance Plan

There are several benefits in health insurance plan.

1) Medical Coverage

Health insurance plan would provide coverage for hospitalization expenses. It would protect health care expenses like in-patient hospitalization, pre and post hospitalization expenses, surgery expenses, ambulance charges, Ayush charges etc.,

2) Cashless Treatment

With health insurance, one can avail cashless treatment from any network of hospitals served by the insurance company. One need not worry about funding such high medical expenses which would be borne by the insurance company.

3) Daily Cash Allowance

Gone are the days where insurance companies used to provide just hospitalization expenses. New age health insurance plans offer a daily cash allowance in case of hospitalization. When an individual gets hospitalized, there could be loss of income which can be protected with such daily cash allowance.

4) Lifelong renewability

Health insurance plans once taken can be renewed life long, hence you don’t need to worry about medical expenses in future.

5) Extra Benefits

Many health insurance companies are offering free health checkups, free consultation with nutritionists etc. to their customers who have taken health insurance plans.  Since these features come free and useful for policy holders, one can give preference to them too.

6) Income Tax Benefits

While health insurance plans provide extensive medical coverage and other benefits, the health insurance premium paid is eligible for deduction u/s 80D of income tax.

How to choose a good health insurance policy?

There are over 25 health insurance companies in India and it is difficult to select a good health insurance policy. One can use below parameters if they are confused on how to choose a best health insurance policy.

1) Consider adequate Sum Insured

These days taking a 1 lac or 2 lac policy might not be sufficient due to skyrocketing of medical expenses. Basic heart surgery itself costs Rs 4 to 5 Lacs.  Hence, one should consider high medical expenses and consider adequate sum insured. The ideal one is to consider at least Rs 10 Lacs health insurance plan.

2) Decide on Individual vs. family floater policy

If you are an individual, you might be taking individual health insurance plan. However, if you have family members and you want to cover them too, considering a family health insurance plan could be better. Instead of having individual plans for each member in your family, you can consider one combined family floater plan. However, if you have elders in your family who are above 60 years, considering separate insurance plans for them could be ideal.

3) Pre-Existing Disease Waiting period

Most of the health insurance companies offer pre-existing diseases only after 3-4 years time frame. If you have family members with pre-existing diseases, waiting for longer term for health insurance could be risky. Hence, one should look for a health insurance plan that offers low waiting period for pre-existing diseases. There are health insurance plans available in the market where you can buy back pre existing diseases by making additional premiums and reduce this from 3 years to 1 year.

4) Consider Maximum Renewal Age

Once you take a health insurance plan, it is not sufficient. Such plans should be renewed for a maximum period of time. Majority of the health insurance plans offer renewals of health insurance up to 65 years. However, a few companies offer life long renewability option. If your family has medical history, considering life long renewal options could be better.

5) Incurred Claims Ratio (ICR)

The incurred claims ratio is the total amount of claims paid by the company against the total premiums received during the financial year. One should consider 50% to 90% incurred claim ratio companies so that while such companies keep some amount as profits, they honor majority of the claims.  If you are new to ICR, understand what is Incurred Claim Ratio and how does it work.

6) Hospital network coverage

Consider a health insurance plan that offers high hospital network coverage. We do not know when we need emergency hospitalization. Today you might be metro city and tomorrow you might move to Tier-2 or Tier-3 city. If your health insurance plan has extensive hospital coverage, it might be beneficial to you in future.

7) Lower exclusions

If a health insurance plan is good, however, has several exclusions, what is the use? Consider a health insurance plan that has a lower number of exclusions

8) Health Insurance Premium

Last, but not least, one can compare health insurance premium of various health insurance companies. One can opt for health insurance plans with low premiums if it has good features, benefits and lower exclusions.

Best Health Insurance Plans in India in 2022 (Standalone Health Insurers)

Here are some of the best health insurance plans in India, which are offered by standalone health insurance companies.

#1 – Care Health Insurance Plan

#2 – HDFC Ergo Optima Restore

#3 – Niva Bupa Health Companion

#4 – Star Health Comprehensive Plan

Best Health Insurance Plans in India in 2022 – Plan wise details

Let us check plan wise details of these best health insurance plans in India.

#1 – Care Health Insurance Plan

Care health insurance is available in family floater as well as individual plans.

Features of Care Health Insurance Plan

  • This is a comprehensive health insurance plan.
  • Minimum age of entry is 91 days and with no upper limit.
  • Lifelong renewability of the policy.
  • This plan covers in-patient hospitalization expenses.
  • Health insurance policy can be taken for Rs 5 Lacs to 6 Crore coverage.
  • Coverage for expenses towards robotic surgery.
  • Covers more than 540 day care treatments.
  • Day care procedures are covered.
  • Domiciliary hospitalization expense coverage up to 10% of the sum insured.
  • Free annual health checkups.
  • Emergency ambulance services.
  • Cashless facility for over 16,500 hospitals across India.
  • Coverage for Covid-19 treatment with 15 day waiting period.
  • You can add a new family member to the existing policy during renewals.
  • Pre-existing disease coverage after 48 months from the date of the policy.
  • Up to 150% increase in sum insured with no claim bonus.
  • Income tax benefits u/s 80D up to Rs 75,000 for health insurance paid for self, family and parents.

Major exclusions in this plan

  • Any diagnosis or surgery within 30 days from the date of the policy except in case of accidents.
  • Expenses towards self-inflicted injury / suicide.
  • Expenses arising out of the consumption of alcohol.
  • Tests and treatment for infertility and in vitro fertilization.
  • One should read complete exclusions in the policy document

Considering all these features, it is one of the Best Health Insurance Plans in 2022 in India.

#2 – HDFC Ergo Optima Restore

HDFC general insurance has Ergo Optima Restore which is the popular health insurance plan.

Features of HDFC Ergo Optima Restore

  • Minimum age of entry is 91 days and maximum age of entry is 65 years.
  • Lifelong renewability of the policy.
  • Coverage for prehospitalization expenses for 60 days.
  • Coverage of post-hospitalization expenses for 180 days.
  • Daily cash benefits for choosing shared accommodation.
  • Restore benefit equal to 100% of the sum insured.
  • Health insurance policy can be taken for Rs 3 Lacs to 50 Lacs coverage.
  • All day care treatments are covered.
  • Day care procedures are covered.
  • Domiciliary hospitalization expenses covered up to sum insured.
  • Free annual health checkups to Rs 10,000 depending on the sum insured.
  • Ambulance coverage up to Rs 2,000 per hospitalization.
  • Cashless facility for over 10,000 hospitals across India.
  • Income tax benefits u/s 80D up to Rs 75,000 for health insurance paid for self, family and parents.

Major exclusions in this plan

  • Any diagnosis or surgery within 30 days from the date of the policy except for accidental injury.
  • Pre-existing disease coverage after 36 months from the date of the policy.
  • 2 years’ exclusion for specific diseases like cataract, hernia, hysterectomy, joint replacement etc.
  • Expenses towards self-inflicted injury / suicide.
  • Expenses arising out of the consumption of alcohol.
  • One should read complete exclusions in the policy document.

Considering the exciting features, it is one of the Top Health Insurance Policy in India for 2022.

#3 – Niva Bupa Health Companion

Niva Bupa health insurance, formerly known as Max Bupa has several health insurance plans. One of their famous plans is a Niva Bupa Health Companion.

Features of Niva Bupa Health Companion

  • Minimum age of entry is 91 days with no upper limit.
  • Lifelong renewability of the policy.
  • This plan is available in Variant-1, Variant-2 and Variant-3. The Variant-1 offers sum insured for Rs 3 lacs to 4 Lakhs. Variant-2 offers 5 lacs to 12.5 lacs and Variant-3 offers 15 Lacs to 1 Crore sum insured.
  • Coverage for pre-hospitalization expenses for 30 days.
  • Coverage of post-hospitalization expenses for 60 days.
  • In case of no claim bonus, the sum insured would be increased by 20% every year with a maximum increase of 100%.
  • All day care treatments are covered.
  • All day care procedures are covered.
  • Domiciliary hospitalization expenses covered up to sum insured.
  • Free annual health check-up once in two years.
  • Ambulance coverage up to Rs 3,000 per hospitalization.
  • Income tax benefits u/s 80D up to Rs 75,000 for health insurance paid for self, family and parents.

Major exclusions in this plan

  • Any diagnosis or surgery within 30 days from the date of the policy except for accidental injury.
  • Pre-existing disease coverage after 36 months from the date of the policy for Variant-2 and Variant-3 plans and 48 months for Variant-1 plan.
  • 2 years’ exclusion for specific diseases like cataract, hernia, pancreatitis etc.
  • One should read complete exclusions in the policy document.

Owning to the nice features and benefits, this is one of the Best Health Insurance for 2022.

#4 – Star Health Comprehensive Plan

Star Health is a familiar name in health insurance plans. It offers various health insurance plans among where Star Health Comprehensive Plan is well known plan.

Features of Star Health Comprehensive Plan

  • Minimum age of entry is 90 days and up to 65 years.
  • Coverage for pre-hospitalization expenses to 60 days.
  • Coverage of post-hospitalization expenses for 90 days.
  • The sum insured can be taken from Rs 5 Lac to 1 Crore.
  • No capping of room rent.
  • The company would bear the cost of health checkup for every claim free year.
  • Cover for maternity and newborn baby.
  • Automatic restoration of 100% of the sum insured for subsequent hospitalization even for which the claim was made earlier.
  • Personal accident cover against Death and Permanent total disablement (equal to the Health Insurance cover) at no additional cost.
  • 100% increase in sum insured upon every claim free renewal.
  • The option to buy-back pre-existing disease which would be reduced from 36 months to 12 months.
  • Mid term inclusion of newly married spouse or newborn baby on paying additional premium.
  • All day care procedures covered.
  • Hospital cash benefit payable in case of hospitalization beyond 7 days.
  • Bariatric surgery expenses are covered by this plan. The limit of expense is Rs 2.5 Lacs for pre hospitalization expenses and Rs 5 Lacs for post hospitalization expenses.
  • Coverage for accidental death and permanent total disablement following an accident.
  • Ambulance coverage as per the prescribed limits
  • Air Ambulance expenses up to Rs 2.5 Lacs per hospitalization and not exceeding Rs 5 Lacs for the policy period.
  • Income tax benefits u/s 80D up to Rs 75,000 for health insurance paid for self, family and parents.

Major exclusions in this plan

  • Any diagnosis or surgery within 30 days from the date of the policy except for accidental injury.
  • Pre-existing disease coverage after 36 months from the date of the policy.
  • One should read complete exclusions in the policy document.

Considering the features, benefits and minimal exclusions, it is one of the Best Health Insurance Policy in India.

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Suresh KP

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