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What is health insurance?


The term “health insurance” is a type of insurance that covers your medical expenses in case you are hospitalised. You can choose to cover yourself and/or your family. An annual premium is charged against the coverage amount chosen by you. It is a very useful financial instrument to protect yourself from the increasing medical expenses which can burn a hole in your savings.

Benefits of buying health insurance in India online


With the world going digital, online purchase is the most transparent, convenient and cost-effective way to buy health insurance. The benefits of buying health insurance in India online are as follows -
  • Abundance of choices
  • Can compare health insurance plans premiums and features instantly
  • Access to the best and cheapest health insurance in India
  • Process is transparent
  • Easy to do the transaction
  • Secure and convenient way to buy
  • Can compare medical insurance plans and buy at any hour of the day
  • Simplified documentation process

Top Reasons to buy the best health insurance plan


In today's world, having a medical plan is crucial as the medical expenses are on the rise. It is advisable to compare health insurance plans when you think of insuring your healthcare expenses. Here are a key benefits to compare and buy medical insurance plans:
  • To financially safeguard your family
  • To cover the expenses occurring on healthcare
  • To deal with medical inflation
  • Stay secured from financial emergencies
  • To avail tax exemption benefits
  • Increase in lifestyle illness
  • For better financial planning

Key Benefits of best health insurance in India


A comprehensive mediclaim plan comes along with some key benefits. The benefits may vary on the basis of the insurer you choose. Here are some of the key benefits of the best health insurance in India:
  • Hospitalisation benefit
  • Pre and post hospitalisation benefits
  • Cashless claim benefits
  • Day care treatments are covered
  • Expenses of Organ Transplant
  • Free health check-up
  • Tax benefits
  • Domiciliary treatment are covered

Best health insurance in India


Are you searching for the best health insurance in India? There are a lot of options available. You can compare health insurance plan premiums and features offered by various insurers and make a choice that best suits your requirements.

Annual Premiums of some of the cheapest health insurance plans in India. Premiums mentioned are for a 5 lakh cover for a 30 year old healthy male. Price alone should not be a factor in selecting your plan. You should look at the features and benefits that the plan offers.

Plan Name Features

HDFC Ergo Optima Secure

Rs. 12,981

Niva Bupa ReAssure

Rs. 8,102

Aditya Birla Active Health Platinum Enhance

Rs. 7,337

Care Plus

Rs. 8,585

SBI Arogya Supreme

Rs. 7,059

Digit Insurance Arogya Sanjeevani

Rs. 3,439

Bajaj Allianz Individual Health Guard Gold

Rs. 10,501

TATA AIG Medicare

Rs. 7,934

Reliance Health Wise Standard

Rs. 8,716

Manipal Cigna ProHealth Protect

Rs. 7,315

Royal Sundaram Lifeline Supreme

Rs. 6,559

Liberty Insurance Elite

Rs. 8,471

Magma HDI One Health Support

Rs. 6,037

Chola MS Flexi Health

Rs. 5,676

Oriental Individual Mediclaim

Rs. 8,166

New India Assurance Mediclaim

Rs. 6,715

Raheja QBE Basic

Rs. 3,627

Star Health Comprehensive

Rs. 8,278

ICICI Lombard Health Shield

Rs. 8,789

Future Generali Health Total

Rs. 6,759

Edelweiss (Silver Family Plan of 1A and 1C)

Rs. 9,136

Iffco Tokio Individual MediShield

Iffco Tokio Individual MediShield

Rs. 6,876

Navi General

Rs. 4,503

Kotak Mahindra Edge Health Insurance

Rs. 6,665

National Health Mediclaim Policy

Rs. 11,042

When you search for health insurance comparison in India, you will find numerous companies and their plans. Here are Key Features of some of the best health insurance in India:

Plan Name Features

HDFC Ergo Optima Secure

  • 2 X benefit from Day 1
  • Misc. expenses are covered
  • Plus benefits every year, irrespective of any claims.

Niva Bupa ReAssure

  • Unlimited restoration
  • Provides same person same cover in a policy tenure

Aditya Birla Active Health Platinum Enhance

  • Covers Chronic diseases from Day 1

Care Plus

  • Built-in PA cover
  • 200% No Claim Bonus

SBI Arogya Supreme

  • Offers 8 additional cover
  • Flexible benefit option of Co-payment

Digit Insurance Arogya Sanjeevani

  • Covers New Age treatments
  • Digitised claim process

Bajaj Allianz Individual Health Guard Gold

  • Restoration benefit
  • Covers Maternity expenses

TATA AIG Medicare

  • 100% Restoration Benefit
  • Covers 540+ daycare
treatments
  • Global cover

Reliance Health Wise Standard

  • No Sub-limit on room rent
  • Covers critical illnesses

Manipal Cigna ProHealth Protect

  • Covers Non-medical expenses
  • Free annual health checkup
  • Unlimited Restoration benefit

Royal Sundaram Lifeline Supreme

  • 100% Restoration benefit
  • Free annual health check up irrespective of any claims

Liberty Insurance Elite

  • Loyalty perks
  • Restoration of sum insured
  • Offers second opinion expenses

Magma HDI One Health Support

  • Covers OPD expenses
  • Offers additional benefits such as personal accidental, critical illnesses and more

Chola MS Flexi Health

  • Provides comprehensive cover
  • Restoration of Sum Insured

Oriental Individual Mediclaim

  • Voluntary Co-payment
  • Covers Donors expenses
  • Covers Domiciliary treatment

New India Assurance Mediclaim

  • Covers expenses related to New Born Baby
  • Expenses related to Organ donor is covered
  • 139 Day care procedures are covered

Raheja QBE Basic

  • Covers non-medical expenses
  • Provides Restoration benefit

Star Health Comprehensive

  • 100% restoration for all illness
  • No medical test required
  • Cover maternity expenses

ICICI Lombard Health Shield

  • Unlimited Restore benefit
  • Provides Maternity benefit

Future Generali Health Total

  • Restoration benefit for different claims
  • Covers donor expenses upto SI

Edelweiss (Silver Family Plan of 1A and 1C)

  • Voluntary Co-payment option
  • Provides AYUSH Benefits

Iffco Tokio Individual MediShield

  • Covers AYUSH treatments
  • Offers critical illness cover as optional by paying an additional premium

Navi General

  • Unlimited online consultations
  • Additional discount on renewal
  • Automatic Restoration benefit

Kotak Mahindra Edge Health Insurance

  • Cover against critical illnesses
  • Cover against death or disability due to accident
  • Option to enhance the coverage

Universal Sompo Complete Health Care

  • 100% Restoration benefit
  • Provides OPD benefit
  • Covers additional features such as critical illness, hospital daily cash and more

National Health Mediclaim Policy

  • Covers 140+ daycare treatments
  • Cover 12 Modern day Treatments

Types of best and cheapest health insurance in India


A comprehensive mediclaim plan comes along with some key benefits. The benefits may vary on the basis of the insurer you choose. Here are some of the key benefits of the best health insurance in India:

What all is covered in the best health insurance plan?


A comprehensive health plan covers most of your hospitalisation expenses along with expenses related to day care treatments. You can get the best health insurance plans in India by visiting MyInsuranceClub. Medical insurance covers the following expenses:
  • Pre-Hospitalization expenses
  • Post-Hospitalization expenses
  • In-Patient expenses
  • Ambulance expenses
  • Expenses related to surgeries
  • Expenses related to AYUSH treatment
  • Domiciliary Treatment
  • Day Care treatments

What is not covered in a health insurance plan?


When you compare medical insurance plan features, you get to know that there are certain things that are not offered in a plan. The exclusions may vary on the basis of the insurer you choose. Here is a list of common exclusions in a mediclaim plan:
  • Dental treatment
  • Hospitalisation due to intoxicating drugs/alcohol
  • Self-inflicted injuries
  • AIDS
  • Diagnostic charges
  • Cosmetic procedures and more

List of health insurance companies


There are 6 standalone health insurance companies in India. Each of these companies offer unique features and intend to fulfil the basic requirements of the Indian population. Here is a list of companies that offer the best health insurance in India:

Key factors to consider before buying the cheapest health insurance in India


If you are planning to buy a mediclaim policy, there are a few key factors that need to be considered:
  • Type of plan you wish to buy: Individual or Family
  • Cover amount
  • Policy premiums
  • Cappings on various expense heads
  • Inclusions and Exclusions of the plan
  • Waiting period for pre-existing conditions
  • Availability of add-on covers
  • Co-payment clause
  • Network hospital of the insurance company
  • Claim process and claim settlement ratio

Key factors to consider before buying the cheapest health insurance in India


If you are planning to buy a mediclaim policy, there are a few key factors that need to be considered:
  • Type of plan you wish to buy: Individual or Family
  • Cover amount
  • Policy premiums
  • Cappings on various expense heads
  • Inclusions and Exclusions of the plan
  • Waiting period for pre-existing conditions
  • Availability of add-on covers
  • Co-payment clause
  • Network hospital of the insurance company
  • Claim process and claim settlement ratio

Checklist for plans of the best health insurance in India


Here are the top 10 checklist that you should certainly consider while buying a health policy:
  • Pre & Post Hospitalisation period
  • List of Network Hospital
  • List of Day care procedures covered
  • No Claim Bonus
  • Check room rent cappings
  • Waiting period for pre-existing condition
  • Exclusions
  • Deductibles/Co-payment
  • Cover amount offered
  • Option to enhance the sum insured

Health Insurance Riders


Health insurance riders are additional benefits that you can add to your health insurance plan. They help with making the plan more effective and offer more protection for some serious health situations. They can also help reduce your overall expenses. Riders help to extend the cover at a lower premium. You can add the following riders to your health insurance policy:
  • Critical Illness
  • Accident cover
  • Maternity cover
  • Room Rent Waiver
  • Hospital Cash

Does Your Health Insurance Policy Cover Coronavirus (COVID-19) Treatment?


The outbreak of Coronavirus (Covid-19) has devastated the healthcare industry. However, the health insurance policies now cover treatment expenses and hospitalisation expenses arising from Covid-19 disease.

There are specific health plans related to the Corona Virus itself. You can compare medical insurance policies that cover Coronavirus treatment.

Eligibility criteria to buy a health policy


The eligibility criteria may differ for different insurers. By conducting a health insurance comparison in India you will get detailed information about the plan. Let’s look at the eligibility criteria to buy a mediclaim policy from any insurer:
Parameter Criteria

Entry Age

Family Floater - 16 days
Individual - 18 years

Pre-existing health condition

Waiting period may differ from 2 year to 4 years

How to calculate health insurance premium?


You can visit a IRDAI approved comparison site like MyInsuranceClub.com and share your requirement. The premiums and features of various plans will be displayed. In addition to that, you will also get assistance from Certified Advisors on any questions you may have in selecting the best and cheapest health insurance plan that will fulfil your needs.

What is the difference between health insurance and a mediclaim policy?


Both are a type of plan that provides financial protection against health related expenses. However, there are differences between a health insurance and a mediclaim policy. You can compare medical insurance with the health insurance and get a more clear idea about both of them:

Health Insurance Mediclaim
It is a comprehensive policy that covers pre & post hospitalisation expenses along with treatment expenses. It covers only hospitalisation expenses
Add-on rider coverage is possible in a health insurance policy. Some of the important ones are critical illness rider, personal accidental, accidental disability, and more It doesn't offer any riders in the policy
One can avail health insurance benefits, even if not hospitalised. You can claim for OPD, day care treatments as well. It is necessary to be hospitalised in order to avail the mediclaim benefits

Which factors affect health insurance premiums?


Premiums in a health insurance plan differ based on various factors. Few of the common factors that affect the health insurance premiums are:
  • Gender
  • Age of the insured person
  • Type of plan chosen
  • Cover amount
  • Policy duration
  • Smoker/Non-Smoker
  • Habits and Lifestyle of the person
  • Pre-existing conditions
  • Add-on Riders if opted
  • Medical history
  • Residency zone
  • Nature of profession
  • BMI

How to file a health insurance claim?


In a health insurance policy, you can file a claim in two ways:
  • Cashless Claim

    In order to make a cashless claim, you need to be hospitalised at a network hospital of the insurance company. Cashless claims can be planned or unplanned. Unplanned claims are usually at the time of hospitalisation due to an emergency. Your hospital bills will get directly settled by the insurance company. 

    • Know how to file for a planned cashless claim:

      • In case of a planned hospitalisation, you need to inform the insurance company by filling up a cashless claim form

      • The insurer will approve a certain amount based on the estimated expenses which will be incurred during the hospitalisation

      • Post that you will receive a confirmation letter

      • With this approval, you can avail treatment at the hospital and the insurer will directly settle the bills.

    • Know how to file for an unplanned cashless claim:

      • You have to inform the insurer within 24 hours of hospitalisation.The hospital then fills in all your details in the claim form and submits it to the insurer

      • Your claim will be paid by the company.

  • Reimbursement Claim

    • Inform the insurer as soon as you are hospitalised

    • You will have to clear the hospital bills yourself

    • Then submit all your treatment documents, bills and discharge summary to the insurance company once you are discharged

    • The insurance company will review all your submitted documents

    • Once the documents sent by you are reviewed, the claim amount is credited to your account

What are the documents required for health insurance claim reimbursement?


Here is a list of all the necessary documents that are to be submitted for reimbursement of medical expenses:
  • Completely filled claim form which is duly signed
  • ID Proof
  • Doctor prescriptions and recommendation for hospitalisation
  • Hospital Bills
  • Pharmacy Bills
  • Original Hospital bill’s break up
  • Original reports of x-rays, CT films, ECG, and other investigating reports

How to buy the best health insurance plans online from MyInsuranceClub?


If you are looking to buy a health plan for yourself and your family members, you can compare health insurance plans at MyinsuranceClub.com. You can compare premiums and features of the best health insurance plans in India within a few minutes. You will be assisted by our trained and certified team members

Follow the below process to buy the best health insurance plan online from MyInsuranceClub:

Step 1 - Evaluate the amount of risk cover you require for yourself and your family

Step 2 - Visit our health insurance comparison page to get various health insurance comparisons in India

Step 3 - Fill in your personal details carefully

Step 4 - You get to compare medical insurance plans of different insurers which matches your requirement

Step 5 - Select a suitable plan which meets your needs and doesn’t burden your current income

Step 6 - After selecting, our trained relationship managers will contact you and guide you through the process of application and first premium payment.

Buying health insurance Glossary


Co-payment

It is a cost sharing agreement between the health insurer and the policyholder to share the cost incurred in the hospitalisation. The policyholder agrees to pay a percentage of the hospital bill. On opting for this clause, the premium charges are comparatively less. This feature is majorly seen in Senior Citizen Health Insurance Plans.

Cumulative Bonus

It is similar to the No Claim Bonus. In this, with every claim-free year, the sum insured amount increases by a fixed percentage.

Waiting period

It is a period during which some of the benefits of the policy cannot be used by the policyholder. This period commences from day 1 of the issuance of policy. Pre-existing diseases have a waiting period that is mentioned in the policy document and may vary anywhere between 2-4 years.

Deductible

The concept of Deductible is applicable in Top-Up and Super Top-Up health insurance plans. In case of a claim, the policy will be effective only after a certain amount of claim. Only if the claim exceeds this amount does the top-up or super top-up policy come into effect. This limit is known as the Deductible.

Daily Hospital Cash

In some health plans, a fixed cash payment is provided to the policyholder for each day of hospitalisation. You can purchase this as an add on or bundle it with a standard health plan.

Sub-limits on Room Rent

Some policies have a limit on the amount that you can pay as your daily room rent when admitted in the hospital. This helps insurance companies in limiting the overall expenses that the policyholder will incur and hence keep costs low. If you exceed the room rent limit, you will have to pay from your pocket

Why should you buy a health insurance plan at an early age?


Buying health insurance at an early age comes along with various benefits such as lower premium, no waiting period, accumulated bonus, and low rejection rate.

Tax Benefits of the best health insurance plan


Health insurance provides an exclusive tax benefit on the premium amount paid by the policyholder. The insurance premium paid is tax-deductible under section 80D of the Income Tax Act

Waiting period in health insurance


Waiting period is the time span during which the policyholder can’t make a claim, usually 30 days from the date of purchase of the policy. However, if the claims are related to hospitalisation due to an accident, then it will be considered. In case of pre-existing diseases, the waiting period may vary between 2-4 years.

Documents required to buy health insurance online


Here are the documents required to buy a medical insurance policy online:
  • Proposal form: which you can fill online
  • Age Proof: Documents of birth certificate, passport, 10th or 12th mark sheet, Aadhar card, driving licence, pan card are considered as age proof.
  • Identity proof: Documents of Aadhar card, voters card, passport, pan card and driving licence are considered as proof of identity.
  • Medical reports in case of any pre-existing illnesses

FAQs about health insurance


Here are the documents required to buy a medical insurance policy online:
  • What is the maximum number of claims allowed over a year?

    You get a free look period after you buy a health policy. The free look period is 15 days. During this period, you can cancel your policy and get a refund. If no claims have been made, you can cancel the health insurance policy anytime and get a partial refund depending on the time of cancellation - Know more here.

  • If I want to cancel my health insurance policy after purchasing?

    You get a free look period after you buy a health policy. The free look period is 15 days. During this period, you can cancel your policy and get a refund. If no claims have been made, you can cancel the health insurance policy anytime and get a partial refund depending on the time of cancellation - Know more here

  • Will I gain more benefits by buying health insurance at an early age?

    If you buy a health insurance policy at an early age, you are entitled to various benefits. The chances of any pre-existing illnesses are low, so your policy will get issued. You can then accumulate a No Claim Bonus and enjoy an increased cover amount. Also, the health insurance policies offer lifelong cover - so once accepted, the cover will continue for life as long as you keep renewing on time.

  • Can I transfer my health insurance policy from one health insurance company to another?

    Yes, you can transfer your medical insurance policy from one health insurer to another. The process of transferring your policy is known as portability of policy. Once you have decided to change your existing plan, it is recommended that you compare health insurance plans from various providers and then initiate the process of porting your plan.

  • Which family member can I cover?

    A family floater health insurance plan provides coverage to the policyholder, spouse, dependent children and parents. You can take a single cover for your entire family or select a dedicated cover amount for each family member.

  • What is a network hospital in health insurance?

    Every health Insurer has tie-ups with several hospitals where the insured person can avail cashless treatment benefit. Such tie-up hospitals are known as Network Hospitals.

  • Will I be allowed to buy more than one health insurance plan?

    Yes, definitely. You can have more than one health insurance plan. Very often, you end up with a corporate plan provided by your employer and your personal health insurance plan.

  • Do I have to undergo any medical examination before buying any of the best health insurance plans?

    You may have to undergo a medical test before you buy a mediclaim policy if your age is above 45 years or if you have a health condition which the company would want to know more about. Medical tests are conducted to know if there are any pre-existing illnesses.

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