Health Insurances in India 2022


Needless to say, it is imperative to buy the best health insurance policy, as it helps you to keep up with the ever-soaring healthcare costs and assures you and your family of a healthy future without having to worry about the medical bills and hospitalization expense. And, when it comes to buying health insurance plans, you might get confused about which plan to buy out of many.

Here is why you need health insurance:

• Health insurance covers future illnesses/medical treatments without depleting your savings or negatively impacting your family’s financial future
• Medical costs are increasing rapidly and for those with insufficient savings, affording medical care becomes a problem during emergencies
• Cashless treatment is possible within network hospitals, while reimbursements are given by insurance companies in other cases
• Health insurance plans offer coverage against several types of ailments and surgeries, along with other aspects of medical treatment
• Health insurance keeps you and your family worry free; you only have to pay an affordable premium for the same
• In many cases, you also get coverage against hospitalisation costs, ambulance costs, consultations, medicines, tests and post-hospitalisation expenditure.
Many health insurance plans issue policies without medical tests, depending on the age and medical history of the applicant. However, if your age is above the minimum age limit set by the insurer, then you will have to go through a medical test.
• Lump sum Payout – Fixed benefit health insurance plans pay out a lump sum# amount upon diagnosis of any disease/ailment covered under the same. This helps you take care of treatment and other costs right from the outset without financial worries. Payouts are made irrespective of the cost of treatment
• No Worries of Sub Limits – Many health insurance plans come with sublimits in terms of room rent, hospitalisation expenses and so on. With fixed benefit health insurance plans, you receive a lump sum payout upon diagnosis of a particular illness without bothering about sublimits and so on
• No Hospital Bills Required – Unlike other health insurance plans, fixed benefit health insurance plans pay upon diagnosis of the illness without the hassle of submitting hospital bills
• Get treated anywhere in the world – Since you get a lump sum payout upon diagnosis, you need not be admitted to a network hospital for cashless treatment. You can opt for treatment anywhere in the world as per your own preferences and convenience
• Affordable and fixed premiums – You can get higher coverage for premiums that are affordable. Premium amounts also remain fixed for the entire duration of the policy.
• Tax Benefits -You can avail tax benefits* under Section 80D of the IT Act on the premiums you pay on these policies. Maximum amount of deduction from taxable income is ₹25,000 for you and your family (children and spouse) if you are less than 60 years old. If you are all more than 60 years old, the maximum deduction can increase to ₹50,000. The same is applicable for premiums that you pay for your parents, i.e. a maximum deduction of ₹25,000 if they are below 60 years of age and ₹50,000 if they are above 60 years of age.

Key Benefits of Health Insurance Plans in India

Health insurance plans offer a variety of health benefits to the insured depending on the plan. Following are the key benefits of buying a health insurance plan in India:
• Hospitalization Expenses – A health insurance plan covers the medical expenses incurred on getting admitted to a hospital for more than 24 hours. It includes room rent, doctor’s fee, medicine cost, diagnostic test fees, etc.
• Pre & Post Hospitalization Expenses – It covers the medical expenses that you may have incurred on an illness before getting hospitalized as well as follow-up treatment expenses incurred after getting discharged. The pre-hospitalization and post-hospitalization expenses are covered up to a fixed number of days as specified in the policy document.
• ICU Charges – A health insurance plan also covers the cost of availing treatment in an ICU during hospitalization.

Top Health Insurance Companies in India

1. Aditya Birla Active Assure Diamond Plan
2. Bajaj Allianz Health Guard
3. Bharti AXA Smart Super Health Plan
4. Care Health Care Plan (Formerly Religare Care Health Insurance Plan)
5. Cholamandalam Chola Healthline Plan
6. Digit Health Plan
7. Edelweiss Health Plan
8. Future Generali CritiCare Plan
9. IFFCO Tokio Health Protector Plus
10. Kotak Mahindra Health Premier
11. Liberty Health Connect Supra Top-up
12. ManipalCigna ProHealth Insurance
13. Niva Bupa (Formerly known as Max Bupa) Health Companion Individual Plan
14. National Parivar Mediclaim Plus
15. New India Assurance Senior Citizen Mediclaim Policy
16. Oriental Individual Mediclaim Policy
17. Raheja QBE Comprehensive Plan
18. Reliance Critical illness Insurance
19. Royal Sundaram Lifeline Supreme Health Plan
20. SBI Arogya Premier Policy
21. Star Family Health Optima Plan
22. Tata AIG MediCare Plan
23. United India UNI CritiCare Health Care Plan
24. Universal Sompo Complete Healthcare Plan

Health Insurance for Coronavirus

COVID-19 outbreak, the IRDAI has also launched two Coronavirus specific health insurance plans i.e. Corona Kavach health plan and Corona Rakshak health insurance plan. Corona kavach is a family floater plan while Corona Rakshak is an individual coverage based plan

Corona Kavach Policy

It is an indemnity based health insurance plan that covers COVID hospitalization expenses, home treatment, and AYUSH treatment costs. The cost of masks, gloves, ventilators, oxygen cylinders, PPE kits, is also covered.

Corona Rakshak Policy

Corona Rakshak policy is a benefit based product that provides a lump sum payment for hospitalization (minimum 72 hours) expenses upon the diagnosis of coronavirus during the policy term. The minimum policy term is 3.5 months and the maximum is 9.5 months.

How to Calculate Health Insurance Premium?

In order to keep the policy in force, regular payment of a fixed premium is essential. Did you ever think about how this premium is calculated? There are certain factors that affect health insurance premiums such as the medical background of your family, sum insured, cumulative bonus, your personal medical history and so on.
Based on that, you might want to calculate your premium to figure out how much you would have to pay for the policy

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