The ever-soaring diseases and medical costs make it mandatory for every family to opt for a cost-effective Mediclaim policy. A medical plan promises a healthy future to policyholders and eases their financial burden. It also offers tax benefits under the Income Tax Act of India, 1961. But with so many Mediclaim health insurance plans, it can become difficult to choose the right one.
A medical policy is a commitment of an insurance company to pay the surgical and medical expenses of the insured in the policy period. Here are the 10 best mediclaim insurance policies in India:
|Plan Name||Max. Cover||Network Hospitals||Claim Settlement Ratio|
|Navi Health Insurance||Rs. 1 Crore||10,000+||97%|
|Care Family Health Insurance||Rs. 6 Crore||16500+||95.2%|
|HDFC Ergo Indemnity Health Insurance Plan-my:health Koti Suraksha||Rs. 1 Crore||10,000+||86.52%|
|Aditya Birla Activ Health Platinum Plan||Rs. 2 Crore||9000+||94%|
|Star Comprehensive Health Insurance Plan||Rs. 1 Crore||11,000+||87%|
|Bajaj Allianz Critical Illness Insurance||Rs 50 Lakh||6500+||98.02%|
|Star Health Senior Citizens Red Carpet Health Insurance Policy||Rs. 25 Lakh||11,000+||87%|
|Bharti AXA SmartHealth Critical Illness Policy||Rs. 3 Crore||4500+||97.35%|
|Universal Sompo Super Healthcare Policy||Rs. 1 Crore||4000+||70.75%|
|Future Generali Criti Care Plan||Rs. 50 Lakh||6000+||94%|
A Mediclaim reduces the financial stress of a family during an emergency hospitalization. Besides, it bears the costs of expensive treatments related to a critical illness like cancer.
At the time of a health crisis, you do not need to take out money from your savings. An affordable premium offering policy will ease you by paying medical bills. You can get cashless treatment at any network hospital of the insurance company.
You can avail of a family coverage plan and an individual plan, depending on your budget and package preference. Attractive discounts may be offered in both policies.
Some Mediclaim policies offer an option for lifelong renewability to the policyholders. A person can also increase the premium amount and coverage in such instances.
The coverage money you choose for your plan should consider surging medical costs and inflation rates. Besides, hospitalisation costs are much higher in cities than in rural areas. If you opt for a family mediclaim policy, you will need a higher coverage amount.
Many medical policies have a co-payment option. Co-pay refers to a percentage that a policyholder must pay before filing a claim for the remaining amount to the insurer. An insurance company may keep from 10% to 30% as co- payment. Check the co-pay clause carefully before buying a plan.
The best mediclaim policy would offer cashless treatments at the network hospitals. Insurance providers, like Navi, have tied up with many hospitals throughout the country offering cashless facilities. Go through the list of network hospitals near your area before choosing a policy.
Many plans don’t keep any age limit for renewal. The benefit of renewability is crucial for senior citizens as it is difficult to purchase a new policy at their age.
All the best mediclaim policies cover pre-existing diseases after a certain waiting period. You need to check the duration after which pre-existing conditions are covered since a good policy will keep the waiting time shortest.
Even the best mediclaim policies in India have some omissions. An insurance company denies claims in the following situations:
Read the policy terms and conditions carefully to know about the limitations.
Your eligibility to buy the best mediclaim policy depends on the following factors:
An individual above 45 years will have to go for a medical checkup before purchasing a policy. If a health test is not required, the person has to provide a declaration mentioning the pre-existing diseases. These health checkups and pre-conditions decide whether an individual is eligible for mediclaim.
Your age matters while buying a medical policy. Age limit differs for different policies. Most policies are offered for the age bracket of 18 to 65 years. Many insurance providers have unique plans for senior citizens, where the eligible age limit is 70 years and above.
You can raise two kinds of claims under a medical plan – cashless claim settlement and reimbursement claim. Go through the steps below before placing a claim:
Check the following points while choosing the best and cheapest mediclaim policy:
It gives you the percentage of claims settled by a mediclaim provider. The higher the claim settlement ratio, the higher the credibility of a company. You should always check this percentage while selecting an insurer.
Your policy should cover certain benefits like pharmacy bills, doctor’s fees, medical checkups, ICU charges, ambulance expenses, accidental injury etc.
Based on the company, a mediclaim policy can keep a waiting period of 24 months to 48 months. You can only file a claim after this time. Select a policy having fewer additional clauses and minimum waiting duration.
Navi offers one of the best mediclaim policies in India. Its policy is meant for both families and individuals, providing coverage of ₹ 2 lakhs-₹ 1 crore. It settles cashless claims within 20 minutes and has a claim settlement ratio of 97%.
Navi’s health policy provides more than 20 medical benefits, which includes Covid-19 treatment, daycare procedures, domiciliary treatment, ambulance expenses, critical illness cover and many more. It covers more than 10,000 network hospitals and above 400 locations in India. Download the Navi app to know more!
Choosing the best mediclaim health insurance from a vast range of options is not a matter of joke. The above-mentioned policies are a guide for you. Keeping financial goals in mind, select a plan with comprehensive coverage and affordable premium.
Ans: There are 7 major types of mediclaim policies that cater to the needs of the people. The categories are listed below:
• Family floater
• Group mediclaim
• Critical illness
• Senior citizens
• Maternity insurance
Ans: A company offers a group mediclaim policy to its employees. The employees can also include their family members under the plan in some instances. The company pays premiums of its employees, and an additional premium can be paid as well to increase coverage. However, coverage of this policy is limited.
Ans: An overseas or international mediclaim policy is one that covers charges of emergency hospitalisation while travelling abroad or overseas (outside India). The plan includes in-patient and out-patient treatment, trip cancellation, checking baggage, loss of passport, etc.
Ans: You will need the following documents while purchasing a mediclaim policy:
• Proposal form (fill it up properly)
• Identity proof (driving license, Aadhaar card, passport, etc.)
• Age proof (voter ID card, passport, Aadhaar card, etc.)
• Address proof (Aadhaar card, driving license, etc.)
• Pre-policy health checkup reports
• Passport-size photographs
Ans: Domiciliary hospitalisation is a situation in which a patient is treated at home. A medical policy gives coverage for such treatment, provided that in-network hospital beds are not available or the person cannot be taken to a hospital.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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