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Benefits of Health Insurance

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Cashless Treatment

Customer Service

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p>In this day and age of rising medical inflation, health scares have unfortunately become a norm rather than an exception. Opting for a health insurance policy, therefore, has become imperative. The health insurance sector is India is complex and growing. Most health insurance policies will cover expenses related to pre and post hospitalization, day care and ambulance charges among others. It is important to note that many insurance providers in the country offer health insurance products which offer a wide variety of benefits beyond cover for hospitalization related expenses.

Benefits of health insurance:

The benefits of health insurance are listed below:

  • Online buying facility

    Gone are the days when customers had no other option to buy insurance policies except through agents. Policies can now be easily bought online courtesy specialized insurance brokers who can make a comparative analysis (merits and demerits) of various products offered by different insurance companies for the benefit of customers who can choose the best health insurance plan most suitable to their requirements.

  • Different premium payment scenarios

    Hitherto, the premium payments structures most health insurance policies in India were, by and large, the same. However, many companies such as Bharti AXA and Star Health among others have set up a ‘Zone based premiums’ for towns and metros. Consequently, health insurance policies are costlier in metros compared to towns given the higher medical expenses which may be incurred in the former.

  • Coverage

    In the recent past, insurance companies are providing a wide range of products to cater to all kinds of requirements. For instance, many health insurance companies are increasingly offering family floater policies which provide cover to the entire family under a single umbrella. As a result, family members share the sum assured and can therefore, avail of the benefit in case of any untoward occurrence within the policy term.

  • Renewal

    As opposed to traditional health insurance policies which had a fixed age limit, many current policies entail greater flexibility in terms of renewal in that customers can now renew their coverage at any time throughout their lives.

  • No claim bonus

    In the recent past, insurance companies are increasingly offering their customers higher amounts of no claim bonus as a strategy to retain them. Some insurance providers are offering a ‘no claim bonus’ for up to 100 % of sum insured.

  • OPD expenses

    While according to traditional health insurance products, customers have to be hospitalized for at least 24 hours to claim reimbursement, the current insurance providers provide cover for outpatient department (OPD) expenses as well. As a result, the insured do not necessarily have to be admitted into a hospital to avail of the benefits. As of now, Star Health and ICICI Complete health provide health insurance covering OPD expenses.

  • Restoration

    In some health insurance policies, the sum insured is reinstated if the insured exhausts the coverage amount in a year. For instance, the restoration benefit can also be used in cases where an insured has to bear expenses for any medical condition which is different from the condition for which a claim was made.

  • Maternity cover

    In this day and age, several health insurance providers are offering maternity cover as opposed to traditional insurance companies. Major companies such as Star Health and Max Bupa among others even provide cover for vaccination expenses of the new-born.

  • Sub-limits

    Experts have asked customers to have a clear picture of sub-limits before signing up for a health insurance policy. Most traditional policies entail a sub-limit such as cap on doctors’ fees, boarding or room rents and other charges related to operation theatre, latest policies offered by insurance providers such as Tata AIG and Apollo Munich do not have such sub-limit clauses.

  • Cashless hospitalization services

    Several leading insurance providers in the country have a network of hospitals which can offer cashless hospitalization services for the benefit of customers. Customers, therefore, do not have to unduly worry about immediate cash requirements in case of any emergencies. In several cases, the third party administrators pays the bill to the hospital or institute.

  • Tax benefits

    Policyholders can avail of some tax benefits under section 80D (deduction for premium paid in addition to separate deduction for buying policies for parents who are senior citizens) and 80DD of the Income Tax Act 1961. In all, a policyholder can avail of tax benefit of up to Rs.55,000 under section 80D. The sum insured is not considered as ‘income’ and therefore, exempt from tax. However, several conditions have to be met to claim deduction as listed below:

    • Policyholder should either be HUF or individual
    • Payment of premium by any other means except in the cash mode
    • Payment proof
  • Portability

    Policyholders can now avail of a facility wherein they can switch their current insurance policy to another insurance provider seeking higher quality of services and benefits on offer.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

Benefits of Health Insurance Reviews

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  • HDFC Ergo Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my health insurance with HDFC ERGO , the agent that explain me clearly about the policy, and there benefits,and they have tie up with many hospital and they have shared me excel regarding this, i had claim experience on 2016 , my claim experience with this bank was good, the premium amount they have been charged on yearly basis,they have charged premium nominal.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • Max Bupa Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have chosen this MAX BUPA insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits and the premium amount which am paying is satisfied , Am making the payment through online .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • HDFC Ergo Health Insurance
    "Very good benefits"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance from HDFC ERGO which was purchased by me in the year of 2018 because the benefits are very good. The claim process was simple and they have more number of hospitals for cashless. I have paid 18,800 for one year and took 3 years policy for myself and my wife. The medical coverage is 10L for myself and 5L for wife.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Health Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    I have taken health insurance from HDFC Ergo which was offered along my personal loan. I have received the insurance paper and its been couple of months. It covers critical illness and need to go through the policy benefits. Always the customer is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • ICICI Lombard Health Insurance
    "Good Health insurance provider"
    0.5 3.5/5 "Pretty good"
    This policy was part of my employment, I took the medical coverage of Rs. 5 lakhs for the tenure of one year, this medical benefits for my entire. They have good networks of hospital with major disease cover. But I think it doesn't have no claim bonus.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • Cigna TTK Health Insurance
    "On time service"
    0.5 5.0/5 "Blown Away!"
    On time Cigna TTK have activated the policy which provided by the company, the policy which I hold it has the coverage of Rs. 4 lakhs its covers for me. They are providing coverage for the pre existing with the tax benefits but there is no claim.
    Was this review helpful? 1
    , dandeli
    Reviewed on Jan 10, 2019
  • ICICI Lombard Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a health policy from ICICI Lombard by last month. They have offered the policy based on my credit card experience. They have charged 10,800 rupees as a premium per annum. The policy period us 3 years. Am satisfied with the policy benefits. The customer service is excellent and they have explained well.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 09, 2019
  • Max Bupa Health Insurance
    "Costly policy"
    0.5 3.0/5 "Satisfactory"
    I have taken my health insurance policy with Max bupa. I have renewed the policy for last 3 years. I had a claim experience and it was fine. I had no issue with the claim sanction. The premium amount is higher hence i have shifted into other company. They have given me a 100% coverage amount. The maternity benefits has been covered in this policy, hence i have chosen this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 07, 2019
  • Religare Health Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken Health insurance from Religare Health insurance . Am satisfied with the premium amount which am making yearly . It hold benefits of cashless hospitalization and medical bills reimbursement . Their customer executive explained the policy very well .Even they have visited my place did full check up every year.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 29, 2018
  • Star Health Health Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I don't know much about the Star Health medical benefits, my corporate company provided the policy. The customer support is good time to time they give updates about the policy. The medical coverage is fine, they got tie up many major hospitals.
    Was this review helpful? 0
    , jaipur
    Reviewed on Dec 20, 2018
  • New India Health Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have health insurance, I have coverage value of Rs.2 lakhs they got tie up many hospitals. They have good reimbursement process and the policy generation is good in a less duration. They cover all kind of disease, it also has tax benefits and other features.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 20, 2018
  • ICICI Lombard Health Insurance
    "Not satisfied with Customer Service"
    0.5 1.0/5 "Really Bad"
    I have chosen this Icici Lombard insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization. , pre diseases coverage and the premium amount which am paying is satisfied , Am making the payment through online, but am not satisfied with the service where they have not given the documents for the insurance .
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Dec 16, 2018
  • Bajaj Allianz Health Insurance
    "Good Doctor for Health"
    0.5 5.0/5 "Blown Away!"
    My medical policy belongs to Bajaj Allianz, I am working same company hence they gave me best benefits. They do have pre existing disease they got tie up major hospitals, they have helpline of 24/7, the medical value around Rs. 5 lakhs for my entire family.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 14, 2018
  • Apollo Munich Health Insurance
    "Good for health "
    0.5 5.0/5 "Blown Away!"
    I have medical policy for the coverage around Rs. 5 lakhs, they do have pre existing disease cover. The process generation is quick, they send the insurance card with the list of hospitals details. I am very fine with Apollo Munich health benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • National Insurance Health Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have the mediclaim policy with National Insurance for the cover of Rs. 3 lakhs they have major and minor hospitals tie up, they gave me list of hospitals, policy duration is good. There is no pre existing or critical illness cover. They have cover for major diseases, the premium is low with best benefits.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2018
  • review Health Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The reason for taking the health insurance with the IFFCO TOKIO GENERAL INSURANCE is for tax benefits. The premium i pay 25k for this policy which gives the medical coverage is nominal. I have no claim with this policy and i am using it from last 10 years.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 07, 2018
  • Star Health Health Insurance
    "Should be genuine to the customer"
    0.5 2.5/5 "Just OK"
    Once I faced claim, at the time Star Health was not customer friendly they kept waiting almost full day to settle the claim and there was no clarity. Being the corporative policy they wont disclose about the health benefits. Hence I wont recommend this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 26, 2018
  • Star Health Health Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    STAR HEALTH & ALLIED INSURANCE is the health insurance policy where i am holding it but i haev no claim experience with this policy. I am using it from past two year where the premium i paid 8-9k. There is a accidental benefits along with the medical coverage is for 5 lakhs for self.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 23, 2018
  • ICICI Lombard Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    My company has provided me a health insurance policy with ICICI Lombard. Its been 2years now. It covers for entire family and policy coverage is 3L per person. There is no claim experience but I heard the claim process was good. Am not aware of the benefits.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 17, 2018
  • HDFC Ergo Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I already a health insurance with HDFC Ergo. I am satisfied with the benefits. The policy coverage is one year. It covers only minor disease. There is no claim experience. They provide a good network of hospitals for the cashless treatment. I don't get any reminder call for the policy renewal.
    Was this review helpful? 0
    , panipat
    Reviewed on Nov 13, 2018
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