The year 2015 is here, and riding high on all the excitement relating to the promise of new beginnings and second chances, comes our tendency to churn out resolutions and life strategies. If leading a healthy lifestyle in 2015 is your mantra, then safeguarding yourself against unexpected contingencies should be a priority too. In this regard, our compilation of the best health insurance plans in the Indian market should serve as a handy guide - to help you commit to a good healthcare plan from amongst the top health insurance policies in India, through 2015 and beyond.
Finding the Best Fit - A Medical Insurance Policy that Works Best for You!
The first step in this quest is to intimately understand your own specific requirements.
- Are you looking for an individual healthcare plan or one that focuses more on including all your family members in the mix?
- Are you a senior citizen who needs special care and thus, additional benefits?
- Or, would you prefer a medical insurance plan that targets critical illnesses?
Sorting through these questions will help you make an informed choice from amongst the top health insurance policies listed below.
Individual Health Insurance Plan:
Star Criticare Plus - This aptly named health insurance policy from Star Health Insurance is a strictly individual plan wherein the sum assured applies per individual member covered under the policy. Aside from the usual bells and whistles, the plan includes comprehensive protection against a vast number of critical diseases. The cost of pre-acceptance medical screening is borne by the company and the customers are treated to a high level of professionalism and quick turnaround time.
Apollo Munich Easy Health Premium - With features like cashless hospitalization at 4500+ hospitals across 800 Indian cities with 10,000+ attending doctors, 100% lifetime renewal, the best customer support in its class, transparent workings with zero hidden charges, tax deductions under section 80D and the enduring reputation for one of the fastest claim settlement procedures in the industry, Apollo Munich Easy Health policy (premium version) ranks amongst the best health insurance plans in India for individuals.
Family Floater Health Insurance Plans:
Max Bupa Heartbeat Family First -This plan is specifically designed to cater to the Indian joint family, with applicable coverage for upto 14 relationships with an assurance of individual sum assured for each member of the clan and a cumulative floater sum assured that can be used by any member of the listed family. The inherent versatility of this medical insurance plan from Max Bupa makes it a clear favourite.
Bajaj Allianz Health Guard Family Floater Option - This enterprising healthcare plan from Bajaj Allianz figures amongst the best health insurance plans in India thanks to its unique and friendly features that provide robust protection for you and your family in the unfortunate event of a critical illness or accident, providing for the expensive medical treatments in each case. Never be worried about running out of cash where your family’s health is concerned, ever again!
Senior Citizen Health Insurance Plans:
The retirement years are a particularly intensive time where ill-health and diseases might be rampant. Choose from the top health insurance policies that provide a solid shield of protection for your elderly parents’ health through their twilight years. In this regard, ‘Senior Citizen- Red Carpet Insurance’ from Star Health Insurance and ‘New India Senior Citizen Mediclaim Policy’ from The New India Assurance Co. Ltd. are definite standouts. Both policies offer a string of benefits, including coverage for pre-existing diseases, hospitalization expenses in the event of an injury or illness, no pre-insurance medical tests and guaranteed renewals to name a few. Summing up, robust healthcare plans, such as the two named above, provide the necessary protection and peace of mind for our elderly through their retirement years.
Critical Illness Insurance Plans:
Religare Health Assure - In this day and age, falling prey to a critical illness isn’t a very farfetched idea, even for those who deem themselves fit and healthy. Hence, the ‘Assure’ plan is devised by Religare Health Insurance that provides coverage against 15 commonly occurring critical illnesses. Alongside this, a personal accident cover sweetens the plan for you and your family members. The sum assured is forwarded to you as a lump sum that can be accordingly disbursed.
HDFC ERGO Health Critical Illness Platinum - This critical illness plan from HDFC ERGO accounts for 15 critical illnesses and benefits the insured with a lump sum amount, payable after a 30 day initial survival period from the point of diagnosis of the ailment. Tax savings, recurring costs for care and treatment, a competent income source for those whose condition forbids them from professional work and funding to affect a complete change in lifestyle are some of the salient features of this policy.
Apollo Munich Optima Vital - A popular product in the arsenal of Apollo Munich Health Insurance, the Optima Vital plan protects you against an identified critical illness and/or impending surgery. The unique features that make this one of the best health insurance plans in India include, an e-opinion option to consult a specialist doctor with regards to your earlier diagnosis, portability option from your existing insurer to Apollo Munich and the choice to enhance your assured sum.
Cashless Mediclaim Policies:
The inherent benefit of subscribing to a Cashless Mediclaim Policy is that the insured is comprehensively protected against any serious accident or surgery that might require a massive impetus of funds. In these critical instances, the cashless mediclaim policy helps you to meet the ensuing expenditure without having to break your bank account, dive into your savings or procure a loan from a third party. The salient features of these plans include cashless hospitalization, coverage for pre and post hospitalization expenses and inclusive health check-ups. In this regard, the ‘Royal Sundaram Total Health Plus’ and ‘Bharti AXA Health Insurance’ cashless mediclaim policies pose as two of the best healthcare plan options available in India.
Group/Corporate Health Insurance Plans:
ICICI Lombard Group Health Insurance - One of the top health insurance policies in India, the ICICI Lombard Group Health Insurance plan is focused on unfurling the health insurance umbrella to cover all your employees as well as their families against unforeseen medical emergencies and expenditure. The policy extends to cover critical illnesses and advanced surgeries, while allowing you the flexibility to choose a cover that best suits your specific requirements.
Tata AIG Group Personal Accident & Group MultiGuard Personal Accident- A group policy with attractive features such as worldwide accidental death coverage that applies 24x7- 365 days a year, daily cash benefit in case of hospitalization due to an accident, freedom to choose amongst 4 varied levels of coverage and importantly, double cover feature in case of accidental death caused by common mediums like bus, trains etc. Subscribing to this policy from Tata AIG is the best gift you could give to your employees.
HDFC ERGO Group Medical Insurance- This radical group healthcare policy is best suited for an employer who cares for the health and well-being of his/her employees. With features such as low premium costs, high level of customization, coverage for all on-roll employees and cashless claim across a wide network of member hospitals, this policy is sure to meet the dual objective of providing maximum health protection to your cherished employees as well as keeping a solid check on the associated spending. Group medical insurance was never this convenient!
In Conclusion, the year ahead looks ripe with promises as far as your professional and personal life is concerned. And when talk shifts to protecting the future of your family and making a solid investment with regards to their health, any of the listed healthcare insurance contenders will bring you the expected protection and complete peace of mind.
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.