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    Bankbazaar health insurance

    Health Insurance

    Premiums as low as 10/day for
    coverage of 5 lakhs
    Know more about Plans from Health Insurance companies
    10,000+ hospitals for cashless treatment
    Conditions apply, subject to Insurer's discretion
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    Cashless Treatment

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    Medical Coverage

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    Health Insurance BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 3661 users

    Overview of Plans from Medical Insurance Companies:

    Insurance provider
    Coverage
    Pre and post hospitalization expenses cover
    Co-pay
    Renewability
    Pre-existing disease cover
    Network hospitals
    Incurred Claim Ratio*

    Key factors to consider before buying Health Insurance

    Co-pay

    Co-pay is a fixed percentage of the hospital bill you will have to pay when you make a claim, while the balance will be paid by the insurance company. For e.g. If your policy has a 10% Co-Pay clause, it means for a Rs 1,000 claim, you have to pay Rs 100 while the insurer will pay Rs 900. Ideally, opt for a "no co-pay" plan so you don't have to shell out for every claim.

    Waiting Period for Pre-existing Diseases

    Pre-existing diseases are classified as diseases/conditions that a person has before buying health insurance. All pre-existing diseases aren't covered from day one of buying the policy. The time taken to cover pre-existing diseases will vary from plan to plan. Check the amount of time taken to cover pre-existing diseases in your plan.

    Lifelong Renewable

    The duration of coverage is the most important factor in buying a health insurance policy. Your health is most likely going to deteriorate only in your sunset years so ensure that your coverage is lifelong and not for a few years. Always go for a plan that can be renewed lifelong.

    Room Rent

    Your room preference during hospitalization matters (such as shared room, private room or private room with high-end facilities). A costlier room means you'll pay higher treatment and hospitalization charges! It's better if your plan has a higher room rent limit per day.

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    Your Premium for Health Insurance is determined by

    01
    Your current age

    Lower premium for younger buyers.

    02
    Members included

    The premium depends on the number of insured members.

    03
    Room preference

    Your room preference during hospitalization matters (such as shared room, private room or private room with high-end facilities) Remember costlier room means higher treatment charges too!

    04
    Pre-existing medical condition

    Your premium will depend on any pre-existing medical conditions.

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    Smart buying tips for your Health Insurance

    01
    Assess Your needs

    You can't choose your relatives. Luckily, you can decide which family members to include in your health insurance policy. The second important thing is your room preference during hospitalization such as shared room, private room or private room with high-end facilities.

    02
    Extra-Coverage for Critical Illness

    A smart health insurance policy is one that covers you for bolts out of the blue - medical expenses for critical illnesses like cancer, stroke etc.

    03
    Know Your Budget

    Consider your budget in order to avoid a huge premium. Don't pick all the options available under the insurance policy. This will eventually increase your premium amount. So tighten your purse strings sensibly.

    04
    Read the Fine-Print

    The devil is in the details. Always read the "Terms & Conditions" of the policy i.e. features that are not covered under the policy. Make it a point to ask for sample policy wordings. With the in-depth knowledge about certain definitions, terms & conditions, exclusions and offered benefits, you'll always be the smarty-pants who's one step ahead.

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    Read Health Insurance news or Enjoy it on the go Google Play

    • Premiums of group health insurance policies likely to rise

      Group health insurance premiums may see a rise in the near future.

      The chairman of the IRDA, TS Vijayan recently said that the regulator is planning to ask insurance companies to submit balance sheets that show the segments that were making losses. Among the various segments of health insurance, the net incurred claim ratio for group policies has been observed to be higher than that for individual policies. This value has actually been more than 100% for the past 5 years.

      Insurance companies manage expenses and pay claims from the earnings they get through premiums. If the expenses and claims exceed the premiums collected, the business will not be viable.

      Group health insurance policies have been altered in the recent past so that businesses receive profits. This includes the introduction of co-payment and the capping of acquisition costs. Some large insurers have also increased the cost of group health insurance by 10-50%. Once the IRDA inspects the balance sheets of insurance companies, there is a high probability that the premiums for group insurance may be increased further.

      21st March 2017

    • Insurance coverage has boosted growth of the corporate health insurance sector

      According to the India Ratings and Research, corporate insurance has resulted in the increased penetration of health insurance in the country. Based on the predictions of the agency, the sector is expected to witness a 15 percent growth in the 2017-2018 Financial Year. The agency said that the sector will continue to witness significant interest from private equity and strategic foreign investors, looking at leveraging the established brands of regional or sub-regional players to create strong national or regional chains - owing to its growth.

      16th March 2017

    • Non-life premiums likely to go up in FY 2017

      Because of the large number of claim settlements these days, insurance companies are planning to increase the premium amounts by 10% to 15% in certain areas of insurance. The insurance regulator IRDA too has mentioned about a possible premium hike in motor insurance from 1st of April. Insurers are focusing on pharma, power, and cement under property insurance, and also, the health premiums are likely to go up. Companies such as New India Assurance may increase premiums in fire and group health domain. According to SBI, the main challenge is to maintain profitability at a time when investment yields are coming down.

      16th March 2017

    • Activ Health launched by Aditya Birla Health Insurance

      In a bid for health insurance in the country to reach those even with small savings, Aditya Birla has launched Activ Health. According to Mayank Bathwal, CEO ABHIL, the company has created a product offering which could provide one stop solution for the emerging healthcare requirements amongst individuals and groups which will create sustained healthy behaviour. According to him, this health insurance plan goes beyond financial security and targets those even with small savings, thereby increasing the chances of health insurance penetration in the country.

      15th March 2017

    • Meghalaya Health Scheme Receives Appreciation From Central Govt.

      The Meghalaya Health Insurance Scheme (MHIS) has recently received appreciation from the Central Govt. said Mr. Mukul Sangma, the CM of Meghalaya. He mentioned that the health insurance scheme had received unanimous applause from the Union Health Ministry which has also announced that it would like other Indian states to replicate the scheme. The CM added that the Government is likes the scheme for it’s innovative factor and while the health scheme provided by the Centre was only applicable to families under the BPL category, the state health insurance scheme covers everyone as it operates on the principle of universal health insurance. The CM also said that the MHIS shall serve the purpose of paving the way for private investments in the state's health sector.

      10th March 2017

    • Enjoy Up To Rs.5,000 Tax Benefit On Your Medical Tests

      Do you pending blood, urine, or X-ray tests that needs to be taken? Do not put aside preventive health checkup as it not only informs your about your health but can also get you income tax benefit. CEO and Certified Financial Planner of Optima Money Managers, Pankaj Mathpal, stated that under Section 80 D of the Indian Income Tax Act, one can claim up to Rs.5,000 for preventive healthcare checkup within the existing limit of Rs.25,000. You can claim this benefit even if you have made the payment by cash and not by payment or cheque.

      9th March 2017

    • Fixing upper limit for coronary stent price will reduce health insurance premiums

      As the National Pharmaceutical Pricing Authority (NPPA) capped the price of coronary stents, cardiac surgeries are expected to see a price drop. Stent costs form a significant part of the procedure expenses, and the drop in cost of surgeries will lead to a reduction in health insurance premiums.

      On 13th February, NPPA fixed the upper limit of drug-eluting stent cost at Rs.30,000. The cost of bare metal stents was capped at Rs.7,500. The reduction in stent prices will bring down surgery costs by 50-60%. This reflects in the health insurance bills, as well. Subsequently, the premium rates for heart specific diseases will be slashed.

      8th March 2017

    • AYUSH to be covered under Health Insurance

      A recent survey that was conducted has disclosed that over half the population of India has reported that organic or natural remedies have influenced their decisions on purchasing skin and hair care products. Health Insurance agencies are now coming up with comprehensive health insurance policies that cover AYUSH treatments. The Ministry of AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) is actively involved in developing insurance products to cover these treatments. The Ministry of AYUSH is now educating, developing, and taking necessary steps to extend the reach of Ayurveda treatment to all people in all parts of the country. An individual who is advised to take up Ayurveda treatment and is covered under the AYUSH treatment plan is eligible for reimbursement under this policy. An individual can settle his/her claims by providing all necessary documents related to hospitalization like original hospital bills, investigation reports, and original discharge certificates

      6th March 2017

    • People in smaller towns to pay lesser for health insurance compared to metro citizens

      Small town dwellers will end up paying less for health insurance when compared to their counterparts in metro cities. Private insurers are planning on introducing different rates for health insurance depending on where the customer is located. This move is aimed at increasing the number of people who opt for health insurance. Currently, people in smaller towns do not pick up a health insurance policy because they find the price of the policy too high to afford. At the moment, only 17% of India’s population owns some form of health insurance. Several insurance companies like Apollo Munich Health Insurance and Bajaj Allianz have started charging different rates to people who reside in metros and rural areas. According to a study, around 80% of expenses due to health care is paid from the pockets of the people who sometimes are forced to sell their assets and dip into their savings. Insurance agencies are now striving to prevent this from happening.

      24th February 2017

    • Actuary panels to be set up by the IRDA for life and general insurers

      IRDA will soon form a panel of analysts who will be able to engage actuaries in the same way how general and life insurance companies have been doing. The Insurance Regulatory and Development Authority of India (IRDA) has now invited bids for employing analysts to help create a “Panel of Actuaries”. There are plans to form separate panels for general and life insurance which would also include health insurance as well.

      Appointed Actuaries (AA) will have the responsibility of estimating the solvency margin and reserves at the end of the fiscal year. They will also be responsible for preparing reports which are required under the present regulations in respect to one or more insurance agencies.

      22nd February 2017

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