Having a health insurance plan has become a necessity for every individual. As these insurance plans provide coverage for risk when an unforeseen medical emergency visits you unexpectedly. The skyrocketing prices of medical expenses is another headache.
In India, most of the financial advisers point out that Indians are underinsured when it comes to health coverage. Some of them solely depend on the insurance cover provided by their employer and some do not feel it as necessary to have one and some feel they have too small savings for coverage.
The scenario is changing at the moment as the recent data reveals that the awareness about health insurance is on a rise in urban India. Most of the respondents of the survey reveal that the coverage provided by the employer is not fully sufficient for covering all the medical-related expenses and some even expressed their view that having health insurance was more important than having life insurance.
What is the Importance of Health Insurance?
Having health insurance in place for yourself and your family is an important thing due to expensive medical treatments, especially when it comes to private hospitals. Hospitalization itself will make a big hole in your pockets and it has the potential to derail your finances. The going gets further tough if the bread-winner of the family gets hospitalized.
It is better to avoid all these hassles by paying a regular annual premium which will come handy during your difficult times in case of medical emergencies.
A good health insurance policy will mostly cover all the expenses incurred towards medical test, consultation fees of Doctors, hospitalization charges, ambulance charges (if any) and post-hospitalization recovery cost to some extent.
The biggest advantage of having medical insurance is the premium amount paid towards the policy is eligible for rebate under the Income Tax Act and thus it provides tax benefits.
How to Choose the Right Insurance Policy?
Most of the insurance providers in India provide a similar type of insurance policies to its customers.
But as an insurer, one can check for some of the important points before purchasing a plan and they are:
• Minimum Age of Entry and Renewability Clause
• Sum Assured for the Policy
• List of inclusions and exclusions
• No Claim Bonus
• Room Rent Capping
• Other benefits offered by the insurance company
List of Best Health Insurance Plans for Individuals Aged Between 30 - 45 years
Easy Health Standard by Apollo Munich Health Insurance Company
The Easy Health Standard health insurance policy provided by Apollo Munich Health Insurance Company helps individuals during critical times when uninvited medical emergency knocks their door. This plan is available both for individuals and also for families seeking coverage.
The plan provides coverage for illness, accidents, injuries, hospitalization charges and optionally it also offers coverage during critical illness. Apart from this, the plan even offers ‘Ayush' benefit which covers the medical expenses incurred for in-patient treatment taken under Homeopathy, Ayurveda, Sidha, Unani.
Key Features of Easy Health Standard
• The minimum entry age is 5 years and the maximum age is 65 years.
• The policy period is for 1 or 2 years. If the insures goes for a 2-year plan, then they will get a discount on premium amount payment.
• Get 30-day grace period for renewing the policy.
• Sum Insured ranges between Rs 1 - Rs 5 lakhs.
• Medical expenses will be covered if hospitalization is done for more than 24 hours.
• If the policyholders, insured sum is Rs 15 lakh and above, then they can enjoy a lump sum recovery benefit of Rs 10,000, if in case, if the hospitalization is for more than 10 days.
• Emergency ambulance service of up to Rs 2,000 is covered.
• Additional coverage can be taken to cover the critical illness such as kidney failure, coronary artery surgery, major organ transplant, first-time heart attack, multiple sclerosis, paralysis, stroke. The sum insured will be in the range between Rs 1 - Rs 10 lakh.
Health-Guard by Bajaj Allianz General Insurance Company
This insurance policy by Bajaj Allianz General Insurance firm is designed to suit all the health care needs of the insurer. It covers all the medical treatment expenses which are incurred during hospitalization due to accident or serious illness. The coverage has comprehensive benefits which come at affordable prices which suits the needs of the insurers.
Key Features of Health Guard Insurance Policy
• The policy is renewable for a lifetime.
• Two plans are available under the Health-Guard and they are Silver plan and Gold Plan.
• The policy can be taken up either for 1 year or 2 years or for 3 years.
• The policy provides sum insured options for both individual and floater plans.
• The premium amount can be paid for 1 year. In case of long-term policies one-time premium will have to pay at the time of risk inception and for renewing the policy, the premium has to be paid at the end of the tenure of the policy.
• The policy covers inpatient hospitalization treatment, pre and post hospitalization expenses, daycare procedures, ambulance charges, organ donor expenses and so on.
Complete Health Insurance by ICICI Lombard General Insurance Company
The Complete Health Insurance rolled out by ICICI Lombard General Insurance Company is designed in such a way that it can be customized to suit the requirements and budget of the insurers.
Key Features of Complete Health Insurance Policy
• Once in a policy year, the insured sum amount will be reset up to 100%.
• The minimum age of entry is 6 years in case of individual policy and under floater policy, it is 3 months.
• There is no upper age limit on the policy, the holder can renew the policy and can stay protected for a lifetime from medical expenses.
• Response for cashless claims will be done in 4 hours and reimbursement claims will be done in 14 days.
• In case of add - on coverage, the insurers outpatient treatment, preventive healthcare, wellness healthcare and maternity benefits will be covered.
Lifeline - Supreme Family Floater by Royal Sundaram General Insurance Company
Floated by the Royal Sundaram General Insurance Company, this plan provides comprehensive coverage including health and wellness benefits, a second opinion in case of critical illness, annual health check-ups and so on.
Key Features of Lifeline - Supreme Family Floater
- The sum insured options comes in for Rs 5 lakhs, Rs 10 lakhs, Rs 15 lakhs, Rs 20 lakhs and Rs 50 lakhs.
- Ambulance Coverage is provided for up to Rs 5,000.
- Inpatient hospitalization expenses are covered up to the sum insured.
- Vaccination expenses of up to Rs 5,000 are covered in case of an animal bite.
- Get second opinion costs coverage for diagnosis and treatment for 11 specified critical illness.
- Coverage for annual health check-ups for every member who is older than 18 years, irrespective of the claim amount.
About the Author
Archana is a content writer at GoodReturns. She has been writing articles related to investment planning and personal finance for more than two years.