10 Best Health Insurance Plans in India 2020
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10 Best Health Insurance Plans in India 2020

Are you looking for the best health insurance plans in India in 2020? Well, your search for the top Mediclaim policies to cover medical expenses for your family and yourself ends right here.

What is Health Insurance in India?

Health insurance is a documented contract between you and an insurance company. As per the contract, the insurer shall provide you with a sum assured when you get hospitalized. In exchange for this coverage, you pay a fixed annual amount, called the premium.

Today, health insurance in India is not an option but a necessity for everyone to efficiently manage their medical expenses.

10 Best Health Insurance Plans in India 2020

As people can have specific insurance needs, not one insurance policy can serve the purpose. We have divided the best health insurance plans in India in 2020 into the following 3 categories:

  1. Best Health Insurance Policies for Individuals
  2. Best Family Health Insurance Policies
  3. Best Health Insurance Plans for Senior Citizens

5 Best Health Insurance Plans in India for Individuals

Here are the best health insurance plans for individuals in India in 2019:

1. NCB Super Premium by Religare Health Insurance

NCB Super Premium by Religare Health Insurance is available at a monthly premium of INR 644 (or 7,717 Annually) and offers a sum assured of up to INR 6 Lakhs. Available with a long list of 203 Cashless Hospitals, this insurance plan offers 4 unique features, i.e. 1) Coverage for Advanced Surgeries, 2) Mental Illness, 3) HIV AIDS, and 4) Coverage for Non-consumable Expenses.

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • Daycare Treatments
  • Alternate Medicines
  • Network Hospitals
  • Hospitalization at Home
  • Ambulance Charges
  • 4-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • No Coverage Outside India
  • Doctor-on-call Service
  • Domestic Evacuation

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


2. Health Companion with Recharge (Money Saver) by Max Bupa Health Insurance

Health Companion with Recharge (Money Saver) by Max Bupa is available at a monthly premium of INR 775 (or 9,299 Annually) and offers a sum assured of up to INR 30 Lakhs. Available with a long list of 221 Cashless Hospitals, this insurance plan offers assurance for a guaranteed claim.

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Eye & Dental Procedures
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • Daycare Treatments
  • Alternate Medicines
  • Network Hospitals
  • Hospitalization at Home
  • Ambulance Charges
  • 3-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Infertility Treatment
  • No Coverage Outside India
  • Domestic Evacuation

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


3. Medi Classic by Star Health Insurance

Medi Classic by Star Health Insurance is available at a monthly premium of INR 620 (or 7,432 Annually) and offers a sum assured of up to INR 5 Lakhs. Available with a long list of 235 Cashless Hospitals across the country, this insurance plan comes with a 90% claim settlement ratio so far.

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • 101 Daycare Treatments
  • Ambulance Charges
  • Alternate Medicine
  • 4-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • Doctor-on-call Service
  • Hospitalization at Home
  • No Coverage Outside India
  • Domestic Evacuation

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


4. Optima Restore by HDFC ERGO Health Insurance

Optima Restore by HDFC ERGO Health Insurance is offered at a monthly premium of INR 703 (or 8,431 Annually) and offers a sum assured of up to INR 5 Lakhs. Available with a list of 196 Cashless Hospitals across the country, this insurance plan offers assurance for a guaranteed claim.

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • 586 Daycare Treatments
  • Hospitalization at Home
  • Doctor-on-call Service
  • Ambulance Charges
  • 3-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • No Coverage Outside India
  • Domestic Evacuation
  • Alternate Medicine

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


5. My: Health Suraksha Silver Smart by HDFC ERGO Health Insurance

My: Health Suraksha Silver Smart by HDFC ERGO Health Insurance is offered at a monthly premium of INR 899 (or 10,783 Annually) and offers a sum assured of up to INR 5 Lakhs. Available with a list of 351 Cashless Hospitals across the country, this insurance plan offers assurance for a guaranteed claim.

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • 586 Daycare Treatments
  • 3-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • Doctor-on-call Service
  • No Coverage Outside India

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


5 Best Family Health Insurance Policies

Here are the best family health insurance plans in India 2020:

1. NCB Super Premium by Religare Health Insurance

NCB Super Premium by Religare Health Insurance is available at a monthly premium of INR 1,612 (or 19,344 Annually) and offers a sum assured up to INR 6 Lakhs. Of course, you can apply for a bigger sum assured and pay a bigger annual premium in exchange.

Available with a long list of 203 Cashless Hospitals countrywide, this insurance plan offers 4 unique features, i.e. 1) Coverage for Advanced Surgeries, 2) Mental Illness, 3) HIV AIDS, and 4) Coverage for Non-consumable Expenses with guaranteed claim assistance and has 93% claim settlement ratio (CSR).

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • Daycare Treatments
  • Alternate Medicines
  • Network Hospitals
  • Hospitalization at Home
  • Ambulance Charges
  • 4-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • No Coverage Outside India
  • Doctor-on-call Service
  • Domestic Evacuation

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


2. Health Companion with Recharge (Money Saver) by Max Bupa Health Insurance

Health Companion with Recharge (Money Saver) by Max Bupa Health Insurance is available at a monthly premium of INR 1,888 (or 22,650 Annually) and offers a sum assured up to INR 30 Lakhs. Of course, you can apply for a smaller or bigger sum assured and pay the annual premium accordingly.

Available with a long list of 221 Cashless Hospitals across the country, this insurance plan offers guaranteed claim assistance and has a 96% claim settlement ratio (CSR).

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Eye & Dental Procedures
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • Daycare Treatments
  • Alternate Medicines
  • Doctor-on-call Service
  • Network Hospitals
  • Hospitalization at Home
  • Ambulance Charges
  • 3-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Infertility Treatment
  • No Coverage Outside India
  • Domestic Evacuation

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


3. Health Optima by Star Health Insurance

Medi Classic by Star Health Insurance is available at a monthly premium of INR 1,564 (or 18,768 Annually) and offers a sum assured up to INR 5 Lakhs. Of course, you can apply for a bigger sum assured and pay the annual premium accordingly.

Available with a long list of 235 Cashless Hospitals nationwide, this insurance plan features in-house claim assistance and has a 90% claim settlement ratio (CSR).

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • 101 Daycare Treatments
  • Ambulance Charges
  • Alternate Medicine
  • 4-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • Doctor-on-call Service
  • Hospitalization at Home
  • No Coverage Outside India
  • Domestic Evacuation

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


4. Optima Restore by HDFC ERGO Health Insurance

Optima Restore by HDFC ERGO Health Insurance is available at a monthly premium of INR 1,603 (or 19,226 Annually) and offers a sum assured up to INR 5 Lakhs. Of course, you can apply for a bigger sum assured and pay the annual premium accordingly.

Available with a long list of 196 Cashless Hospitals across the country, this insurance plan offers guaranteed claim assistance and has a 92% claim settlement ratio (CSR).

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • 586 Daycare Treatments
  • Hospitalization at Home
  • Doctor-on-call Service
  • Ambulance Charges
  • 3-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • No Coverage Outside India
  • Domestic Evacuation
  • Alternate Medicine

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


5. My: Health Suraksha Silver Smart by HDFC ERGO Health Insurance

My: Health Suraksha Silver Smart by HDFC ERGO Health Insurance is offered at a monthly premium of INR 2,127 (or 25,515 Annually) and offers a sum assured up to INR 5 Lakhs. Of course, you can apply for a bigger sum assured and pay the annual premium accordingly.

Available with a list of 468 Cashless Hospitals across the country, this insurance plan offers assurance for a guaranteed claim and has a 97% claim settlement ratio (CSR).

The policy covers the following:

  • Hospital Room Charges
  • Restoration of Coverage
  • Health Check-ups
  • Pre-hospitalization Expense Cover
  • Post-hospitalization Expense Cover
  • 586 Daycare Treatments
  • 3-year Waiting Period
  • No Claim Bonus

The policy doesn’t cover the following:

  • Maternity Expense
  • Eye & Dental Procedures
  • Infertility Treatment
  • Doctor-on-call Service
  • No Coverage Outside India

Disclaimers: The information (including the premium, the sum assured, and coverage) is taken from Policybazaar.com


5 Key Points to Remember When Buying Health Insurance in India

On your way to buying one of the best health insurance plans in India in 2020, remember the following key points:

1. Sum Assured or Coverage

This is the major point that you must keep in mind when looking forward to purchasing the best health plan in India. Sum Assured is given as an amount that measures the extent of coverage your insurance policy offers. In 2020, you must look for a health plan that offers a sum assured of a minimum of 5 Lakh rupees.

2. Premium

You have a large number of options when you seek health insurance in India. You can shortlist a few plans based on the annual premium you have to pay. Various insurance aggregators facilitate you to compare health insurance plans, shortlist a few, and make the purchase.

However, you should not go with a plan that is available at the lowest premium. Instead, look for the sum assured as mentioned above and the below factors too.

3. Network Hospitals

No health insurance policy is worth buying if it fails to provide hospitalization facility in your locality. Therefore, you need to look for a policy that has partnered with one or more hospitals in your area. If you already are consulting a doctor in your locality and is doing good, prefer a policy that covers these expenses.

4. Waiting Period

All health insurance policies come with a waiting period of up to 48 months (i.e. 4 years) applicable to specific pre-existing diseases, such as diabetes. To refer to these specific conditions, carefully check the documents of your potential insurance policy. If you have any of those conditions, you may want to look for a health plan with the shortest waiting period.

5. Claim Settlement

Most insurance companies hire TPAs to assess claim applications filed by their customers on their behalf. Every time you or any policyholder gets hospitalized, this TPA guy is informed by the network hospital and he is supposed to pay you a visit at the hospital. In other words, your TPA possesses the authority to reject your claim and the insurance company won’t even get to know you ever raised a claim.

On the other hand, there are insurance companies that prefer to assess the customers’ claims on their own. Simply put, these companies have a dedicated claim assessment team in house, which means that the claim acceptance risk is low with them. Therefore, look for a company that has a dedicated claim assessment team. Star Health Insurance is one such company. (P.S. Check for yourself.)

How does Health Insurance Work in India?

We have numerous insurance companies that claim to offer the best medical insurance in India, as they have partnered with different hospitals, called network hospitals, across the country to cater to your medical requirements. These hospitals provide you with necessary medical assistance as per the terms and conditions mentioned in your insurance policy.

Since you cannot carry your policy documents always, your insurer issues a health card that you need to display at the hospital to avail of cashless treatment. Sometimes, a network hospital fails to offer you cashless treatment, as they have to immediately contact the TPA (Third Party Administrator) of your insurance company to take your case.

Insurance companies hire TPAs to examine and authorize hospitalization cases on their behalf, which often takes a long time to process. In that case, you have the option to avail of the treatment and then raise a medical claim. This is a common scenario in the cases of emergency hospitalization.

Conclusion!

Health insurance is more than a necessity in today’s fast-paced world. Hospitalization for just 1 day can burn a hole in your pocket. Therefore, get one of the best health insurance plans in India for your family. Don’t overlook your need to purchase a medical insurance policy, today. Otherwise, you may have to spend way more on a medical emergency tomorrow.

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