Health insurance is a vital safety cushion for one's hard-earned savings in today's age of mounting healthcare costs. Getting a health cover has become easy. Nowadays, you will find a variety of health insurance plans in India for diverse healthcare requirements. Make sure you thoroughly assess your needs before taking the crucial decision of choosing the best medical insurance policy for the well-being of your family. The best health insurance plan is the one designed to meet the specific healthcare needs of you and your family, and offers a wide-ranging yet affordable coverage and health benefits for a financially secure future.
Further, technology has made it easy to buy medical insurance online, and you can get the best health cover wherever you are. So, review the various policies and make an informed decision.
Health insurance is a type of insurance that covers the medical expenses of an individual or a group of individuals. For availing the benefits of health insurance, the individual(s), also called the 'insured', is required to pay a specific sum or 'premium' to the insurer. Health insurance is steadily gaining importance in India due to rising medical inflation every year.
Health insurance plans offer comprehensive health coverage. That is, it covers a range of medical expenses incurred by the insured. The expenses covered are not just limited to hospitalization costs incurred as a result of injury, illness, or any chronic ailment but go beyond that. Based on the health insurance plan, the insurer may either reimburse the incurred costs or settle the medical bills directly with the healthcare provider as per policy T&C. Health insurance makes it easy for people to avail of cashless quality medical treatment at a network hospital.
Below are the 6 best health insurance plans in India you can get from Care Health Insurance:-
Suppose you choose an individual health policy, with SI up to Rs 5 lakh, covering you, your spouse, and two children. Here, the overall premium cost you have to pay will be high, but each member receives comprehensive coverage up to Rs 5 lakh. Adults can opt for this plan without any maximum limit on entry age. Such plans are ideal for those with specific medical needs, like your parents.
A family floater cover will cover you, your spouse, children, and dependant parents in a single plan. It is the best way to secure your entire family as you need to pay just a single premium for the selected policy term. You also can add new members, but it is advisable to do so only if they are below 60 years. Choose a separate cover for senior citizen members as their healthcare needs differ.
Senior citizen health insurance safeguards the health of ageing parents or grandparents in your family by providing customized benefits, including cashless hospitalization, domiciliary hospitalization, alternative treatment, and annual health check-ups. The best part is that such plans come with lifelong renewability with no maximum entry age limit and no pre-policy medical check-up. Besides, one gets a higher tax deduction on the premium paid.
Young couples who plan to become parents should consider investing in maternity cover more importantly because pregnancy care is getting expensive in our country. The policy will cover various maternity-related expenses, including delivery charges, room rent, day care treatment, pre and postnatal care, and new-born cover up to 90 days.
The policy provides insurance coverage for in-patient care, pre and post hospitalization medical expenses, and alternate treatment. It also has benefits like annual cardiac health check-up that proves useful when health is the foremost concern.
It is an indemnity-based plan that provides you comprehensive protection against a range of medical expenses when undergoing long-term treatment due to any of the 32 specified critical ailments, including cancer. Such plans prevent any financial impact on your savings by covering advanced surgical procedures and medical treatments like an organ transplant, chemotherapy, and radiotherapy. Additionally, with numerous policy benefits like no claim bonus, one gets the financial and mental strength to fight the disease and walk the road to recovery!
Browsing through the various health insurance plans on our website and selecting a customized health cover to manage your medical expenses easily is all it takes. The option to buy a health insurance policy online involves no paperwork; instead, it enables you to view the policy features and make hassle-free claims – all in a matter of few clicks.
Ailments or any medical emergency can happen to anyone, any time. Such is the unpredictable nature of life. Further, with modernization, we have become increasingly accustomed to a lifestyle defined by rising workload, irregular food habits, and variable sleep patterns, when the body actually deserves a significant amount of attention to be working in a balanced manner. Many young adults suffer from lifestyle-related diseases, while other factors like family history continue to pose health risks.
At the same time, as the healthcare costs are increasing, it is becoming difficult for families to afford expensive medical treatments. Medical inflation is a reality many families are coming to terms with, and the awareness of health insurance is gradually growing but still has a long way to go. We aim to stay secure financially, and so it is vital to invest in a health insurance plan for the best protection against increasing medical bills, which may otherwise impact our hard-earned savings. Also, you get the opportunity to save tax under Section 80D of Income Tax Act.
Further, medical expenses are not limited to only hospital bills, and those also get covered, which is the best thing about a health insurance policy. The risk of illnesses will grow as we age. Besides, medical costs are going to be even higher in the future. All this proves that every individual or family requires health insurance.
Below are the main benefits to buy health insurance in India
Buying the best health insurance policy involves careful planning and consideration of various factors. The first step involves identifying the healthcare needs of you and your family, and opting for a suitable plan, say a Family Floater Policy. If you have elderly parents at home, it is wise to go for a senior citizen health insurance plan. The next factor to consider is good coverage in terms of the sum insured keeping the likely health risks in mind. Look for a cashless hospitalization feature in your policy that lets you avail cashless treatment in any of the network hospitals. Affordable premium and reasonable sub-limits on certain medical expenses for the highest possible coverage are some other factors to look for when choosing the best medical insurance policy.
If you plan to buy medical insurance online, here are some of the advantages you would get:
Additionally, an online mediclaim policy is also affordable while it offers adequate coverage for your medical expenses, thus proving to be the best financial support for any medical emergency.
You are eligible to get income tax benefits on health insurance premium paid towards your policy subject to certain limitations. Consult a tax consultant or auditor to clearly determine the actual eligibility and deduction amount. Under section 80D of the Income Tax Act, you can claim deductions when filing tax returns. Mentioned below are some ways you can qualify to save tax and the limits under this ruling.
Health Insurance is a shield that protects you and your loved ones in cases of medical emergencies.
A affordable health insurance plan makes sure that financial crisis is not an issue during a medical emergency.
With the skyrocketing cost of healthcare in the country, opting for a good health Insurance Plan is a smart decision for the safety of the individual and family as a whole.
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A health insurance plan provides you comprehensive financial protection in the time of urgent need by covering various medical expenses apart from the bills you incur during hospitalization. The coverage provided is subject to the policy terms and conditions. The expenses covered in a health insurance policy are:
The best health insurance plans also give maternity benefits with cover for delivery-related expenses. Additionally, various add-ons are available at an additional premium, including OPD Care, where OPD expenses like OPD consultations, diagnostics, and medicines, are covered.
Disclaimer: Please check our Care Product Page and Prospectus for more details.
Before you proceed to pick the right health cover for your needs, give a glance at the exclusions mentioned in the policy documents. Doing so will keep you prepared for any contingency. Exclusions are expenses or the various cases when you may not be eligible to get a claim under your health policy. The exclusions include:
We, at Care Health Insurance, have designed various health insurance plans that fulfil the diverse insurance needs of our customers. Every plan that we offer is suited to cover your medical expenses in the best possible way, so that your dependence on savings is greatly reduced. The one step you must take is identifying the plan that is right for you. We offer benefits that will keep you and your loved ones financially secure today and tomorrow.
The process of choosing a medical policy, whether you are buying it the first time or looking for another health cover, can be perplexing, and all the more so, with so many options available. Before you proceed, take a look at these points:
Choose Care, the best health insurance plan for your family, as it will cover your immediate family members, such as spouse, children, and dependent parents, for a single and affordable premium. Plus, you can look forward to benefits like coverage for advanced medical procedures like robotic surgeries, modern day care treatments, annual health check-ups, no claim bonus, automatic recharge, and much more.
Again, Care, is available as an individual health insurance policy that best covers your medical expenses, with several options of sum insured. The individual can utilize the entire coverage amount and customised the policy and avail of various benefits apart from hospitalization cover.
We offer, Care for senior citizens, the best medical insurance policy for your parents. It comes with a higher sum insured that will financially protect them at this age, and several benefits, like in-patient care, pre and post hospitalization, AYUSH treatment, and pre-existing illness cover subject to policy terms and conditions.
CHI understands that individuals who already suffer from any pre-existing ailment have a greater need for accessing quality medical care. So, we offer several health plans, such as Care Freedom, which is health insurance for diabetes, high BP, and BMI. We also have Care Heart that provides health insurance coverage for people with a pre-existing heart ailment.
When life throws challenges, sometimes, the only option is to be strong and face it. The treatment of cancer and critical ailments can lead to a gradual loss of savings in times of uncertainties. Thus, CHI offers Cancer Mediclaim, and Critical Illness Insurance plans to give your loved ones coverage against expensive medical treatments, without the least worry. It is important to invest in these plans early in life, especially for those who face risks, so that one gets financial protection in the hour of need.
Health insurance premium refers to the amount an insured person should pay to a health insurance company for availing of the policy benefits under a health insurance policy.
The premium cost is calculated after various factors are considered, such as the insured person’s age, type of plan, sum insured, number of insured memebers, add-ons, pre-existing conditions, etc.
Use an online health insurance premium calculator, a digital tool that helps you evaluate the premium amount. It helps you review and compare the premium costs of various health insurance plans, thus selecting the best and affordable option. When you opt for health insurance online, you have the advantage of paying the premium digitally. It is highly convenient as it reduces manual efforts of the buying process and lets you plan your budget in a better way.
We adhere to the underwriting process and consider many factors on which your health insurance premium will depend. Listed below are some of the factors worth noting:
CHI offers different types of health insurance plans that you can review and choose, depending on your healthcare needs. When selecting health insurance online, you can modify the various factors according to your preference and add or remove the insured family members from a specific plan.
The incurred claim ratio and the claim settlement ratio are good indicators of how hassle-free your claims experience will be. Every individual looking to buy a health cover must understand these factors and know the claim procedures to avoid confusion. CHI is among the leading players in the health insurance industry and had a 99.2 % Claim Settlement Ratio for the FY 18-19.
You have two options to file health insurance claims – reimbursement claims wherein policyholder has to initially bear the hospital bills that will be reimbursed by the insurer later; second is the cashless facility where you need not make any direct payment to the hospital
Cashless Claim Process: You can access the cashless health insurance facility at our network hospitals. You can get admission to any preferred network hospital using a health card for any emergency hospitalization or planned treatment. Here are the steps to get a cashless claim:
Reimbursement Claim Process: Health insurance claims are also processed by reimbursing the treatment expenses incurred by the insured person at any hospital. Here are the steps to get a reimbursement claim:
There might be a valid reason why one may wish to port a health insurance policy. The Insurance Regulatory and Development Authority of India (IRDAI) offers the provision of Health Insurance Portability.
Porting a health insurance policy is easy and can be done before the policy renewal stage. Just notify your existing insurer at least 45 days prior to the date of policy renewal of an existing health insurance plan.
You will be able to retain your policy benefits and accrued bonuses and transfer the time-bound exclusions, including credit for the waiting period for pre-existing diseases. It is possible to port a policy from one insurance company to another and from one health policy to another policy with the same insurance company.
Here is a step-by-step guide you can refer to port your health insurance policy and get covered under Care health insurance plans:
Getting an online medical insurance policy has become effortless nowadays, thanks to the advancement in technology. You can now find the best health cover for you or your loved ones from the comfort of your home without even stepping out. Further, the option to buy insurance online also implies the convenience of making digital payment of the health insurance premium, the amount you have to pay regularly to get the continued coverage. After you have made the right choice of health cover that is adequate for your needs, you can proceed to pay the premium through any of the secure digital payment modes, such as net banking, debit or credit cards or payment wallets, etc.
Here is a quick summary of the various steps you should follow for making online insurance payment:
Every health insurance policy offers coverage and various benefits to the policyholder for the specified policy tenure for which one has paid the premium. The policy will be terminated when the term for policy ends.
Renewing health insurance policy is crucial to avoid interruption in the coverage and ensure that your loved ones stay protected and continue to get all the policy benefits, including no claim bonus, cover for a pre-existing ailment, etc. The option to renew insurance online is available for the policyholders.
The procedure to renew insurance online involves the following steps:
The way you buy health insurance online, you also have the facility to renew you health cover through the digital mode, thus saving a lot of efforts
Medical technology has undergone tremendous advancements, and this positive change is helping doctors treat even the most complicated diseases. While we marvel at this transformation of the healthcare industry, the steep increase in the medical treatment costs has worried us as medical inflation impacts our finances. Another dimension to the problem is the growing health risks owing to the demanding lifestyle. Medical emergencies have the potential to wipe out your savings. This fact points towards the need for a health insurance plan to safeguard your family from financial hardships. Moreover, with benefits like cashless hospitalization, there is no hassle to get timely medical care.
The amount of health insurance coverage you will need depends on your medical needs, age and health risks, the city you live in, and various other factors. Here are some points to consider that will help you make an informed decision:
A host of factors, including the sum insured, type of coverage, policy term, number of insured members, age of the insured members, pre-existing medical conditions, will impact the premium cost of a health insurance policy you have chosen. Let’s suppose if a person opts for a family floater plan covering self (around 30 years), spouse (around 30 years), and one child (less than 5 years), for a sum insured of Rs 5 lakh and policy tenure of 1 year, the average premium would be about Rs. 12,333 including 18% GST.
You can now calculate the health insurance premium using a simple digital tool known as the health insurance premium calculator. This tool helps you get the right estimate of the amount of premium you will have to pay for your policy. It considers various factors to calculate the premium, including the information you have entered. Here are the steps to calculate your premium:
You cannot get coverage under a medical insurance policy immediately for any illness except accidents/injuries. You can avail of the policy benefits only after completing the 30-day initial waiting period.
The earlier you get a health cover, the better it is for your financial safety. It is a golden rule when it comes to investment in health insurance plans. We are witnessing a rise in medical costs in India, and the growth in the cases of lifestyle ailments, at the same time. So, when a medical emergency is a high possibility, it is necessary to choose a health cover. Moreover, the premium costs of health plans increase with age. Besides, the chances of having a pre-existing health condition also increase as we grow older. A pre-existing ailment is a factor that can make you pay a higher premium. Thus, going for a health cover early in life is a smart decision.
Network hospitals are hospitals that are empanelled with us and provide you cashless medical treatment. We have 8250+ network hospitals in our network. You can get admission at any of these hospitals for cashless treatment by presenting your health card and submitting a pre-authorization form at the insurance desk. We will directly settle your hospital bills, subject to policy T&C. However, those hospitals that do not come under our network are non-network hospitals where you cannot get the cashless facility. In case you have opted for a non-network hospital, you can file for a reimbursement claim and submit the necessary documents. After our claim management team verifies your documents, we will reimburse your expenses, subject to policy T&C.
Every health policy comes with a waiting period clause. The waiting period is that period you must complete before you can get a claim for the specified medical expenses. There are three types of waiting period:
Your health insurance policy will expire if you do not pay the premium by the policy period end date. However, even if you miss the premium due date, you will be allowed a grace period - 30 days immediately following the policy period end date - to pay the renewal premium. The policy will not provide coverage during the period for which the premium is not paid.
Under a health insurance policy, policyholders are eligible for No Claim Bonus (NCB), which is a reward that you receive for not making a claim during a policy year. It is a bonus amount that becomes available as an increased sum insured for every claim-free year. Thus, it provides you an added cushion to bear medical expenses in the future. Care offers a 10 percent increase in your sum insured for a claim-free year. The NCB amount will not exceed 50% of the sum insured under the policy. The accrued bonus is reduced by 10% in the event of a health insurance claim made by the insured.
Pre-existing diseases are the diseases, illnesses, injuries, or related conditions for which a person receives medical advice/ was diagnosed by a medical practitioner within a period of 48 months before the effective date of a policy issued by the insurer or its reinstatement.
Some medical conditions, such as hypertension, diabetes, and thyroid, are pre-existing diseases if you had them before the policy start date. In that case, there is a waiting period you have to complete before you can get a claim for the treatment.
If you have a medical insurance policy, you have a chance to increase your savings as you become eligible to get income tax benefits under Section 80D of the Income Tax Act. That is, you will be allowed to claim a tax deduction on your policy premium for which you have made a payment to us. You can claim the following deductions on your premium, depending on the coverage you have selected:
The sum insured refers to the maximum coverage amount or payout that an insurer will be liable to pay an insured in case of an unforeseen medical emergency or planned medical treatment. The sum insured is based on the principle of indemnity, where the insurer will cover the medical expenses one incurs up to the sum insured under the health insurance plan. The claim amount that exceeds the sum insured will have to be borne by the insured person.
Yes. You can have multiple health insurance plans. If you have opted for more than one indemnity-based plan with other insurers or us, then you can opt for any of these plans to settle your claims, provided that the claim amount payable is up to the sum insured of such policy. If the claim amount under a single policy exceeds the sum insured, you have the right to choose the insurer to settle the claim. If you have opted for our plan, we will settle the medical expenses, subject to the policy terms and conditions.
Although you can include your elderly parents in your medical insurance policy, we recommend going for a separate health insurance cover for parents. If they are above 60 years, consider going for a senior citizen health insurance plan. It is essential to do so as their healthcare needs are different from yours due to the ageing factor.
A comprehensive health insurance policy will cover various expenses related to your medical treatment, including advanced procedures like robotic surgery and modern day care treatments. Care offers cover for more than 540 daycare procedures.
Smoking is an unhealthy lifestyle habit that can severely damage vital organs in the body, including the lungs, brain, and heart. It can lead to lung cancer, stroke, and heart diseases, exposing a person to grave health hazards. We may take this factor into account when assessing your health risks and calculating the health insurance premium.
Yes, an insured person is allowed a grace period of 30 days immediately following the policy period end date to pay the renewal premium for a health insurance policy. Timely premium payment is crucial to prevent the policy from getting lapse and ensure you get continued coverage.
It is advisable to go for a separate health insurance policy even if you are covered under a corporate group policy. There are a few reasons you must take this decision. Corporate policies are beneficial, but they have some limitations. Firstly, such policies will no longer be valid once you leave the employer or switch jobs, leaving you uninsured during that time. If you are looking for financial security after retirement, you should certainly invest in a personal health insurance policy.
Secondly, the coverage provided by such corporate group policies may be inadequate to meet your needs if you are incurring high medical expenditures. On the other hand, by opting for separate health insurance, you will have the option to customize your policy as per your needs instead of going for the standard features that corporate group mediclaim plans offer.
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*Claim settlement ratio is for FY 19-20 and number of claims served as on June 30, 2020