The importance of health is truly highlighted in the phrase ’ Health is wealth’ and there is probably no one who would disagree with the expression. Health is crucial to maintain no matter what stage of life one is in. Therefore, buying a comprehensive health insurance plan stabilises your mental health and prepares you for the upcoming turns of life. Having health insurance is not only beneficial for the known medical illnesses but it also assists for the unknown, but potential medical emergencies that can potentially burn a big hole in your pocket.
While the uncertainties of life continue, it is also a matter of fact that the health care industry is growing expensive day by day. The better the service, the higher are the charges related to those services. Most of the famous hospitals in the country are private sector and thus charge a big amount of money for their services including taxes. But a middle-class family with an average wage might have to lose all their savings to avail these services from the best hospitals. So, in order to maintain a balance between this, it is essential to find a way that can be used to protect oneself from the financial burden without compromising medical needs. The answer here is a health insurance plan which gives benefits such as hospitalization, pre/post- hospital service, treatment expenses, health check-up etc. In exchange, the person is required to pay a fixed premium to fulfil the sum assured amount which is ultimately used for the medical needs of the insured person. Most of the basic health insurance plans include hospital-related charges but along with that, there's an option to purchase Add-On vouchers that can be attached to the health insurance plan at an additional premium cost. Some of the Add-Ons are ambulance service charge, free health check-up, vaccination fee, day-care treatment, terminal illness etc.
Health insurance plans are also available as an all-in-one family floater plan that has the option to include your family members. This family plan can include your dependant children, patents and even your in-laws if required. All members are protected under a single family plan having a single premium instalment.
Top 5 Best Insurance Companies provide a Best health insurance plan in 2020
Aditya Birla Activ Assure Diamond Plan - This plan is offered by one of the most trusted brands, Aditya Birla Capital. The plan is equipped with a large sum insured and it includes all the basic health insurance benefits such as hospitalization, Emergency services etc. There is moreover an alternative for cancer hospitalization.
The minimum sum insured is - Rs. 2 Lakhs
The maximum sum insured is - Rs. 2 crore
Network Hospitals - 6000+
Some of the exclusive benefits of the plan are room up-gradation, super NCB, health coach benefit, domestic as well as international service, organ transplant charges and vaccination benefit.
Bajaj Allianz Health-Guard Plan - The Health-Guard Plan is brought to you by Bajaj Allianz Insurance company which makes it more desirable and approachable for most people because of its wide network all over the country. The plan is available for both individual and family floater. Some of the other coverage of the plan is medical charges during pregnancy and financial aid at the time of a newborn baby.
The minimum sum insured is - Rs. 1.5 lakh
The maximum sum insured is - Rs. 50 lakh
Network Hospitals- 6500+
Some of the exclusive benefits of the plan are pre/post-hospitalization charges, rod ambulance, convalescence benefit, homoeopathic treatment and bariatric surgery expense
Bharti AXA Smart Health Insurance Plan - Again one of the most in-demand health insurance plan is by Bharti AXA. The health insurance plan covers all the health-related requirements of the insured during the term of the policy and assists the insured in maintaining an economic balance.
Some of the exclusive benefits of the plan are tax saving, renewal discount, no claim bonus, free health check-ups, critical illness coverage, Ayush Treatment Cover and day-care medical service charges.
Max Bupa Health Companion Individual Plan - This extensive health insurance plan is produced by Max Bupa to cover all the financial needs of an individual during a medical crisis. The plan is focused to deliver the needs of a single person or small families. The plan covers all the basic benefits of a health insurance plan. The plan is offered in three different variants depending on the range of cover one chooses to buy. The plan has also an alternative of two years of the policy tenure.
Some of the exclusive benefits of the plans are no cap on room rent, animal bite vaccination charge, refill benefit and look fe time renewal benefit.
HDFC ERGO Health Optima Restore Plan - Health Optima by HDFC ERGO is the plan most popular among insurance customers. The plan was earlier known as Apollo Munich Optima Restore Plan. The plan has a wide range of features that makes it unique and more desirable. It also has a restore feature which makes it uniquely attractive. The restore feature refills the sum insured if it has been maxed out. The company has a reputation for having the fastest reimbursement service.
The minimum sum insured - Rs. 3 lakh
The maximum sum insured - Rs. 50 lakh
Network Hospitals - 10000+
Some of the exclusive benefits of the plan are E-opinion, restore benefits, stay Active Benefit, multiplier benefit and sum insured enhancement.
Types of Health Insurance Plans offered by Top Insurance Companies
There are various types of health insurance plans offered by different different top insurance companies. Some of the most popular types of health insurance plans are -
Terminal illness plan - This plan is available to those suffering from a terminal illness and requires protection against huge hospital bills. The plan offers a fixed sum of money to the insured for his/her hospital expenses and treatment procedure for the illness.
Elderly health plan - Although it is advised to buy a health insurance plan as early as possible. Still, if you find yourself or a loved one without a health insurance plan after the age of 60 years then this health plan is modelled for you. It provides financial protection against medical bills for people above the age of 60 years.
Maternity health insurance - Bills and hospital expenses can be relatively higher for pregnancy than regular treatment. Therefore, this health plan is designed to assist during the vital time of pregnancy. It offers monetary support for the pregnant woman along with related medical care
Singles health insurance - This is the health insurance plan for a single person under which a life long coverage against all medical care is offered. An individual with the help of this plan is secured and taken care of by the insurance company in exchange for a premium payment.
Family health insurance - Having a family health insurance gives you a chance to protect all your family members including yourself, all under a single health insurance plan. It is like an umbrella of protective cover against medical bills for your whole family. The family plan can include you, your spouse and dependant children.
Unit linked health plan - Like other unit-linked plans, a unit-linked health plan is also a two-in-one savings plus protection plan offered by most insurance companies. This way, you can be free of medical expenses as well as store a little extra amount by investing in the market funds through the insurance company.
Group health insurance - As the name suggests, this type of health insurance plan is preferred when buying a policy for a group. It offers medical care support in the form of financial aid to the whole group. Usually, this type of plan is bought by companies, organizations and corporate firms for the group of employees.