Spending money on the maintenance of one’s good health is a long term goal. The health insurance cover helps you achieve this goal.
So, it is important that you put your hard-earned money on the right health insurance plan under the right health insurance company which fits in your budget and yields you the best medical facilities.
Only choosing the right healthcare plan can bring life-long peace of mind and maximize your benefits.
How to Choose the Best Health Insurance Company in India?
There are at least 25 health insurance providers in India that offer a varied range of health insurance products. It is really tricky to pick up the best health insurer out of all insurance companies.
The key factor behind choosing the best health insurance company lies in your idea of a health insurance plan. Before comparing different health insurance companies, you should identify your needs. However, the primary factors for choosing the best health plan in 2021 are:
- Claim-Settlement Ratio – Companies with a high claim settlement ratio can guarantee that your claim will not go unheard.
- Type of Healthcare Plan – Identify your requirement and decide what type of healthcare plan is apt for you. If you are seeking a health cover plan of your own then individual health insurance would be beneficial for you. Whereas, if you are seeking for a comprehensive plan for you and your family, a family floater health insurance could meet your expectations.
- Health Insurance Premium – Go for the most affordable yet good coverage health care plan. Check for the unnecessary features of the insurance policy which may raise the premium of your health plan before picking up your desired health insurance company.
- Cashless Hospital Network – Check thoroughly the network of hospitals present in the list of cashless hospitals. Check for your convenience and the service provided by the hospitals.
- Co-Payment Option – Go through the co-payment clause of the insurance company. There are several companies which demand a certain percentage of co-payment from the insurance holder. This means a share of the total medical cost is to be paid by the insured and the rest by the insurance provider.
- Sub-Limit Clause – Take a close look at the sub-limit clause of the health insurance company which could lead you to pay out from your pocket. There are insurance companies that come without sub-limits as well.
- Renewability – Make sure that the insurance company offers life-long renewability of the health insurance policy. More medical assistance will be needed as you grow old. Some companies allow the renewal of the policy maximum up to the age of 70 or 80yrs.
- Pre and Post Hospital Admission Cover – Best health insurance companies offer 60days pre-hospitalization expense coverage and 90 days post hospitalization cover. Check for the pre and post-hospital cover – the more the better.
- No Claim Benefit – Most insurers offer an increase in the assured sum at the time of renewal of the policy after every claim-free policy year.
Top 3 Public Sector Health Insurance Companies in 2021
- National Insurance Company Ltd. – National Insurance Company Ltd. is one of the most trusted government-aided insurance companies in India which is popular for its extensive cover health insurance products. Great service and extraordinarily high claim-settlement ratio mark the success of the National Health Insurance Company. It shows a 110.02 percent claim ratio. Besides, the popularity of senior citizen Varistha Mediclaim policy remains unparalleled.
- New India Assurance Company Ltd. – New India Assurance Company Ltd. has been providing great health insurance products over a century in India. As the National Health Insurance Company, New India Assurance Health Insurance Company is also a public sector health insurance provider. The company’s claim ratio, which is 98.78 percent, defines its consistency. The medical insurances of the company are of different ratings, designed especially for major metro cities.
- Oriental Insurance Company Ltd. – Oriental Insurance Company is a government-owned insurance company, which has been operating as a general insurance provider in India since 1947. It offers one of the best health insurance products in India for several decades. The most highlighting feature of Oriental health insurance policies is that the company does not mandate medical screening of health insurance proposers up to the age of 60yrs. Whereas, most of the other leading health insurance providers mandate medical screening of policy seekers above the age of 45yrs.
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Top 3 Private Sector Health Insurance Companies in 2021
- Bajaj Allianz General Insurance Company Ltd. – Even being a general insurance company, the success of Bajaj Allianz health insurance products is unrivaled. Over a decade it has secured a significant position in the health insurance industry with its efficient service and a great range of additional features.
- Apollo Munich Health Insurance Company Ltd. – Apollo Munich Health Insurance is one of the topmost health insurance providers in India. Within a decade’s time, it has secured its leading position in the health insurance industry by incorporating smart additional features in the health care plans such as portability in plans and life-long renewal facility.
- Star Health and Allied Insurance Company Ltd – Star health insurances provide healthcare plans for a varied range of people belonging to different strata of society. Within a decade it has earned its popularity through extensive health insurance products. Besides, the company provides special insurances to cover the treatment of HIV+ and diabetic patients.
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