Which is the best Health Insurance Company in India: The private health insurance market in India is really cluttered. With more than 20 health insurance companies trying to sell more than 65 policies and 400 products, it is often a herculean task to decide which is the best health insurance Company in India that is best suited to one’s needs. The surprising thing is that although most of us now understand the importance of health care plans, we often look at health insurance policies as a tax saving instrument. A recent survey carried out among people in the age group of 25-35, by ICICI Lombard suggests that 75% of respondents said that they had medical insurance. However, 46% of the sample said that tax deduction was the primary motive behind buying these health insurance policies.
But, coming to think of it, this is still better than having no insurance at all.
Which is the best Health Insurance Company in India
People often try to find out ‘which is the best Health Insurance Company in India’, and although there has been a rise in the in demand for private health insurance in India, the penetration of health insurance in the country continues to be below average – with only 0.16% of the total population insured for health (As per IRDA). In the quest for cheap health insurance and/or tax benefits, the real essence of taking a health insurance is somehow lost.
Parameters of an ideal Health Insurance Company
While choosing “which is the best health insurance Company in India” and their best health insurance plan for yourself and your family, you need to keep the following in mind.
With increasing medical costs, choose a health insurance plan that offers the maximum coverage amount. While choosing a cheap health insurance shouldn’t be your priority, it’s always better to analyze your income to arrive at a reasonable premium – which in turn decides your Coverage amount.
If you are single, individual plans may be suitable for you. However, consider a family floater health insurance plan if you have a family. These come with lower premiums and covers your entire family.
Waiting period for chronic illnesses
Consider taking a medical insurance which has a low period of waiting for covering chronic ailments.
Maximum Age renewal
Choose a health insurance plan which allows you to renew the policy till the time you are 70-75 years of age.
Network Hospital Coverage
A policy with the most number of hospitals under its umbrella is the ideal. This becomes more crucial when you don’t reside in any of the Tier 1 cities.
Coverage of Illnesses
Make sure to opt for a health insurance policy that covers a larger number of illnesses; particularly critical Illnesses, since these are the ones which need particular care and can be very expensive to treat otherwise.
Health insurance plans usually can be renewed every three years or even more depending on the plan. However, look for medical policies that can be renewed every year. Go with the health insurance plan that can be renewed online.
As per my understanding, the best health insurance to go with today will be the ICICI Lombard.
With the company’s Complete Health Insurance policy, you are assured of cashless approval within 4 hours. This allows you to avail timely medical services without worrying about the finances; and not to mention their 4500+ network hospitals.
Some other benefits of the ICICI Lombard Health Insurance are –
- Tax Benefits on the premium amount paid for yourself, spouse and dependent children
- You can reset your sum insured up to 100% once in a policy year
- Add-on cover for outpatient treatment, preventive healthcare and Maternity benefit
- You can get covered for alternate therapies like Ayurveda, Unani, Homeopathy etc.
- There is NO upper age limit to the policy. You can continue to renew it throughout your life.
- Additional features like chat facility with a doctor, free health check-ups and e-Consultation also offered.
As mentioned earlier, there are a host of private health insurance companies in India. And an initial glance through them may also give you the impression that all these health insurance plans serves your purpose. Then, how do we decide – Which is the best Health Insurance Company in India? It is only when you take a deeper look at these, and start analyzing the aspects mentioned above, you realize that not all of these health insurance plans are worthy. Looking at all the factors, in my opinion, ICICI Lombard should be your ideal health insurance partner.