Health Insurance 145 views March 15, 2021

All of us need health insurance, no matter whether we are single, married, retired or an employee of an organization. Because we all face health risks in our daily lives, and due to increased medical costs, most of us are unable to receive the required treatment. So to tackle the same, the concept of health insurance got introduced. Using a health insurance plan, an individual can get coverage for his/her hospitalization such as – room rent, ICU charges, nursing expenses, medicine/drug purchases, etc. Let’s know more about health insurance and how it helps different segments.

Health Insurance

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So How Do Health Insurance Plans Help Different Segments?

There are different types of health insurance plans meeting the requirements of different segments that you could see below.

Individual Health Insurance

This health insurance plan is for a single person only. Here, the insurer provides you a sum insured to cover your medical expenses. In an individual health insurance plan, you get benefits like hospital cash, no claim bonus, unlimited renewals, etc. Let’s take a look at some of the popular individual health insurance plans –

Individual Health Insurance PolicyMinimum Annual Premium Amount (In INR)BenefitsSum Insured (In INR)
Max Bupa Health Companion424

  • Day Care treatments coverage

  • No room rent limit

  • Yearly health check-ups

  • No claim bonus of 20% each in the claim-free year

Up to 1 Crore
ManipalCigna ProHealth Select2,090

  • Coverage for daycare, domiciliary, AYUSH and in-patient hospitalization treatments

  • Organ donor hospitalization expenses are covered

  • Reward points can be earned each year

Up to 25 Lakh
Star Medi Classic Insurance Policy2,510

  • Hospitalization coverage

  • Health check-up cover

  • Non-allopathic or AYUSH treatment cover

  • Restore up to 200% of the base sum insured

Up to 15 Lakh
United India Individual Health Insurance Policy1,663

  • Hospitalization cover

  • Pre-and post-hospitalization benefits

  • Hospital cash

  • Ayurvedic treatment cover

Up to 15 and 20 Lakh
New India Mediclaim Policy2,708

  • In-patient treatment cover

  • Ayurvedic, Homeopathic and Unani System treatments cover

  • Hospital cash of 0.1% of the sum insured

  • Ambulance cover up to 1% of the sum insured

Up to 15 Lakh
Oriental Insurance Individual Mediclaim Policy1,566

  • Lifelong renewals

  • A discount of 10% on adding Personal Accident cover

  • No medical examination if your age is under 55 years

  • Daily Hospital Cash if hospitalization is for 2 consecutive days

  • Organ donor expenses

Up to 10 Lakh
Aditya Birla Activ Assure Diamond Plan2,774

  • Cashless treatment

  • 150% of the sum insured reload

  • Up to 586 daycare procedures covered

  • Health returns

  • Discount up to 10% on premiums

Up to 2 Crore
HDFC ERGO my:health Suraksha4,192

  • Air ambulance cover

  • Recovery benefit

  • Infertility cover

  • Wellness features

  • Flexi benefits like room rent capping, co-pay for premium discounts

  • Long term policy up to 3 years

Up to 75 Lakh

Family Floater Health Insurance

If you care for your family and are worried about their health, purchase health insurance on a family floater basis. In this, you can cover yourself, your spouse, parents, children and in-laws under a single health insurance plan. Let’s know popular health insurance plans in this category.

Family Health Insurance PolicyMinimum Annual Premium Amount (In INR)Benefits
Bajaj Allianz Health Guard - Gold5,124

  • In-patient hospitalization treatment
  • Illness or accidental bodily injury coverage if contracted during the policy period
  • Expenses for Chemotherapy, Radiotherapy, the cost of Artificial Limbs
  • Pre- and Post-hospitalization
  • Road Ambulance up to INR 20,000 per policy year
  • Day Care Procedures
Future Generali Comprehensive Health Insurance4,414

  • Hospitalization expenses

  • Day Care treatment

  • Pre-and Post-hospitalization medical expenses

  • Organ donor expenses,
  • Restoration of the sum insured equal to 100%

  • Maternity expenses cover

  • Mental illness cover

  • Cover for OPD treatments

Universal Sompo Complete Health Insurance1,774

  • Dental Treatment Cover if it is caused by an accident

  • Organ donor expenses

  • In-patient cover

  • Home care treatment

  • Pre-and post-hospitalization

Star First Optima3,435

  • No pre-acceptance medical screening if your age is under 50 years

  • Newborn cover

  • Compassionate travel expenses covered

  • Expenses for repatriation of the mortal remains

New India Premier Mediclaim Policy9,309

  • In-patient cover

  • Critical illness cover

  • Hospital cash benefit

  • OPD treatments coverage

Group Health Insurance

If you are an employee of a company, your employer might provide you with health insurance. And do you know such insurance comes under the category of group health insurance? Under this, only the employee, employee’s spouse/husband and children will be covered. An employer can purchase group health insurance if there are more than 50 employees in the company or organization. The following are some popular group health insurance plans –

Family Health Insurance PolicyBenefitsSum Insured (In INR)
Kotak Group Health Care

  • In-patient treatment cover

  • Pre-hospitalization and Post-hospitalization medical expenses cover

  • Coverage for daycare treatment

  • Domiciliary Hospitalization

  • Emergency Ambulance

  • Donor Expenses in case of the surgery (only if it is recommended by the doctor)

Up to 25 Lakh
Reliance Group Mediclaim Insurance Policy

  • Customized Policy

  • All employees and their families shall be covered

  • Cashless Claims

  • Daycare procedures covered

  • Discount on premiums on the renewal date

  • Reduces the employee turnover amount

  • The low premium cost for the insured

  • Covers regular health check-ups of the employees

As specified by the insurer
Oriental Mediclaim Insurance Policy (Group)

  • Available to any Group, Association, Institution, Corporate Body of more than 50 members.

  • Compensation for Hospitalization and Domiciliary Hospitalization expenses

  • Cashless facility

  • Pre acceptance medical check-up if your age is 45-55 years or above 55 years at the time of entry.

Up to 5 Lakh
Aditya Birla Group Activ Secure

  • Personal accident cover

  • Critical illness cover

  • Hospital cash benefits

As specified by the insurer
New India Group Mediclaim Policy

  • Reimbursement of hospitalization expenses for illness or injury

  • Cover the cost of treatment if it is done in the general ward of the hospital or a daycare center

  • Pre and Post-Hospitalization expenses

  • Ambulance service

  • Cover for specified diseases

Up to 15 Lakh
Aditya Birla Group Activ Health Plan

  • Quick and easy policy issuance

  • Less documentation

  • Cashless claim

  • Customized options per insured individual

As specified by the insurer

Note – All your health insurance benefits shall stand extinguished if you quit or are fired from the job.

Senior Citizen Health Insurance

At old age, we all face health issues. To take care of that, insurance companies have designed senior citizen health insurance plans. Under this, the entry age starts from 55 or 60 years, and the policy covers all hospitalization expenses. So if you are near to your retirement age or are already retired, purchase a senior citizen health insurance plan. We have the list of top health insurance plans for senior citizens. Take a look at them below –

Senior Citizen Health Insurance PolicyBenefitsSum Insured (In INR)
Aditya Birla Activ Care Senior Citizen Health Insurance

  • Facilities like health check-up and coaching

  • Cashless treatment at home

  • Nursing service at home

  • Up to 21% HealthReturns™

  • Up to 586 day care procedures covered

  • Cover for lifestyle support and medical equipment

Up to 25 Lakh
Bajaj Allianz Silver Health Plan for Senior Citizens

  • Waiver of co-payment

  • Pre-existing illness cover

  • Pre and post hospitalization

  • High entry age up to 70 years

  • Ambulance cover

  • Cumulative bonus

  • Free health check-up

Up to 5 Lakh
HDFC Ergo Health Optima Senior

  • Lifelong renewal

  • E-opinion service

  • No maximum entry age limit

  • Cashless treatment across 4000 network hospitals across 800 cities in India

  • No claim discount of 5% on renewal premium after every claim-free year

Up to 5 Lakh
New India Assurance Senior Citizen Mediclaim Policy

  • Hospitalization coverage

  • Cover of surgeries like Cataract, Kidney stone/lithotripsy, PID-Discectomy, etc.

1 and 1.5 Lakh
Tata AIG MediSenior

  • 3,000+ network hospitals

  • 7.5% discount on policy premium if you pre-pay premium for two years

  • Organ donation expenses

  • In-patient treatment

  • Treatment at home

2, 3 and 5 Lakh
Oriental HOPE Senior Citizen Health Insurance Plan

  • Coverage for accidental injury up to 100% of the sum insured

  • Knee Replacement surgery cover

  • Cardiovascular diseases capped at 50% of the sum insured

  • Chronic renal failure and Cancer covered up to 50% of the sum insured

Up to 5 Lakh

Benefits of Health Insurance at a Glance

If you purchase a health insurance plan, you can get the following benefits –

  1. Coverage Against Hospital Bills – The insurance plan will cover all the reasonable medical expenses from your hospital bill. You can claim your health insurance either cashless or through reimbursement.
  2. Rider Option – Every insurer provides you an option to enhance the base policy cover by providing riders. A rider is an additional cover for which you need to pay an extra premium.
  3. Tax Benefits – Under Section 80D of the Income Tax Act (ITA), 1961, you can claim a tax deduction on your annual tax payments.
  4. High Sum Insured – A policy provides you a wide range of sum insured options so that you can cover hospitalization expenses without any hassle. A high sum insured ensures that you don’t need to pay from your pocket in case the hospitalization expenses remain high.

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