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    Health Insurance Plans

    Health Insurance
    • Premiums as low as Rs12/day for coverage of Rs.4 Lakhs*
    • 10,000+ hospitals for cashless treatment
    • Claim up to Rs. 55,000 deduction under section 80D**

    What is a Health Insurance Plan?

    A health insurance plan is a service product that provides comprehensive risk coverage for medical expenses as per the terms of the insured person’s policy. Policyholders are required to pay a regular premium to either avail cashless treatment or get medical expenses reimbursed. In other words, an insurance policy is nothing but a contract between the individual party and the insurance provider to provide a certain benefit for a particular price during a said period.

    As per directions of the Insurance Regulatory and Development Authority (IRDA), those holding a health insurance policy can claim tax exemption in India. Apart from this benefit, purchasing an insurance policy has a number of advantages.

    Why do you need to take a Health Insurance Plan?

    • Inflation in medical expenses-It can lead to a big personal financial crisis at the time of a medical emergency because the cost of medical treatment is highly inflated in today’s times and prices will only increase over time. Hence, it is important to have in place at least a basic health insurance plan that can cover emergency hospitalization expenses.
    • Tax benefit-All personal health insurance policies provide the policyholder a tax benefit under section 80D of the Income Tax Act. Senior citizens can avail a tax deduction towards their health insurance premium and even their family members are eligible for this benefit.
    • You pay less- With a health insurance policy, you essentially pay a lesser price when compared to the actual market price of the expense incurred. Paying monthly premiums are much more cost effective than paying for the actual cost of medical care.
    • Free preventive health care- Those with a health insurance plan are eligible to obtain regular preventive health care check-ups for free. These include annual check-ups, screenings, vaccines, blood tests etc, as per the terms and conditions of the policy chosen.
    • Increase in lifestyle diseases-Health reports and recent research has revealed that the number of people suffering from health ailments are on the rise due to lifestyle changes. In this scenario, it becomes important to have in place a good health insurance policy.
    • Good quality medical treatment-A good policy provides policyholders high-quality medical treatment at the empanelled network of hospitals. This assures speedy, good quality medical care for those insured.
    • Restore benefit- Also referred to as recovery benefit, this entitles the policyholder a lump sum amount after hospitalization for day-to-day expenses. This benefit is given so that the patient can take care of domestic expenses till he gets fit.

    Pros and Cons of Health Insurance Policies:

    Individual Family Senior citizen
    Tax benefit Tax benefit Tax benefit
    Less expensive Comparatively more expensive Expensive due to age
    Lesser claim amount Greater claim amount Medium claim amount
    Caters to just 1 person Caters to all family needs Only senior citizen
    Not many discounts Many offers and discounts No discounts
    No continuous family cover Continuous family cover No continuous family cover
    Easy to buy policy Easy to buy policy Difficult to buy policy

    Coverage of Health Insurance Policy:

    • Cashless treatment- All medical insurance policyholders will be eligible for cashless medical treatment that can be availed from the listed or empanelled network hospital. Therefore, if the patient is hospitalized all expenses will be taken care of by the insurance provider and the policyholder need not pay anything from his own pocket. However, if the expenses exceed the coverage limit of the policy, the insurance policyholder must pay.
    • Pre and post hospitalization care-Depending on the insurance policy purchased, this feature takes care of medical expenses incurred before a person is hospitalized and also after being discharged from the hospital.
    • Ambulance fee-This covers transportation expenses that may be incurred by the policyholder. This is usually an optional add-on that comes with an additional fee.
    • No claim bonus-Many insurance policies offer the no claim bonus option which makes the policyholder eligible for a certain discount if he or she has not made any claims during the policy year. This benefit can usually be availed during the policy renewal process.
    • Regular screenings- Policyholders will be eligible for regular medical check-ups, health camps, and screenings. All these measures are taken as a preventive health care mechanism.
    • Room rent- At the time of hospitalization, the policy will cover expenses related to the room rent. However, the type of room eligible for this option might vary as per the terms and conditions of the policy and the premium amount.

    Exclusion of Medical Insurance:

    Hospitalization due to war, nuclear risks, radiation, chemical or biological weapons
    Policyholders who have committed or attempted to commit suicide
    Policyholders who have attempted or have committed an illegal or criminal act
    If the insured party is injured as part of naval, military, air force, scuba diving, parachuting, adventure sports
    If the policyholder is ill due to substance abuse or intoxication
    Any expenses due to sexually transmitted diseases like AIDs etc
    Non-allopathy treatment
    Congenital diseases
    Mental disorders
    Pre-existing ailments
    Alternative therapies
    Lifestyle related conditions
    Cosmetic treatments
    Diagnostic expenses
    Dental treatments
    Cost of spectacles, contact lenses, eye or ear examinations
    Treatment for sleep disorders
    Sex change or gender reassignment surgeries
    Treatment received outside India
    Out-patient treatment

    Types of Medical Insurance Plans:

    • Individual health insurance policy- Under this plan, a single individual is covered against all kind of illnesses as mandated in the terms and conditions of the policy.
    • Family floater plan-All family members will be included in this plan and protection will be given to all against a single family floater plan. This plan offers a certain fixed sum for family members. This can be given to one person or all those who are insured. More than one claim for more than one person can be made during the policy year. However, this plan will cost you a comparatively higher premium.
    • Surgical & critical insurance plan-This kind of insurance policy covers critical health problems such as heart attacks, cancer, kidney failure, paralysis etc. The premium for such plans is usually very high because the cost of medical treatment for serious illnesses tends to be very expensive.
    • Senior citizen health insurance plan-Chalked out specifically for senior citizens, this particular plan can be opted by anyone who is 60 years of age or above. Depending on the type of insurance provider, there may be a requirement to take a pre-insurance medical test. The plan usually covers pre-existing diseases and offers lifetime renewal.
    • Maternity health insurance -This type of health insurance plan provides comprehensive coverage for the mother-to-be and baby. Cost of pre and postnatal care are covered, including delivery costs for both normal and caesarean. The newborn baby may also be eligible for benefits under this type of policy. This may also cover transportation charges for the mother’s travel from any point to the nearest hospital.

    Top Companies offering Medical Insurance Plans:

    Company Name Coverage Copay Renewability Cashless hospitalization
    HDFC ERGO General Insurance Individual or family floater No copay Lifetime 4800+
    Max Bupa health insurance Individual or family floater 20% if insured is above 65 years Lifetime 3500+
    National insurance Individual or 6 family members Zonal copay Lifetime 6000+
    Reliance General Insurance Individual or up to 6 family members 20% if insured is above 61 years Lifetime 4000+
    L & T general insurance Individual or up to 4 family members 10% if insured is above 81 years of age Lifetime 2800+
    New India Assurance Individual or up to 6 family members 10% on pre-existing medical conditions Lifetime 1200+
    Cigna TTK health insurance Individual or up to 4 family members 20% if insured is over 65 years old Lifetime 4000+
    Religare health insurance Individual or up to 6 family members 20% on the first claim for those above 61 years Lifetime 4500+

    Who are Eligible to take Medical Insurance?

    If you want to buy a health insurance policy there are certain prerequisite conditions that you have to meet. Some insurance providers may ask you to undergo a medical check-up, after which they will assess the risk factor and accordingly determine the premium amount. However, for those who are below 45, health check-ups are usually not a prerequisite.

    Procedure to take a Health Insurance Plan:

    Contact the insurance provider through a toll-free number or email
    Obtain an insurance quote
    Compare different policies online and choose the best one that suits your personal needs
    Undergo medical tests if required by the insurance provider
    Make payment with relevant details and documentation
    Receive the insurance policy and medical card

    Documents Required for Health Insurance Policy:

    ID proof
    Proof of income
    Medical test results

    Cashless Hospitalization:

    Cashless hospitalization is an option provided by all insurance companies. IRDA has made this possible through a network of empanelled hospitals that provide these services through third-party administration. Cashless services can be availed only from the list of network hospitals that are made available to the policyholder and this list may vary from policy to policy. Before purchasing a policy, it is advisable for the prospective buyer to take a look at the list of network hospitals and choose accordingly as per personal convenience, needs, and location. It is very simple for the policyholder to take this route. All you have to do is to go to the nearest network hospital and provide necessary details. The hospital will directly contact the insurance provider and process the payment.

    How Cashless Hospitalization Helps?

    Cashless hospitalization has come as a boon for many as one does not have to go through the stress of arranging for finance during an unforeseen emergency. All you have to do is go to the nearest empanelled hospital, submit your insurance policy details and then avail treatment immediately. This cuts down the hassle of payment as it will be taken care of by the insurance provider. Below are the advantages of cashless hospitalization:

    • Hassle-free
    • High-quality service

    Procedure for Cashless Hospitalization:

    • Ideally, if it is a planned hospitalization, one must contact the respective customer service representative of the insurer or the third party representative in the selected network hospital to inform them about the hospitalization. This needs to be pre-authorised by the insurance provider.
    • Once the pre-authorisation process is complete, which usually does not take more than 4 to 5 hours, the patient is eligible to get admitted for treatment.
    • However, in case of an emergency, the policyholder needs to only give the network hospital the cashless treatment card number.

    Reimbursement Claims:

    Policyholders are eligible to get their medical bill reimbursed after the completion of the medical treatment procedure. In this case, expenses will only be reimbursed for those health ailments that are listed under the terms of the policy.

    Documents Required for Reimbursement Claims:

    Claim form
    Discharge documents
    Hospitalization bills
    Medical store & doctor’s prescriptions
    Investigation report
    Other bills
    Copy of insurance policy-both current & previous year
    Copy of ID card of third-party administrator

    How to File Reimbursement Claims?

    Keep bills ready
    Fill in the claim form
    Submit the claim form after completing the paperwork
    Notify the insurance provider
    The claim should be processed within 7 working days

    Health Insurance Premium Calculator:

    Firstly, let’s understand what premium is. In health insurance, the premium is the sum of money that the policyholder agrees to pay the insurance company at regular intervals in exchange for health services. There are many factors based on which the premium for your health insurance policy is calculated. Some of the factors include pre-existing health conditions, body weight, lifestyle, family medical history, smoking or drinking pattern, age, gender, marital status etc. Based on these factors the amount of premium may usually vary for the same type of insurance plan.

    Compare & Buy Medical Insurance Online at BankBazaar:

    Comparing different health insurance policies just got easier. You can obtain all the information that you need at the click of a button online. Just log on to bankbazaar.com and go to the health insurance main page. Here you can compare different health insurance policies in the market and get the best quote.

    Key Terminologies - Health Insurance Glossary:

    • Allowable charge- This refers to the maximum amount in rupees that the health insurance provider will allot to the policyholder based on the type of medical service, location, and hospital.
    • Benefit- The amount that the policyholder is entitled to receive from the insurance company towards medical expenses.
    • Benefit-level- This refers to the maximum sum of rupees that the policyholder will be eligible to receive for a certain medical treatment.
    • Benefit-year-A benefit year is the policy year that extends for a duration of 12 months from the date on which the policy has been availed.
    • Co-payment- The insurance policyholder pays a certain sum and the insurance company pays a certain sum for medical treatment.
    • Claim-This refers to the request made by the policyholder to avail the benefit provided by the insurance provider.
    • Coinsurance-This refers to the sum of money in the percentage that the policyholder is eligible to pay post deductibles to share the cost of treatment.
    • Deductible-This is the sum of money in rupees that the policyholder has to pay each year to obtain cover before the insurance policy pays medical expenses.
    • Dependent-The individual, usually a family member such as the child, spouse or parents who are covered by the primary policyholder under the scheme.
    • Effective date-This refers to the date of commencement of the health insurance policy.
    • Exclusion or limitation- This may refer to a certain type of ailment that is not paid for under the terms of the insurance policy.
    • Group health insurance-A group insurance policy is one that is provided to an individual and his/her dependents by the concerned employer or particular organisation.
    • In-network provider-An in-network provider may refer to one who is a medical professional, hospital or pharmacy assigned to take care of health insurance plans in the concerned network hospital. These hospitals may be empanelled under the cashless network of hospitals.
    • Pre-existing condition- Any health ailment that the policyholder is suffering from or is diagnosed with before the purchase of an insurance policy.
    • Premium- This refers to the sum of money that the policyholder pays towards the insurance policy.
    • Rider- Any additional benefit offered by the insurance provider that comes with a certain additional fee.

    News About Health Insurance

    • Cigna TTK Health Insurance Raises Rs.114 crore to expand its Business

      Cigna TTK Health Insurance is a joint venture between Cigna Corporations and the TTK Group. Since Cigna Corporations has hiked its stake in the insurance firm from 26% to 49%, the company is all set to expand its business, upgrade its technology, and increase its distribution network, all to the tune of Rs.114 crore. The insurer is also planning to increase the number of branches from 16 to 21 by the end of 2019, in order to reach customers in Tier II and Tier III towns.

      This business expansion will also see the number of agents increasing from 19,000 to 25,000-30,000, in the future. The firm currently has a 900-employee workforce, and will soon be increasing this number by hiring 300 new employees. The insurance firm is currently focusing on a multiple network distribution model. The insurer will also be launching a new insurance product called the ProHealth Select Plan, which will include a host of beneficial features, such as healthy rewards, an inflation shield, reassurance benefits, and more.

      28 Aug 2017

    • Cancer-Specific Insurance Plan to be launched by Star Health Insurance

      Star Health Insurance is in the process of launching an insurance product specifically catered to people already suffering from cancer. It is reported that the product will be launched as soon as the company has fixed a price for it. The insurer is also planning to introduce insurance products for children suffering from autism, and is currently awaiting regulatory approval for the same.

      In order to escalate their growth and meet targets, the company is in talks to raise Rs.200 crore, within the next few months. The company has also re-launched and increased the purchase price of its Family Health Optima policy. The insurer, who collected gross written premiums worth Rs.2,962 crore last year, is targeting a premium collection of Rs.4,000 crore for the current year. The insurer is also looking to open around 20-25 branches shortly, in order to scale its operations.

      18 Aug 2017

    Health Insurance Reviews

    • HDFC Ergo Health Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      My experience is good with my health insurance where i am holding is HDFC ERGO GENERAL INSURANCE. I have no claim experience so far. I have the disease coverage too in my insurance. I had no interaction with the customer service from the health insurance. If suppose in future if i have to go for the claim in my insurance i have no idea regarding that.
      Was this review helpful? 0
      , navsari
      Reviewed on May 26, 2018
    • Star Health Health Insurance
      "WORST"
      0.5 1.0/5 "Really Bad"
      My experience with the star is good. I have claim experience regarding the medical issues they rejected. Customer service i have contacted they said to go to one hospital i went and then also then did not approved. Medical coverage is not good and i have not got any claim. 100% cashless treatment but they rejected. Payment through on line that i will be doing for my insurance.
      Was this review helpful? 0
      , kolhapur
      Reviewed on May 24, 2018
    • National Insurance Health Insurance
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      Overall experience is good. Customer service contacted and as per my experience it is good. Payment i do through on line for once in a year. So far i had no claim that i have took from my insurance . No idea regarding the medical coverage. I have no specific reason for getting the insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2018
    • Cigna TTK Health Insurance
      "EXCELENT"
      0.5 5.0/5 "Blown Away!"
      It is a perfect. I have been using since 5 months. Customer service i have contacted and they gave me a proper response. I had no claim experience. It depends upon the scenario at the time of medical coverage. I do my payment through net banking it is for yearly once.
      Was this review helpful? 0
      , thane
      Reviewed on May 24, 2018
    • Bankbazaarinsurance.com Health Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar experience is good. I have been using the bank bazaar from last 6-7 months from the website and i found using it in website is easy to access. Customer service i have not yet contacted and they called me for the product and also they helped me regarding the same.
      Was this review helpful? 0
      , navsari
      Reviewed on May 24, 2018
    • Bankbazaarinsurance.com Health Insurance
      "EXCELENT"
      0.5 5.0/5 "Blown Away!"
      My experience with bank bazaar is good. Customer service is far off when compared to the other. It is the best website to use and also easy to access the site and I am very much comfortable using the site. I am using the bank bazaar for the first time from last 6-7months. I am using the bank bazaar which is very much beneficial to me.
      Was this review helpful? 0
      , kolhapur
      Reviewed on May 24, 2018
    • Bankbazaarinsurance.com Health Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      Experience is good with the bank bazaar. Customer service have contacted me regarding my product and they guided me to get the correct product which i am comfortable with. I have been using the bank bazaar since last 3 years. I came to know about the bank bazaar through the google
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2018
    • Bankbazaarinsurance.com Health Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      My experience is well and good. I am using from 5 months. I use the bank bazaar for checking to the insurance purpose only. From the beginning i use the website and i use to check the products from the bank bazaar from the insurance. The customer services that i have contacted they respond with responsiveness and good.
      Was this review helpful? 0
      , thane
      Reviewed on May 24, 2018
    • Bankbazaarinsurance.com Health Insurance
      "Best service"
      0.5 4.0/5 "Great!"
      Using bank-bazaar for last 2 years . Their customer representative explained the benefits and feature of the insurance policy they followed up evry stage of approval . Bank bazaar website is user friendly. Their customer service and response is good . Their customer service and response is good.
      Was this review helpful? 0
      , aligarh
      Reviewed on May 23, 2018
    • Bankbazaarinsurance.com Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      This is the first time am using Bank bazaar for health insurance . I came to know bank bazaar through advertisement . Bank Bazaar customer representative helped me to choose the policy by explaining the benefits and features of this insurance policy by convincing . Am satisfied with bank bazaar customer service and response .
      Was this review helpful? 0
      , jaipur
      Reviewed on May 23, 2018
    • Bankbazaarinsurance.com Health Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been using bank bazaar from last one year , As they reduced our work as its fast process to apply insurance . I came to know bank bazaar through one of my friend. . They explained the benefits and plan of insurance policy . Overall am satisfied with Bank bazaar.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 23, 2018
    • Bankbazaarinsurance.com Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      This is the first time i am using bank bazaar ,As their customer representative explained the benefits and features of the insurance policy .they followed up at every stage of approval . And their website is user friendly and hassle free to use.
      Was this review helpful? 0
      , agartala
      Reviewed on May 23, 2018
    • Bankbazaarinsurance.com Health Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have been using Bank bazaar for last 4 years , They reduce our work in-terms of follow up and documentation .Their customer service and response. Overall am satisfied with Bank bazaar. They explained me everything about policy benefits and features
      Was this review helpful? 0
      , kota
      Reviewed on May 23, 2018
    • Star Health Health Insurance
      "Easy Claim policy"
      0.5 4.0/5 "Great!"
      I took health insurance from Star health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. It has income tax benefits . I had claim experience as their customer service response is good regarding claim .
      Was this review helpful? 0
      , thrissur
      Reviewed on May 23, 2018
    • Bankbazaarinsurance.com Health Insurance
      "Comparison is Good in Bankbazaar"
      0.5 3.0/5 "Satisfactory"
      I have bought my health insurance via bankbazaarinsurance.com. Bankbazaar i came to know about through google search. Customer care service has to be improved. There should have a follow up by the same person who guided me through out the policy.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2018
    • Star Health Health Insurance
      "Better Policy"
      0.5 3.0/5 "Satisfactory"
      Star Health Insurance was not easy to contact the customer care service. As i said, i don't have any claim experience. Plan is okay. I have taken two policies. It is for family policy. I have paid around Rs. 17000.Star health insurance tie up with many hospitals which is very near to me. When comparison basis, Star health insurance is best.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2018
    • Religare Health Insurance
      "Worst Experience "
      0.5 1.0/5 "Really Bad"
      Their response was very poor. I have already insurance and money have everything. I have submitted the money Rs.18000 but so far i dint receive any certificate. After a month i have received a documents from religare. I wont recommend this company to anyone. After completion of 3 years i will drop the company. They are offering claim of Rs. 3 Lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2018
    • Star Health Health Insurance
      "Best Insurance Policy"
      0.5 5.0/5 "Blown Away!"
      They are providing very good health insurance. STAR health insurance is providing very good co-operation. Their all services is very good like cashless transaction, hospital list. I can claim upto Rs. 32 lakhs. My mom is taking diabetic treatment through this health insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2018
    • Bankbazaarinsurance.com Health Insurance
      "Good Customer Service"
      0.5 5.0/5 "Blown Away!"
      I checked in website through that i came to know about bankbazaar. I'm 1.5 year old customer of Bankbazaar. Customer service is almost fine. In customer care, They have to provide Kannada language since, there are many people use bankbazaar from Karnataka.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2018
    • Universal Sompo Health Insurance
      "Better Policy to Go with"
      0.5 4.0/5 "Great!"
      I paid around Rs. 10000 for my health insurance from UNIVERSAL SOMPO. I took this insurance for my family. I have been using this policy for 1 year. I'm satisfied with their hospital list. I don't have any claim experience so far. They are offering a claim amount of Rs. 3 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2018
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