Health insurance is a vital safety cushion for one's hard-earned savings in today's age of mounting healthcare costs. With the availability of a range of health insurance plans created to meet diverse healthcare requirements, you must take the crucial decision of choosing the best medical insurance policy for the well-being of your family. The best health insurance plan is the one designed to meet the specific healthcare needs of you and your family, and offers a wide-ranging yet affordable coverage and health benefits for a financially secure future.
Health Insurance is a health care coverage product that is steadily gaining importance in India due to rising medical inflation every year. Under a health insurance policy, the medical expenses of an individual or a group of individuals are covered by an insurance company or the 'insurer'. For availing the benefits of insurance, the individual(s), also called the 'insured' is required to pay a specific sum or 'premium' to the insurer.
Health insurance plans offer comprehensive health coverage. That is, it covers a range of medical expenses incurred by the insured. The expenses are not just limited to hospitalization costs incurred as a result of injury, illness or any chronic ailment.
Based on the health insurance plan, the insurer may either reimburse the incurred costs or settle the medical bills directly with the healthcare provider. Health insurance makes it easy for people to avail cashless quality medical treatment in a network hospital.
The top 6 best health insurance plans are:
Purchasing the best health insurance plan becomes easy with the online facility that allows buyers to browse through a number of available health insurance policies and choose the one that rightly fulfills their unique healthcare requirements. Buying a health insurance policy online is a highly convenient option for you owing to paperless processing, availability of complete policy details and hassle-free procedures for filing claims.
In today's times when healthcare costs are skyrocketing, buying a health insurance for family is the best decision one can take in order to ensure a financially secure future. As the name implies, family insurance health plans offer health cover for a group of members of a family, say an individual, spouse, dependent children and dependent parents. They are counted among the most preferred and affordable health insurance plans that offer comprehensive coverage, considering a wide range of medical expenses. Such medical insurance policies offer coverage for maternity expenses, pre and post hospitalization expenses, daycare treatments, cover for ambulance costs, and more.
Health insurance plan for family provides complete health cover for a range of healthcare expenses incurred by the family members. Some key benefits of a family health insurance plan are:
A family health insurance plan and an individual health insurance plan are two different plans that serve different purposes. It is important to understand their differences, as mentioned below so that it would enable you to make an informed decision about choosing the right medical insurance policy.
It is a specifically-designed health insurance policy for providing coverage for the healthcare costs likely to be incurred by senior citizen individuals. The health insurance policy for senior citizens offers coverage for higher premiums by considering the possibilities of age-related illnesses and likely hospitalization.
For those on their way to embracing motherhood, constant care and support are essential and so is a maternity insurance cover to deal with the rise in expenses. With high costs of pre and postnatal care in India, it is essential to opt for the best maternity coverage. Religare Health Insurance offers two customized maternity plans with defined waiting periods. The plan offers complete cover for expenses incurred before, during and after hospitalization as well as cover for new-born baby care.
If you are in the phase of life of embracing motherhood, then maternity health insurance plan is a must for you to help you get quality maternity care without worrying about the financial impact.
Diabetes is a medical condition that has affected the lives of millions of Indians. The treatment costs can be expensive and impact the monthly savings of a family. This is why diabetes health insurance plans are designed to help individuals deal with expensive treatment costs. Religare Health Insurance provides a customized health insurance plan for diabetes with complete hospitalization cover and numerous benefits for the insured person, as specified below:
With the rise in heart-related ailments, it is of paramount importance to take suitable health care measures. Buying a health insurance plan is also recommended as medical costs are steadily on the rise. Heart insurance policies cater to the specific healthcare needs of individuals suffering from heart ailments and help them minimize the financial burden. Such plans provide comprehensive coverage for pre-existing heart illnesses entailing expenses resulting from hospitalization, pre and post hospitalization, alternative treatment methods, ambulance, OPD care, domiciliary hospitalization, etc. In addition, policyholders can avail additional benefits such as automatic recharge facility, no claims bonus, international second opinion as well as cardiac health check-up.
Top-up health insurance plans offer coverage for medical expenses only after a defined threshold limit has been reached. They work on the principle of Policy Deductible which is a predefined amount borne by the policyholder. Any amount over and above policy deductible will be borne by the insurer. In other words, top-up health insurance plans serve as additional health cover for people already having an existing individual or Mediclaim policy.
Top-up plans offer a host of benefits for the insured. Given the growing medical inflation, many people cannot afford to have an additional financial burden by spending a huge amount on premiums for medical insurance policies. This is when top-up health insurance plans offer numerous benefits:
Explore our online health insurance plans and enjoy a smooth paperless purchase process, all within a few minutes!
Health Insurance for Family
Health Insurance for Diabetes & Hypertension
Health Insurance for Senior Citizen
Health Insurance that Covers Pre-existing heart ailments
Super Top-up Insurance
Maternity & new born cover
Events and ailments cannot be predicted. They can happen to anyone, any time. With modern lifestyle moving towards rising workload, irregular food habits and variable sleep patterns, your body deserves a significant amount of attention to be working in a balanced manner.
Health Insurance is a shield that protects you and your loved ones in cases of medical emergencies.
A good health insurance plan makes sure that financial crisis is not an issue during a medical emergency.
With the skyrocketing cost of healthcare in the country, opting for a good health Insurance Plan is a smart decision for the safety of the individual and family as a whole.
As a health insurance policy buyer, you must check for the policy exclusions specified by the insurer in order to understand the scenarios where making a claim will not be possible. Knowing about these exclusions will enable you to plan your finances in times of emergencies. Some exclusions are mentioned below:
Buying the best health insurance policy involves careful planning and consideration of various factors. The first step involves identifying the healthcare needs of you and your family, and opting for a suitable plan, say a Family Floater Policy. If you have elderly parents at home, it is wise to go for a senior citizen health insurance plan.
The next factor to consider is good coverage in terms of the sum insured keeping the likely health risks in mind. Look for a cashless hospitalization feature in your policy that lets you avail cashless treatment in any of the network hospitals. Affordable premiums and reasonable sub-limits on certain medical expenses for the highest possible coverage are some other factors to look for when choosing the best medical insurance policy.
Health insurance premium is the amount of money you pay periodically to your insurer in order to avail the benefits of your health insurance plan. Premium is one of the crucial factors to consider when comparing various health insurance plans in order to make the right selection based on your needs. By using a medical insurance premium calculator, you can get a clear estimate of how much you are required to pay for your policy. It is highly convenient as it reduces manual efforts and lets you plan your budget in a better way.
Every insurer adopts a complex risk assessment method to determine the health insurance premium payable by the policyholder. Several factors are considered while deciding the premium amount and they are mentioned below:
In order to calculate your health insurance premium, you must rely on the health insurance premium calculator. The premium calculator by Religare Health Insurance allows you to easily estimate your premium accurately. It involves some quick steps as below:
The approximate premium amount payable by you will be reflected on your screens. Religare Health Insurance offers various types of health insurance plans with different coverage for each. You can alter the various factors as per your preference and also add or remove family members from a specific plan.
While a Mediclaim policy offers coverage for hospitalization expenses for a specified time limit, a health insurance policy, on the other hand, offers comprehensive coverage for medical expenses that go beyond basic hospitalization. Some key differences between health insurance and mediclaim are mentioned below:
Claims settlement ratio is the ratio of the number of claims settled by an insurer in a year to the total number of claims made. It serves as a metric to rate insurers and also helps the policy buyers to compare policies and select the best insurance policy based on this number. The higher health insurance claim settlement ratio guarantees higher chances of getting an easy settlement on your claims. Thus, it is advised that you should ensure that your insurer has a good claim settlement ratio before opting for a health insurance policy.
Incurred Claim Ratio and Claim Settlement Ratio are two important jargons that are often used in the health insurance segment. It is essential to understand the difference between these two terminologies so that you make the right decision when buying a health insurance policy.
Incurred Claim Ratio is a measure of the net claims settled by an insurer in a financial year as against the total premium amount received in the same period. This terminology is often used in the general insurance segment. Again, a higher incurred claim ratio is beneficial for policy buyers.
For instance, if the incurred claim ratio for an insurer is above 100%, this implies that for every 100 Rupees collected as premium, the insurer is settling a claim more than 100 Rupees.
A lower incurred claim ratio does not necessarily mean a loss. In fact, that could imply that the insurer may be making a profit with higher premium collections.
As a policyholder, if you have not made any claim on the health insurance plan, then you are eligible for some financial benefits from your insurer. The benefit is termed as a 'No Claim Bonus'. One feature is an increase in the sum assured every year, by a certain defined percentage. However, there is usually a maximum limit to the increase, say 50% of the original sum insured. Also, there is also a no claim bonus in the form of premium discounts at the time of insurance renewal. In this case, the sum insured remains unchanged while the insured person gets a lower premium on his or her medical insurance policy.
The efficiency with which an insurer settles the claim of customers and a good incurred claim ratio is an indication of the financial health of the company. When it comes to getting a prompt claim settlement, it is essential for every buyer to clearly understand the claim procedures. Claims are processed in two ways - one is the cashless health insurance claim processing and another procedure involves reimbursement of medical expenses incurred by the policyholder.
A cashless medical insurance claim processing facility is available only if the insured person avails treatment in any of the network hospitals of the insurer. The insured person is required to obtain and submit a pre-authorization form to the hospital's Insurance or TPA desk. This facility is available for both planned and emergency hospitalization.
Health insurance claims are also processed by reimbursing the treatment expenses incurred by the insured person at any hospital. Apart from informing the insurer in a timely manner, the insured person requires to furnish vital details and documents like photo-id proof, hospital bills, etc. to the insurer for the smooth claim processing.
Health insurance portability is a provision given to a policyholder or group of individuals covered under a medical insurance policy to transfer the benefits and time-bound exclusions when switching from the current insurer to another insurer. In particular, these benefits pertain to the waiting period for pre-existing diseases.
Porting of a health insurance policy can be done under certain conditions. That is, at the time of policy renewal so that the new policy period starts with the new insurance company. It is applicable not only when moving from one insurer to others, but also from one policy to another policy with the same insurer. As per IRDA guidelines, a policyholder who wants to port his policy to another insurer should apply at least 45 days before the premium renewal date of the existing health insurance policy.
A policyholder can port his or her health insurance policy by following a few simple steps as explained below:
You are eligible to get income tax benefits on health insurance premium paid towards your policy subject to certain limitations. Consult a tax consultant or auditor to clearly determine the actual eligibility and deduction amount. Under section 80D of the Income Tax Act, you can claim deductions when filing tax returns. Mentioned below are some ways you can qualify to save tax and the limits under this ruling.
Medical advancement has improved the quality of the healthcare facilities, but on the other side, it has also given rise to medical inflation. Hospitalization, treatment costs, and medicines costs are skyrocketing, and if any medical emergency occurs, it can drain all your money. Therefore, to protect yourself and your loved ones from financial distress during medical emergencies, you need a health insurance plan. Below are its benefits:
Health Insurance covers your pre and post hospitalization expenses along with your diagnosis, medicine, and treatment expenses. It can be a cashless or reimbursement facility. In a cashless facility, we pay your bills directly to the hospital, once you submit all the required documents to our claim management team.
Under reimbursement, we give you the amount you incur on your hospitalization and treatment after you submit your medical bills to us. The medical treatment costs can burn a hole in your pockets and drain all your savings. So, investing in good health insurance is a wise decision you can take to secure yours and your family's future.
When you buy a health insurance policy for yourself, it is an individual health insurance policy. Under this policy, only one insured individual is entitled to get the policy benefits. Whereas, when you cover your family members such as a spouse, dependent parents or children under one policy, it is known as a family health insurance policy. Under this policy, all insured members can avail of the policy benefits.
Filing medical insurance claims is no longer a daunting task. Read the below steps and get it done easily:
Yes, you can buy medical insurance immediately from us. We have only 30 days waiting period. It means you have to wait only for 30 days for any illness other than injury to avail the benefits of the policy.
Network hospitals are partnered with us. These hospitals are well-renowned for healthcare services and have trained medical professionals. You can get the claim under health insurance policy only when you are admitted to any of our network hospitals. We provide you with the list of network hospitals at the time of purchasing insurance cover. Non-network hospitals do not have tie-ups with us, and you are not entitled to get any claim if you get admitted to any of the non-network hospitals.
It's easy to calculate the premium for a health insurance policy. You can use our online premium calculator available on our website. However, the amount may vary according to age, pre-existing disease, income, and a number of family members need to cover. If you already have any pre-existing disease then, in that case, your premium will be higher than those who don't have. Further, it will also help you to prepare your budget and invest in the policy that will be cost-effective and gives you more coverage.
No Claim Bonus or NCB is a reward that you get from us under your health insurance policy for not claiming during your policy tenure. It is the bonus amount that gets accumulated to the sum insured for every claim-free year. It is a double bonus you can avail of on your health insurance policy.
For instance, we offer a 10% increase in the medical insurance policy sum insured for every claim-free year, with no change in premium. So, a policy with a sum insured of Rs.5 lakh will get an extended cover of Rs.50, 000 in the following year at the same premium. In a claim-free third year, another 10% extra cover on will be added in the base sum insured, taking the total to Rs.6 lakh. A maximum bonus of up to 50% is permissible. In the case of a health insurance claim, the accumulated bonus is reduced by 10%. It makes you strong to face any medical emergency in the future.
Group health insurance is designed to protect the employees of any corporation or institution. It offers sum insured options from 50 thousand to 10 lakhs with different family definitions. It also provides additional benefits like wellness initiatives, complementary annual health check-ups, etc. However, individual health insurance is for a single person, and only one individual insured can avail of its benefits.
Premium is the amount that you have to pay to us against the sum insured. You will be glad to know that you can easily claim tax benefits on the medical insurance policy premium. Under Section 80 D of the Income Tax Act, the premium paid for the health insurance policy for self, your dependent parents, spouse, and children are exempt from tax. You can claim Rs.25000 for individual and family health insurance and up to Rs.30000 for senior citizens per year.
Deductible in health insurance means the amount that you have to pay to us before we start paying your claims. Therefore, we are liable to pay your claim amount only if it exceeds the deductible.
For instance, if the deductible of your policy is Rs.20, 000, and the claim by the insured is Rs.30, 000, then we pay you Rs.10, 000. However, if the claim amount is less than the deductible, then we are not liable to pay any amount. The higher your medical insurance premium, the lower is your deductible.
It is the period until which you have to wait before the health insurance coverage comes into effect. You will get all the benefits after the completion of the waiting period. We have a 30 days waiting period for a health insurance plan. It is also known as the elimination period.
We take 15 days after receiving the required documents from you to process your health insurance claim. However, it can take a long time depending on the verification process conducted by our claim management team.
Below is a list of the documents you required for medical insurance claims:
You can get the tax benefits from health insurance under the following:
Tax benefit on Premium You can claim Rs.25000 for individual and family health insurance and up to Rs.30000 for senior citizens per year.
Tax Reduction on Health Check-Ups: According to Mediclaim Section 80D, you can avail tax reduction on annual health checkups up to Rs.80000.
Tax Deduction on Single Premium Health Policies: On a lump-sum premium paid in a single year for a health policy valid for more than one year you can claim a deduction up to Rs.50000.
If you don't pay your health insurance policy premium on the due date, then we will give you a grace period immediately following the premium due date. It is 90 days extra time given to you to make the payment. If you still do not make the payment during the grace period, then no coverage will be provided for that particular period.
Yes, you can increase your health insurance cover during renewal. If required, we have to review your health, claims history, age, etc. before increasing your cover. You have to pay an extra premium as per the cover you want to add in your medical insurance policy to avail of more benefits.
There are various reasons for medical insurance claim rejection. If your insurance claim got rejected, follow the below steps:
Sum Insured means the amount specified in the policy certificate, which represents the company's maximum, total, and cumulative liability against the insured person. All claims arising under the health insurance policy shall not exceed more than the Sum Insured.
No, you cannot have multiple health insurance plans for yourself. You can buy it for yourself, spouse, dependent parents, and children. You cannot claim two policies at the same time.
Yes, medical insurance premium increases with age. With the increase in age, the probability of health problems also rises; thus the premium amount also goes up.
Keeping in mind the day-to-day lifestyle, eating habits, pollution, and stress level, it's better to stay financially protected. These days a plethora of health insurance plans are available, but you should wisely pick the one that best suits your needs. Here you can consider below points while looking for a health insurance plan:
You can pay health insurance premiums via cheque, net banking, debit card, credit card, and payment wallets.
No, you cannot include your elderly parents on your medical insurance policy. Instead, you can buy health insurance for parents for them.
Yes, you can get a medical insurance policy if you are over 65. You can opt for Senior Citizen health insurance that has a 20% co-payment clause. It covers pre and post hospitalization expenses and also provides the facility of cashless hospitalization at an affordable premium.
You can increase the sum insured in my health insurance at the time of policy renewal. Policyholders have the option to increase the sum insured after certain medical tests and a revision of the claim history. But it can't be increased further if the existing sum has already met the sum insured limit of your policy.
Pre Hospitalization: expenses that are incurred before you get admitted to the hospital for further treatment are known as pre-hospitalization expenses.
Following are the admissible pre-hospitalization expenses:
Post Hospitalization: Expenses that are incurred after you admitted to the hospital for your further treatment are known as post-hospitalization expenses. Following are the admissible post-hospitalization expenses:
Under the cashless health insurance facility, you do not need to pay a single penny out of your pocket in case of hospitalization. All the medical, surgical, and treatment bills, will be directly paid by us to the network hospital. These are the hospitals that have tie-ups with us, and you are eligible for cashless hospitalization here only.
A pre-existing condition in a health insurance policy means any health issue that the individual has been facing before purchasing health insurance. The pre-existing conditions include all health issues ranging from high blood pressure, thyroid, diabetes, asthma, etc.
Smoking increases health risk, that's why we charge a higher health insurance premium, to mitigate the risks associated with it. We conduct medical tests to detect regular smokers and determine the premiums for coverage accordingly.
Religare Health Insurance offers you the best and comprehensive health insurance plans catering to specific health needs. From individual plans to family floater health insurance plans and from maternity cover to customized Mediclaim policies for senior citizens, and people with diabetes, heart ailments, and critical illnesses - we offer complete solutions to help you lead a secure life. In addition, Religare brings you numerous lucrative benefits in terms of free health check-up annually as well as features like No claim bonus (NCB), add-on health cover and super top-up health insurance.