How To Choose The Best Medical Insurance Policy? 2024

If you are looking for a medical insurance policy to secure yourself or your family then the important things should include proper research before buying a medical insurance online, their claim settlement ratio, etc.

Medical insurance is very important for a family as it protects yourself and your family members against the cost of medical illnesses or sudden emergencies. The right health insurance policy is something you must put some time and effort into since it will be a huge benefit in the end.

In India there are various types of medical or health insurance policies, each of the insurance policy for their different purpose, to find out which one you should choose we have a list of the main types of health insurance plans in India:

  • Family Health Insurance
  • Individual Health Insurance
  • Senior Citizen Health Insurance
  • Critical Illness Health Insurance
  • Terminal Illness Health Insurance
  • Top Up Health Insurance
  • Hospital Daily Cash
  • Personal Accident Insurance

How Do You Choose The Most Suitable Medical Insurance Policy?

When you are deciding on the best health insurance policy There are certain factors you must be aware of. Here are a few tips to help you get going:

  • The kind of health insurance required: From family floater plans that cover the entire family as a unit, to individual plans, choose the health insurance policy that is suited to your individual requirements.
  • The amount of coverage: Choose health plans that offer the amount of coverage you need according to the place you reside, i.e. in a metro city, Tier-2 or Tier-3 city.
  • Sub-Limits Always look over your health insurance plan to determine sub-limits in relation to room rent caps as well as other limitations. In these cases regardless of how much the amount of insurance is when limits on specific expenses are exceeded, you’ll be required to pay the remaining amount from your pocket.
  • Pre-existing conditions: Make sure all known pre-existing conditions are listed in the event of any, and then examine the coverage for those same. Health insurance policies also come with limitations on when claims are made for illnesses that are pre-existing.
  • CO-PAYMENT: A co-payment occurs when the policyholder is required to pay a certain amount of money from his pockets for certain covered services. It is sometimes added to health insurance for seniors. The premium rates are higher for older age groups, and consequently, co-payment can lower costs.
  • Premium Amount You may also be able to look at the premiums of various health insurance plans, and then choose the best one. It is advised to never compromise on coverage limits to lower your premium.
  • Claims Settlement Ratio Claim Settlement Ratio: percentage of settlements for claims is an essential element to be taken into consideration when selecting an insurance policy. The ratio is the percentage of claims settled versus the total amount of claims accepted by the insurer during the year in question.

Best Medical Insurance Policy Plans in India

If you are looking for the best medical insurance plans in India then know the following things before buying any medical insurance online-

Best Medical Insurance Policy Plans in India
  • Coverage Type: Know your needs whether you need medical insurance coverage for an individual or your family.
  • Underlying Health Condition: Asses your health condition, and any pre-existing health condition you have before buying a medical insurance policy.
  • Claim Settlement Ratio (CSR): Check the insurance companies claim settlement ratio(csr) and know about the claim process.
  • Compare Plans: Before buying a medical insurance from any insurance company, compare the prices, hospital covers under their network, premium prices, and also the claim settlement ratio(CSR).

Below we have provided you with a list of the best medical insurance policy in India for family medical insurance plans, along with their Claim Settlement Ratio, the additional benefits they provide to the policyholder, and the premium price range (annually).

Insurance Company Claim Settlement Ratio Additional Benefits Premium Price Range (Annual)
Aditya Birla Health Insurance 64.68% Comprehensive coverage, tax benefits, claim support, coverage for the entire family Rs 10,000 – Rs 50,000
Bajaj Allianz Health Insurance 74.27% Extensive coverage, tax benefits, customer support, coverage for the entire family Rs 8,000 – Rs 60,000
Care Health Insurance 53.82% Wide coverage, tax benefits, customer support, coverage for the entire family Rs 12,000 – Rs 70,000
Cholamandalam MS Health Insurance 67.88% Comprehensive health coverage, tax benefits, customer support, coverage for the entire family Rs 9,000 – Rs 55,000
Go Digit Health Insurance 71.87% Extensive coverage options, tax benefits, customer support, coverage for the entire family Rs 7,000 – Rs 45,000
Future Generali Health Insurance 79.18% Comprehensive health coverage, tax benefits, customer support, coverage for the entire family Rs 11,000 – Rs 65,000
HDFC ERGO Health Insurance 79.04% Comprehensive coverage, tax benefits, customer support, coverage for the entire family Rs 10,000 – Rs 60,000
IFFCO Tokio Health Insurance 111.18% Wide coverage, tax benefits, customer support, coverage for the entire family Rs 8,000 – Rs 50,000
Kotak Mahindra Health Insurance 56.01% Comprehensive health coverage, tax benefits, customer support, coverage for the entire family Rs 9,000 – Rs 55,000
Liberty Health Insurance 74.17% Extensive coverage options, tax benefits, customer support, coverage for the entire family Rs 8,000 – Rs 50,000

Fixed Benefit Medical Insurance Plans

The Medical Insurance policies with fixed benefits let to cover the cost of medical treatment in the event the diagnosis is a critical or major illness, without having to draw from the savings of your own. There are many fixed benefit health insurance plans you can glance at.

How To Choose The Best Medical Insurance Policy In India [2024]

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Here are a few important benefits to keep in mind when considering fixed benefits health insurance plans:

  1. In a fixed benefit health insurance policy the insured will get a fixed or guaranteed amount that is the same as the sum that is guaranteed.
  2. The sum is paid when there is the possibility of an insured incident under the conditions of the contract.
  3. The main benefit is that the insured receives the lump sum when they are diagnosed with a major illness included in the plan.
  4. Hospital bills are not required to be provided for reimbursement to the insurance businesses in this way.
  5. The claim is paid after diagnosis regardless of the costs of treatment.
  6. The term “insurance” covers a variety of insurance plans. These include critically ill insurance and cancer/heart disease plans, and more.
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