Though there is no shortage of health insurance plans available in India, it is still complicated to decide the top health insurance plan that perfectly suits your personal requirement.
When you are searching for good health insurance plans, there are certain basic checkpoints which should be considered to shortlist products like whether the cover provides is for lifetime, whether there are sub-limits to the surgery costs etc.
We have shortlisted, reviewed and compared Top 6 health insurance products which are worth your consideration. These plans have been listed in alphabetical order.
1) Apollo Munich Optima Restore
Apollo Munich’s Optima restore has gained popularity in the recent times.
Highlights of Apollo Munich Optima Restore Policy:
a) Automatic restore benefit:
The key feature of the Apollo Munich Restore is that this product undertakes to reinstate the basic sum insured in case the policy holder utilizes the entire the cover in a particular year.
Unlike other floater policies where the other members are left with no cover during that year when the sum assured is exhausted, this policy promises to take care of other dependent members covered in the same policy by offering an automatic restore. The restoration facility can be used by the members for any ailments, but the person who has already claimed for an ailment cannot claim for the same ailment.
b) No claim bonus/ Multiplier benefit:
This product offers the No claim benefit or the Multiplier benefit i.e. It offers to increase the sum assured by min 50 % if there is no claim in any particular year. The cherry on the cake is, if the subsequent year is also claim free the sum assured gets doubled.
c) Life time renewal:
Another important feature of this product is that there is no restriction on age for renewal.
d) No sub limits, No loading
Apollo Munich does not feature sub limits and there is no additional premium charged due to any claim in the previous year.
e) Pre and post hospitalization benefit
Pre and Post hospitalization benefits are available for 60 and 180 days which is quite exhaustive.
Limitations of Apollo Munich Optima Restore Health Plan:
- For any claim made, the cumulative bonus decreases by 50 %.
- In higher age brackets (after the age of 45) the premium increases very drastically.
- Any minute abnormalities or pre existing ailments can be permanently excluded.
2) ICICI Complete Health Insurance
ICICI complete health insurance plan has been designed to meet the health insurance requirements of the complete family.
Highlights of ICICI Complete Health Insurance:
a) Life time renewal
This policy offers a life time renewal with no restrictions on the maximum entry age.
b) Higher sum insured options
The and ICICI complete health insurance offers a wide range of sum insured from Rs 1 lakh to Rs 50 lakhs.
c) Critical illness option
This plan offers a choice of opting for critical illness cover for specified critical illnesses or medical procedures. A lump sum amount is paid on the diagnosis of the critical illness.
d) Tenure options
This plan is available for tenure of 1 to 2 years for both individuals as well as family floater policy.
e) Option to reduce premium
ICICI complete health insurance plan offers a unique option to reduce the premium by accepting sub limits on common surgeries.
f) Value added services
This plan offers a host of value added services for floater plans, starting from free health checkups, online chats with doctors, and discount coupons depending on the plan you opt for.
In the event of hospitalization exceeding five days, the cost of economy class airfare up to Rs 20,000 for the travel of immediate family member is reimbursed.
g) No claim bonus
If no claim is made during a policy, then on renewal a 10 % of bonus will be added to the sum assured up to a maximum of 50 % of the sum assured.
Limitations of ICICI Complete Health Insurance:
This plan offers a unique 2 year waiting period for pre existing diseases for a sum assured of more than Rs 3 lakh and a waiting period of 4 years for less than 3 lakhs sum insured.
3) Max Bupa Family First
This policy is available as an Individual policy as well as a floater policy. It is designed keeping in mind the needs of an Indian joint family.
Highlights of Max Bupa Family First Policy:
a) Covers your entire family
This policy is designed to insure your complete family. The main highlight of this policy is that it covers up to 13 relationships under one umbrella.
b) No entry age
There is no restriction on the entry age for buying this policy. Senior citizens as well as children can be included in this policy.
c) No limits
Unlike other health insurance plans that have limits on surgeries, the family first policy has no limits on surgeries.
d) No loading
The main highlight of this policy is that there is no additional premium charged due to any claim in the previous year.
e) Waiting period
Unlike other policies that have a waiting period for specific ailments, Max Bupa does not have a waiting period for specific ailments except for individuals aged 60 and above have a waiting period for 2 years only for listed ailments.
f) Maternity benefits
This policy includes maternity benefits (only if 2 adult males are covered in the same plan) and new born baby care.
Limitations of Max Bupa Family First policy:
Max Bupa Family First charges a higher premium in comparison to other products available in the market.
This policy charges a 20 % Co pay after the age of 60 years on all claims
The Silver plan of the family First Policy has a shared room limitation.