Health insurance is unquestionably one of the most important insurance plans to have given the rise in health issues occurring at a young age in the contemporary environment. Additionally, excessive medical care expenditures stress the need for medical policy.
However, since it only offers benefits once you become ill, life insurance is India’s most underutilised kind of insurance. Even though no one wants to get sick, you must realise that health issues are an unavoidable aspect of our life. The financial effects of a health issue must thus be planned for in advance. While becoming sick is not something you can plan for, you can continue to save money in case it happens.
Various options for the best health insurance in India are available, including senior citizen insurance, family floaters, and individual policies. Therefore, you must first determine your needs before reaching out to the best health insurance company in India. This article will look at the different types of health insurance in India. Let’s get started.
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What is Health Insurance?
Now, you must be wondering what is health insurance in India. A legal agreement between a policyholder and an insurer is known as an insurance policy. The latter agrees to pay the former’s medical expenses up to the sum insured maximum. The best health insurance company in India provides healthcare coverage for costs paid during an unexpected or anticipated hospital stay. Additionally, it offers tax savings on the insurance premium paid to the firm in accordance with Section 80D of the Income Tax, 1961.
Choosing the best health insurance in India can be daunting, but it’s an important decision that can help you save a lot of money in the long run. Here are some of the cheapest health insurance in India:
1. ReAssure
Niva Bupa’s ReAssure Policy is a feature-rich comprehensive medical insurance plan that provides coverage for both individuals and families. Your coverage will pay for a variety of medical costs, including inpatient hospitalisation costs, daycare costs, pre- and post-hospitalisation costs, current therapies, and ambulance costs, among others. Moreover, it provides coverage for emergency road and air ambulance costs, second medical opinions, domiciliary hospitalisation costs, and other costs associated with care that extends beyond hospitalisation.
2. Health Companion
Health Companion Policy is a comprehensive medical insurance programme by Niva Bupa that provides both individual and family floater protection for a variety of healthcare expenditures. The insurance is available in several varieties, including variants 1, 2, 3, and Family First, which vary in terms of coverage advantages and alternatives for the sum covered. You have the option of purchasing it for 1 or 2 years. You can get a discount on the second year’s premium if you purchase it for two years.
3. Health Premia
An economical health insurance policy that provides comprehensive coverage for you and your family is the Health Premia Policy from Niva Bupa Health Insurance. The insurance is available in three variations, Silver, Gold, and Platinum. It can be purchased individually or as part of a family floater, depending on your needs. The insurance is all-inclusive and covers virtually every medical expense, including in-patient hospitalisation costs, daycare costs, ambulance costs, maternity costs, travel insurance coverage, e-consultations, mental health treatment, etc.
4. Bajaj Allianz Health Guard Plan
The insurance plan from Bajaj Allianz Health Guard is made to pay for hospital bills for both individuals and families. You may get this medical insurance coverage if you are 18 to 65. The insurer covers hospitalisation costs incurred by the policyholder due to illness or injury. Additionally, it is made to pay for maternity charges, Ayurvedic and homoeopathic medical expenditures, the cost of organ donation, bariatric operations, and daycare medical procedures that don’t take more than a day in the hospital.
5. Aditya Birla Active Assure Diamond Plan
A comprehensive medical plan, the Aditya Birla Active Assure Diamond health plan provides the greatest level of financial security during medical crises. The insurer under this plan covers the costs of 586 daycare medical treatments. Additionally, the benefits of the coverage extend to the costs of Ayush treatments, including Yoga, Ayurveda, Unani, Naturopathy, Siddha, and Homeopathy.
So there you have it: India’s top 5 cheapest health insurance in India. According to veterans and industry experts, a health plan should always be chosen based on the premium. Remember to prioritise coverage and exclusions above the overall cost of the insurance package when purchasing medical insurance. Therefore, the best way to buy the best health insurance in India is to lock in premiums when you are young and stick with them for a more extended period, or you can seek out Niva Bupa’s expert advice to determine the right insurance policy, coverage amount, and features to suit your needs as per your age and lifestyle.
