Top 5 Medical Insurance Policies 2020

Medical insurance is an agreement between the insurance company and the insured that covers the whole or a part of the risk of a person incurring medical expenses. The primary aim is to protect a person from financial loss from sudden and unprepared medical expenses. Even a simple heart surgery cost around 5-6 Lakh and derail a family’s finances. A medical insurance protects you and provides cover for such expenses.

Medical Insurance: Important Parameters to consider

Type of Plan – An individual may opt for a Family floater or Individual cover, with different variants Silver, Gold and Platinum plans.

Plan Benefits – It is important to evaluate benefits such as free health check-ups on renewal, free ambulance services etc., and the limits specified for medical expenses related to surgical procedures, room rent etc. For example – If a person’s health cover sum assured is 10 Lakh, and capping on room rent expenses by the insurer is put a 2%. Then any expense exceeding 20,000 will be borne by the insured individual.

Affordability factor – The premiums of the medical insurance is dependent on the amount of coverage, its inclusions and exclusions among others.

Waiting Periods – Waiting periods range from 2 years to 4 years for certain medical conditions like diabetes, hypertension, heart ailments, etc., and any pre-existing illnesses. The shorter the better.

Hospital Network – In case of an emergency a person will prefer to go to a nearby hospital to his place. Hence, larger the network of the insurance company, greater the chances of finding a hospital nearby.

Claim-settlement ratio – A higher ratio as compared to the other insurance providers indicates that more the numbers of claims paid against the number of claims filed are higher.

Plan renew-ability – One should opt for such plans which can be renewed even at the age of 75 or 80 years

Evaluation of Various Medical Insurance Policies

There are lot of medical insurance companies offering different options and it is natural to get lost while selecting them. We have listed few of the best medical insurance policies available in India in 2020

Medical Insurance Company Health Plan Sum insured (Min/max) Network Hospitals
Religare Care Health plan 4Lakh-6cr. 7400+
TATA AIG MediPrime Health insurance 2-10Lakh 4000+
MAX Bupa Health companion individual plan 3Lakh-1cr. 4000+
Bajaj Allianz Health insurance Health guard insurance plan 1.5-50 Lakhs 6500 +
HFDC Ergo Health insurance Optima restore plan 3-50 Lakhs 10000 +

Religare Care Health Plan

  • Organ Donor cover up to Rs. 5 Lakhs.
  • The claim settlement ratio of Religare is 93% which is one of the highest.

Inclusions

  • All day care treatments are included
  • In-patient hospitalisation expenses up to sum insured limit
  • Global cover on cashless basis across network of hospitals
  • Pre & post hospitalisation expenses for up to 30 & 60 days respectively
  • Domiciliary hospitalisation expenses for up to a specified limit

Exclusions

  • Expenses for the treatment of AIDS
  • Congenital diseases
  • Expenses arising due to self-harm
  • Expenses incurred from an addiction such as alcohol, tobacco, etc.
  • Any expenses arising due to war, strike, riot, etc.

TATA AIG MediPrime Health Insurance

  • Medical insurance cover without any sub-limit (unless specified)
  • Up to 32% family floater discount on premium

Inclusions

  • In-Patient hospitalization costs
  • Pre and Post hospitalization costs
  • Domiciliary Treatment
  • Day Care Procedures
  • Organ Donor Expenses

Exclusions

  • Sexually Transmitted diseases like HIV and AIDS
  • Intentional Injuries
  • Plastic and cosmetic surgeries unless specified in the treatment
  • Experimental and unproven medical treatments
  • Non-medical Expenses

Max Bupa Health companion

Covers 19 different relations including spouse, children, parents, parents-in-law, dependent brothers, dependent sisters are allowed to be covered in the policy. A new-born can be covered immediately without any additional premium. International treatment is covered in the platinum plan. Also, sub-limit for OPD and diagnostic services expenses are available and can also be carried forward to the next policy year.

Inclusions

  • Lifetime renewability option
  • In-patient hospitalisation treatment
  • Tax saving under Section 80D of the Income Tax Act
  • 30 and 60 days pre and post hospitalisation expenses 

Exclusions

  • Cover for OPD expenses
  • LASER and eye-based treatment
  • Expenses incurred from the treatment of HIV/AIDS
  • Accidents occurring due to war or warlike situations
  • Any expense incurred due to self-harm

Bajaj Allianz Health Guard

Value-added services like a discount on OPD consultations and diagnostic services at select outlets and Complimentary health check-up for every 4 continuous policy years. Bajaj Allianz has been known for smooth and quick processing of claims.

Inclusions

  • Ambulance cover
  • Pre and Post hospitalization costs
  • Ayurvedic and Homoeopathic hospitalisation of more than 24 hours
  • Organ donor expenses

Exclusions

  • Intentional self-injury
  • Ailments due to use or abuse of drugs or alcohol
  • Expenses incurred for the treatment of HIV/AIDS
  • Expenses of Vitamins, tonics or nutritional supplements
  • Treatment for any mental or psychiatric illness
  • Any treatment received outside India

HDFC Ergo Optima Restore

It has 6000+ network hospitals to avail cashless facility. There is no limit on room rent. The minimum age to seek coverage in 91 days, while the best part is there is no maximum age limit.

Inclusions

  • Day Care procedures
  • Pre and Post hospitalization costs
  • Mental healthcare
  • Home Healthcare if recommended by the doctor
  • Recovery benefits if hospitalization exceeds 10 continuous days
  • Organ Donor expenses

Exclusions

  • Injury sustained during any Adventure sports
  • Self-Inflicted injuries
  • War expenses
  • Participation in defence operations
  • Venereal or Sexually transmitted diseases
  • Treatment of obesity or any kind of Cosmetic surgery

Advisory Note: Most companies provide medical insurance as a benefit or perquisite attached as a part of job offer. However, an individual must carefully analyse the pros and cons of such group plans. It is strongly recommended that you opt for an independent medical insurance in order to protect yourself from limitations of the medical insurance provided by your employer or during periods of job loss, job transition and similar events.

Connect with our Fee Only Financial Planner to help you arrive at the right medical insurance cover for you and your loved ones. Book a Free Consultation Call now.

Share:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Share on whatsapp
Share on email
Share on reddit
On Key

Latest Blogs

Subscribe to Newsletter

Get our latest works directly to your mail box

Rocket Fuel Your Financial Life

Book a Free Consultation Call with our Financial Advisor to understand how you can super charge your financial life

Download Free E-Book

Get E-Book on Financial Freedom

6 Steps Towards Financial Freedom. An Introductory Guide to Become Financially Free

Free Tools - Budget Tracker & Financial Calculators like Goal/SIP/EMI/PPF