Thursday 8 March 2018

India’s best Mediclaim plans in 2018


Urbanization, pollution and various other factors have some of the causes why every individual has some health issue at some or every stage of his life.  So, Doctor Appointments and hospitalizations are frequently heard terms today.  Mediclaim policy addresses this very issue by providing coverage of Hospitalization charges and related expenses to the insured.

Mediclaim Insurance policy – an overview
When you or your family member has advised Hospitalization due to various health issues like accidents, severe illness or surgery, Mediclaim Insurance reimburses all the expenses related to Hospitalization. 
Mediclaim plans are of many types and is divided on the basis of a few features
Mediclaim Plans can be divided into different categories based on

  1. Payment
There are two types of Family Health Insurance plans on the basis of amount.  One is Cashless Insurance policy (TPA), and the next one is reimbursement.  There are a few hospitals registered with Insurance Companies called network hospitals.  Once insured, you can take treatment in these clinics without paying anything, and the Insurer will directly pay expenses to the Hospital.  In case your doctor refers you to a different hospital, you can spend first and get the expenses reimbursed by the Insurer later

  1. Number of Persons covered
Mediclaim can cover Individuals, Family Floater for Family Health Insurance plans, or a Group – for example employees in an organization.  

  1. Other types
There are Overseas Mediclaim plans which cover Hospitalization charges during your treatment or travel abroad. Critical Illness plan covers costly therapies for sometimes life-threatening diseases like Cancer. Low-cost Mediclaim for the poor masses and Senior citizen Mediclaim for Senior citizens.

What are the criteria for choosing the best Mediclaim Plans in 2018

The Mediclaim Insurance documents contain a lot of data and going through them is time-consuming.  While it is advisable to read the fine prints, the wise thing to do will be first to check and compare few basic details of policies offered by different competitors.  This way you can arrive at the Cheapest Health Insurance for the family.  Here is how you can do it:

  1.  Premium. - Premiums increases with increase in age. The premium for a 30-year-old will be cheaper as compared to a person who is into his 60s. Giving weight to the age factor, we can arrive at the Cheapest Health Insurance for your family calculating the premium alone!
  2. Features - While there would be some standard features in all policies, Insurers differentiate by offering unique benefits which would appeal Insurers with individual requirements.    
  3. Latest Benefit additions:  Insurance Companies come up with new benefits to improve service, which could be a critical criterion for selecting among these Family Health Insurance plans.
  4. Network Hospitals-  Insurers with the most number of Network Hospitals at nooks and corners of the country are usually preferable more.
  5. Claims: Positive History of claim reimbursement will work in favor of one competitor against another.
 Few of India’s best Mediclaim Plans in 2018 that emphasizes on Family Health Insurance plans

There are various insurers in the Insurance plan sector.  Here are some of the best for the year 2018.

  1. Star Health Insurance
Its Mediclaim offering is called Family health Optima Insurance Plan.  The features of one of the trendy Family Health Insurance plans are 
     Sum Assured limits  from 2 to 15 lakhs
     Minimum age Children -16, proposer – 18 and maximum age 65
     Waiting period four years for pre-existing diseases and two years for ailments
     Expenses covered include hospital charges, ambulance, fees and appointment charges for consultants and specialists, operation theatre charges and pre and post hospitalization charges
     Five family members covered
     Health checkup benefit during claim free-year period
     Cover for 400-day procedures
There are a few New benefits
     Compassionate travel up to Rs.5000/- for one additional family member as travel companion to hospital location
     Emergency Domestic Medical Evacuation
     Reimbursement of expenses for Assisted Reproductive treatment

  1. Apollo Munch
The features of Family Health Insurance plans of Apollo Munich Mediclaim policy. 
     Sum assured minimum – 3 lakhs and maximum 50 lakhs
     Minimum age of proposer 18
     Waiting period – 3 years
     Provides Insurance for a spouse, dependent children, Parents-in-law, dependent parents.
     Three unique benefits Stay Active, Restore and Multiplier offered by this Insurer.  Stay Active provides premium discounts on maintaining a Healthy Lifestyle.  Restore benefits restores sum assured once in a policy year after the previous amount has been provided for any one member of the family.  Multiplier doubles your quantity secured within two years if the last two years were claim free.  

  1. Religare Care 
Religare Care Mediclaim policies are much sought after due to various benefits offered.  Some details are as under
     Sum Assured limits three from 60 lacs
     Minimum age Children -16, proposer – 18 and maximum age 65
     Waiting period four years for pre-existing diseases and two years for ailments
     Expenses covered include hospital charges, ambulance, fees and appointment charges for consultants and specialists, operation theatre charges and pre and post hospitalization charges, Daily Cash benefit Rs.500 per day
     Annual Health Checkup

  1. Max Bupa Health companion
Max Bupa has  Cheap Health Insurance plans for your family.  Some benefits and features are
     Sum Assured limits 1 lakh from 1 crore
     Minimum age Children -91 days – 21 years, proposer – 18 and maximum age -
     Waiting period three years for pre-existing diseases
     Expenses covered include hospital charges, ambulance, fees and appointment charges for consultants and specialists, operation theatre charges and pre and post hospitalization charges
     Benefits – Vaccinations in case of animal bite etc., organ donation benefit and Hospital cash benefit
     Strong Hospital network across north India

  1. Royal Sundaram Lifeline Elite
This company offers affordable Insurance and excellent service providers.  Some details Mediclaim policy is
     Sum Assured limits 25 lacs from 1.5 crores
     Minimum age Children -16, proposer – 18 and maximum age 65
     Waiting period four years for pre-existing diseases and two years for ailments
     Expenses covered include hospital charges, ambulance, fees pre and post hospitalization charges, daycare expenses like Chemotherapy and dialysis, maternity expenses
     Coverage of costs for treatment for 11 critical illness abroad plus three lakhs airfare

  1. Oriental Insurance
Happy family Floater policy is one of the Mediclaim offerings of Oriental Insurance.  Floater means a single sum assured coverage for all family members
     Sum assured  from 2 to 20 lakhs
     There are three types of plans under this head – Gold, Silver, and Diamond.
     Benefits -  Organ Benefit Cover, Maternity Benefit cover, Life Hardship survival benefit,
     Restoration of Sum assured
     Maximum age 65 years, extendable under special conditions to 70 years
     Both TPA options (Cashless facilities in network Hospitals) and non-TPA facilities available
     Waiting period four years for pre-existing diseases
     Pan India Hospital network


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