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Affordable Health Insurance Plans in India
Healthcare expenses have risen over the years, making quality medical care a significant financial burden for many families. However, inflating medical expenses does not necessarily mean your health policy must be expensive too. With the right approach, you can easily find affordable health insurance plans in the market without compromising on coverage. Read on to learn more about affordable mediclaim plans in India.
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- Affordable Health Care Plans in India
Factors Affecting Health Insurance Premium
A variety of factors determines the premium you pay for your health insurance policy. Understanding these factors can help you to choose a plan that fits your needs and budget.
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Age
Age is one of the most significant factors impacting your mediclaim premium. Generally, the older you are, the higher your premium will be, as the risk of health issues increases with age. So, you must always buy a mediclaim plan when you are young and healthy.
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Sum Insured
The amount of coverage you choose directly affects your premium. A mediclaim insurance policy with a higher sum insured will cost you more than a policy with a low sum insured.
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Policy Duration
Buying a long-term policy for 2-3 years may offer discounts on your premium in comparison to buying a plan for 1 year and renewing it annually.
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Geographical Location
The cost of healthcare services varies by location. So, if you live in a metropolitan city where healthcare costs are high, your health insurance premium might reflect that.
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Pre-Existing Conditions
If you have any pre-existing medical conditions, such as diabetes or heart disease, your premium might be higher.
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Lifestyle Habits
Your lifestyle choices, such as smoking, alcohol consumption, or lack of physical activity, can increase your premium. For instance, smokers often pay more due to the increased risk of health complications.
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Coverage Type
The extent of coverage, including add-ons like maternity insurance, critical illness cover, etc., can significantly impact your premium. So, the more coverage you choose, the higher the premium amount will be.
What to Look for While Buying an Affordable Health Insurance Plan?
While buying an affordable health plan, you must look for the following:
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Policy Type
Health insurance companies in India offer various types of health insurance plans to suit different needs. Based on your requirements, you can opt for an individual health plan, family floater plan, or senior citizen plan. You can even opt for top-up or super top-up plans to enhance coverage beyond your current health insurance limit.
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Sum Insured
The sum insured is the maximum amount the insurer will pay for your medical expenses during the policy term. It is important to select a sum insured that aligns with your healthcare needs, considering factors like your age, family size, lifestyle, etc.
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Scope of Coverage
Make sure the plan you choose provides comprehensive coverage. It should cover expenses related to hospitalization, OPD, day care procedures, critical illnesses, pre and post-hospitalization, etc.
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Pre-existing Diseases (PED) Waiting Period
Pre-existing diseases are medical conditions you already have before purchasing the insurance policy. Most health plans have a waiting period of up to 2-3 years, during which they do not cover expenses related to these conditions. So, compare different affordable health policies and choose one with a shorter waiting period if you have PED.
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Inclusions and Exclusions
Every affordable mediclaim policy comes with a set of inclusions and exclusions. You must carefully read the policy document to understand them and prevent surprises during health insurance claim settlement.
How to Choose an Affordable Health Insurance Plan?
You might already know that health insurance is by no means cheap. However, there is more than one way to get your hands on mediclaim coverage at a low price. Have a look at some of the top ways below:
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Access Your Healthcare Needs
While buying a mediclaim insurance plan, take into account your age, overall health, lifestyle, and any existing medical conditions and buy a plan accordingly.
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Buy Health Insurance Online
Purchasing health insurance from online insurance aggregators like Policybazaar.com enables you to compare policies from various providers. This helps identify differences in premiums, coverage, and benefits, allowing you to select a plan that suits your budget and needs.
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Select the Right Sum Insured
Opt for a sum insured that is appropriately balanced, not excessively high or too low. It should adequately cover your medical expenses without leading to unnecessary costs.
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Choose Co-Payment or Deductible Options Wisely
Reducing your health insurance premium can be achieved by opting for co-payment or deductible options. With co-payment, you agree to cover a portion of the medical costs, while deductibles require you to pay a fixed amount before the insurer covers the rest.
Discover more on this topic: What is Copay in Health Insurance
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Choose Only Essential Riders
Health insurance plans often come with optional add-ons or riders, such as free annual health check-ups, wellness programs, maternity benefit, critical illness cover, and more. Since these riders come at an additional cost, it is important to carefully evaluate your needs and only opt for the ones you actually need. This ensures you are not overpaying for features you may not use.
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Invest in a Long-Term Mediclaim Policy
Consider purchasing a multi-year mediclaim policy, as health insurance companies often offer discounts for long-term plans. This approach locks in your premium rates, secures your coverage for a longer period, and provides peace of mind.
FAQs
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Q1. Is ₹20 lakh health insurance enough?
Ans: A ₹20 lakh health insurance policy is generally considered good coverage amount for most people, as it provides extensive coverage for major medical expenses. However, the sufficiency of this amount depends on factors like your health, family medical history, lifestyle, and the medical costs in your area. -
Q2. What is the last age for insurance?
Ans: As of April 1, 2024, there is no maximum age limit for buying health insurance in India. This means that you can buy a health insurance policy at any age, even in your 60s or beyond, as long as you meet the insurer's terms and conditions. -
Q3. What is a good amount for health insurance?
Ans: Experts recommend a health insurance policy with a coverage of ₹5-10 lakh in India. This is considered sufficient for most people to cover routine medical expenses and emergencies. However, you must assess your own healthcare needs to determine the right coverage for you. -
Q4. Which age is best for health insurance?
Ans: The ideal time to buy health insurance is in your 20s. At this age, premiums are more affordable, and you are less likely to face rejections due to pre-existing health conditions. Additionally, starting early allows you to complete waiting periods for certain illnesses well before you might actually need coverage. -
Q5. What age is health insurance most expensive?
Ans: Health insurance premiums are typically expensive when you are older, especially after the age of 50. As you age, the risk of developing health issues increases, and insurers charge higher premiums to cover potential medical expenses.
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Health insurance companies
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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