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Best and Cheapest Health Insurance Plan | Comparison Chart between Top Insurance companies

Best and cheapest health insurance plan

Everyone is aware about need of Health Insurance in today’s time which protects you against financial hardships by covering your medical expenses and providing you a sense of financial security at the same time.

In our previous post we have shared all the important aspects of health insurance which you can read and get yourself acquainted with Health Insurance.

Health Insurance benefits | How to settle maximum in your health claim

By this post, you get to know which are the best health insurance plans available for an individual person in the market. Though definition of best plan cannot be exclusive and it mainly depend on the need of one which differ person by person.

However, to make the process easy for choosing Best Health Insurance Plan, we have provided here the comparison of best Health Insurance plans by leading Health Insurance Companies in market.

Here, we are sharing a list of top Health insurance providers along with their latest market share in health sector. This list includes private as well public players.

 

Top Health Insurance Companies in India

(as on 31 Oct,2021)

Name of Company

Market Share %

Private or Public

Star Health & Allied Insurance Co Ltd

31.85

Private

HDFC Ergo General Insurance Co Ltd

9.79

Private

The New India Assurance Co Ltd

9.18

Public

National Insurance Co Ltd

7.54

Public

Care Health Insurance Ltd

6.96

Private

The Oriental Insurance Co Ltd

6.03

Public

United India Insurance Co Ltd

4.71

Public

 

Firstly, we are listing the name of health insurance products offered by these insurance companies which specifically covers an individual person. So if you are the one who is searching for the best health insurance plan for yourself, please have a look at below most popular health plan available in market for an individual-

1.      STAR COMPREHENSIVE INSURANCE POLICY BY STAR HEALTH INSURANCE COMPANY

 

This is a Policy offered by star Health Insurance company for individual as well for family upto two adults and three children.

 

2.    Optima Restore By HDFC Ergo General Insurance Company Limited

3.    Care by Care Health Insurance Company

4.    New India Mediclaim Policy by New India Assurance Company Limited

5.    National Mediclaim Plus Policy by National Insurance Company Limited

6.    Oriental Mediclaim Policy By Oriental Insurance Company

7.    Individual Health Insurance by United India Insurance

We have thoroughly analyzed the top Health Insurance products offered by these companies and prepared a comparison chart among these products. This comparison will act as a ready reckoner for you to decide which product to choose and from which company.


Comparison Chart for Health Insurance Products

 

STAR COMPRE-HENSIVE INSURANCE POLICY

Optima Restore by HDFC Ergo

Care by Care Insurance

New India Mediclaim Policy

National Mediclaim Plus Policy

Oriental Mediclaim Policy

Individual Health Insurance by United India

Eligibility

18 to 65 years

18 to 65 years

18 to 65 years

18 to 65 years

18 to 65 years

18 to 65 years

18 to 65 years

Policy

Type

Individual/

Family Floater(2 Adults+ 3 Dependent Children)

Individual/

Family Floater(2 Adults+ 4 Dependent Children)

Individual/ Family Floater(2 Adults+ 4 Dependent Children)

Individual Sum Insured Basis

Individual Sum Insured Basis

Individual Sum Insured Basis

Individual Sum Insured Basis

Sum Insured

5/7.5/10/

15/20/25/

50/75/100 lakh

3/5/10/

15/20/25/

50 lakh

 

1 Lakh to 500 Lakh

1 lakh to 15 lakh

2 Lakh to 50 Lakh

1 Lakh to 10 Lakh

2 lakh to 20Lakh

Day Care Procedures

Yes

Yes

Yes

Covered with limit on procedure as listed in policy

Yes

Yes

Yes

Room Rent, Boarding and Nursing Charges

Private Single AC room

Private Single AC room

Private Single AC room

1% of SI per Day

Upto 1% of Sum Insured per day (different limit for SI above 15 Lakhs)

Upto 1% of Sum Insured per day

Upto 1% of Sum Insured per day

ICU/ Operation Theatre Charges

Actuals

Actuals

Actuals

2% of Sum Insured Per Day

2% of Sum Insured Per Day with limit as maximum 15000/- Per day

2% of Sum Insured Per Day

2% of Sum Insured Per Day

Road Ambulance Charges

Actuals

Upto Rs. 2000 per hospitali-zation

Upto Rs. 2000 per hospitali-zation

1% of Sum Insured Per Day

Upto Rs. 2500/- in a Policy Period

Rs.2,000/- OR 1% of the sum insured whichever is less per hospitali-zation

Optional ; Rs. 2500/- Per Policy Period

Pre hospitali-zation

60 days

60 days

30 days

30 days

30 days

30 days

30 days

Post hospitali-zation

90 days

180 days

60 days

60 days

60 days

60 days

60 days

Out Patient Medical Consultation

max limit is Rs. 300 per consult-ation

NA

NA

NA

Available as Optional Cover

NA

NA

Domiciliary hospitali-zation

Period exceeding three days

For first three days if treatment period is greater than three days

Upto 10% of sum insured if domici-llary hospitali-zation exceeds three days

NA

NA

NA

Period exceeding three days

Delivery

and New Born

Covered but waiting period of 24 months

Not Covered

Covered but waiting period of 24 months but for policy sum insured more than 5 lakh

Optional

Upto Rs. 30000 for Normal delivery and Rs. 50000 for caesarean but  waiting period of 24 months

NA

NA

Out Patient Dental and Ophthalmic Treatment

Once in block of three Year

 

NA

NA

NA

NA

NA

NA

Hospital Cash Benefit

upto 7 days per occurrence and Max of 120 days during entire Policy Period

for choosing shared accomod-ation and 48 hours of hospitali-zation

NA but optional

 

0.1% per day maximum upto 1% of sum insured for more than 24 hour hospitali-zation

Rs. 500 per day max for five days only if hospitali-zation exceeds three days

NA

Optional ; Rs. 250/- Per day max of 2500/-

Health Check up

For every claim free year upto the limit

Upto Rs. 1500 for two claim free years

Annual

5000 or 1% of average sum insured once in three claim free years

Every 2 years, upto Rs. 1000

Every three year, 0.75% of Sum Insured max Rs. 3000/-

Every three year, 1% of Sum Insured max Rs. 5000/-

Bariatric Surgery

Yes with 36 months waiting period

NA

NA

NA

Covered after waiting period of 48 Months

NA

NA

AYUSH Treatment

Yes

Yes

NA

Yes

Yes

Yes

Yes

Automatic Restoration of Sum Insured

100%

100%

100%

100%

NA

NA

NA

Cumulative Bonus

Yes

Yes

Yes

Yes

Yes

NA

NA

Premium for a person age upto 35 years for 5 lakh Sum Insured

 

Rs. 7015

Rs. 8489

Rs. 7755

Rs.5691

Rs.11042

Rs.8166

Rs.5767

 

For full details of these benefits, limits and condition always refer detailed policy wordings.


Our Final take from above comparison is you should always keep your needs and requirement in mind and then look for suitable product accordingly.

Here Star Health is offering many benefits by charging Rs. 7015/- for a 35 year individual but some of the coverages have waiting period of 2 or 3 years and if your claim arises between waiting period then this waiting period applies afresh. New India is also offering good benefits at a reasonable premium.

So, our advice is to decide wisely. Always look for a Policy which is designed to settle maximum of claim amount not to delay your claim rights by applying waiting period and any conditions.

And , do not forget to check complete policy terms and conditions as all insurance company provides free look period in which if you found you are not satisfied with terms and conditions you can get your policy cancel with full refund of your paid premium amount.

                                 STAY HEALTHY, STAY WEALTHY!!

                        

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