What is a Health Insurance?

What is a Health Insurance?

Medical and surgical costs have been on a sharp rise and unless you have been saving a lot of money, arranging for funds can be quite a stressful affair. Today due to the stressful lifestyle and environmental pollution medical emergency can strike to anyone. This is where taking a health insurance policy becomes important for an individual and his/her family

Health insurance provides coverage for the medical and surgical expenditures of an insured individual. A medical insurance policy either reimburses the expenses incurred due to injury or illness or pays the hospital or care provider directly towards the hospitalisation expenses of the policyholder.

Health plans usually allow comprehensive insurance coverage and include critical illness cover for more than 30 illnesses. When you have taken a health policy from one of the best health insurance companies, you have the assurance of a secure future, both in terms of health and money.

Some of the Health Insurance Policy Providers

There are several companies in India providing health insurance plans with many benefits, advantages and coverage options. There are some that stand out in a crowd when it comes to customer service, customer satisfaction and claim settlement ratios. Here’s a quick look at some of the top health insurance service providers we have today.

· New India Assurance Health Insurance

Based in Mumbai, New India Assurance is a well-known general insurance provider in the country that also offers healthplans. Being an erstwhile subsidiary under the General Insurance Corporation of India (GIC), the company gained autonomous status as per the IRDA Act in 1999. It operates through a network of over 2,300 offices and has collaborated with some of the country’s top public sector banks and financial institutions to boost its expansion efforts.

· Star Health Insurance

Star Health Insurance owns the distinction of being the country’s first standalone health insurance company and it has tie-ups with thousands of hospitals. Along with a commendable record cashless claims approval rate of 90%, they are known for according approvals within an hour of a claim being raised. There is no TPA intervention, which has worked in the company’s favour and it is able to maintain high levels of customer satisfaction.

· United India Insurance

Being India’s second largest government-owned general insurance provider, United India Insurance Company Limited has witnessed an unprecedented growth in terms of its customer base post-nationalisation. Apart from a clientele boasting huge giants, United India Insurance also makes insurance available to a large part of the rural population with the implementation of several schemes designed especially for them.

· ICICI Lombard Insurance

Known to have a mammoth network comprising more than 3,000 hospitals across the country, ICICI Lombard Insurance has come to become one of the mainstays in the industry. The company and caregiver (hospital) directly handle cashless claims while the reimbursement claims are handled within 14 days.

· National Insurance Company

Founded in 1906, National Insurance Company has the distinction of being the oldest general insurance company in the country. With immense experience, the company holds the second position in terms of gross direct written premium. In the health insurance segment, National insurance offers two kinds of policies i.e. Mediclaim policy and Parivar mediclaim policy and these are very popular in the market.

There are several other health insurance providers such as Religare, Bajaj Allianz, Cigna TTK, and Max Bupa offering premium health insurance plans, each with its own range of benefits for policyholders. Save time and effort of comparing plans individually by visiting an insurance comparison portal like Coverfox.com and finding out what suits your requirement the best.

Types of Health Insurance Plans

It is imperative that you invest in a health insurance plan that provides a suitable cover for your needs. Understanding individual needs, insurance companies in India have come up with various forms of health insurance.

  • Individual health insurance is the simplest form and it covers a single person for the sum assured chosen by him or her for payment of a yearly premium.
  • Family floater health insurance can be customised for families and will have a single sum assured for all the insured members. The premium payable for such a policy usually works out lesser than the collective amount you would otherwise pay when you take policies individually for each family member.
  • Senior citizen health plan caters to people over the age of 60 years and helps in addressing emergency medical situations during old age.
  • Maternity health insurance plan covers pre and postnatal care, deliveries, and sometimes vaccination expenses as well (if it is a part of your policy).
  • Surgery and critical illness plan can be purchased as a standalone policy or as a rider for the treatment of critical illnesses like renal failure, cancer, paralysis, and heart attack. They attract high premium considering the expensive nature of the treatment of such diseases.
  • Personal accident cover plan is normally available as a rider and includes the hospitalisation expenses in case of untoward events. Usually, the benefits are fixed and a specified amount is paid in case the policyholder is a part of an accident.
  • Unit-linked health plan combines health insurance and investment and they help in building a stronger financial base that will help you meet other expenses related to your health not covered by the policy.

Final Words

Coverfox.com is your one-stop destination for getting the details of all health insurance plans in one place and making the process of comparison easier. Compare policies from the top health insurance companies andzero-in on the one that is the best fit for your needs.