How to choose the simplest insurance to health for Family?

How to choose the simplest insurance to health for Family?

When it comes to health insurance, there is no possibility to fits-all plan that you can accept. Medical Insurance is the contract based mostly policy with legal jargon thrown in.

Besides this, a Health Insurance policy has medical terminologies.
Of the numbers of medical insurance plans in the market, you may find that each one is unique in some way or the other, with the company has own benefits and limitations.

You have to do lot's of research before you find the right and good health insurance plan for you. You have to compare the health insurance plans offered by multiple companies.

Each family may have different-different health insurance requirements.
So, it's better and very helpful to visit ‘best health insurance plans comparison portals’ and do your own analysis.

However, before the buying, the family floater health insurance plan below are some of the important factors that you can keep in mind.
Premium: premium is usually the first thing that most people evaluate while buying insurance.

A family floater plan has provided health insurance to the whole family at a low cost compared to individual family member's Mediclaims.
Co-Pay clause: Co-payment means the policyholder will bear a specified percentage of the claim amount. For example, in a 75%-25% clause, the policyholder will bear 25% of the cost and the remaining amount (75%) can be claimed.

Sub-limits: all the Health insurance companies may specify limits for certain illnesses or treatments.

For ex: the policyholder can claim only Rs 20,000 for a cataract operation but the policy sum assured might be Rs3 Lakhs. The policies without sub-limits are better but may charge higher premiums.


The waiting period for Pre-existing diseases: 


you need to check if the existing diseases are covered by the policy.

In some policies, all the existing diseases may be covered and in some, the policyholder has to wait for a few years before making a claim.
Alternative Treatments: Some policies also cover non-allopathic or alternative treatments such as homeopathic, ayurvedic etc.,
The waiting period for specific diseases.Disease wise capping (if any).
Definition of family i.e., who and all can be included in a Family Floater plan with the insurance cover.

Check if any of the (or) all day-care procedures are covered?

Find out if any complimentary free-health check-ups are allowed?

Maximum Renewal age: This criterion states up to what age the policy can be renewed. Find out If life-long renewal is allowed or not?

No claim bonus: These are incentives provided by the company in case of a claim-free year.
It varies from company to company.
Check out the list of ‘exclusions’ provided in ‘Product brochure’ or consult the customer care of the concerned insurance company.

Claim Settlement Record: Given the nature of the product, claims settlement is important.However, the information that's available within the public domain isn't user-friendly, but it’s important to include them in your evaluation.

Top 10 Health Insurance Companies in India

1) Apollo Munich Health Insurance Company Limited : click here

Apollo Munich Health Insurance Company had an outstanding record of Incurred Claim Ratio of 63.03% for the fiscal year 2014-15, and it has brought additional benefits like portability and lifelong renewability options in its existing health insurance plans.

2) Star Health & Allied Insurance Company Limited: click here

Star Health & Allied Insurance Company recorded the Incurred Claim Ratio of 63.96% for the fiscal year 2014-15. The company has an in-house claim settlement procedure to deal with cashless hospitalization facility. Along with this, Star Health & Allied insurance company comes up with a range of exciting products that offer protection to Diabetes and HIV+ patients. Read more

3) Max Bupa Health Insurance Company Limited: click here

Max Bupa is one of the best-known insurance companies in India, which had an Incurred Claim Ratio of 55.16% for the fiscal year 2014-15. This company offers its health insurance policies to individuals from all age groups. Read more

4) SBI Health Insurance Company Limited: click here

SBI Health Insurance Co. Ltd is a joint venture between the State Bank of India (SBI) and Insurance Australia Group. SBI holds a 74% stake while 26% stake is held by Insurance Australia Group. It operates out in around 14,000 official branches across the globe. With an Incurred Claim Ratio of 75.01% for the fiscal year 2018-19, SBI Health Insurance Company has issued 198876 policies. Read more

Top Health Insurance Companies in India

5) Religare Health Insurance Company Limited: click here

Religare Health Insurance Company limited has shown tremendous growth in a short period of time, thereby setting a benchmark in the insurance market of India. It had an Incurred Claim Ratio of 61.13%. It is being regularly appreciated and promoted by the Fortis Hospitals. Read more

6) Cigna TTK Health Insurance Company Limited: click here

Cigna TTK Health Insurance Company is comparatively a new player in the Indian insurance market, as it was launched in 2014 only and immediately fell into the category of the best health insurance companies in India. Its Incurred Claim Ratio for the fiscal year 2014-15 is 64.32%. Read more

7) Bajaj Allianz General Insurance Company Limited: click here

Bajaj Allianz General Insurance Company has some health products that are very beneficial for customers from a particular age group. The 3 major health insurance products are Health Guard, Silver Health, and Star Package. Bajaj Allianz Insurance Company was the first to provide captive TPA services with certain additional benefits. Its Incurred Claim Ratio is 73.59% for the fiscal year 2014-15. Read more

8) New India Assurance Company Limited: click here

New India Assurance is a fully government-owned entity of India, which has been in operations since 1919. This company is well-known for its Mediclaim policy. The best feature offered under this health insurance policy is that it provides different ratings for major metros. It had an Incurred Claim Ratio of 98.78% for the fiscal year 2014-15. Read more

9) Oriental Insurance Company Limited: click here

Oriental general insurance is also a government-owned general insurance company that offers a wide range of health insurance products in India. The impressive part of Oriental health insurance is that it doesn’t require a pre-policy medical test up to the age of 60 years, whereas it is mandatory under other health insurance providers to get a medical examination done if you are below 45 years of age. Its Incurred Claim Ratio stood at 117.02% for the fiscal year 2014-15. Read more

10) National Insurance Company Limited: click here

National Insurance Company Ltd. is a full government entity, which has been serving its customers for more than a century and also provides health insurance coverage. It had an Incurred Claim Ratio of 110.02% for the fiscal year 2014-15. The best health product offered by National General Insurance Company is Varishtha Mediclaim that offers coverage to senior citizens.