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Affordable Health Care Plans 2022 in India
Thinking of buying a health care plan? Here we list out some of the best and easily affordable family health care plans in India that are worth a buy in 2022.
Whether it is taking treatment at a hospital for a medical condition or buying health insurance cover for your family and yourself, affordability is prime in both the cases. With healthcare costs on the rise at all times, it cannot be denied that one simply cannot afford to spend all their hard-earned money on one hospital stay in case of an emergency. This is where health insurance comes to the rescue. However, medical insurance itself should not become so unimaginably expensive that one needs to think twice before buying a financial cover for their health.
This is why it is crucial that family health care plans are within affordability limits of an individual so that they can easily buy the required number of policies to take care of all their healthcare needs and those of their family. To help you make an informed decision, here we list out some of the most affordable family health care plans in India that you can consider buying this year.
Best Affordable Health Care Plans in India in 2022
Table of Contents
When buying a mediclaim policy for you and your loved ones, you may consider one of the following top and easily affordable health insurance plans available in India in 2022:
1.Star Health Senior Citizens Red Carpet Health Policy
As is evident from its name, the policy is exclusively designed for the elderly to help them take care of their healthcare costs in old age. Here are some of the top features of this plan:
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- Entry limit for the plan: 60 years and over
- Cover amount: Between Rs 1 lakh and Rs 25 lakh
- Network hospitals: Over 12,000
- Policy tenure: Available for 1, 2 and 3 years
- Plans available: Individual and family floater plans
- Coverage under the policy: Costs incurred on surgery, including robotic surgery, deep brain stimulation, bronchial thermoplasty, intra vitreal injections, and more, as well as on general procedures requiring day care.
- Pre-existing illnesses: Covered from the second year of the plan
- Medical test: Not required
2.Aditya Birla Activ Health Platinum Plan
One of the top names in the insurance sector, Aditya Birla offers health insurance plans in a wide affordable range to make healthcare easily affordable to every common man. Some of the most notable features of the plan include:
- Types of plans offered: Basic and comprehensive
- Cover amount: Between Rs. 2 lakh and Rs. 2 crore
- Network hospitals: More than 10,000
- Pre-existing illnesses: Chronic health conditions like asthma, diabetes, hypertension, and the like are provided coverage from the first day of the plan
- Coverage scope: Costs incurred during 2 months of pre-hospitalization treatment and 6 months of post-hospitalization care; consultation charges, diagnostic tests, medicine charges, treatment of illness, conditions like obesity, and domiciliary treatment also covered up to the sum insured
- OPD cost coverage: Rs. 1000 offered in case of sum insured of Rs 15 lakh and more
3.ICICI Lombard Complete Health Insurance Policy
As the name suggests, the plan is designed to take care of all your health care needs and is a complete protection package for every type of unforeseeable medical requirement. The key features of the plan are:
- Types of plans available: Basic and comprehensive, individual and family health plans
- Network hospitals: Over 6500
- Cover amount: Between Rs 1 lakh and Rs 50 lakh
- Medical test required pre-insurance: No medical test needed upto 45 years
- Co-pay required: Not needed up to the age of 45
- Pre-existing health conditions: Covered after the completion of 2 years from the start date of the plan; also available only under the plan that has sum insured of Rs. 3 lakh and more
- Special features: Two free coupons for medical checkup are provided to policyholders every year under family floater plan
4.HDFC ERGO Health Suraksha
The best part about this plan from HDFC ERGO is that it offers cost coverage to people of any age, meaning that there is no restriction in terms of age when it comes to availing the benefits of this affordable plan. Here are some of its top features:
- Cover amount: Rs. 3-10 lakhs
- Network hospitals: Over 13,000
- Coverage under the plan: Surgeries and day care costs, organ donation expenditure, alternative treatment cost such as Ayush, pre-hospitalization treatment cost for 2 months and post-hospitalization care expenditure for 3 months
- Other benefits: Air ambulance costs covered along with those of mental health therapies, and maternity costs, including newborn baby care.
5. Star Family Health Optima
Yet another offering by Star Health Insurance company, this plan is a great affordable choice for those looking to cover the needs of the entire family under one single plan. Family floater plans are available with the company at easily affordable premium rates. Here are the top features of the Family Health Optima policy by Star Group:
- Network hospitals: Over 12,000
- Cover amount: Rs, 1-25 lakhs
- Grace period for renewal: 120 days
- Accident coverage: Sum insured increases automatically by 25% or up to Rs. 5 lakhs in case of accident of the policyholder
- Scope of coverage: All hospital stay costs, including cost of medicines, consultation, room charges, and tests. Emergency ambulance and air ambulance service charges are also covered ( up to 10% of the sum insured).
- Organ transplant coverage: Costs up to Rs. 1 lakh covered
- Pre- and post-hospitalization costs: Covered for 2 months of pre-hospitalization treatment and 3 months of post-hospitalization care.
Read More: Benefits of Having Two Health Care Plans
Summing Up
When it comes to buying a healthcare plan for you and your family, affordability is important. The premium rates payable regularly should easily fit within your budget. However, make sure that premium is not the sole factor in deciding which policy to choose. The features of the plan, the sum insured, scope of coverage, pre-existing illnesses, and the like are equally important criteria to take into consideration before buying the best and affordable health care plans for you and family.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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Top General Insurance Companies with the Best Claim Settlement Ratio
The Claim Settlement Ratio (CSR) of an insurance company is one of the top concerns when choosing an insurer for you and your family’s financial security. Here’s a list of the top general insurance companies in India that boast of offering the best CSR.
Raising a claim for your financial expenses incurred in case of an emergency is one of the major components of insurance. It is also the top benefit that an insurance policyholder can avail. In fact, the decision to choose an insurance company for buying a policy is based on its Claim Settlement Ratio (CSR).
Meaning of Claim Settlement Ratio
As is evident from the name, Claim Settlement Ratio or CSR implies the ratio of claim settlement by a particular insurance company in the given financial year. An insurance company receives a specific number of claims from policyholders in an entire financial year. The CSR helps determine the total number of those claims actually settled or resolved by the insurer during that particular period.
Note that the remaining claims which are unsettled by the company fall under rejected claims. The rest are all approved by the insurer upon careful inspection and verification of the claims filed by the insured.
Now, the CSR of an insurance company is what helps a prospect policyholder determine whether or not the insurer has a good reputation/credibility in the market with regard to claim settlement. This simply means that the company has successfully and promptly settled the claims received from the insured.
But how to know which insurance company has a good Claim Settlement Ratio? How can we be sure which insurer to rely on for purchasing general insurance plans? To help you make an informed choice, we list here some of the top general insurance companies in India on the basis of their CSR.
Top 10 General Insurance Companies in India
- Bajaj Allianz General Insurance
- Aditya Birla Insurance Brokers Ltd. (ABIBL)
- Care Health Insurance
- Bharti AXA General Insurance Co. Ltd.
- Cholamandalam MS General Insurance
- Future Generali India Insurance Co. Ltd.
- IFFCO Tokio General Insurance Company Limited
- Go Digit General Insurance Ltd
- Liberty General Insurance Limited
- Kotak Mahindra General Insurance Company
As discussed above, the IRDA claim settlement ratio is often considered the basis for determining the credibility of an insurance company in terms of how quickly it settles the claims of its applicants. To make your choice simpler and decision more informed, we list here the best companies in India for buying general insurance:
- Bajaj Allianz General Insurance: Topping the list is Bajaj Allianz with a claim settlement ratio at a whopping 98%! Furthermore, the company has been the recipient of iAAA rating by the ICRA for 10 years consecutively.
- Aditya Birla Insurance Brokers Ltd. (ABIBL): With its presence across the world, such as South-East Asia, the Middle East, and South Asia, ABIBL is a popular name in the general insurance industry. Its CSR is estimated at 94% which makes it among the top general insurance companies in India.
- Care Health Insurance: The health insurance unit of Care Health Insurance Ltd. (CHIL), this company was formerly known by the name of Religare Health Insurance Company Ltd. It too holds a good reputation in terms of its CSR, computed at 95% by the IRDAI.
- Bharti AXA General Insurance Co. Ltd.: Known in the general insurance market for its large number of satisfied customers every year, Bharti AXA’s claim settlement ratio stands at 92.37%. The company’s claim-settlement procedure is also rather simple and hassle free.
- Cholamandalam MS General Insurance: This company not only has a decent CSR but also offers a wide range of services in the general insurance category. A few examples include home insurance, motor insurance, health insurance, travel insurance, personal accident insurance, and the like. The CSR is calculated at 95%.
- Future Generali India Insurance Co. Ltd.: Offering customized insurance plans to suit individual requirements, the insurance company has a claim settlement ratio of 95.2%. As far as settlement of claims is concerned, the company holds pride in having minimal rejected claims.
- IFFCO Tokio General Insurance Company Limited: Among the best general insurance service providers in India, IFFCO Tokio has a claim settlement ratio of 95.82%. The company operates as a joint partnership venture between three parties – Indian Farmers Fertilizer Cooperative Ltd, Nichido Fire Group of Japan, and IFFCO Tokio Marine.
- Go Digit General Insurance Ltd: This company is fast emerging as a popular insurer in India, which is evident in its number of insurance plans sold every year in different categories – health, motor, travel insurance, and the like. Besides, the company also holds an impressive record of settling over 87% insurance claims within a period of just 24 hours.
- Liberty General Insurance Limited: With a widespread presence in 23 Indian states and over 50 cities, the company is popular for its insurance services and satisfied customers. The CSR of the company stands at 94% as in the financial year 2021-22.
- Kotak Mahindra General Insurance Company: The last, but definitely not the least, Kotak Mahindra is also among the best companies in India offering general insurance services to millions of customers. It has around 13 branches spread across the country offering both life and other forms of insurance services. The CSR for the company was calculated at 68.06% as in 2018-19.
How is the CSR of an Insurance Company Calculated?
We’ve been discussing all along that the claim settlement ratio of an insurance company is one of the prime deciding factors for choosing the company before buying an insurance plan for them.
Now let us understand how exactly the claim settlement ratio of a company is calculated by the IRDA to determine the creditworthiness of the insurer. Here is the formula for computing the CSR of insurance companies:
The total number of claims settled by the insurance company divided by the total number of claims received in a given financial year period.
Read More: Claim Settlement Ratio of Best Term Insurance Companies
Wrapping it Up
The credibility that an insurance company holds in its trade markets holds immense value for a prospective customer who intends to buy an insurance plan from that particular company. To help him/her make an informed decision, the IRDA defines the claim settlement ratio of each company at the end of the financial year.
This ratio helps people decide how quick the company is in settling the claims received and how many claims it actually settles in the financial year. Based on these values, the customer can decide whether or not to go ahead with buying insurance from the said company. You too can make an informed choice by looking up the best general insurance company in India online. Also make sure to check the company’s CSR value before making a decision.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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