Category: Insurance

Top Health Insurance Plans in India – Compare Premium & Coverage

As you know that the Term insurance protecting your family if you are no longer there, similarly Health insurance is like a safety net for when you get sick or need treatment.

Imagine this:

You fall down and break your hand.
Or you catch a fever that needs hospital care.
The doctor says, “You need to stay in the hospital.”

That can cost a lot of money. But if you have health insurance, the insurance company helps pay those bills.

So, health insurance protects your family from paying big hospital bills from your own pocket.

Why Do People Buy Health Insurance?

Here are some simple reasons why people buy health insurance:

To pay for hospital bills without using their savings
To get better treatment at hospitals
To protect their family during emergencies
To save tax under Section 80D
Because as we grow older, medical costs go up

Think of it like this:
It’s cheaper to buy an umbrella before it starts raining than to buy one when you’re already wet.

How Does Health Insurance Work?

Let’s take a simple example.

You buy a health insurance plan with a cover of ₹5 lakh.
You pay a small amount every year – this is called the premium .

If you fall ill and need to go to the hospital:

The insurance company pays the hospital bill (up to ₹5 lakh).
You don’t have to pay from your own pocket.

Some plans also cover:

Doctor visits
Medicines
Ambulance charges
Daycare treatments (like dialysis)
Pre and post-hospitalization expenses

Types of Health Insurance Plans

There are different kinds of health insurance plans. Let’s see what they mean in simple words.

Type of Plan	Meaning
Individual Health Plan	Covers only one person
Family Floater Plan	Covers the whole family under one policy
Senior Citizen Plan	For people above 60 years
Critical Illness Plan	Gives lump sum if you get cancer, heart attack, etc.
Top-up Plan	Extra cover if your basic plan runs out
Group Health Insurance	Provided by companies to employees

Top Health Insurance Companies in India (2025)

Here are some of the best health insurance companies in India:

Company Name	Features
HDFC Ergo	Fast claim settlement, good customer service
ICICI Lombard	Great for cashless hospitalization
Star Health	Wide network of hospitals
Bajaj Allianz	Affordable plans for families
Apollo Munich	Strong in health and wellness benefits
Niva Bupa (Max Bupa)	Best for individual plans
Care Health Insurance	Good for senior citizens
Manipal Cigna	Offers wellness programs and preventive check-ups

Best Health Insurance Plans in India (2025)

Here are some top health insurance plans you can consider:

1. Star Health – Red Carpet Health Insurance

Best for: High coverage
Sum Assured: ₹5 lakh to ₹5 crore
Features: Cashless treatment, pre-hospitalization cover

2. HDFC Ergo – My:Health Suraksha

Best for: Families
Sum Assured: ₹3 lakh to ₹20 lakh
Features: Free health checkups, easy claims

3. ICICI Lombard – Health Companion

Best for: Customizable plans
Sum Assured: ₹3 lakh to ₹10 crore
Features: Top-up option, daycare coverage

4. Bajaj Allianz – Health Guard

Best for: Senior citizens
Sum Assured: ₹2 lakh to ₹10 lakh
Features: No upper age limit in some plans

5. Niva Bupa – Reassure

Best for: Individual coverage
Sum Assured: ₹5 lakh to ₹10 crore
Features: Lifetime renewability, no claim bonus

6. Care Health Insurance – Care Supreme

Best for: Full coverage
Sum Assured: ₹3 lakh to ₹10 crore
Features: Room rent flexibility, ambulance cover

How to Choose the Best Health Insurance Plan?

Choosing the right health insurance plan is important. Here’s how to do it:

1. Decide the Cover Amount (Sum Assured)

This is the total money the company will pay for your treatment.

A simple rule:

At least ₹5 lakh per person
For families, ₹10–15 lakh
For senior citizens, higher cover is better

2. Check Network Hospitals

Make sure the insurance company has hospitals near you where you can use the policy cashless .

Most companies have apps or websites where you can search for hospitals.

3. Read the Policy Wordings

Some things may not be covered, like:

Dental
Cosmetic surgery
Pregnancy (in some plans)

Always read what is not covered .

4. Look at Claim Settlement Ratio

This shows how many claims the company approves.

Example:

ACSR (Actual Claim Settlement Ratio) of 95% means – out of 100 claims, 95 are approved.

Choose companies with at least 90% ACSR .

5. Compare Premiums

Use online tools to compare prices.

Sometimes the same plan costs less if you buy it directly from the company website.

Also, buying online may give discounts.

Documents Required for Buying Health Insurance

When you buy health insurance, you usually need:

Identity Proof – Aadhaar Card, PAN Card
Address Proof – Voter ID, Electricity Bill
Age Proof – Birth Certificate, Aadhaar Card
Income Proof – Salary Slip (for family floater)
Medical Reports – May be needed for senior citizens
Photo – Passport size

Don’t worry – most companies guide you step by step.

How to File a Health Insurance Claim?

There are two ways to claim:

1. Cashless Claim

Go to a network hospital.
Show your insurance card.
The hospital contacts the insurance company.
You don’t pay anything (except any extra services).

2. Reimbursement Claim

You pay the hospital first.
Then send all bills to the insurance company.
They return the money after checking everything.

Tips to Buy the Best Health Insurance

Here are some smart tips:

Buy early – younger people get cheaper rates.
Don’t hide your medical history – it can cause problems later.
Always read the terms carefully.
Renew on time – don’t let your policy expire.
Consider adding riders like critical illness cover.
Buy a family floater to save money.
Think about future needs – choose a plan that can be upgraded.

Final Thoughts

Health insurance helps pay hospital bills so you don’t lose your savings.
There are many types – individual, family, senior citizen, etc.
Choose a plan based on your needs and budget.
Compare companies and plans before buying.
Always read the fine print – know what is covered and what is not.
Keep your documents ready.
Renew on time.
Use cashless facility if possible.
Be smart and protect your family with health insurance.

June 13, 2025

Term Insurance in India – Which Plan Is Best for You?

Term insurance is like a promise. You pay some money to an insurance company every year or every month. In return, if something happens to you (like you pass away), the company gives money to your family.

It’s not like saving money. It’s more like protecting your family if you are no longer there.

If you are the person who earns money for your family, and something bad happens, how will your family live?
Term insurance helps them by giving them a big amount of money called sum assured .

Why Do People Buy Term Insurance?

Most people buy term insurance to make sure their family stays safe financially .

For example:

If you have children, they can still go to school.
Your spouse can pay bills and house rent.
You can leave behind money without worrying about loans or debts.

So, term insurance is not for you — it’s for the people who depend on you.

How Does Term Insurance Work?

Let’s take an easy example.

You are 35 years old. You earn ₹50,000 per month.
You buy a term plan that gives ₹1 crore to your family if you die during the policy period.

You pay around ₹1000–₹2000 every year for this.

If you live long, the company does not give you any money .
But if you die during the policy time, your family gets ₹1 crore.

That’s why term insurance is also called pure risk cover – you only get money when the risk (death) happens.

Who Should Buy Term Insurance?

Term insurance is best for:

Working people who have a family depending on them.
Parents with young kids.
Home loan holders – because if you die, your family won’t have to pay the loan from their pocket.
Newly married couples – to protect each other.

Even women can buy term plans. It’s not just for men.

Types of Term Insurance Plans

There are different kinds of term plans. Let’s see what they mean in simple words.

Type of Term Plan	Meaning
Level Term Plan	You get the same sum assured throughout the policy.
Increasing Term Plan	The sum assured increases over time. Good for inflation.
Decreasing Term Plan	The sum assured goes down over time. Used with home loans.
Return of Premium (ROP)	If you survive, you get back all the money you paid. But it costs more.

Top Term Insurance Companies in India (2025)

Here are some of the best companies for term insurance:

Company Name	Features
LIC	Trusted, but sometimes expensive
HDFC Life	Easy process, good customer service
ICICI Prudential	Fast claim settlement
Max Life	Affordable plans
Aegon Life	Online process, very easy
Kotak Life	Strong brand, good support
Bajaj Allianz	Competitive rates
Aditya Birla Sun Life	Flexible options

Always check how fast a company gives money when needed. That’s called “claim settlement ratio.” Higher is better.

How to Choose the Best Term Plan?

Choosing the right term plan is very important. Here’s how to do it:

1. Decide the Sum Assured

This is the money your family will get.
A simple rule: at least 10 times your annual income .

Example:

You earn ₹6 lakh per year.
Your term plan should be at least ₹60 lakh.

Some experts say even 15–20 times your income.

Also, think about:

Your children’s education
House loan
Monthly expenses

2. Choose the Right Policy Term

How long do you want the plan to run?

Usually:

For young people (30s): 30-year term
For older people (40s): 20-year term
Minimum term: 5 years

3. Check the Claim Settlement Ratio

This shows how many claims a company accepts out of 100.

Example:

LIC: 98%
Max Life: 97%
ICICI Prudential: 96%

Choose a company with at least 95% .

4. Compare Premiums

Premium is the money you pay every year/month.

Use online tools to compare.
Sometimes the same plan costs less if you buy it online.

5. Add Riders (Optional)

Riders are extra benefits you can add to your plan.

Common riders:

Critical illness rider – gives money if you get cancer, heart attack, etc.
Accidental death rider – gives extra money if you die in an accident.
Disability rider – helps if you lose your job due to injury.

These cost extra, but can help.

Documents Required for Buying Term Insurance

When you buy term insurance, you need to give some documents.

Here’s what you might need:

Identity Proof – Aadhaar Card, PAN Card
Address Proof – Voter ID, Electricity Bill
Income Proof – Salary Slip, Bank Statement
Health Report – Some plans ask for medical tests
Nominee Details – Whom to give money in case of death

Don’t worry – most companies guide you step by step.

How to Apply for Term Insurance?

Here’s how to apply:

Step 1 – Decide Coverage : How much money you want to leave for your family.
Step 2 – Compare Plans : Use websites like Policybazaar, Coverfox, or directly go to company sites.
Step 3 – Fill Application Form : Online or offline.
Step 4 – Submit Documents : Upload required papers.
Step 5 – Medical Test (if needed) : Some companies ask for health check-up.
Step 6 – Pay Premium : Make payment using net banking, UPI, card, etc.
Step 7 – Get Policy : You’ll get a PDF copy of your policy.

Tips to Buy the Best Term Plan

Here are some smart tips:

Buy early – younger people get cheaper rates.
Don’t lie about your health – it can cause problems later.
Always name a nominee – someone who will get the money.
Set reminders for premium payments – don’t miss them.
Read the fine print – know what is covered and what is not.
Buy only as much as you need – don’t over-insure.

Common Mistakes to Avoid

Many people make mistakes when buying term insurance. Here are a few:

Buying too little coverage – Don’t choose ₹10 lakh if you earn ₹10 lakh per year.
Not naming a nominee – Without a nominee, the claim may get stuck.
Hiding medical history – This can lead to rejection of the claim.
Choosing ROP just to get money back – It’s okay, but it costs more.
Not reading the terms – Know what cases are covered and not covered.

Can I Cancel My Term Plan?

Yes, you can cancel your term plan within 15 days of buying it. This is called the free look period .

If you cancel after that, you may not get any money back (unless it’s a Return of Premium plan).

Final Thoughts and tips:-

Term insurance protects your family if you pass away.
It’s cheap and gives high coverage.
Choose the right sum assured and term.
Compare different plans before buying.
Keep your documents ready.
Always read the terms carefully.
Buy early for lower prices.
Think of your family first – not yourself.

June 13, 2025