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Best Health Insurance Plan in India

 Type of Insurance Cancer Insurance Critical Illness Insurance Health Insurance Plans
Reason to Purchase • Covers cancer treatment expenses by payment of lump sum amount after diagnosis
• Benefit-based policy
• Payment of lump sum amount after diagnosis
• Benefit-based policy
• A basic indemnity-based plan for commonly occurring ailments

• Provides either reimbursement for the expenses or cashless treatment

What Does It Cover? Provides financial coverage against all stages of Cancer Common critical illnesses, as per the policy document Covers the incurred medical and surgical expenses
Who Should Purchase? • Ideal for those who wish to prepare against cancer

• Can purchase a cancer insurance with a health insurance policy.

• Ideal for those who wish to prepare against critical illnesses
• Can purchase health insurance with a critical illness policy
• Ideal for tackling the rising healthcare costs.

• Has precedence over the other two.

• Can always add cancer and critical illness cover later

     

Table of Contents

Ensure Protection Against Medical Emergencies with Health Insurance

Nowadays, having health insurance coverage has become a resourceful weapon against the rising costs of medical treatment. The Health insurance plans provide comprehensive financial assistance against the various in-patient hospitalisation and treatment expenses.

At the same time, you can enhance the health insurance coverage by augmenting your basic medical insurance policy with a Critical Illness (CI) and Cancer insurance plan. This way, you can avail of all-around financial protection against common and life-threatening ailments, including cancer. Be sure to check the health insurance claim settlement ratio before making the purchase. Max Life Cancer Insurance Plan (UIN-104N093V03) provides comprehensive coverage against all stages of cancer. You can also avail of the Max Life Group Critical Illness (Additional Benefit) Premier Rider (UIN: 104B031V02)* to secure yourself against up to 40 life threatening ailments such as kidney failures, stroke, Open Chest CABG (Coronary Artery Bypass Graft), muscle sclerosis and permanent paralysis.

Myth About Health Insurance

Awareness about health insurance is a good thing, but it also provides impetus for misconceptions and notions to spread around like wildfire. Some common false notions include:

1. ‘I am healthy, so I don’t need health insurance’

Well, that’s certainly not true. Even when you’re health and young, investing in a health insurance benefits in the long run. You’re covered for any unpredictable health mishaps that might arise and you can also stay worry-free

2. ‘I am a smoker so I can’t buy a health insurance plan’

Insurance providers may charge a higher premium and extended waiting period as your smoking habit can give rise to complicated health conditions like lung cancer or respiratory problems and put you at a potential risk of developing a pre-existing disease before you buy the policy. But rest assured, smoking is not the basis for denying health insurance altogether.

3. ‘If I couldn’t renew my health policy, all my benefits lapse’

All insurance renewals offer a grace period up to 30 days post-due date wherein you can renew your policy without losing on any of your benefits and bonuses. So, this is a complete myth and not a reality.

Frequently Asked Questions

1. How Do I Choose A Health Insurance Plan?

When choosing the best health insurance policy in India, it is to purchase one that meets your needs and suits your budget. However, to get the optimized value of the best health insurance policy in India, you should think about the plan’s benefits before you think about the price. You can use the health insurance premium calculator for more accurate estimations. Also, remember to check the health insurance claim settlement ratio of the insurance provider.

2. What Are the Diseases Covered Under Health Insurance Policy?

When looking for the health insurance company in India, you should look at the diseases covered under their policy. It may vary across different health insurance plans, however, typically it includes:

  • Cataract surgery 
  • Cancer
  • Dengue
  • Diabetes
  • Injuries due to accidents

3. Which Health Insurance Plan Covers Cancer?

Some of the health insurance plan in India today cover almost all major critical illnesses, including cancer. These policies typically only cover inpatient hospitalisation and care in Indian hospitals. However, adding a critical illness policy along with the best health insurance plan you can find, is the best way to go about it for wider coverage.

4. Can We Claim Health Insurance Policy Immediately?

Policyholders cannot claim payment from the insurer for any type of hospitalisation, scheduled or emergency, within 30 to 90 days of purchasing health insurance in India. They must wait 30 to 90 days after purchase of the policy before filing any claims for health insurance. Refer to the health insurance claim settlement ratio of the insurer to get a better idea of their record.

5. Can Cancer Patients Get Health Insurance Plan After Diagnosis?

It is quite possible that you may not find a health insurance policy in India that would cover someone who has already been diagnosed with cancer, however, a serious illness cover may be added to the current term plan.

6. How Soon Can I Use Health Insurance Policy?

There is a waiting period when you buy the best health insurance policy in India, which has to be completed before you can claim the health insurance policy.

7. Is It Worth Buying Critical Illness Insurance Policy?

It is worthwhile to purchase a critical illness insurance package based on the main benefits. The plan helps you to maintain physical, mental, and emotional peace of mind while also facilitating a quick recovery if you contract a serious disease.

8. Does Normal Health Insurance Plans Cover Critical Illness?

A standard health insurance plan in India mainly covers hospitalisation expenses. Critical illness insurance, on the other hand, pays out a lump sum if you are diagnosed with a critical illness that is protected by the policy.. When you use the health insurance premium calculator, you can see how adding the critical illness cover affects your premium amount.

9. Is It Better to Take Critical Illness Policy or Health Insurance Plan?

During hospitalisation, your health insurance policy can take care of your emergency and outpatient expenditures. However, this coverage may not be extended to all diseases eve with the best health insurance in India, or may have a longer waiting time. With critical illness insurance, on the other hand, you get coverage for life-threatening illnesses such as cancer, bypass surgery, multiple sclerosis, renal failure, and so on

10. Does Max Life Health Insurance Plan Have 24×7 Customer Support?

Here is the contact information for Max life Insurance-

  • Email us at [email protected], or
  • Call us at our below given Customer service helpline no’s between 09:00 AM to 06:00 PM Monday to Saturday (Non Toll free) 0124 421 9090 Extension 9699 OR 70047 64367 OR 1860-120-5577

11. In A Health Insurance Policy, What Does Cashless Hospitalisation Means?

Cashless facility is offered by some of the best health insurance company in India wherein the insurance provider will settle your bills directly with the hospital. You do not have to pay a single penny as the insurance company will cover the expenses on your behalf. Make sure to check the health insurance claim settlement ratio before purchasing.

12. How Can I Add My Family Members to My Existing Health Insurance Plan?

You may be able to add your family members to the existing health insurance plan in India, depending on the policy type, terms and conditions and the insurance provider.

13. Can A Person Have More Than One Health Insurance Plans?

For a single claim of health insurance in India, you can use different plans, such as your employer’s group policy, your employee health policy, and your top-up health policy. Use the health insurance premium calculator when buying a health plan to plan your finances better.

14. How Much Does Health Insurance Cost for An Individual?

With the health insurance company in India, you can get a suitable combination of benefits at an affordable price. However, the amount strictly depends on the benefits you have opted for and the insurer’s terms and conditions. You can get satisfactory estimates by using the health insurance premium calculator on the insurer’s website.

15. Do Health Insurance Plans Cover Diagnostic Charges?

Yes, when you look for the health insurance policy in india, you may find some that cover a variety of medical exams. Blood checks, stool tests, CT scans, X-rays, sonography, MRI, and other tests are among them.

16. What Are the Documents Required for Buying A Health Insurance Plan?

You can include your Aadhaar card, voter ID, passport, PAN card, and driving licence as proof of identity. Passport-Size Photo: Health insurance providers often need passport-size photographs of all policyholders.

17. Is Medical Test Mandatory to Purchase A Health Insurance Policy?

If you are under 45 years old, most health insurance companies will grant you a policy without a medical exam. A medical examination is required for those over the age of 45. The customer is responsible for the costs of the pre-medical procedure.

18. Is There Any Difference Between Health Insurance and A Mediclaim Policy?

A mediclaim plan covers only hospitalisation, accident-related care, and pre-determined diseases up to a certain amount. A health insurance policy provides adequate coverage for hospitalisation, pre-hospitalization, post-hospitalization, a certain sum assured and ambulance costs.

19. How Do I Estimate the Cost of Health Insurance?

Health insurance premiums are calculated based on returns of these capitalizations. Medical Underwriting: Insurance products are underwritten to strike a balance between individual and group policies. For this, risk is analyzed from various angles and a broad spectrum of factors in taken into account. As a policy buyer, you can use the health insurance premium calculator to see the specifics.

20. Is there any tax benefit with health insurance premiums?

You can claim a deduction under Section 80D of the Income Tax Act, 1961 against the health insurance premium paid in the financial year. Under Section 80D, you can avail a deduction up to Rs. 1,00,000 for the health insurance premium paid. To know more about the health insurance premium for family and parents, click here.

21. What is waiting period in health insurance plans?

Waiting period or cooling period in health insurance is time period you need to wait at the start of your policy. In the waiting period, you will not be able to avail any health insurance benefits. No health insurance claim during this period is accepted by the insurer. Some of the Health insurers might accept claim during waiting period. You should connect with your health insurance provider to know more about waiting period of your health insurance policy. Also, check the health insurance claim settlement ratio beforehand to avoid any future disappointments.

22. What is the right time to buy Health Insurance Plan?

While you might think that you are healthy and fit, falling ill and diseases are something that we cannot control, which makes it important for us to take the right things in place to feel more secure and buying a health insurance policy will help us feel more financially secure in case of any severe diseases. So, it is always advisable to buy the best health insurance plan in India as early as you can. Following are some of the benefits of health insurance if you buy health insurance policy at an early life stage:

  • Lower premiums
  • Healthy Lifestyle with Regular Health Check ups
  • No Financial Stress as it pays for medical treatment, doctor’s bills, medicines

23. How to Select the Best Health Insurance Plan in India?

You should consider the following factors to choose the best health insurance in India:

  • Sum Insured
  • Coverage Limit
  • Premium Amount
  • Entry Age
  • Inclusions and Exclusions
  • No Claim Bonus
  • Waiting Period

A health insurance premium calculator will take these into factors and estimate a suitable coverage and premium rates for your financial profile. Apart from this, the health insurance claim settlement ratio is another crucial factor you should consider.

24. How much Health Insurance cover do I need?

While there are multiple factors to determine the health insurance cover, you can choose your health insurance cover on the basis of your medical conditions, medical background of the family members, income, age, health risks and most importance the health insurance premium amount you can afford to pay.

You can opt for a health insurance plan in India at an early age by using the health insurance premium calculator to see the impact on your finances.

25. What happens to the policy after claim is filed?

When you claim your health insurance, it means all the medical expenses incurred are paid by your insurance provider up to the sum insured. So if you exhaust your health insurance, you can opt for top up plans or renew your policy every year to enjoy all the benefits.

26. Can someone buy health insurance policy if he/she is not an Indian National but living in India?

Being a citizen of India is not mandatory to be eligible to buy health insurance in India. You can buy a health policy in India even if you are a foreign national. All you need to do is to assess your needs and understand the policy terms and conditions carefully.

27. What are the maximum and minimum policy duration?

Health insurance policies are to be renewed annually. They generally last for a year after which you need to keep updating it as per your changing requirements. The best health insurance company offer Lifetime Renewability to help you expand the duration of your chosen health policy.

28. How does smoking affect health insurance premium?

Since smoking increases your risk of chronic ailments like lung cancer and respiratory issues and can also lead up to these diseases before you buy a health plan, making it a pre-existing condition for which you need to complete the waiting period that ranges from 2-5 years. This puts you at a greater health risk thereby also affecting your health insurance cost and premiums.

29. What is the procedure for reimbursement settlement?

When a health emergency arises and you get admission in a non-network hospital, the option of reimbursement settlement of expenses under your health plan applies. Under this, you will be required to pay the medical bills at that time out of your pocket. Later, you can file for a reimbursement with you insurance provider. Keep all the bills of hospitalization and other expenses covered as per your health plan as you will be required to present it.

30. Why we should avail health insurance at an early age?

You can avail an affordable health insurance plan at an early age and get treated for any health-related emergencies that may arise as well as receive comprehensive coverage with riders to enhance your policy. Dealing with high treatment costs due to inflation becomes easy and help save on your hard-earned income.

31. What is the best age to get health insurance?

As per your health needs, purchasing an individual health plan as soon as you turn 18 years is the best age to get health insurance as you are covered for any uncertainties that may come your way and hamper your well-being.

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