What are some of the best health insurance policies?

There is no one “best” Health Insurance policy as such. It is about what suits your needs with optimal premium and service that could, should and is being provided. Factors that should be considered while taking Health Insurance policy are given below with a break up:

  1. Almost all health policies provide a common cover:Hospitalization or Inpatient expenses that include Room Rent, Nursing expenses, Anesthetist expenses, medicines and like.
  2. Pre and post hospitalization expenses – provided by almost all companies varying from 30 days to 120 days.
  3. Restoration / Recharge / Reinstatement of Sum Insured: There are some finer points surrounding this. Some companies restore the sum insured to its base amount once the sum insures is exhausted; Some others, after the payment of a claim, bring back the sum Insured to its original base levels (Policy is of Rs. 5.00 Lakhs; Claim is Rs. 2:00 Lakhs. They automatically enhance the sum insured to 5.00 Lakhs – all this automatically done with payment of additional premium); But then there are conditions: Some companies will effect the reinstatement once the original sum insured is exhausted or is about to get exhausted. There are companies which tell that if the recharged sum insured can not be used for the same treatment, should that happen, within the same year.
  4. Ambulance Charges: Starts from Rs. 1500 onwards.
  5. Health check up: Most of the companies provide it every claim free 4 years. Some give it every year regardless of claims.
  6. Second opinion – Some companies provide, from within their network a free consultation for a second opinion for any critical illness / disease.
  7. No Claim Bonus: Many companies provide a 20% enhancement of sum insured in the following year provided there is no claim in the previous year. This is done at no extra cost. TATA AIG in their Medicare and Medicare Premier provide 50% NCB. So, in the 4th year of the policy, a policy that was taken for Rs. 5.00 Lakhs will have a sum insured of Rs. 10.00 Lakhs for the same premium (provided the insured has not moved between age bands) in the 4th year of renewal. Religare Health Insurance provides for SUPER NCB, where in on payment of additional premium, the sum insured is enhanced by 50% each in the 1st and 2nd year of renewal and in the subsequent 3 years sum insured is enhanced by 10%. Sum Insured enhancement is always on the base sum insured on all policies.
  8. Compassionate Travel: TATA AIG Covers expenses upto Rs. 20,000 related to a round trip economy class air ticket, or first-class railway ticket, to allow the Immediate Family Member to be at insured person’s bedside during his stay in the hospital.
  9. Consumables: Tata AIG specifically covers this.
  10. Waiting Period: 3 types of waiting periods are applicable:
  11. First month – no hospitalization expenses are payable except when it is caused due to accident.
  12. 12 / 24 months – Specific medical conditions are excluded
  13. Pre Exisiting Diseases – 24 / 36 / 48 months exclusion for pre existing diseases.

Have a given a fair idea of what factors you should consider. If you want specific advises / guidance, please write to me at: natarajan.riskmgt@gmail.com with details of Date of Birth for me to respond with a customized response.


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