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Health insurance helps you pay for your hospital and also covers medical insurance. With this insurance, you can file multiple claims in a year, as soon as it does not exceed the sum assured amount.
Health policies are vital today as they ensure policyholders can access quality healthcare fast without worrying about rising hospital charges.
Listed below are some of the top insurance companies offering health insurance policies. The insurance companies have been ranked based on the Incurred Claims Ratio of every insurer. This is the ratio between the premium earned and the total claims incurred by the insurer.
This is the ratio that is generally used to determine how an insurance company is performing. A higher incurred claims ratio means the insurance company has a better track record of settling the claims they receive. It is always good to opt for an insurance company with a high Incurred Claims Ratio.
| Health Insurance Companies | Incurred Claims Ratio (ICR) |
|---|---|
| IFFCO Tokio General Insurance | 99.49% |
| Bajaj Allianz General Insurance | 77.31% |
| Care Health Insurance | 55.15% |
| Navi General Insurance | 26.78% |
| Bharti AXA General Insurance | 65.37% |
| Acko General Insurance | 84.64% |
| Cholamandalam MS General Insurance | 77.35% |
| Edelweiss General Insurance | 111.57% |
| Kotak Mahindra General Insurance | 55.17% |
| Royal Sundaram General Insurance | 67.88% |
| Insurance Provider | Claim Settlement Ratio | Key Features |
| IFFCO Tokio General Insurance | 99.71% |
|
| Bajaj Allianz General Insurance | 98.48% |
|
| Care Health Insurance | 96.2% |
|
| Navi General Insurance | 97% |
|
| Bharti AXA General Insurance | 99.05% |
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The following are the documents you will require to purchase health insurance in India:
Age proof:
Proof of identity: The following documents can be submitted as ID proof when applying for a health insurance plan:
Proof of residence: A permanent address proof must also be submitted when applying for health insurance. The following documents can be used for this purpose:
The common eligibility criteria for Health Insurance in India are as follows:
Minimum Entry Age: The minimum age to avail of the benefits of health insurance for your child under a child plan is usually 16 days to 18 years. The entry age of a policy for adults ranges from 18 up to 65 years. It can also be 70 years and above based on the plan and insurer.
Pre-Existing Medical Conditions: If you are purchasing health insurance after the age of 45, you may have to go through various medical tests before getting health coverage.
In order to keep the policy in force, regular payment of a fixed premium is essential. Did you ever think about how this premium is calculated? There are certain factors that affect health insurance premiums such as the medical background of your family, sum insured, cumulative bonus, your personal medical history and so on.
Based on that, you might want to calculate your premium to figure out how much you would have to pay for the policy. It can be done through a health insurance premium calculator. A premium calculator is an online tool that calculates the premium to be paid as per the information provided by you, such as the preferred sum insured, age of the insured, etc. At Policybazaar.com, you can calculate your health insurance premium online easily.
Based on a combination of various factors, your health insurance premium is defined by the following:
Age - While health conditions are on a rise for both people young and old, younger people are still a lot healthier due to stronger immune systems. Additionally, the younger you are, the more time you have to complete your waiting period for specific illnesses and covers. Therefore, the younger you are, the lesser is your premium!
Lifestyle - More than 61% of deaths in India are due to issues stemming from lifestyle diseases, including pollution levels! Therefore, your lifestyle habits such as if you’re a smoker or not will have an influence on your health insurance premium.
Pre-existing diseases or conditions - If you’ve already been facing symptoms of some kind, or have a family history of a particular illness, then your health insurance premium will probably be higher due to the higher risk involved.
Location - Your premium will be affected by the city you live in because every city is different, in terms of risks and medical costs. For example, people living in North India are a lot more prone to lung diseases, due to the high percentage of pollution.
Additional Covers - One can customize their health insurance plan based on their personal requirements and health conditions. Therefore, when you opt for additional covers like a Maternity Benefit or AYUSH benefit, your premium too increases by a small margin.
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Choosing the right insurance plan can be a difficult task, but thanks to advancements in technology, the internet can now grant you access to a large number of options .This can be assessed and compared before you pick the plan that best suits your needs. People tend to make common errors when purchasing health insurance, and avoiding these mistakes can help you make the most of your health insurance policy. The following are the common mistakes you must avoid when purchasing health insurance:
The amount for which you are covered plays a crucial role in determining which policy will best suit your needs. Most people tend to choose plans with lower coverage as it helps them save some money. Lower coverage will help reduce the amount you pay as premium for your insurance policy. While it is important to save money, it is also crucial to ensure that you don’t be too stingy when it comes to buying health insurance as it could prove to be a hassle later.
Many people tend to go with the first insurance company they find. When purchasing a health insurance plan, it is crucial to compare as many plans as possible as it will help you identify which one best suits your needs.
People tend to lie about their medical history when purchasing health insurance as it tends to lower their premiums. When you purchase a health insurance plan, it is essential to be truthful about your past medical health and situations. When you lie about your medical history, there is a chance that your claims could be rejected if the insurer finds out about the same.Ensure that you submit the correct records so that you do not have to encounter a problem later.
The cashless facility is one of the most important things to look for when purchasing a health insurance plan. However, many people tend to even consider this facility when looking for policies. By finding an insurance provider that offers the cashless facility, you can rest assured that you will receive immediate treatment in case of emergencies and the insurer will cover the costs.
When you purchase a health insurance policy, the insurer will provide with an option of co-pay. If you choose this option, you will have to contribute a certain pre-determined amount at the time of making a claim, and the remainder will be paid by the insurance company. The sum assured will not be affected by the co-pay amount.
Premiums:The sum you pay routinely to keep your health insurance dynamic.
Deductibles:The sum you pay routinely to keep your health insurance dynamic.
Co-payments:The sum you pay routinely to keep your health insurance dynamic.
Coinsurance:The sum you pay routinely to keep your health insurance dynamic.
Systems:The sum you pay routinely to keep your health insurance dynamic.
Preventive Administrations:Numerous plans cover preventive administrations like immunizations and screenings at no additional fetching.
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