- Explore Affordable Health Insurance
- How To Choose?
- Best Affordable Health Plans
Affordable Health Insurance: An Extensive Guide
The 4th edition of the Health of Nation Report published by Apollo Hospitals released on World Health Day 2024 mentions India as the Cancer Capital Of The World!
The report also mentions that one in three Indians is pre-diabetic, one in 10 suffers from depression, and two in three are hyper-tensive. These statistics are alarming and a cause of concern for a young country like India. Many Indians still consider investing in a health insurance policy expensive and avoidable.
This is a myth.
The market is flooded with affordable health insurance options if you search as per your needs. Affordable health plans help you cover some of the most expensive medical procedures and treatments in India. This article is your comprehensive guide to finding the best affordable health insurance for your loved ones.
What Makes Health Insurance Affordable?
Let us find out what factors contribute to an affordable health insurance plan:
-
Your Age
Wondering why most people advise you to invest in the best health insurance as soon as you land your first job! Well the reason is simple, health plans are affordable during your early 20s.
An individual in their 20s with a healthy lifestyle is less of a liability for the health insurer than someone in their 30s or 40s. If you are thinking of investing in an affordable health plan, it is best to decide in your 20s. The longer you wait to purchase a health insurance plan, the higher the premiums -
Investing For A Long Term
Most individuals purchase a health insurance plan on an annual basis, paying their health insurance premiums every year. However, here is a hack for making any regular health plan affordable health insurance.
Investing in a health insurance policy for 2 or 3 years will provide long-term discounts. Most health insurers offer their customers a long-term discount, making the health insurance plans affordable in the long run. -
Not Filing Any Claims
Going through your policy tenure without raising any claim requests entitles you to no-claim bonuses at the time of renewal. A no-claim bonus is applied at the time of renewal lowering your health insurance premiums or increasing your sum insured as per the no-claim bonus fixed by the insurance provider.
A no-claim bonus allows you to enjoy an affordable health plan -
Lifestyle
A healthy lifestyle is the biggest contributor towards achieving an affordable health insurance plan as the overall health insurance premiums are lower for a healthy individual.
For example, if you are someone with any pre-existing ailment like diabetes, or high blood pressure the health insurance premiums are higher. -
Voluntary Copayments and Deductibles
Affordable health insurance plans offer voluntary copays and deductibles that help you share the cost with your insurer. This means the overall health insurance premium is lowered for you.
Best Affordable Health Insurance Plans
Take a look at the best affordable health insurance plans we have rounded up for you (based on the exclusive benefits you get compared to the premium amount):
| Health Insurance Plan | Sum Insured Options | Annual Premiums (in Rs.) |
|---|---|---|
| Niva Bupa Aspire | 3 L - 1 Cr | 9,107 (For Sum Insured of INR 10 L) |
| Star Comprehensive Policy | 5 L - 1 Cr | 9,725 (For Sum Insured of INR 10 L) |
| Care Supreme | 7 L - 1 Cr | 10,592 (For Sum Insured of INR 10 L) |
| ManipalCigna ProHealth Prime | 3 L - 1 Cr | 10,913 (For Sum Insured of INR 10 L) |
| Star Health Assure | 5 L - 2 Cr | 11,519 (For Sum Insured of INR 10 L) |
Affordable health insurance plan premiums calculated for SI INR 10 L for a 30-year-old male
Buying An Affordable Health Insurance Plan: What To Consider?
Certain factors you must keep in mind while choosing the best affordable health insurance plans for your loved ones:
-
Choose Coverage Amount Carefully
When opting for a health insurance plan, make sure to opt for a sum insured which is adequate for you. choosing a high sum insured will mean a high health insurance premium.
Your sum insured amount should neither be less nor too high. An adequate sum insured will cover you for your medical care needs within an affordable premium range. -
Choose Affordable Health Insurance Category
If you want to cover your parents under a family floater health insurance, remember, that health premiums are calculated based on the age of the eldest member in the family.
If your parents are senior citizens it is best to cover them under a separate plan, and buying an affordable health insurance plan to cover your medical needs. -
Look For Trusted Insurance Providers
Choose trusted health insurance providers with a high claim settlement ratio, a large number of network hospitals, as well as efficient customer support.
Avoid health insurers with low claim settlement ratio, as it may lead to out-of-pocket expense post-hospitalization. A health insurer with a high claim settlement means fewer chances of claim rejections. -
Consider Add-Ons
Add-ons like critical illness riders, and personal accident riders, are offered by many health insurance plans. The best affordable health insurance plans offer add-ons and riders you require at minimal premiums which enhance overall coverage. -
Compare Health Plans
Comparing the best affordable health insurance plan the old-school way guarantees you with your ideal plan. Utilize tools like PolicyX Price Index specifically designed to help you find the most affordable health plans as per your needs and requirements.
The Final Verdict
The need for health insurance has been felt in the past few years post-COVID across the globe. However, the Indian customer looks for value-for-money products, and often health insurance is not deemed necessary.
However, with increasing affordable health insurance options available in the market, young India is utilizing the potential of health insurance to help cover expensive medical care facilities. To find out more about the best affordable health insurance plans, connect with our insurance experts.
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Best Affordable Health Insurance :FAQs
1. How can I buy the best affordable health insurance plans?
To purchase the best affordable health insurance plans, make sure to consider factors like purchasing an adequate sum insured at a young age.
2. What are the average monthly premiums for health insurance in India?
If you want to pay a monthly premium for the best affordable health insurance plans in India, it will cost you anywhere between INR 500 to 900 per month.
3. What factors should I consider before buying the best affordable health insurance plans?
To acquire the best affordable health insurance plan you must consider factors like Your Age Sum Insured Reliable Health Insurance Providers (with high CSR >95%) Add-Ons and Riders
4. What are the tax benefits applicable to the best affordable health plans?
You are eligible for tax benefits under section 80D as per the Income Tax Act on purchasing the best affordable health insurance plans in India.
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Written By: Simran Kaur Vij
Simran is an insurance expert with more than 4 years of experience in the industry. An expert with previous experience in BFSI, Ed-tech, and insurance, she proactively helps her readers stay on par with all the latest Insurance industry developments.
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