Top Picks for Affordable Health Insurance Plans in India

In today’s fast-paced life, where stress, unhealthy eating habits, disrupted sleep schedules and inactive lifestyles are common, it is easy to fall prey to illnesses. Moreover, the cost of medical treatment is skyrocketing.

Under these conditions, buying health insurance plan is crucial. This plan not only safeguards your finances but also lets you access top-notch health care without worrying about the expenses.

However, when it comes to choosing a health insurance term plan, it is essential to choose a plan that offers comprehensive coverage. Additionally, it is vital to check the health insurance claim settlement ratio at the time of purchasing a plan.

But even with all this, how do you identify top health insurance plans that are both affordable as well as comprehensive? Let us find out.

What is the Need for Affordable Health Insurance Plans?

Medical expenses are at their peak, and access to good health care is financially challenging without a health insurance plan. Without adequate health insurance, individuals need to use their savings or take loans for treatment.

However, health insurance plans come at a cost. A plan with a high premium may provide extensive coverage but its premium payment may become a burden on you. Therefore, along with adequate coverage, it is essential to consider a health insurance plan’s affordability at the time of purchase.

Different Types of Affordable Health Insurance Plans

Depending on the specific needs, there are different types of health insurance plans available in the market. Some of the affordable health insurance plans are listed below:

  • Individual Health Insurance Plan: The individual health insurance plan offers health protection to an individual.
  • Family Floater Health Insurance Plan: This health insurance plan is designed for individuals with families. Under this plan, individuals can offer health coverage to their spouse, children, and parents.
  • Senior Citizen Health Insurance Plan: It is a health insurance plan specially designed for people over 60 years of age considering their healthcare needs.

Factors that Affect Health Insurance Plan Premium

Various factors are considered while deciding the health insurance plan premium in India, such as:

  • Age: Age is one of the significant factors in health insurance plan premiums. For instance, a 25-year-old individual who invests in a health insurance plan may have a lower premium compared to a 45-year-old individual. This is because younger individuals generally have lower health concerns, leading to lower premiums.
  • Sum Insured: Another factor considered while deciding on a health insurance plan premium is the sum insured. It is the maximum amount you can claim during a policy tenure for a medical expense. If the sum insured is high, then the health insurance policy premium is usually also high.
  • Policy Type: Another factor that affects health insurance plan premiums is the type of health insurance plan you choose. For example, the cost of group health insurance is usually lower than the cost of individual plans. Additionally, add-on coverage also increases the policy’s price.

Conclusion

Buying an affordable health insurance plan is never an expense; it is indeed an investment. There are various types of insurance policies available, from global health insurance to critical illness coverage to family floater plans and more.

That’s why it is essential to do proper research before investing in any health insurance plan in India. It is best to choose a plan that fits your health requirements.

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