Best Health Insurance Plans
First of all, what is the need for medical or health insurance and why should you get it, at all?
Good question. If you’ve noticed, since the time of our great-grandparents, the mortality rate has drastically reduced in old age, and longevity is on the rise. Previously, Indians would hardly survive past forty or fifty years of age. Now, however, all thanks to medical advancements, vaccinations and fortified food production, the average life expectancy of Indians has shot up to around eighty or ninety years of age, with many people hitting the centennial mark!
However, ironically, even though the life expectancy has gone up, our population is also plagued by a whole set of new problems that previously didn’t exist – critical illnesses. These could be attributed to:
- Lifestyle factors
- Hereditary predisposition
- Environmental factors
In fact, one in three Indians fall prey to deadly diseases like diabetes, high blood pressure, cardiac arrests, stroke, cancer and lung diseases, every year. This is why it’s not only important, but imperative to get the best health insurance plan, and look into cancer insurance and life insurance for your family members.
Won’t Treatment Take Care Of These Ailments?
A lot of them can be treated, and but some are fatal. Even if the diseases that can be treated though, ongoing medical and specialized technological advancements mean that they come at a steep cost.
- The average cost of chemotherapy for only one cycle (based on the stage of cancer) ranges between Rs 60,000 to Rs 2 lakh.
- A CABG surgery to treat blocked arteries costs between Rs 2 lakh to Rs 7 lakh.
- A heart transplant costs between Rs 14 lakh to Rs 26 lakh.
Coupled with the draining pre-existing costs of running a household, children’s fees, etc, it becomes quite unaffordable for the average middle-class Indian. For all these reasons, it’s best not to leave something precious like your life ‘up to chance’, and to have a sound financial arrangement in the form of a Fixed Benefit Health Insurance Plan.
How To Choose The Best Health Insurance Plan
Now that we’ve established that having a good back up plan for your health can prove to be a savior in the long run, let’s determine how to pick the best health insurance plans in India, for you.
You might want to consider purchasing a plan from a health insurance company like ICICI PruLife, since they have many varying health insurance plans and you can pick one that best suits your needs and fits your budget. Here’s a few things to keep in mind when choosing the best health insurance for you and your family:
- Choose the sum insured, precisely (based on your marital status and age)
- Pick a plan with the minimum waiting period for pre-existing illness
- Ideally it should have maximum age renewal (so that you can still renew it at a much older age, when you might actually need it)
- Always opt for a health insurance plan from an insurer that has a high claim settlement ratio
- Go for a plan with sub-limits; consider plans that offer highest slabs on room rent or other health care expenses
- Consider the network hospital associated with the insurer (the plan will entitle you to avail treatments from network hospitals)
- Don’t forget to compare plans as well as the premium of the best health insurance plans you’re considering
- You might want to add-on a critical illness rider, to ensure your financial planning doesn’t get disturbed due to any unplanned medical expenses
Why Should You Buy Health Insurance From A Life Insurance Company?
Earlier in this post, we mentioned opting for ‘Fixed Benefit Health Insurance Plans’. Life insurance companies offer Fixed Benefit Health Insurance Plans, which mean that you will get a guaranteed amount equivalent to the sum you insured, in case of an occurrence of an insured event, as per the policy terms.
Here are just a few of the benefits of opting in:
- The insurer will pay you a fixed lump sum payout on the occurrence of an insured event. The lump sum gives you a sense of financial security to finance the necessary treatment and other associated costs.
- Under fixed health insurance plans, unlike with regular indemnity-based plans, the policy holder can get rid of sub-limits like room rent capping and mandatory co-payment.
- The fixed lump sum payout also takes care of non-medical expenses like frequent travel for treatment, household expenditure, kid’s educational fees, etc.
- They are nominally priced and competitive
- You can renew the policy annual without any hassles
- These premiums (towards purchase of critical illness health insurance plans) are tax deductible under section 80D of the Income Tax Act
The Best Health Insurance Plans We Offer And Their Benefits
Here are some of the best health insurance plans offered by ICICI Pru Life, one of the most trusted Life Insurance companies in India:
ICICI Prudential Heart / Cancer Protect
- Get your entire claim amount immediately on detection
- No hospital bills required
- No premiums to be paid after diagnosis
- Multiple claims – for major and minor conditions of cancer
- Get a cover of Rs 50 lakhs at a premium of Rs 225 p.m.
ICICI Prudential Smart Health Cover
- Provides a lump sum payout if the policy holder is diagnosed with up to 34 major illnesses, including, but not limited to the following:
- Heart Attack
- Kidney failure
- Lung disease
- Liver disease
- The premium rate is fixed for the entire term and will not increase once you get older
- Lump sum amount is paid on first occurrence of death or onset of the terminal illness and the policy terminates on the payment of the same
- In the occurrence of a permanent disability due to an accident, the policy will continue with all benefits for the entire term selected by the policy holder and you won’t be required to pay any more premium
- Receive lump sum Critical Illness benefit amount without submitting any hospital bills (medical documents confirming diagnosis, however, are needed).
Visit the ICICI Prudential website today, and pick the best health insurance plan for you and your loved ones.