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Compare Health Insurance Plans

A health insurance plan is a must-have if you are looking for financial security during medical emergencies. You can access timely and quality medical treatment without any financial stress if you have a health insurance plan. With so many players in the market, it is hard to decide on the right plan. ...Read More

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Benefits of Health Insurance

Why You Should Compare Health Insurance Plans Online?

Compare Health Insurance Plans
March 25, 2025

Table of Content

 

Health insurance is a product that provides for medical expenses including doctor's consultations, surgeries, prescription medicines, nursing and ambulance services, admission charges, etc. It is important to compare health insurance plans online to save time, effort, and money. The other benefits of health policy comparison online are:

  • Get Free Quotes

    • You do not have to invest time or money to know the premium for a plan. All you have to do is provide basic details like age, gender, location, and the plan preferred to get an estimate.

  • Total Convenience

    • Medical insurance comparison online provides the convenience of understanding the features and benefits of various health plan options in the comfort of your home using a laptop, computer, or smartphone. You can avoid multiple visits to insurance companies, which saves time and effort.

  • Take Control

    • With all the information available with the click of a button, you can make an insurance coverage comparison, the inclusions and exclusions, waiting period, the add-ons available, premiums payable, etc, of insurance plans and choose the one that aligns with your specific needs.

Benefits of Comparing Health Insurance

The benefits of comparing health insurance are:

  • Enough Coverage

    • Insurance policy comparison will give you a clear idea about the coverage you need. Estimate your specific requirements to get adequate coverage with maximum benefits at an affordable premium before you proceed with the policy comparison.

  • Important Information

    • When you compare medical insurance plans, you will be surprised at the extent of additional and important information you get. Choosing health insurance plans to align with your needs becomes seamless with health insurance options comparison.

  • Maximum Benefits

    • You can get ample information when you compare health insurance plans before the purchase. It enables you to put together all the required features and get the most out of the plan for an affordable premium.

  • Satisfaction

    • Personal satisfaction is very important when you purchase a health insurance plan. Compare insurance plans to be rest assured that all the elements required to provide maximum benefit now and in the future are included in the plan you purchase.

Understanding Different Types of Health Insurance Plans

Compare health insurance plans to understand the different options available in the market. During the process, you come across the following types of health insurance plans:

  • Individual Insurance Plans

    • Individual insurance plans provide coverage for a single person. The plan covers the medical expenses of an individual, such as hospitalisation, doctor’s consultation, surgeries, nursing and ambulance services, etc. The premium and coverage depend on the individual’s age and health condition.

  • Family Floater Plans

    • Under family floater plans, coverage is provided for all the family members. The coverage amount can be utilised by one single member or for the medical expenses of all the members. The age of the family’s oldest member is the factor considered for premium calculation.

  • Senior Citizen Plans

    • The Senior citizen plans are meant for individuals over 60 years of age. The plan provides additional benefits like lower premiums, enhanced coverage, waiver of co-pays, etc. Some insurance companies provide coverage for persons above 65 years of age.

  • Group Health Insurance

    • This plan provides coverage for a group of individuals, such as employees of an organisation or company. The premiums are shared among the group, and the employer makes the payment on behalf of the employees.

  • Critical Illness Plans

    • You can purchase critical illness insurance along with the base plan for an additional premium. It provides a pre-decided lump sum payout when the policyholder is diagnosed with critical illnesses like heart disease, cancer, stroke, and other illnesses covered under the plan.

  • Personal Accident Cover

    • Personal accident cover can be availed as an add-on to the basic plan. It provides financial security by way of compensation for injuries, disability, or death due to an accident.

  • Top-up Plans

    • The role of top-up plans is to provide additional coverage when you exhaust the coverage limit under the base plan.

How to Compare Various Health Plans in India

Compare health insurance plans to get clarity about the various features and benefits provided by different insurance companies and select the one that provides comprehensive coverage. The steps for health insurance comparison in India are:

  • Visit the official website of the insurance company.
  • Click on the ‘Buy Insurance” or any other similar option on the dashboard.
  • Share basic details about the person to be insured.
  • Include add-ons if required.
  • Note down the premium quote for the required coverage and services. Also, check customer reviews and the claim process.
  • With consolidated data, you can make an informed decision.

How to Compare Insurance Providers?

Health insurance comparison is vital to select a plan that provides maximum benefit at an affordable price. However, when you compare medical insurance plans, focus on the factors mentioned below:

  • Figure Out Your Needs

    • Factor in the overall coverage needed, coverage for pre-existing conditions, copays, the cap on room rent, deductibles, etc., before you compare mediclaim policy.

  • Search for Insurance Providers

    • Look for reputed health insurance providers online. You can also consult your friends or an insurance agent.

  • Compare Insurance Plans

    • When you have shortlisted the insurance companies, compare the various health plans, premiums, coverage limits, inclusion and exclusions, waiting period, add-ons, and the claim process.

  • View the List of Network Hospitals

    • A network hospital near your location is vital for timely treatment without financial stress during medical emergencies. Also, check the list of network hospitals online to ensure that hospitals of your choice are on the list.

  • Read Reviews

    • Check the reviews online to understand the experience of existing policyholders with the insurance provider.

  • Check the Claims Settlement History

    • Claim settlement history gives an idea about the claim settlement timelines of the insurance company. Check the claim settlement ratio, which indicates the reliability of the service provider, to ensure that you do not have any problems with claim settlements when the need arises.

  • Compare Insurance Premiums

    • Affordable premiums with higher coverage are crucial to keep them within your budget. Compare the premiums of different insurers online. Comparing similar plans will enable you to get a fair deal.

  • Choose the Right Policy

    • Compare mediclaim policy from different providers to choose a plan that provides comprehensive coverage and fits your pocket.

Key Factors to Consider When Comparing Health Insurance Policies

Several aspects are considered while determining the premium for health insurance plans when you compare health insurance plans, you have to keep in mind the factors mentioned below to get the best deal.

  • Insurance Coverage Amount

    • Sum assured, i.e., the maximum coverage available for a given premium under a health insurance plan is an important factor. The coverage amount denotes the inclusions and exclusions in a plan. Check if the plan provides for pre and post-hospitalisation expenses to minimise out-of-pocket expenses.

  • Insurance Protection

    • The expenses covered play a vital role in determining the extent of insurance protection available. Compare health insurance policies to ascertain the inclusion of pre and post-hospitalisation expenses, hospitalisation, and particular treatments. Assess the required sum insured, the waiting period, the claim settlement process, etc., to get complete financial security during medical emergencies.

  • List of Covered Hospitals

    • Cashless health insurance facilities are available only in network hospitals i.e., the hospitals with whom the service provider has a tie-up. Check the list of network hospitals to ensure that the list includes hospitals of your preference close to your location.

  • Waiting Period

    • Insurance companies do not cover the medical expenses for all health conditions soon after the policy is active. Pre-existing illnesses, i.e., illnesses diagnosed before the policy purchase, are covered only after a certain period, and this time gap is the waiting period. The waiting period can be from 0 days to 3 years. Compare health insurance plans for lesser or nil waiting periods.

  • Limitations on Coverage

    • Some insurance plans have limitations or sub-limits for certain health conditions or treatments. For instance, if the sub-limit for heart surgeries is 70%, only 70% of the expenses incurred will be settled irrespective of the claim amount and sum insured. A plan with no sub-limits is the best option.

  • Your Share of Medical Costs

    • If the insurance plan has a co-pay clause, then the policyholder has to contribute to the extent of the co-pay specified during claim settlement. If the co-pay stipulated is 10%, the policyholder has to bear 10% of the claim settlement amount. Co-pay does not include deductibles and exclusions. The premium for a plan with a co-pay clause is lower.

  • Room Rent Limitations

    • The room rent limit denotes the cap on the expenses towards room rent. It can either be a specified amount or a percentage of the sum insured. It has an impact on the premium, coverage amount, and claim settlement. Hence, it is vital to focus on this aspect when you compare health insurance plans.

  • Add-ons1

    • Add-ons to the base plan in the form of riders1 like critical illness riders, accidental death benefit riders, etc., enhance the coverage amount for an additional premium. Check the add-ons available to customise the plan as per your specific needs.

  • Policies with Long-Term Coverage

    • Policies with long-term coverage will spare the ordeal of year-on-year renewal. Check if insurers provide more than a one-year term or lifetime coverage.

  • Online Setup

    • Choosing an insurance provider that facilitates online purchase, renewal, and claim settlement makes the entire process convenient. Everything can be done in the comfort of your home and at any time.

What is the Right Health Insurance Coverage?

Health insurance coverage depends on the medical conditions and requirements of an individual. It is not always the same for everyone. The right insurance coverage depends on the city you live in, your age, medical requirements, potential future costs, etc. The general guidelines for the right coverage are given below:

  • Individuals

    • Individuals in Tier 1 cities may need Rs. 10.00 lakhs and above, Rs. 5 to Rs. 10 lakhs in Tier 2 cities, and Rs. 5 lakhs in Tier 3 cities.

  • Families

    • Families in Tier 1 cities may require Rs. 30 lakhs, Rs. 20 lakhs and above in Tier 2 cities, and Rs. 10 lakhs and above for Tier 3 cities.

  • Senior Citizens

    • Senior citizens in Tier 1 cities may require Rs. 20.00 lakhs and above, Rs. 15.00 lakhs and above in Tier 2 cities, and Rs. 10.00 lakhs and above in Tier 3 cities.

Consider potential future costs and opt for a higher coverage considering your existing health condition, family medical history, etc. The other option is to go for a top-up plan that will provide for expenses over and above the coverage available in the base plan. With the right coverage, you can rest assured that medical emergencies are covered without heavy premiums.

Why Some People Avoid Comparing Health Insurance Plans

While having a health insurance plan is essential for financial security, some people purchase a policy randomly without assessing their needs or comparing different options.

They end up being disappointed with their choice during medical emergencies. 

One reason why they avoid the comparison is they feel comparing plans is a tedious process. The other reason could be they do not understand the insurance language and so ignore the whole process. However, you can seek the assistance of insurance agents before the purchase to get a plan with comprehensive coverage.

How to Purchase Health Insurance Plans Online?

The process involved in the purchase of health insurance plans online is quite simple. Follow the steps given below after you have compared different plans for the purchase.

  • Personal Details

    • To begin with, provide personal details like name, date of birth, address, lifestyle habits like smoking and alcohol consumption, existing health condition, etc. Mentioning lifestyle habits is crucial as it impacts your health.

  • Get a Quote

    • On providing the basic details the appropriate sum assured is displayed on the screen. Provide the preferred plan tenure to get the premium quote. You can also choose the periodicity of premium payment, such as monthly, quarterly, half-yearly, or yearly.

  • Additional Information

    • Provide any other additional information the insurance company requires and click on the submit button. A representative of the insurance company will contact you and help you proceed with the buy.

Summary

Choosing a health and life insurance plan is a crucial life decision. Investing in the right insurance plans ensures financial security and peace of mind for you and your loved ones. Even more important is obtaining the right coverage to cover maximum expenses during medical emergencies for an affordable premium and securing your family's future in case of unforeseen circumstances.

To achieve this, compare health insurance plans regarding coverage, premiums, deductibles, co-payments, limitations, network hospitals, no-claim bonuses, claim settlement ratio, waiting period, and digital set-up. Similarly, when selecting a life insurance plan, consider factors such as sum assured, premium affordability, policy term, riders, claim settlement ratio, and flexibility in payouts.

Choose a wise health and life insurance plan that suits your budget and ensures financial protection. This way, you can have peace of mind knowing you can access timely medical treatment without financial stress while also safeguarding your family's future.

FAQs on Compare Health Insurance Plans

Q. How to compare two health insurances?

Evaluate the medical needs required, keeping in mind the inflation rate and compare two health insurance plans in terms of coverage, premium, deductibles, inclusions and exclusions, waiting period, claim settlement ratio, network hospitals, etc. 

Q. Is it worth buying health insurance?

Yes. It is worth buying health insurance to access timely and quality treatment without any financial stress. The expenses covered under the plans include hospitalisation, surgeries, prescription medicines, nursing and ambulance services, doctor’s consultations, and pre and post-hospitalisation expenses. 

Q. Is it possible to save money by comparing health insurance policies online before buying?

Yes. You can get extensive coverage at an affordable price by comparing coverage, premiums, additional benefits, inclusions and exclusions, deductibles, sub-limits, etc.

Q. Do I Need to Be Hospitalized to Make A Claim?

No. You need not be hospitalised to make a claim. Most health insurance plans cover day-care procedures, which are medical treatments done in a single day and do not require hospitalisation. 

Q. Are there any tax benefits on health insurance?

The premiums paid towards the health insurance plans are eligible for deduction under Section 80D3 up to Rs. 25000/-. You can claim the benefit for policies in the name of your spouse, parents, and dependent children.

 

References

https://www.investopedia.com/terms/h/health-plan-categories.asp

https://cleartax.in/s/insurance

https://economictimes.indiatimes.com/wealth/insure/health-insurance/how-much-and-what-type-of-health-insurance-policy-you-need-for-different-life-stages/articleshow/76479536.cms

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Disclaimer

1. Add-ons / Riders are subject to payment of additional premium. For all details on Add-ons/ Riders, kindly refer to the Brochures available on our website.

2. Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.

3. Annual Premium amount ₹ 1869 for Male aged 35 years, Base Benefit, 10 years term, Regular Pay option, Sum Assured=10 lakhs, excluding Taxes & levies as applicable.

ARN - DM/03/25/22221