Health InsuranceHealth insurance in India is popularly known as mediclaim. PSU health insurance companies have named basic health insurance plans as Mediclaim. Most of the general insurance companies also provide health insurance products. There are few health insurance companies in India whom IRDA has issued license for providing only health insurance products. There are total 24 companies providing health insurance in India.
Non-life Insurance Companies in India (Mediclaim insurance companies in India)
- Bajaj Allianz General Insurance Co. Ltd.
- Bharti AXA General Insurance Company Limited
- Cholamandalam MS General Insurance Co. Ltd.
- Future General India Insurance Company Limited
- HDFC ERGO General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co. Ltd.
- IFFCO Tokio General Insurance Co. Ltd.
- L&T General Insurance Company Limited
- Liberty Videocon General Insurance
- National Insurance Co.Ltd.
- Raheja QBE General Insurance Company Limited
- Reliance General Insurance Co. Ltd.
- Royal Sundaram Alliance Insurance Co. Ltd
- SBI General Insurance Company Limited
- Shriram General Insurance Company Limited
- Tata AIG General Insurance Co. Ltd.
- The New India Assurance Co. Ltd.
- The Oriental Insurance Co. Ltd.
- United India Insurance Co. Ltd.
- Universal Sompo General Insurance Co. Ltd.
Stand alone Health Insurance Companies in India
- Apollo Munich Health Insurance Company Limited
- Max Bupa Health Insurance Company Ltd.
- Religare Health Insurance Company Limited
- Star Health and Allied Insurance Company Limited
Mediclaim (Health Insurance)
Mediclaim (health insurance) covers the cost in case of hospitalization including expenses before and after hospitalization (pre and post hospitalization) for certain number of days. These costs includes room rent, surgeon, anesthetist, medical practitioner and specialist fees, operation theatre charges, surgical appliance, medical and drugs, chemotherapy, radiotherapy and other similar expenses. There are some exclusions which all products may have with respect to the coverage. The common are first 30 days waiting period and 3 to 4 year exclusion of pre - existing disease. There are certain diseases which are covered after a waiting period of two years such as hernia, Cataract etc.
Top-up plans also cover hospitalization expenses. These plans cover the expenses only if the total expenses exceed a pre-specified threshold limit (deductible). Since these plans have deductible, the premiums of these plans are relatively cheap. So you can buy a top-up plan with a deductible of the amount equal to the cover of your basic health plan. This plan can help when there are major hospitalization expenses arising out of critical illness or accident.
Critical Illness Plans:
Critical illness cover pays you a lump sum amount (sum assured) on diagnosis of the specified list of critical illness like Cancer, Multiple sclerosis, Paralysis, Coronary artery bypass surgery, Major organ transplant, Primary pulmonary arterial hypertension, First heart attack, Stroke, Kidney failure, Arota graft surgery. The illness varies from company to company. There is a waiting period of first 90 days and also you need to survive for 30 days after the diagnosis of the illness; only then the sum assured is paid. This cover helps you continue your regular lifestyle even after loss of income due to diagnosis of critical illness.
Accidental Death and Disability Insurance:
Accidental death and disability insurance pays you a lump sum amount (sum assured) in case of an uncertain event of death or disability due to an accident. The disability may be permanent total disability (like loss of both limbs, hearing of ears, eyesight, etc) or permanent partial disability (like loss of one limb, hearing of one ears, eyesight, etc). This cover helps you continue your regular lifestyle even after loss of income due to permanent or total disability.
One also needs to compare the products on the basis of features of the product and also premium payable before opting for mediclaim insurance company in India.