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Health Insurance

Check out how you can secure you and your family in the event that you need medical attention.

Today, we live longer and pay more attention to healthcare. But sickness can still strike, so it is crucial to have good medical cover.

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Health insurance – also known as medical insurance or mediclaim – will cover your costs if you get ill or receive injuries from an accident. With this kind of insurance you can seek treatment at hospitals and nursing homes and the insurance company will incur all costs associated.

Normally, health insurance policies do not cover outpatients and regular medicine, but some insurers offer this and other additional coverage as add-on products called “riders”. For example, some policies cover unfortunate events during travel and studies abroad, although this is often sold as a separate product called travel insurance. Some policies – commonly called critical illness – also entitle you to a monetary settlement if you contract a critical disease such as cancer.

You can choose to buy medical insurance for either one person or the whole family – a so-called floater health insurance. Some companies also provide policies that cover a group of e.g. employees. If you have a life insurance, you should also check beforehand if this policy already covers some aspects of your medical insurance. Several insurers offer so-called personal accident insurance, which is much cheaper than life insurance, but only gives you a payout in case of death or dismemberment.

The annual premium differs a lot depending on what and how much is covered as well as your age and health. You may also be required to undergo a health check-up before buying the insurance cover.

In some cases, you will have to pay for your medical expenses first and then get them refunded by the insurance company. But if your insurer has an agreement with the hospital – if it is a so-called network hospital – they will settle the bill directly without your involvement. This kind of policy is often referred to as cashless hospitalization and is often taken care of by a Third Party Administrator (TPA) appointed by the insurance company. Some insurance companies also offer hospital cash that will provide the insured with money during hospitalization.

Normally, health insurance is offered by general non-life insurance companies. But an increasing number of life insurance companies now offer health packages as well.

There are many terms used in health insurance policies. The General Insurance Council of India has published a useful guide with definitions and FAQs about this kind of insurance.

Below is an overview of insurance companies offering health insurance. You can also buy insurance cover from agents (representing a specific insurance company) or brokers (offering products from all insurers). The Insurance Brokers Association of India has a list of licensed insurance brokers.

Insurance prices are difficult to compare directly as the individual covers often vary a lot. For information about premiums and how to get an insurance quote, please click on the insurer’s name to go to the specific product page at their website.