Deadpool doesn’t have a health insurance policy. He doesn’t need it.
Wolverine doesn’t have a health insurance policy. He doesn’t need it.
Dr. Doom doesn’t have a health insurance policy. He doesn’t need it.
Loki doesn’t have a health insurance policy. He DEFINITELY doesn’t need it.
But wait, aren’t they superheroes with 0 chances of falling sick and getting hospitalised? I mean, can you imagine Deadpool on a hospital bed?
As amusing as this is, you are neither of them (unless you are keeping it a secret). So, naturally, it is expected that you might fall ill and, unfortunately, need to be hospitalised. This would eclipse your savings and eventually lead to you compromising your healthcare services. Under such circumstances, a good health insurance plan is going to be your superhero.
However, we understand that choosing a good health insurance plan can be intimidating. This is why, in this article, we break down why you should purchase an insurance policy. If you’re considering any of these reasons, it’s probably best to purchase one as soon as you can.
And if you need any help picking the right health insurance policy, you can always book a call with Ditto Insurance’s IRDAI-certified experts to get a clear understanding of what is the right policy for you without any jargon, spam or mis-selling.
Meanwhile, if you’re probably thinking, “I am still too young to purchase a plan” or “I have never been hospitalised”, here’s a look at why these answers just won’t do it, not in 2024.
Top Health Insurance Policies in India in 2024
| Top Health Insurance Pan | Waiting Periods | Other features | Insurer Metrics |
|---|---|---|---|
| Aditya Birla Activ One Max | PED WP: 3 years (add-ons can reduce it) SI WP: 2 years |
Pre & post hospitalisation cover: 90 & 180 days Restoration: 100% of base SI, unlimited times No-Claim Bonus: 100% pa, up to 500% |
Network Hospitals: 11k+ CSR: 93% ICR: 61% |
| HDFC ERGO Optima Secure | PED WP: 3 years SI WP: 2 years |
Restoration: 100% of base SI, once a year No-claim Bonus: 50% pa, up to 100% |
Network Hospitals: 13k + CSR: 98% ICR: 85% |
| Care Supreme | PED WP: 4 years (add-ons can reduce it) SI WP: 2 years |
Pre & post hospitalisation cover: 60 & 180 days Restoration: Up to Base SI, unlimited times No-Claim Bonus: 50% pa, up to 100% (add-on can increase it to 100% pa, up to 500%) |
Network Hospitals: 8.3k+ CSR: 90% ICR: 58% |
| Niva Bupa ReAssure 2.0 | PED WP: 3-4 years (varies by variant) SI WP: 2 years |
Pre & post hospitalisation cover: 60 & 180 days Restoration: 100% of base SI, stays active as long as the policy is alive, if triggered once No-Claim Bonus: Booster Benefit- unclaimed amount from the previous year will be transferred to the next year. |
Network Hospitals: 8.6k+ CSR: 91% ICR: 57% |
Heads Up: It takes an average person up to 5 hours to read & analyze a policy, and 10 hours or more to compare different plans and make a decision.
This is why we propose a better alternative - taking a 30-minute FREE consultation with Ditto’s certified advisors. We have a spam-free guarantee, and we’ll never push you to buy a plan. Don’t delay this - we have limited slots every day, so book a quick call here before they run out.
Top 5 Reasons Why You Should Purchase a Health Insurance Policy
- Age, Waiting Periods & Premiums
As a young person, you have time on your side. The older you get, the more likely you are to be hospitalised. The younger you are, the less likely you are to be hospitalised. And the less likely you are to get hospitalised, the lower your premium.
So now, you’re probably wondering—if the chances of me getting hospitalised are lower, why should I get one and waste money? I’d rather save up on the premium, however low, and purchase one when I need it. At the end of the day, I AM paying a premium but not using the policy.
Well, my friend, it’s always prudent to get a good health insurance policy when you’re young because there’s something called a waiting period. Your entire health insurance coverage doesn’t start as soon as you purchase it. You will have to wait a few years before the insurer covers all treatments. So, it’s always better to purchase a good health insurance policy when you’re young and healthy. This will ensure you will have an economical premium, lower restrictions in the policy, and full coverage when you really need it.
2. Protect your Finances – Inflation, Savings & Taxes
Inflation is rising at an alarming rate worldwide, and medical inflation is even higher. This can make even routine treatments and hospitalisations financially overwhelming. Purchasing a good health insurance plan will ensure that this does not affect you significantly and will cover a significant portion of medical expenses.
Because a health insurance policy acts as a financial safety net, it will ensure that you do not spend a significant amount from your savings or emergency fund on medical expenses.
Apart from this, the icing on the cake is that purchasing medical or life insurance can give you tax breaks under sections 80C and 80D of the Income Tax Act of 1961. You can reduce the premium you pay for medical or life insurance from your gross income, thereby reducing your taxable income.
3. Moratorium Period
The moratorium period in health is the first 8 years of the policy. Once this period is over, your insurer cannot reject claims solely based on non-disclosure of pre-existing diseases.
Insurers often evaluate your health while underwriting, especially for chronic conditions like diabetes, hypertension, or arthritis. This is to assess your risk and make sure that there are no issues at the time of making a claim. However, if any discrepancies arise between the initial disclosures and the doctor's notes at the time of claim, this can lead to disputes.
While we do not advocate that you not disclose your pre-existing diseases, this will be a significant advantage should any issues arise while making a claim. The only way to get this benefit is to purchase your health insurance policy early on.
4. Protection Against Medical Emergencies, Mental Health Conditions & Chronic Diseases
Medical emergencies can strike without warning. Having a health insurance plan ensures that you receive timely and superior medical care without worrying about the cost. This can be a lifesaver in critical situations. Apart from emergencies, of late, there has been an increase in the number of ailments people get.
Lifestyle diseases such as diabetes, hypertension, and heart conditions have become increasingly common. These diseases often require long treatments and regular medical consultations, which can be expensive. A health insurance plan ensures that you receive the necessary care without worrying about mounting medical bills.
Another advantage is that some insurers have started covering mental-health-related treatments and counselling sessions. This ensures that you have access to comprehensive healthcare that addresses both physical and mental well-being.
5. Corporate Cover is Not Enough
Many corporate employees rely on the health insurance provided by their employers. While this is a great benefit, it often isn't enough. This is because your corporate cover lasts only as long as you are employed. If you switch jobs or retire, you lose the coverage, leaving you vulnerable.
Imagine you’re nearing retirement, and you suddenly realise your corporate cover will end soon. Buying a new health insurance policy at an older age can be challenging and expensive due to increased premiums and pre-existing conditions.
Having an individual health insurance plan ensures you and your family are protected at all times, regardless of your employment status.
Top Health Insurance Policies in 2024
- HDFC ERGO Optima Secure: Optima Secure is one of HDFC ERGO's premier health insurance policies, offering comprehensive coverage. This plan now covers individuals up to 100 years of age, making it suitable for senior citizens, too. It provides 2X coverage right from day one, doubling your coverage without an increase in premiums. It also offers the choice of any hospital room without additional costs and covers pre- and post-hospitalization expenses for 60 and 180 days, respectively. HDFC ERGO does not impose co-payments, and this policy even covers consumables, which not many policies do.
Drawbacks: One of the few drawbacks is that HDFC ERGO policies are more expensive than those of other insurers. It also does not cover maternity or international treatments, which might be a limitation for some.
2. CARE Supreme: Known for being a highly affordable and comprehensive health insurance plan, Care Supreme covers individuals up to the age of 99. It is suitable even for those with benign pre-existing conditions like BP or hypothyroidism. This policy features no co-payments, room rent restrictions, or disease-wise sub-limits. It covers daycare procedures, AYUSH treatments, and domiciliary treatments and includes air ambulance coverage up to ₹5 lakhs per year. Care Supreme offers a restoration of the sum insured up to the base amount for any illness, and it offers a no-claim bonus of 50% up to 100%, which can be increased to 100% per annum up to 500%.
Drawbacks: Care, as an insurer, has a slightly higher complaint ratio, and Care Supreme has a longer PED waiting period of 4 years. Unlike most insurers, this policy does not include annual health checkups, but these can be purchased as an add-on.
3. NIVA BUPA ReAssure 2.0: ReAssure 2.0 comes in three main variants, each offering slightly different features and several add-ons. It is suitable if you’re aged 18-65 with benign pre-existing conditions like BP or hypothyroidism. The Family Floater option can cover up to 6 people, including parents and in-laws (which we do not see in many policies). This policy also has no co-payment, disease-wise sub-limits, or room rent restrictions. It covers daycare and domiciliary treatments and has AYUSH coverage. The standard waiting periods are 30 days for initial coverage, 2 years for specific illnesses, 4 years for PED in Bronze and 3 years for Titanium and Platinum variants.
Drawbacks: The CSR is slightly less than that of its competitors, and Niva Bupa also has a higher complaint volume of ~ 44 for every 10k claims. But if you are looking for a plan with great features and are okay with the higher complaint volume, this policy is for you.
4. Aditya Birla Activ One: The Aditya Birla Activ One health insurance plan is designed to encourage a healthier lifestyle while offering comprehensive coverage with a high base cover amount of up to ₹ 6 core. This policy comes in several variants that cater to a wide range of audiences. All variants of Activ One offer extensive pre- and post-hospitalisation coverage, an excellent no-claim bonus of 100% per annum, up to 500%, and unlimited restoration. This policy also provides extra wellness benefits, such as discounts on gym memberships and health check-ups, making it a comprehensive option to consider.
Drawbacks: One of the very few pitfalls of Activ One is that they have a 10% co-payment for non-PPN (non-network) hospitals. And as an insurer, we feel that Aditya Birla’s operational metrics can be slightly improved.
Why Talk to Ditto for Your Health Insurance?
At Ditto, we’ve assisted over 3,00,000 customers with choosing the right insurance policy. Why customers like Srinivas below love us:
✅No-Spam & No Salesmen
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✅100% Free Consultation
You can book a FREE consultation. Slots are running out, so make sure you book a call now!
Conclusion
The importance of having a good health insurance plan cannot be overstated. Purchasing one when you’re young and less prone to diseases is always recommended because:
- The chance of your policy getting rejected is lesser, and
- The overall premiums you pay may also be lower.
If you are considering purchasing a health insurance plan, please feel free to go through our policy comparison tool to evaluate your options carefully and choose a plan that best meets your needs.
