There’s no denying that health insurance is an absolute necessity in this day and age. However, finding an affordable health insurance policy that offers comprehensive coverage without compromising your finances is also critical.
In this article, let’s take a look at the top 5 affordable health insurance plans in India for 2024, designed to cater to your healthcare needs while keeping the premiums pocket-friendly.
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Premiums Revealed! Top 5 Affordable Health Insurance Plans in India in 2024
Note: The premium range in the following table is based on the following assumptions –
- The policyholder is a healthy, 30-year-old male
- Non-smoker & non-drinker
- Living in New Delhi
- No pre-existing diseases
- ₹10 lakh base cover amount
| Top Health Insurance Pan | Waiting Periods | Other features | Insurer Metrics | Affordability (Premium per annum) |
|---|---|---|---|---|
| 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 Loyalty & No-Claim Bonus: 100% pa, up to 500% |
Network Hospitals: 11k+ CSR: 93% ICR: 61% |
₹9.3k - ₹ 9.5k |
| Tata Medicare Premier | PED WP: 2 years SI WP: 2 years |
Pre & post hospitalisation cover: 60 & 90 days Restoration: 100% of base SI, once a year No-Claim Bonus: 50% pa, up to 100% |
Network Hospitals: 10k+ CSR: 96% ICR: 77% |
₹13.6k - ₹14k |
| 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% |
₹11.5k - ₹12.5k |
| Bajaj Allianz Health Guard Gold | PED WP: 3 years SI WP: 2-3 years |
Pre & post hospitalisation cover: 60 & 90 days Restoration: 100% of base SI on complete exhaustion for different illnesses, once a year No-Claim Bonus: 10% pa, up to 100% |
Network Hospitals: 8k+ CSR: 95% ICR: 81% |
₹13k - ₹14k |
| HDFC ERGO Optima Secure | PED WP: 3 years SI WP: 2 years |
Pre & post hospitalisation cover: 60 & 180 days Restoration: 100% of base SI, once a year No-claim Bonus: 50% pa, up to 100% |
Network Hospitals: 13k + CSR: 98% ICR: 85% |
₹16k - ₹ 17k |
Ways to Reduce Your Health Insurance Premium
If you feel that your premium for any policy is high, here are some ways to reduce it:
- Purchase the policy when you’re young: Premiums are lower when you’re younger and healthier. If possible, buy health insurance early in life to have lower premiums. This also ensures that you serve the waiting periods when you’re young and, hopefully, healthy.
- Stay healthy: Some insurers offer lower premiums or wellness rewards if you can have a consistent healthy lifestyle. This can include not smoking, maintaining a healthy BMI, and staying active, as insurers view you as less risky. Close your rings, people!
- Don’t go for an unnecessarily high cover amount: Avoid choosing unnecessary add-ons or riders like maternity benefits or OPD coverage if you don’t need them. Stick to essential coverage to keep premiums low.
- Utilise top-up & super top-up plans: A base health insurance plan with a super top-up policy is often more affordable than a higher coverage policy. The top-up plan covers costs once a specific threshold is reached, reducing the premium for higher coverage. This threshold is called a deductible and if you’re interested, here’s a more in-depth article.
- Multi-year plans: Some insurers offer discounts if you pay the premium for multiple years together instead of yearly instalments. These are called multi-year plans and it save on processing fees and overall premium costs. However, keep in mind that if you’re not satisfied with the insurer’s performance or claim settlement, you’re stuck with this policy for longer since the porting window opens only a few days prior to policy renewal.
- No-claim bonus: Insurers offer a no-claim bonus (NCB) for every claim-free year, which increases the sum insured without raising the premium. Over time, this will lower the premium you pay for every Rupee of coverage.
- Family floater plans: If you're insuring multiple family members, a family floater plan can be more affordable than individual plans for each person. However, the premium is shared, meaning any family member can use coverage up to the sum insured.
How to Choose a Good Health Insurance Plan?
Before we look at the policies, you should understand something: Not all health insurance policies are the same. Each plan has its own unique set of features, advantages, and drawbacks. However, here are some important points to look for to understand your health insurance policy better:
- No co-payment, room rent limits, and disease-wise sub-limits. Period.
- Low pre-existing disease waiting period (PED WP) and specific illness waiting period (SI WP).
- A high restoration bonus, pre- and post-hospitalisation cover, network hospital list, and no-claim bonus are also added advantages.
- Apart from these features in the policy, you should also consider some metrics that assess the insurer’s performance. These include the Incurred Claim Ratio (ICR) and the Claim Settlement Ratio (CSR).
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Conclusion
Choosing the right health insurance plan depends on your health needs and budget. The plans listed above offer comprehensive coverage, should you ever need it. Whether you're looking for individual coverage or a family floater plan, these policies cater to various needs without breaking the bank.
As always, you must understand the plan carefully before making the final decision. But we understand that this can be overwhelming, which is why Ditto’s got your back. For personalised insurance recommendations and detailed guidance, consider booking a call with one of our IRDAI-certified advisors.
