Comparing products for their features and benefits is quite common when someone makes a purchase. Similarly, comparing health insurance plans is also beneficial before paying the premium and deciding which plan will be the best during a medical emergency. Let’s understand how health insurance comparisons work.
Plans start at just ₹21/day*.
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With the help of online health insurance, it has become easier to compare plans within a few clicks. You can go about it in two ways. The first is comparing different healthcare plans for their features and offerings, and the other is comparing insurers. Here are the things you can compare.
For comparing medical plans you can check the sum insured waiting periods, deductibles, coverages, exclusions, and the premium. These will help you understand if the plan offers sufficient coverage as per your needs.
While comparing top health insurance companies in India, you can consider the claim settlement ratio, social media handles to check reviews from existing customers, number of network hospitals, etc. This will help you know how dependable the insurer is.
Here is how you can carry out the actual insurance comparison.
You will see a comprehensive comparison between the best health insurance plans in India.
To get the best mediclaim policy in India, the insurer must offer flexible policies and support health insurance claims. Let’s deep dive on the things to consider while comparing health insurance companies.
The first thing to do for buying the best insurance policy is to make sure that the insurer is registered with the Insurance Regulatory and Development Authority of India (IRDAI). This is the first evaluation point that makes you check if the company is genuine and works within the terms of the regulator. The IRDAI website provides a list of registered insurers. No matter how good the insurer looks, if the company is not listed then don't buy.
Then, check whether the insurer has a wide network of hospitals. This simplifies access to cashless treatments, when you need it. Select an insurance company with the biggest and most reliable network so you can avail cashless treatments easily. For example, ACKO has 10,500+ network hospitals in India. Which translates to a better chance of locating a network hospital near you, lesser documentation, and faster claims. Always review the list to make sure your hospitals of choice are included.
A high ratio suggests dependability when it comes to delivering on the promise of providing a financial backup during a medical emergency. A CSR between 80 and 90 percent is acceptable, but 90+ percent or more is preferred. For instance, over the last few years, ACKO has consistently maintained a high claim settlement ratio of over 98%, showing that the majority of claims are resolved promptly and amicably.
Lastly you need to understand the operational efficiency of the insurance company to get the best insurance plan. This includes how much time they take to complete any of the requests that a customer has raised. For example, something as simple as a name change request or as complex as a complaint from an unhappy customer.
However, it can be a bit tricky to know how an insurance company actually operates. You can check online customer reviews, or get in touch with someone you know who is an existing customer. You can also check how the company is responding to customers on their social media handles. And if you’re still not sure, speaking to an insurance expert can help you make a more confident choice.
The following factors play a key role in determining the overall value of a health insurance plan. Make sure to keep an eye on these factors while comparing different health insurance policies in India.
Before comparing insurance providers, evaluate your health requirements, including the coverage needed for pre-existing conditions, room rent limits, deductibles, and copays.
Instead of going for a plan which offers general coverages that could suit everyone, choose a plan that fits your needs. This helps you get a more customised policy at an affordable premium. Then compare suitable plans to know which is the one best suited to you in all aspects. The one that has the lowest premium may not be the best one.
A co-pay clause means you will need to pay a portion of the medical bill yourself. For instance, if the bill is ₹5,00,000 and your co-payment is 10 percent, you would be required to pay ₹50,000 out of pocket. It is always better to choose a plan without any co-payment clause, especially if you want minimal out-of-pocket expenses at the time of treatment.
Room rent limits are something people often overlook but they can affect your claim amount significantly. Some insurers restrict you to a certain room type or cap the amount they will pay per day for room rent. If you exceed this limit, you may be required to pay a portion of not just the room cost, but also other associated treatment charges. Choose a policy with no room rent limits.
While coverage for allopathic treatments is common, some health insurance plans also cover AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homoeopathy) treatments. If you or your family members would avail this coverage in the future then it is a good parameter to compare medical insurance plans for this coverage. Check if the policy offers pre- and post-hospitalisation coverage, COVID-19 coverage, day-care treatment, etc. as well.
If you have any pre-existing diseases, insurers may not offer immediate coverage for those illnesses. Instead, they apply a waiting period, which is the time you must wait before coverage for those specific conditions begins. Most insurers have a waiting period of up to 3 years. It is important to check this duration while choosing a plan, especially if you are looking for coverage related to an ongoing medical issue.
A no-claim bonus is a reward offered by insurers when you do not make any claims during a policy year. This usually comes in the form of an increased sum insured at no additional cost. A 10% increase is common. Anything less may not make a real difference. It is a feature that can build over time and increase your coverage without raising your premium.
If you are planning a family in the near future, it may be worth exploring a mediclaim insurance policy that includes maternity benefits. These cover expenses related to childbirth, hospitalisation, and newborn care. However, policies with maternity cover often come with a higher premium and sometimes a waiting period. It is worth weighing the cost against how soon you plan to use this benefit.
Outpatient cover includes doctor consultations, diagnostic tests, and minor procedures that do not require hospital admission. While basic policies may not offer this, some plans include OPD benefits. This is useful if you need frequent check-ups or medical consultations. However, it can add to the overall premium. Consider it a good-to-have feature rather than a must-have unless you are someone who regularly visits doctors.
Sometimes, insurers might package add-ons as a part of the Comprehensive Health Insurance Policy. This can increase the premium. On the other hand, keeping the Comprehensive Plan to a bare minimum will reduce the premium comparatively. Also, all insurers might not offer all add-ons. Some might even have different names for add-ons that serve the same purpose.
Considering health insurance needs to be renewed periodically, it would save you time, money (lower premium) and effort if you buy a policy that covers you for more than a year. Check if insurers offer long-term coverage or provide lifetime renewability options for the policy chosen by you.
Choosing an insurer with a digital setup is the need of the hour. Digital insurers make life easy for policyholders while buying, renewing, and claiming health insurance. Insurance-related processes are streamlined thanks to a responsive website and most likely a handy mobile application.
Comparing health insurance plans often help you get the best coverage and a policy that suits your unique healthcare needs. This is where ACKO helps you strike a balance between coverage and affordability. Let’s take a look at the detailed comparison between ACKO Medical Insurance Plans vs others.
| Coverage | ACKO Standard Health Insurance Plan | ACKO Platinum Health Insurance Plan | Other Health Insurance plans in the Market |
| Coverage for Hospital Bills | 100% | 100% | ~85% due to co-pays, deductibles, room rent limits etc. |
| Limit on Hospital Room Rents | Not applicable | Not applicable | The entire hospital bill gets affected if you get a room upgrade |
| Waiting Period | Applicable | Not applicable | Ranges from 9 months to 3 years |
| Co-pay on Health Claims | Not applicable | Not applicable | Fixed Co-pay |
You should compare health insurance plans online because it saves time, money, and effort. Here’s why comparing the best mediclaim policy online is the way to go.
You don’t have to pay money to know the health insurance premium for a particular policy. Free quotes are available on the insurer’s website (for example, on www.acko.com or the ACKO app). All you have to do is share basic information (for example, your age, gender, location) and select the preferred health insurance plan to know an approximate quote.
Nowadays, you can check out the features and quotes of a health insurance policy via your mobile, laptop, or other similar smart devices. You don’t have to visit an agent’s office to buy or select a health plan. Just browse online, select a preferred plan, and buy as per your convenience.
As the necessary information is available online, you can go through different policies’ inclusions and exclusions, compare, and find the best match. A similar comparison can be made for the premium charged, services offered and the claim settlement process.
Comparing health insurance policies online involves browsing through different plans, and going through the conditions such as room rent, waiting period, claims process, etc. This way, you know for sure that the final decision you make is based on concrete analysis, keeping your requirements in mind.
Also read: What is a Mediclaim Policy?
Before setting out to buy health insurance, understand the different policy offerings. This will help you choose the right one for your needs:
Individual health insurance policies cover a single person, the policyholder. They provide coverage benefits only for the insured individual. Premiums are based on the health and age of the individual. You can customise coverage based on your healthcare requirements.
With family floater plans, the entire family, including your spouse, children, parents, and parent-in-law, are covered under a single policy. The sum insured limit is shared by all members included in the policy. Premium is calculated based on the oldest member's age and each member's health risks. Most insurers have limits on the number of people you can include under a single plan.
These are special plans for those above 60 years of age. Senior citizens health insurance plans offer enhanced benefits like domiciliary care, telemedicine, free annual health checkups, ambulance, charges, etc. As IRDAI has recently removed the age cap for health insurance, 65 or 70-year-old seniors can buy insurance for the first time. While these policies generally have extensive coverage, you must pay attention to co-payment clauses and deductibles that can increase out-of-pocket expenses during medical emergencies.
Provided by employers, these policies cover all employees of a company. Premiums are lower due to group buying. Companies often pay a share of the premium. However, these plans have limited coverage for individuals because the purpose is to cover all the employees in the group.
Provides a lump-sum payout on diagnosis of a listed critical illness. Depending on the policy, this can be included with the coverage or available as an add-on rider.
It is an optional cover that provides compensation for injuries, disability or death due to accidents.
Additional coverage that kicks in once the base policy limit is exhausted. Top-up plans are used to increase the overall coverage amount.
These plans extend coverage beyond your base health insurance with a single deductible that applies for the entire policy year. Throughout the year, the super top-up plan covers all medical claims up to the sum insured when the base insurance is exhausted.
These different policy types cater to the various needs of an individual. Corporate health insurance may be sufficient if you are young and single. As you grow older, individual health insurance can offer additional coverage. Once you get married, opt for a family floater plan, which is more cost-effective than individual health insurance plans. When your family expands and you have kids, you can easily add them to the family floater plan.
Adequate health insurance for you depends on your health risks and medical care needs. The ideal sum insured depends on your individual circumstances, including your city, age, medical needs and potential future costs.
For example, a young, healthy person in a Tier 3 city may only require ₹5 lakh coverage, while an elderly person with pre-existing conditions in a metro would need ₹15 lakh or more. Here are some general guidelines based on profile:
Factor in medical inflation and aim for higher coverage if you have specific health needs or pre-existing conditions. For even more comprehensive protection, a ₹1 crore policy is affordable for many today.
Another option is pairing a base policy to cover basics along with a top-up plan that kicks in once your base coverage is exhausted. This allows you to customise an optimal plan within your budget.
The ideal amount ensures you are covered for most medical eventualities without overpaying in premiums. Assess your unique situation and choose adequate coverage for peace of mind.
Also read: How to create an ABHA card online.
Comparing different insurance plans from multiple providers allows you to make an informed financial decision. Online insurance providers offer free quotes, and you can tailor the coverage to suit your specific needs. It’s important not to prioritise lower premiums over adequate coverage, as the right coverage is crucial for availing the necessary medical treatment. When relying on your insurance policy for medical expenses, ensure that the coverage aligns with your health risks and treatment needs.
Here’s a list of queries related to health insurance and health insurance comparison in India.
It is evident that health insurance covers your medical expenses, including hospitalisation and recovery costs. However, for long-term financial security, you can consider term insurance. A well-chosen 1 crore term plan can go a long way to support your family's needs in case of unforeseen events.
Before you buy life insurance, evaluate the right coverage amount to ensure that it sufficiently complements your financial situation. A term insurance calculator can easily help you estimate the suitable sum assured and premiums based on age, income, and needs.
Remember, health insurance safeguards medical bills, whereas term insurance protects your loved ones against unforeseen life events.
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Reviewed by Rupinderjit 
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.
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