India, with a population of over 1.3 billion people, has had its fair share of health challenges. From communicable diseases to non-communicable diseases, the burden of diseases in India has been on the rise. While the government of India has launched several health schemes such as Ayushman Bharat, PMJAY, and other health insurance schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and others, the fact remains that accessing quality healthcare is still a challenge.
As such, the best way to plan for your healthcare needs is by purchasing health insurance. When it comes to selecting the best health insurance in India, several factors should be considered. This article will review these factors and highlight how PMJJBY details can be used to make an informed decision.
What is PMJJBY?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance policy launched by the government of India specifically designed for individuals in the age group of 18 to 50 years. It aims to provide life coverage to individuals at an affordable rate of Rs. 330 per annum. In case of the unfortunate demise of the policyholder, the nominee is entitled to a sum of Rs. 2 lakhs.
The policy also includes a renewable term life insurance policy that can be continued on an annual basis. The PMJJBY scheme is available through participating banks and insurance companies.
Benefits of PMJJBY
PMJJBY is an affordable insurance policy with a range of benefits. Some of the key benefits include:
- Affordable rate: The annual premium for PMJJBY is just Rs. 330, making it one of the most affordable life insurance policies in India.
- High sum insured: In case of the demise of the policyholder, the nominee is entitled to a sum of Rs. 2 lakhs.
- Easy to enroll: The PMJJBY scheme is available through participating banks and insurance companies, making it easy to enroll.
- Renewable policy: The policy can be renewed each year, providing continued life coverage for the policyholder.
Factors to consider when selecting the best health insurance in India
When selecting the best health insurance policy in India, several factors should be considered. These factors include:
1. Coverage
The level of coverage provided by the health insurance policy is a crucial factor to consider. The policy should cover both in-patient and out-patient care, including hospitalization, surgeries, and consultations with healthcare professionals. Some of the other aspects to consider are the limits on room rent and ICU charges. The higher the coverage, the better the protection provided.
2. Network Hospitals
One of the critical aspects of health insurance is the network of hospitals that the policy is tied to. The policy should allow policyholders to avail of cashless treatment in a wide network of hospitals across the country. Before purchasing the policy, it is necessary to check the list of network hospitals to ensure that the policy is tied to reputable hospitals.
3. Premium
The premium charged by the policy is another factor to consider. The policy should be affordable and within the policyholder’s budget. However, while affordability is essential, policyholders should also consider the level of coverage provided by the policy.
4. Waiting period
Each health insurance policy has a waiting period before certain benefits can be availed of. For instance, the waiting period for pre-existing illnesses is usually around 2-3 years. Therefore, it is necessary to check the waiting period of the policy before purchasing it.
5. Co-Payment and Deductibles
Co-payment is a percentage of the hospital bill that the policyholder is required to pay. Deductibles, on the other hand, are a fixed amount that the policyholder has to pay before the policy begins to offer coverage. It is essential to understand the co-payment and deductible requirements of the policy before purchasing it.
6. Exclusions
All health policies have exclusions, i.e., conditions that are not covered under the policy. Policyholders should read the policy document carefully to understand the exclusions. It is better to opt for policies with fewer exclusions.
7. Customer service
Customer service is another essential factor to consider when selecting the best health insurance policy. The policy should have an efficient customer service team that can handle policyholders’ queries and provide assistance when required.
Best health insurance policies in India
Several health insurance policies provide comprehensive coverage at an affordable rate. Some of the best health insurance policies in India are:
1. Max Bupa Health Companion
Max Bupa Health Companion offers coverage for hospitalization, day-care procedures, and pre and post-hospitalization treatment. The policy provides coverage for alternative treatments such as Ayurveda, Unani, Siddha, and Homeopathy. The policy has no upper limit on room rent, ICU charges, and consultations. The policy is tied to an extensive network of hospitals across the country.
2. HDFC ERGO Health Suraksha
HDFC ERGO Health Suraksha provides coverage for hospitalization, day-care procedures, and pre and post-hospitalization treatment. The policy provides coverage for alternative treatments such as Ayurveda, Unani, Siddha, and Homeopathy. The policy has no upper limit on room rent, ICU charges, and consultations. The policy is tied to an extensive network of hospitals across the country.
3. Star Health Comprehensive
Star Health Comprehensive provides comprehensive coverage for hospitalization, daycare procedures, and pre and post-hospitalization treatment. The policy provides coverage for alternative treatments such as Ayurveda, Unani, Siddha, and Homeopathy. The policy has no upper limit on room rent, ICU charges, and consultations. The policy is tied to an extensive network of hospitals across the country.
Conclusion
Selecting the best health insurance policy in India requires careful consideration of several factors. PMJJBY details can be used to make an informed decision when selecting a health insurance policy. Factors such as coverage, network hospitals, premium, waiting period, co-payment, deductibles, exclusions, and customer service are essential to consider. By selecting the right policy, policyholders can ensure that they have access to quality healthcare whenever required.
