Top 5 Health Insurance Plans at a Low Premium Rates

Health insurance premium, the most common term used in the insurance sector, is the amount paid for health insurance every month to lessen stress during medical emergencies. It is the first thing that a potential policyholder looks for before purchasing health insurance. We run after health insurance policies available at low premiums. And therefore, while shortlisting, we often tend to ignore the number of coverage features that a policy is offering. Clearly, without adequate coverage features, even a policy with a low premium is of no use.

This article brings you a list of health insurance plans that not only come at low premiums but offer comprehensive coverage features as well.

Key Factors to Consider When Choosing a Low-Premium Plan

Low-Premium Health Insurance Plan is what most individuals look forward to, but there are other factors as well that one must take into consideration, such as:

• Coverage: Make sure your low-premium insurance plan does not compromise your coverage. Check if it covers unexpected medical costs, hospitalization fees, critical illness expenses, etc. Medical Costs are constantly rising, and you would not wish to pay the extra amount from your pocket as it can create future financial challenges.
• Benefits: Certain insurance companies offer fewer benefits with a lower premium plan. Hence, review your plan and associated benefits before finalizing the insurance product. Ensure your chosen plan includes benefits, such as no-claim bonus, maternity coverage, lifelong renewability, etc.
• Flexibility: The rising cost of medical treatments and other expenses is a growing concern. It is important to ensure that your lower premium plans offer flexibility in increasing the sum insured.
• Exclusions: Another aspect that a customer must look for is policy exclusions. There may be certain treatments or conditions that will not be covered under your selected plan. Hence, look into these before to avoid surprises.
• Cashless Hospitalisation: Many insurance companies offer cashless hospitalization, i.e., facilities to access hospital treatment and other services without worrying about bill payment. Thus, it provides a hassle-free experience.

Top 5 Affordable Health Insurance Plans in 2024

Finding an affordable health insurance policy with good coverage options is challenging. But with InsuranceDekho, you will have to go through less trouble. Here are the top 5 health insurance plans in 2024 that offer low premium amounts:

Name of the Insurance Company	Name of the Insurance Policy	Cover	Premium
Niva Bupa	Health Recharge	Starting from ₹ 2 lakhs - ₹ 95 lakhs	Starting at ₹ 313.5/month
Care Health Insurance	Care Enhance	1 lakh to 30 lakhs	Starting at ₹ 146/month*
Reliance General Insurance	Reliance Health Gain Plus	Cover 3 to 5 Lakh	Starting at ₹ 243/month*
Star Health and Allied Insurance	Young Star Individual Silver	Cover 3 lakh	Starting at ₹ 320/month*
Aditya Birla Health Insurance	Activ Assure – Diamond with Super NCB	Cover 2 lakh to 200 lakh	Starting at ₹ 677/month*

1. Health Recharge

Niva Bupa's Health Recharge plan offers coverage for both individuals and family. It offers a low premium amount starting from ₹3,762/Yr. The policy includes e-consultation, loyalty benefits, and coverage for alternative treatment. Also, it covers in-patient care, pre-hospitalization costs, post-hospitalization expenses, organ transplants, daycare charges, domiciliary hospitalisation charges, etc. However, ancillary hospital charges, neurodegenerative disorders, sleep disorders, and non-medical expenses are excluded from the policy.

2. Care Enhance

A Care Health Insurance policy that offers financial protection and stability to its policyholders against medical expenses. They even offer cashless treatment in 24800+ network hospitals. Under this policy, apart from the low premium rate, there are various benefits, including coverage for daycare treatment, pre-and post-hospitalization expenses, ICU charges, organ donor cover, etc., within a sum insured from 1 to 30 Lakh. The policy further offers a 20% co-payment for people above 61 years.

3. Reliance Health Gain Plus

Reliance Health Gain Plus offers coverage up to 3 to 5 Lakh with a low premium. There are no sub-limits for inpatient care and a 30-day waiting period except accidental claims are available under this policy. Coverage benefits including pre- and post-hospitalization, ambulance cover, AYUSH Benefit, domiciliary hospitalisation, etc. are available. You can also avail tax benefits under Section 80D up to 1 lakh as per this policy. Adults from 18 years to 65 years and children from 91 days to 25 years are eligible for the Reliance Health Gain Plus policy.

4. Young Star Individual Silver

Another reliable health insurance policy that offers affordable premiums. People between 18 years and 40 years are eligible for this plan. Daycare expenses, room rent, road ambulance cost, e-medical opinion, in-patient hospitalisation expenses, wellness programs, etc., benefits are covered under Star Health Young Star Health Insurance. In fact, if you acquire the policy before 36 years of age and renew after 40, you can avail of a 10% premium discount.

5. Activ Assure – Diamond with Super NCB

Activ Assure-Diamond is another affordable health insurance plan trusted by most individuals. Even with a low premium rate, the policy offers medical coverage for robotic surgery and other new-age treatments. Further, policyholders can get cashless claims at 10051+ network hospitals with its cost-effective health insurance plan. From in-patient hospitalisation to ambulance cover and organ donor expenses, there are several benefits. Additionally, gain access to the Super No Claim Bonus and double your sum insured within two years.

*Note: The premium amount may vary based on age, policy term, sum insured, etc.

Things to Remember Before Buying a Health Insurance Plan

Take into consideration the following factors when buying any health insurance plan for yourself, spouse, or family members:

• Right Insurance Company

Various insurance companies offer health insurance plans, but not all of them have a high claim settlement ratio. Review insurance companies based on their financial strength via claim settlement ratio (80% and above is considered to be good), and range of plans offered. An insurer with a diverse range of plans will make it easier to choose the one that best fits your needs.

• Waiting Period

The waiting period is a certain time period that a policyholder has to go through before getting coverage benefits. The duration of the waiting period varies for different insurance companies and based on the type of plan selected. Generally, these are applied to pre-existing illnesses and maternity benefits.

• Exclusions

Every health insurance plan has a list of exclusions. These are specific conditions or treatments that are covered under your policy. Hence, make sure to go through the list of exclusions before purchasing the health plan.

• Sub-limits

Sub-limits are imposed on each health plan for specific treatments or various expenses like room rent, domiciliary treatment, diagnosis, etc. Remember to review it at the time of policy purchase. Verify if it is minimum or if the plan has no sub-limits to avoid additional expenses from your own pocket.

• Cashless Network

It’s advisable to assess if your insurance company has a good list of network hospitals supporting cashless hospitalisation. The major reason most people prefer cashless claim settlement procedures is to avoid paperwork and access speedy reimbursement with a stress-free hospitalisation experience.

Tips for Lowering Your Health Insurance Premium

Several factors contribute to higher premiums but there are also different ways that can help reduce your Health Insurance Premium, such as:

• Plan Your Insurance at a Young Age

Premiums for younger people are lower than for older or senior citizens as they are less prone to health issues. Also, young age people require less hospitalisation as compared to older people who are most likely to fall ill after a certain age. As a result, you can access lower premiums by getting a policy at a young age. 

• Opt for a Family Floater Plan

Instead of applying for an individual health plan, it is best to go with Family Floater health insurance plans as they are cost-effective. Family floater plans cover everyone under one premium. Under this plan, the entire policy cost is split among all insured members, thus offering a significantly lower premium amount.

• Increase Deductibles

Deductibles are a certain amount that the policyholders pay from their own pocket for the covered claim before the insurer kicks in. Higher deductibles can result in lower premium rates but make sure to determine the proper deductible amount when filing claims to avoid confusion.

• Leverage No-Claim Bonus

Many insurance companies provide no-claim bonus rewards to policyholders if they made zero claims in the preceding year. These rewards may include an increase in coverage with lower premium fees.

• Choose a Lower health insurance coverage plan

People with lower budgets can opt for health insurance plans with less coverage. Less coverage plans will automatically have a cheaper premium amount.

Conclusion

Now that you know enough about the top 5 health insurance plans on the basis of premiums, you must also know that choosing health insurance plans solely on the basis of the premium is a grave mistake that one may make. Even when choosing from the plans listed above, you should give enough importance to the coverage benefits. So, next time to plan to buy health insurance, don’t forget to check coverage benefits as well as exclusions over just the policy premium.

FAQs

Ques 1: Is a low-premium plan better than a high-premium one?

Ans: Choosing the right one depends on your requirements, for example, low-premium plans are affordable but they also cover lower coverage. It is best to consider other factors like exclusions, benefits, coverage, etc., as well and not just the premium amount when purchasing a policy.

Ques 2: Is it possible to later add family members to my health insurance?

Ans: Certain insurance companies allow individuals to add their family members to health insurance coverage but it will also impact and increase your premium.

Ques 3: Are maternity benefits provided under low-premium health insurance?

Ans: Most insurance plans cover maternity benefits. However, if your low-premium health insurance plan does not cover maternity expenses, opt for riders to avail of this benefit.

Ques 4: Do low-premium plans cover daycare treatment?

Ans: Yes, most of the low-premium plans include coverage for daycare treatments.

Ques 5: Do insurance premiums decrease?

Ans: Yes, you have a low premium plan if you apply for it at a younger age or pay higher deductibles. Some insurers even provide low premium fees if you leverage no claim bonus for the policy tenure.