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The Most Affordable Health Insurance Options in India for 2023: Tips to Select Your Shield Amidst the Sea of Choices


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Amit Singh purchased a health insurance policy with a sum insured of Rs. 3 lakhs when he started his first job at the age of 22. Although the premium seemed low, he understood the long-term benefits. Over the next three years, he underwent surgery, which was covered by the health policy. A year later, his wife had a medical condition that required immediate attention, and again, the policy provided suitable coverage. With a small premium each year, he has been able to protect his and his family’s health emergencies without worrying about increasing medical costs.

In today’s world, a healthy lifestyle is crucial, especially with the ongoing COVID-19 pandemic. The increased risk of contracting the disease has heightened people’s concerns. Reports suggest that individuals are seeking to purchase cheap health insurance policies due to the pandemic’s growing impact, which has doubled compared to the previous year. As the threat of the pandemic is far from over, it is an opportune time to find an affordable medical insurance plan if you don’t already have one or re-evaluate your current health insurance policy.

Here is a list of the 10 cheapest health insurance plans in India for 2023 with the lowest premiums:

  1. Care Medical Coverage – Care Health Insurance Plan
  2. Go Digit Medical Coverage- Digit Health Care Plus OPD Insurance Plan
  3. SBI General Medical Coverage – SBI Aarogya Plus Plan
  4. ICICI Lombard Medical Coverage – ICICI Lombard Complete Health Insurance
  5. Manipal Cigna Medical Coverage – Manipal Cigna Lifetime Healthcare
  6. Aditya Birla Medical Coverage – Aditya Birla Health Enhanced Plan
  7. Apollo Medical Coverage- Apollo Munich Maxima
  8. Bajaj Allianz Medical Coverage – Bajaj Allianz Tax Gain Plan
  9. Niva Bupa Medical Coverage – Max Bupa Heartbeat
  10. Bharti AXA Health Insurances – Bharti AXA Health AdvantEdge
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Choosing the Cheapest Health Insurance in India: 7 Tips

When selecting a low-cost health insurance plan in India, it is important to consider various factors beyond just the premium amount. Here are seven tips to help you choose the right and cheapest health insurances policy:

Recovery Benefit:

  1. Look for a policy that offers a recovery benefit. This feature provides a specific amount for the remainder of the policy term if the original sum insured is exhausted. It ensures continuous coverage for all family members even if one member has utilized the full coverage.
  2. Top-ups: Consider plans that allow top-ups to extend the coverage of your existing policy. Life events such as marriage, having children, or inheriting wealth may require additional health benefits, and top-ups can provide the necessary coverage.

No-Claim Bonuses:

  1. Opt for a health insurance policy that offers significant no-claim bonuses. These bonuses can include premium reductions or discounts on other facilities. Over time, these bonuses can provide substantial benefits.
  2. Cash Allowance: Check if the policy provides a cash allowance for expenses that are not covered by the insurance, such as OPD costs, medical consultations, prescriptions, and hospital charges. This allowance can help cover out-of-pocket expenses during hospitalization.
  3. Home Treatment Expenses: Ensure that the policy covers domiciliary treatment or home care, especially during situations like the COVID-19 crisis. This coverage is important if there is a lack of bed availability or facilities in hospitals.
  4. Wellness Programs: Look for policies that offer wellness programs, including fitness and health-related activities. These programs often provide benefits such as cashback on policy renewals, reward points, and discounts on partner services. They encourage policy

holders to maintain good health and help insurers minimize claims.

  1. AYUSH Treatment: Check if the insurer covers alternative therapies like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. Having coverage for these treatments can be useful if you prefer alternative healthcare options.

Remember that health insurance premiums are usually lower when purchased at a young age. It’s advisable to lock in premiums early and continue with the policy for a longer period. You can also seek expert advice from PayBima Health Insurances Advisor & Consultant to find the right health insurance policy, coverage amount, and features that suit your needs based on your age and lifestyle.

By following these tips, you can choose the cheapest health insurance plan in India that provides comprehensive coverage and ensures peace of mind for you and your family.

What should I consider when choosing a cheap Medical Coverage plan in India?

When selecting a cheap health insurance plan in India, consider factors like network hospitals, claim settlement ratio, policy exclusions, waiting periods, and pre-existing condition coverage.

Is it important to lock in Medical Coverage premiums at a young age?

Yes, it is advisable to lock in health insurance premiums at a young age as they are usually lower, ensuring long-term affordability and continuous coverage.

How can top-ups extend the coverage of my existing Medical Coverage policy?

Top-ups can provide additional coverage beyond the sum insured of your existing policy, helping you meet increased healthcare expenses due to life events or medical emergencies.

What are the benefits of wellness programs offered by health insurance policies?

Wellness programs offered by health insurance policies provide incentives such as cashback, reward points, and discounts on partner services, promoting good health practices and reducing claim costs.

Why is it important to seek expert advice when choosing a health insurance policy?

Seeking expert advice helps in finding the right health insurance policy, coverage amount, and features tailored to your specific needs, ensuring you make an informed decision.

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