Navi Health Insurance: Best Health Insurance in 2022

Navi Health Insurance Navi General Insurance Company is a wholly owned subsidiary of Navi Technologies- a digital finance lending organisation owned by Sachin Bansal. Navi Health Insurance started its operations in November 2017 and adopted a digital method of selling its insurance products via the Navi Health Insurance App. The company has served more than 1.1 million customers with its insurance products. It currently deals in a variety of health, motor, property, commercial, and gadget insurance solutions.

Navi General Insurance Company offers several benefits including in-patient hospitalization, cashless hospitalization, pre and post-hospitalization, hospitalization at home cover, COVID-19 cover, daycare treatment, no room rent capping, optional critical illness cover, optional maternity cover, etc.

Navi General Insurance
Navi Health Insurance

Key Features of Navi Health Insurance

With several companies available in India, choosing Navi Medical Insurance can be a hectic task. In the below section, you will get an insight into the company that will help you analyze the company’s performance in a glimpse:

As per IRDAI, 29 companies offer health insurance products in India. Given such a wide range of health insurance companies available in the market, it is quite obvious for a customer to feel confused about which company he/she should select. To help customers, we’ve compiled Navi General Insurance company’s key features to highlight its performance. Customers are advised to refer to this list and check if the company offers what they need before buying a health plan.

Given below is a brief explanation of these features. Let’s understand them in detail.

Network Hospitals

Cashless hospitalization is one of the most important benefits provided by an insurer within the health insurance policy . Generally, the insurance companies partner with network hospitals and allow the customers to seek medical treatment in any one of those hospitals without paying money from their own pocket.

Navi Insurance Company is empanelled with a network of more than 10,000 hospitals across India.

Let’s have a look at the graph below to get better insights about the network hospitals offered by Navi in comparison to its competitors.

Annual Premium

Before buying an insurance plan, it is important to have an idea about the business reputation and market performance of the insurance provider. And for this, customers are advised to check the annual premium of their selected insurance company. In the case of Navi General Insurance, the company started its operation in 2017. As per IRDAI, the premium amount of this company stood at Rs. 33.35 crores in 2019-20.

Claim Support Ratio

There is no point in investing money and efforts in a health insurance policy if the company cannot settle the claim timely. Therefore, it is important to know the claim paying ability of a company and its past record of settled claims. IRDAI in its annual reports publishes the Claim Support Ratio of all the health insurance companies to help customers refer to reliable data and make an informed choice. Navi Health Insurance company has a claim support ratio of 98.7% as per IRDAI’s Annual Report 2019-20.

We’ve created a chart here to illustrate the comparison of the claim support ratio of Navi Insurance Company with insurance providers who have settled the highest number of claims within 3 months in 2019-20. Let’s take a look.

Solvency Ratio

With respect to claim settlement and market reputation, checking the financial background of an insurer is equally crucial. It measures the company’s cash flow and its liabilities and helps an individual to assess the company’s ability to manage its short-term and long-term liabilities. It can be determined by the solvency ratio and every insurer has to maintain a healthy solvency ratio of 1.5 according to IRDAI.

The formula used for calculating the solvency ratio is-

Solvency ratio=(Net income + Depreciation) / Liabilities

At present, the solvency ratio of the company is 2.48.

For a better understanding, let us compare its solvency ratio with health insurance companies who have maintained the highest solvency ratios in 2019-20.

Health Insurance Plans offered by Navi Health Insurance Company

Navi General Insurance Company offers a variety of health insurance plans to help its customers stay financially protected in medical emergencies. Navi health insurance plans provide customizable insurance cover ranging from INR 2 Lakh to INR 1 Crore for individuals and families. Let’s have an overview of these plans.

Navi Cure

Navi Cure is a customizable health insurance product designed to protect the health care needs of the customers as well as their family members. The plan comes on both an Individual and Family Floater basis and offers wide coverage of more than 22 built-in benefits.

Key Features:

  • The plan covers a variety of medical expenses that arise due to in-patient hospitalisation of the insured person for more than 24 consecutive hours.
  • Special cover for expenses incurred on treatment of mental illness and HIV AIDS is also included within this plan.
  • Customers can avail the hospital daily cash benefit wherein a fixed cash amount up to 30 days of hospitalisation is provided to the policyholder, for each day of hospitalisation.
  • The plan allows policyholders to avail themselves worldwide hospitalization facilities if they are suffering from any life-threatening illnesses.
  • The plan offers maternity cover for a maximum of 2 deliveries, newborn baby treatment as well as vaccination expenses.
Criteria Minimum Maximum
Entry age Child- 91 days
Adult- 18 years
For Sum Insured of Rs. 2 Lakhs- No limit
For all other Sum Insured- 70 years
Renewal Age Adults- Life-long renewals
Dependent Child- Up to 30 Years
Policy Period 1, 2 & 3 years

Arogya Sanjeevani Policy

Navi General Insurance’s Arogya Sanjeevani policy is a standard individual health insurance plan that is designed specifically for first-time buyers covering all their health needs. The plan offers medical coverage to individuals and their families at affordable premiums.

  • The plan offers cover for pre & post-hospitalization expenses for a period of 30 & 60 days respectively.
  • Coverage for the medical expenses incurred on daycare procedures as well as on AYUSH Treatment is also included within this plan.
  • Customers can avail of additional benefits for the expenses incurred on dental treatment and plastic surgery.
  • The plan also covers ambulance charges up to Rs. 2000 per hospitalization.

Eligibility Criteria:

Criteria Minimum Maximum
Entry age 18 years 65 years
Sum Insured Amount Rs. 1 lakh Rs. 5 lakhs
Policy Period 1 year

COCO Seasonal Byte

COCO Seasonal Byte by Navi General Insurance is a health insurance plan that provides cover for the medical expenses incurred by the policyholder if he/she gets diagnosed with seasonal ailments such as Dengue, Malaria, Swine Flu, etc. The product offers both an Indemnity and Benefit Plan.

Key Features:

  • The plan provides cover for the medical expenses incurred by the policyholder as an In-Patient in a Hospital for more than 24 consecutive hours.
  • The plan also covers the medical expenses incurred for in-patient hospitalisation at AYUSH hospitals.
  • The benefit plan option provides customers with a lump sum amount, upon diagnosis of the insured person with Dengue/Malaria during the policy year.

Group Health Products

Navi Health Insurance offers a variety of group health insurance products to secure their group members/employees and their dependents against accidents/health emergencies. The plan variants available within this category are:

  • Group Health Insurance Policy
  • Group Personal Accident Insurance Policy
  • Group Critical Illness Insurance Policy
  • Group Seasonal Byte
  • Group HospiCash Policy

Corona Kavach Policy

Corona Kavach Policy is an IRDAI-mandated affordable health insurance policy that protects your entire family against hospitalization expenses due to COVID-19.

Key Features:

  • The plan offers pre-hospitalization expense cover for a period of 15 days and post hospitalization expenses for a period of 30 days.
  • Ambulance expenses cover for a maximum of Rs. 2000/- per hospitalization is also included within the plan.
  • The plan includes medical expenses incurred on hospitalization for COVID-19 under AYUSH Treatment.
  • An additional benefit in the form of home care treatment expenses and hospital daily cash is included in this policy.

Eligibility Criteria:

Criteria Minimum Maximum
Entry age 1 day 65 years
Sum Insured amount Rs. 50 Thousand Rs. 5 Lakhs
Policy period 105 day, 195 days, and 285 days

Corona Rakshak Policy

This is a benefit-based health insurance policy that provides a lump sum amount in case the policyholder is diagnosed with and hospitalized due to COVID-19.

Key features:

  • The plan provides a lump sum benefit equal to 100% of the Sum Insured shall be payable on a positive diagnosis of COVID.
  • No Pre-Policy Medical Check-up is required to get the policy.
  • The plan is available on an Individual Sum Insured basis for both family and individual.

Eligibility Criteria:

Criteria Minimum Maximum
Entry age 18 years 65 years
Sum Insured amount Rs. 50 Thousand Rs. 2.5 Lakhs
Policy period 105 day, 195 days, and 285 days
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