Best health insurance cover

I want to buy a family health insurance cover of ₹5 lakh for me (35 Yrs), my wife (32 Yrs) and daughter (2 Yrs). Can you please recommend the best health insurance policy for me and my family and whether the amount of cover is sufficient?
- Vineet

A young family must make sure that the health insurance policy provides the lifetime renewal option, and it doesn't have any sub-limits and co-payment clause. We recommend Apollo Munich Easy Health policy and ICICI Lombard iHealth. If you have a family history of critical illness, you must add a critical illness cover to your policy.

For more details on how to choose a health plan: How to buy health insurance.

The cover is sufficient as of now. You are the best person to decide the adequate amount of sum insured for your family based on your lifestyle, current health conditions and your family history of illnesses. Whenever you are going to increase the insurance cover, opt a for super top up plan. Super top up policies comes into the picture when total claims in a year exceed the deductible amount.

For more info on such plans, click here: A Top-Up for Your Medical Needs.

Annual premiums under both policies are:
Apollo Munich Easy Health: ₹10,523
ICICI Lombard iHealth: ₹11,719

Both policies offer discount on premium if two-year premiums are paid at once.

This article was originally published on October 19, 2015.