What is Health Insurance?
Health insurance is a financial tool that provides financial coverage for medical expenses. A health insurance policy is a contract between the insurance company and an individual. The individual pays a premium to the insurer and the insurer offers financial protection against healthcare expenses to the individual in return.
Health insurance covers wide-ranging medical expenses like the cost of medicines, surgery, doctor's consultations, room rent, ambulance charges and more.
Types of Health Insurance
There are two basic types of health insurance:
1. Mediclaim Plans
Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted
2. Critical Illness Insurance Plans
Critical Illness Insurance Plans cover specific
3. Family Health Insurance Plan
A family health insurance plan covers multiple members within the same family, such as the individual, as well as their spouse, father, mother, children and sometime father-in-law and mother-in-law. These policies offer coverage to the entire family on a single
4. Senior Citizens Health Insurance Plan
Senior citizens health insurance plan offers financial coverage against medical expenses incurred by senior citizens. This
5. Personal Accident Insurance Plans
Personal accident insurance plans offer financial protection against health complications arising out of an accident. These plans cover expenses like ambulance costs, surgeries, medicines and post-operative rehabilitation expenses, among other things.
6. Individual Health Insurance Plan
An individual
Benefits of Health Insurance
Below are some benefits of health insurance plans:
Critical Illness Cover
Apart from basic healthcare expenses, health insurance also covers critical illnesses, such as cancer, health diseases, kidney ailments and more. These illnesses can require long-term medical care and burden you with high costs. Health insurance can be suitable to deal with these expenses so you can focus on your treatment and recovery.
Coverage for Pre-existing Illnesses
A
Quality Healthcare
Health insurance lets you access healthcare from a wide network of hospitals and healthcare providers affiliated with the insurance company. This ensures timely and quality medical attention when you need it the most.
Cashless Claims
Health insurance is a convenient tool that prioritises your well-being in your hour of need. You can avail of cashless claims without having to go through any lengthy claim procedures. The insurance company settles the bills with the hospital on your behalf. This streamlined process ensures you do not have to pay upfront and seek reimbursement later.
Cashless Treatments
A
Tax Savings
If you invest in health insurance, you can get deduction up to ₹ 25,000 under Section 80D for yourself and your family (₹ 50,000 if the age of the insured is 60 years or above) and up to ₹ 25,000 (₹ 50,000 if the age of the insured is 60 years or above) for your parents.
Why do you need Health Insurance now?
No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. The cost of treating the illness can cause severe financial strain on the savings you have accumulated over time. This means that you might have to compromise on providing your child
For e.g., Herceptin, a cancer medicine costs approximately 1,10,000 for a vial of 440
How to Choose the Right Kind of Health Insurance For Yourself?
There are several health insurance plans available in the Indian market, which makes it confusing to buy a policy best suited to your financial and medical requirements. Below are some factors to consider to ensure you select the right product:
Right Coverage
The coverage of a health insurance plan must align with your health needs. If you have pre-existing illnesses or a history of poor health in your family, it is advised to get a higher coverage that can cover all your potential medical expenses.
Additionally, your coverage must also be adequate to deal with rising medical costs in the long run.
Suits Your Budget
The higher the coverage, the higher can be the
Individual Plans or Family Plans
Individual plans cover a single person whereas a family plan covers multiple people in the family. You can assess your needs and those of your family members to determine whether you need a separate
Lifetime Renewability
Lifetime renewability enables you to renew your plan when it matures and enjoy uninterrupted financial protection for a long time. This feature eliminates the process of purchasing a new
Preferred Hospital Coverage
It is important to check if the health insurance plan includes your preferred hospital in their network of hospitals. This can help you access speedy and suitable medical attention at your convenience.
High Claim Settlement Ratio
Claim settlement ratio is the percentage of claims that an insurer has settled in a given period out of the total claims received. It is recommended to go for a company which has a high claim settlement ratio. This helps ensure that your claim will be settled in your time of need.
COMP/DOC/May/2024/305/6231
Should I buy a Mediclaim plan or a Critical Illness Insurance plan?
A
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Life cover at affordable rates so that your loved ones are financially protected
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In case of death due to an accident within the ADB term, we will pay your nominee/legal heir the ADB as lump sum
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Claim payout on the first diagnosis of covered 34 critical illnesses* (optional).
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In case of permanent disability7 due to an accident, your policy continues without you having to pay any premiums.
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Get `20 lakh health insurance cover for heart and cancer at less than `176 per month1
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Get paid on diagnosis of any of the listed Minor/Major conditions4
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5% discount on first-year premium when you buy health cover for yourself and spouse2
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In the case of a minor/major claim or on the diagnosis of permanent disability due to accident5
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