Reasons to Purchase High-Value Health Insurance Cover

When you decide to purchase a health insurance plan for you and your family, choosing the correct option over the easy one is essential. It means choosing coverage over other requisites is necessary, irrespective of the situation. As a health insurance plan is designed to act as a safety net for you and your family, ensuring adequate coverage in a sudden medical emergency is essential.

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      What is High-Value Health Insurance?

      High-value health insurance is a form of health insurance plan that can cover the cost of any expensive health treatments. In such a form of health insurance, the sum insured starts above the usual amount and can be as high as Rs. 1 crore or go beyond this amount. This is what makes high-value health insurance unique. Apart from the above, it is essential to note that purchasing high-value health insurance plans ensures that they are more detailed and integrated compared to regular health insurance plans.

      Another feature of high-value health insurance plans is the increased coverage for the following requirements:

      These also include the expenses incurred due to various non-hospitalisation charges, advanced-stage cancer and more.

      You may also like to read - Health Insurance for Cancer

      Benefits of High-Value Health Insurance

      The following are the benefits of purchasing high-value health insurance plans:

      1. Higher co-payment for senior citizens

        Although regular medical insurance with coverage for senior citizens includes a co-pay clause, a high-value health insurance plan has a higher percentage of the same. A senior citizen may need to pay a more significant share of the co-pay clause, ranging from around 10 to 15%. Such an arrangement may require the insured to pay out of pocket.

      2. Meticulous underwriting process

        If you have purchased high-value health insurance, the underwriting process is more detailed and time-consuming than regular health insurance plans.

      3. Higher premium amount

        Purchasing high-value health insurance automatically comes with a higher assured sum than regular health insurance. Due to the expensive nature of these insurance plans, families from low-income groups may choose something other than purchasing high-value health insurance.

      You may also like to read - Health Insurance Plans for Senior Citizens

      Who requires High-Value Health Insurance?

      The requirement for high-value health insurance plans depends on the following factors:

      • Net worth
      • Future Earnings, and
      • Health Insurance needs

      Health insurance is one of the most required insurance for any individual or family. Therefore, purchasing high-value health insurance should be done only if the high premium can be paid. Additionally, if there is a need for medical treatments outside the country, then the purchase of high-value health insurance is justified. Finally, it is essential to evaluate your net worth. 

      If you are not an individual with a high net worth, getting high-value health insurance plans can be challenging due to the higher premium. In such a situation, getting top-up or super top-up along with your regular health insurance to extend the basic coverage is best.

      You may also like to read - Health Insurance for Family

      In summary

      Therefore, when purchasing health insurance, it is better to understand the benefits of both regular and high-value health insurance. It will help make the best decision and thus help get financial cover in case of any health issues.

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      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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