With technological advancements in India, the health insurance industry has evolved significantly over the years. Short-term health insurance is one of the many new offerings provided by insurance companies in recent times. Let’s explore short-term health insurance and know its coverage and benefits.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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Short-term health insurance is a type of health insurance policy that provides medical coverage for a short duration of less than 12 months. It is designed to provide temporary coverage for medical emergencies or sudden illnesses. Compared to regular health plans, short-term health insurance plans are more affordable and can be extremely helpful for people without a stable job.
However, short-term health insurance plans usually do not cover pre-existing diseases, maternity expenses or critical illnesses.
Some of the most important benefits of short-term health insurance plans are as follows:
The premium of a short-term health insurance plan is comparatively lower than the premium of a regular or long-term health insurance plan. Thus, people can obtain medical coverage without paying a hefty premium.
Short-term health insurance plans have a shorter tenure. Therefore, if somebody is not satisfied with the terms and conditions of their health policy, they can change the plan or port to a different insurer to fulfil their medical requirements.
A short-term health insurance policy is highly beneficial for people with a coverage gap. For example, people who have missed their health policy renewal or someone who recently left a job.
Just like regular health plans, a No Claim Bonus (NCB) is granted to policyholders with short-term health insurance who did not raise a claim in the previous policy year. The NCB can be used to earn a renewal premium discount or an increase in the sum insured amount.
Buying a short-term health insurance plan is extremely easy, as most people do not have to undergo any medical check-up before policy issuance. Moreover, just like long-term health insurance plans, they can also be purchased online within a few minutes.
The following medical procedures are covered by short-term health insurance plans:
Short-term health insurance plans are ideal for the following people:
Take a look at the key differences between short-term health insurance and regular health insurance plans:
|Categories||Short-Term Health Insurance||Regular Health Insurance|
|Policy Tenure||Between 3 months to a year||1 year|
|Pre-existing Disease Coverage||Pre-existing conditions may not be covered||Pre-existing conditions are covered after the waiting period has passed|
|Premium||Premiums are comparatively lower||Premiums are higher than short-term health insurance plans|
|Add-on Covers||No add-ons are available||Add-ons can be added to the policy|
Short-term health insurance is beneficial for people seeking temporary medical coverage. Therefore, people interested in purchasing short-term health insurance must compare plans offered by different insurance companies before purchasing one.
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