Is Higher Health Insurance Coverage Required?

Research reveals that penetration of health insurance in India is very low. Out of the total population of 1.25 billion people only one fifth are covered under some kind of health insurance. It is important to note that the average sum insured is less than 2 lakhs.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*(In 120+ cities)
  • Relationship manager For every customer
  • 24*7 claims assistance In 30 mins. guaranteed*
  • Instant policy issuance No medical tests*

*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

Back
Find affordable plans with up to 25% Discount**
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      valid-mobile-number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      Till recently, a health cover of 5 lakhs was considered adequate. However, today most individuals are of the opinion that rising cost of the treatment and double-digit inflation in healthcare may wipe out their savings. These fears are not exaggerated. An organ transplant can cost up to Rs.20 to Rs. 40 lakhs and medicines for cancer can be priced at more than Rs.500 per tablet.

       

      Why you need to be covered adequately

      Most people are either influenced by the agent or by the amount of tax savings they want when they decide on a health insurance cover. Experts today are unanimous over the fact that a cover of even 10 lakhs may not suffice for treatment of a critical illness.

      If an individual contracts a critical illness he will not have any choice but to seek medical help from one of the premier hospitals. A room in these hospitals will cost approximately Rs. 5000 to Rs. 7000. A room in the Intensive Care Unit can cost up to three to four times the normal expenses. Hence, if you can afford the premium, it is best to opt for a high health cover.

      A scenario based example

      Areal-life scenario will help you to understand why a high health cover is essential. Ravi works with an MNC which offers a health cover of 6 lakhs. He thought that this cover was sufficient and did not opt for an additional cover. However, after serving the company for five years he decided to switch over to a better firm.

      His new employer offered a different plan with a lesser coverage. Additionally, the plan which he had with his previous employer was not portable. Ravi who is in the other side of thirties had to pay a large premium and undergo medical tests when he decided to opt for an additional higher cover insurance.

      High health covers become popular

      As the demand for higher health insurance cover is increasing, insurance providers are catching up with the trend. As new procedures emerge in medical sciences they come at an extra cost. Changes in lifestyle encourage individuals to visit super luxury hospitals. Further, individuals with adverse family history have to opt for high health covers.

      Trends show that an increasing number of people are opting for medical treatments outside India for critical illness. Cigna TTK Health insurance and Religare health insurance policies cover international treatment. Religare covers treatment anywhere in the world for an entire sum assured of Rs. 60 lakhs.

      Points to check

      If you can afford the premium you should opt for a high sum assured policy. You should bear in mind that a high cover does not necessarily mean that the policy would reimburse all the expenses.

      You should pay attention to the features of the policy such as sub-limits, network of hospitals and additional benefits which may include dental treatment and maternity cover. At times in case of high-value plans there may be no limits on the room rent. Before opting for a high premium health cover you need to evaluate your requirements.

      Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. 

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Everything about the Activ One Plan by Aditya Birla Health Insurance

      05 Dec 2023

      In a time when increasing healthcare costs can create a
      Read more
      10 Reasons Why Your Health Insurance Claim Can Get Rejected

      01 Dec 2023

      Health insurance plans add a layer of invisible protection against
      Read more
      Knee Replacement Surgery Cost in India

      30 Nov 2023

      Knee pain has become a very common ailment in India, with over 15
      Read more
      Kidney Transplant Cost in India

      30 Nov 2023

      Kidney disease has been growing at an alarming rate in India. As
      Read more
      How Can NRIs Save Taxes on Health Insurance in India?

      24 Nov 2023

      Health insurance is an essential buy for people in India as well
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      10 Major Benefits of Ayushman Bharat Yojana
      Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi
      Read more
      Does Health Insurance Provide Coverage for LASIK Eye Surgery?
      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is
      Read more
      Pre-Existing Disease (PED) Cover from Day One
      Pre-existing diseases (PED) are mostly expensive to treat as they are chronic in nature. Unfortunately, most health
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL