Health Insurance Plan: A Blessing in Disguise

In this fast-paced world, we want to stay ahead of our peers. We want to have an extra edge over our competitors. Like it or not, we all are a part of this crazy race that makes every passing second precious. When it comes to performance, we want to ace our game. The cut-throat competition demands us to be physically, as well as mentally, fit. In order to survive, most of us tend to neglect our health.

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      Sedentary lifestyle, stress, poor nutrition, and more junk food takes a toll on our overall well-being.  This is where health insurance acts as a savior. And with the health care costs sky-rocketing, a medical emergency can become a financial emergency, wiping out all the savings in one go.

       

      Investing in a good health insurance plan safeguards your finances and makes sure that you get the best medical care in your hour of need.

      Benefits offered by a Health Plan

      A health insurance plan offers various benefits that provide much-needed support at the time of a medical emergency.

      If you haven’t invested in a good health insurance plan yet, then consider these benefits:

      It Safeguard Your Finances

      As humans, we are highly prone to falling ill. At present, health care expenses are sky-rocketing and a medical emergency can shackle the foundation of your savings. Buying an adequate health insurance cover is a fool-proof way of strengthening your financial planning. 

      An Array of Plans to Choose from

      Different insurance providers offer different plans. You should zero down on a plan that fits your budget and fulfills your insurance expectations at the same time.  Ideally, you should buy an insurance plan that offers sufficient insurance coverage.

      Having an insufficient insurance coverage is far worse than having no insurance coverage at all.

      Cover Your Family with A Single Plan

      If you wish to include your family, you can opt for a family floater health insurance plan, and cover your spouse, kids, and parents under the umbrella of a single health plan. There are some insurance providers that extend insurance coverage to even the parents-in-law.

      Who can buy a Health Insurance Policy?

      A basic health insurance plan can be availed of by almost anyone. Below are the general eligibility criteria. It may differ from insurance provider to insurance provider.

      • An insurance plan can be purchased for individuals falling in the age group of 5 - 60 years. But, the proposer must be more than 18 years of age.
      • The Insurance Regulatory and Development Authority of India has instructed insurers to offer health insurance benefits to senior citizens. This is why 65 is considered as the maximum age of entry. The insurance coverage can be extended up to 80-90 years of age based on the insurance provider’s policy.

      What is the Scope of Coverage of Health Insurance?

      The benefits of health insurance can be extended to a variety of situations. Regardless of the insurance provider, an insured person can enjoy most of the insurance benefits that are mentioned below:

      • Cashless Treatment - You can enjoy cashless treatment if you are hospitalized in a network-listed hospital.
      • Reimbursement of Medical Expenses - In case you are hospitalized in a non-network hospital, you will be reimbursed the medical treatment expenses upon the approval of your claim.
      • Pre-Hospitalization Expenses and Post-Hospitalization Expenses and Day Care Services Expenses - A basic insurance plan covers pre-hospitalization expenses, post-hospitalization expenses and Day Care Services expenses.
      • Maternity and Infant Care Expenses - Basic insurance coverage is offered to expecting mothers and newborn babies.
      • Lab Services - Some insurance providers offer insurance coverage for laboratory tests and services.
      • Income Tax Rebate - As per Income Tax Act, almost all health insurance plans offer an Income Tax benefit on the annual insurance premium.

      What is NOT Covered by a Health Insurance Plan?

      Health insurance has a broad range of coverage and an equally diverse number of plans. Different insurance plans, such as like critical illness plan, personal accident insurance plan, senior citizen health plan, have a different set of exclusions.

      Here are the basic exclusions of insurance plans that aren’t covered by any health plan.

      • Incurred Medical Treatment Expenses Arising Out of Terrorism of War

        In an unfortunate situation, like that of terrorism or war, medical insurance coverage ceases to exist. 

      • Hospitalization Due To An Act Of Self-Injury Or Suicide Attempt

        In the event of an insured person inflicting self-injury or attempting suicide, no insurance coverage is provided.

      • Treatment for HIV/AIDS

        Treatment expenses arising out of HIV/AIDS are not covered by a health insurance plan.

      In a Nutshell

      A health insurance plan is a must when it comes to safeguarding the well-being of your family and ensuring your financial stability at the same time.  Before you finalize a health plan, make sure you compare various health plans, so that you can pick a plan that offers you the highest insurance coverage at the lowest insurance premium.

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

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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *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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      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

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