Your Health, Our Priority – Secure Today for a Healthier Tomorrow
Health insurance is a policy designed to cover medical expenses incurred due to unforeseen illnesses or accidents. In return for a premium, it provides financial protection for hospitalization, surgeries, day care procedures, critical illness treatments, and alternative therapies like AYUSH. It ensures that individuals are safeguarded from the rising costs of healthcare.
What is Health Insurance?
Health insurance is an agreement between a policyholder and an insurance company, where the insurer provides financial coverage for medical expenses up to a specified limit. This coverage applies to both emergency and planned hospitalizations, ensuring the insured doesn’t bear the full financial burden of medical treatments. Additionally, the premiums paid offer tax benefits under Section 80D of the Income Tax Act, 1961, making it a financially beneficial choice for healthcare needs.
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- Guaranteed 7x increase in cover amount over 5 years with Cumulative Bonus Super Rider
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Cover amount
₹7 Lakh
Starting at
₹874/month
- Guaranteed 7x increase in cover amount over 5 years with Cumulative Bonus Super Rider
- No Room Rent Limit
- ₹10.5 lakh Renewal Bonus
- Unlimited Restoration of cover
Cover amount
₹7 Lakh
Starting at
₹900/month
- Guaranteed 7x increase in cover amount over 5 years with Cumulative Bonus Super Rider
- No Room Rent Limit
- ₹10.5 lakh Renewal Bonus
- Unlimited Restoration of cover
Cover amount
₹7 Lakh
Starting at
₹974/month
Top Reasons to Buy a Health Insurance Plan
Health insurance is essential due to rising medical costs, ensuring you can access quality treatment without financial strain. Here are the top reasons to consider purchasing a health insurance plan:
Combat Medical Inflation: Medical treatments are becoming expensive, but a health insurance plan can help cover current and future healthcare costs, including pre- and post-hospitalization expenses.
Access Quality Care: Health insurance enables you to receive the best possible medical care without worrying about financial limitations, allowing you to focus on recovery.
Manage Lifestyle Diseases: With the rise of chronic illnesses like heart disease and diabetes, health insurance covers long-term treatments that may otherwise strain your savings.
Protect Your Savings: Rather than depleting your hard-earned savings, health insurance helps cover your medical expenses, giving you financial security during a health crisis.
Cashless Hospitalization: You can avail cashless treatment at network hospitals without upfront payments, simplifying the claim process and easing financial stress.
Tax Benefits: Premiums paid on health insurance qualify for tax deductions under Section 80D, offering savings while ensuring healthcare coverage.
Peace of Mind: With a health insurance policy, you have the assurance that your medical costs will be covered, allowing you to focus on your recovery without financial worries.
Health Insurance Buying Checklist
Waiting Period: Choose a plan with a minimal waiting period, allowing quicker access to coverage.
Co-payment: Opt for plans without co-payment to avoid paying out-of-pocket expenses during claims.
Preventive Health Check-ups: Look for plans offering free annual preventive health check-ups, ensuring early detection of health issues.
Grace Period: Select a policy with an extended grace period to provide more time for renewal after the due date.
Benefits of Buying Health Insurance Online
Easy Comparison: Online platforms allow easy comparison of plans across insurers, helping you make informed decisions.
Convenience: You can purchase health insurance anytime, from anywhere, without visiting an insurance office or agent.
Discounts & Lower Premiums: Online purchases often offer premium discounts and lower costs due to reduced operational expenses.
Minimal Paperwork: The online process requires minimal documentation, simplifying policy issuance.
Availability 24/7: Health insurance can be purchased online anytime, even on holidays.
Digital Payments: Secure online payment options eliminate the need for cash transactions.
Time-Saving: Policies are issued instantly, saving you time and effort.
What is the Ideal Coverage for Health Insurance?
The ideal coverage for health insurance depends on individual needs and various factors such as medical inflation, the city of residence, and personal health conditions. A common recommendation is to choose a health insurance sum insured that is at least half of your annual income. With rising medical costs, a minimum sum insured of ₹10 lakh is generally advised. However, it’s essential to tailor the coverage to your specific needs.
Factors to Consider When Choosing Health Insurance Coverage:
- City of Residence: Healthcare costs vary based on the city. In tier-1 cities, medical expenses are higher, so a higher sum insured is advisable compared to tier-2 or tier-3 cities.
- Age & Life Stage: Younger individuals with no pre-existing conditions might require lower coverage, while older individuals or those with existing health issues need more comprehensive plans.
- Future Medical Costs: Considering medical inflation, it’s crucial to plan for rising healthcare expenses in the future.
Suggested Coverage Based on Different Scenarios:
| Types of Plans | Ideal Health Insurance Sum Insured |
|---|---|
| City | Tier-1 City |
| Individual Health Insurance Plan | ₹10 lakh & above |
| Family Floater Health Insurance Plan | ₹30 lakh & above |
| Senior Citizen Health Insurance Plan | ₹20 lakh & above |
Note: The above figures are indicative and may vary based on individual circumstances.
Additional Options for Comprehensive Coverage:
₹1 Crore Health Insurance: For those seeking extensive coverage, especially for long-term critical illnesses or treatments abroad, a ₹1 crore health policy is becoming more affordable. By paying an additional premium of around ₹1500, you can avail this extensive coverage.
Base Plan + Top-up Cover: Another cost-effective option is to take a base health insurance policy with a lower sum insured and supplement it with a top-up cover that offers higher coverage. This combination can provide adequate coverage while keeping premiums affordable.
Key Benefits of Health Insurance Plans in India
Health insurance plans in India offer comprehensive coverage and several benefits that ensure the policyholder’s healthcare expenses are well managed. Here are the key benefits:
1. Hospitalization Expenses
Health insurance covers expenses incurred during hospitalization lasting more than 24 hours. This includes room rent, doctor’s fees, medicines, diagnostic tests, and more.
2. Pre & Post Hospitalization Expenses
It covers medical expenses related to an illness both before hospitalization and after discharge, including tests, treatments, and follow-up visits. The coverage period is based on the terms specified in the policy.
3. ICU Charges
The cost of treatment in an Intensive Care Unit (ICU) is covered, helping to manage high medical bills associated with critical care.
4. Ambulance Costs
Insurance covers the cost of ambulance services required during a medical emergency, ensuring transportation to the hospital is taken care of.
5. Cashless Treatments
At network hospitals, health insurance plans offer a cashless treatment facility, where medical bills are settled directly between the insurer and the hospital, removing the need for upfront payments.
6. Maternity Benefits
Many health insurance plans provide coverage for maternity-related expenses, including delivery, prenatal and postnatal care, and newborn vaccinations, although they usually come with a waiting period.
7. Day Care Procedures
Certain treatments that don’t require 24-hour hospitalization, such as cataract surgery or dialysis, are covered under day care procedures.
8. Pre-existing Diseases
After the completion of a waiting period (typically 2-4 years), health insurance covers the treatment of pre-existing diseases.
9. AYUSH Treatment
Health insurance plans also cover expenses for alternative treatments like Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH) up to a specified limit.
10. Medical Check-ups
Most plans offer free preventive health check-ups at regular intervals, ensuring the policyholder maintains their health.
What is Covered in a Health Insurance Plan?
Here are the typical coverages included in most health insurance plans in India:
- In-patient Hospitalization: Covers hospitalization expenses for treatments that require more than 24 hours in a hospital.
- Pre-existing Illnesses: After the waiting period, treatments for pre-existing diseases are covered.
- Pre and Post Hospitalization: Covers medical expenses incurred before and after hospitalization for tests, check-ups, and medicines.
- Ambulance Charges: Covers emergency ambulance services to transport the insured to the hospital.
- Maternity Cover: Includes expenses during pregnancy and delivery, as well as care for the newborn baby.
- Preventive Health Check-ups: Offers routine check-ups to monitor and maintain health.
- Day-care Procedures: Covers treatments that don’t require 24-hour hospitalization, such as eye surgery and dialysis.
- Home Treatment: Covers medical expenses for treatments administered at home on a doctor’s advice.
- AYUSH Benefits: Offers coverage for alternative treatments like Ayurveda, Unani, Siddha, Yoga, and Homeopathy.
- Mental Healthcare: Covers in-patient treatment for mental illnesses such as depression, bipolar disorder, and schizophrenia, in line with the Mental Healthcare Act, 2017.
These comprehensive features make health insurance an essential financial safeguard against rising medical expenses.
Key Factors to Consider Before Buying a Health Insurance Plan
When selecting a health insurance plan, it’s important to carefully evaluate several factors to ensure that the plan meets your medical and financial needs. Here are the key factors to consider:
1. Scope of Coverage
The coverage of the health insurance plan defines the types of medical expenses it will cover, such as hospitalization costs, critical illness cover, maternity benefits, and COVID hospitalization. Ensure the plan includes benefits that align with your healthcare needs.
2. Sum Insured
The sum insured is the maximum amount your insurer will pay for medical expenses. Given rising healthcare costs, it’s advisable to opt for a sum insured of at least ₹10 lakh. For more comprehensive protection, especially for family plans or senior citizens, a higher sum insured or even a ₹1 crore plan is ideal.
3. Policy Type
Choose the type of policy based on your specific needs:
- Individual Health Insurance
- Senior Citizen Health Insurance
- Family Floater Plans
- Critical Illness Plans
You can also enhance coverage by opting for Top Up or Super Top Up plans, which come into play when your base sum insured is exhausted.
4. Waiting Period Clause
Health insurance plans have a waiting period before certain claims can be made, especially for pre-existing conditions. Ensure the waiting period is minimal for pre-existing conditions, specific illnesses, and maternity coverage.
5. Co-payment Clause
Some plans include a co-payment clause, which requires you to pay a portion of the claim (e.g., 10% or more) out of pocket. This can reduce your premium, but make sure you are financially comfortable with this arrangement.
6. Room Rent Sub-limits
Policies often have sub-limits on room rent. For example, if your plan has a 1% room rent cap on a ₹3 lakh sum insured, your room rent coverage will be capped at ₹3,000 per day. Choose plans with no or minimal sub-limits to avoid high out-of-pocket costs.
7. Network of Cashless Hospitals
Check the insurer’s network of hospitals where cashless treatment is available. The more hospitals in the insurer’s network, particularly in your vicinity, the better access you’ll have to cashless medical treatment.
8. Lifelong Renewability
Health insurance policies typically need to be renewed annually. Opt for a plan that offers lifelong renewability to ensure you have continuous coverage, especially as you age and require more medical attention.
9. Premium Loading Factor
Premium loading refers to additional charges added to your premium, especially for risk-prone individuals (e.g., senior citizens or those with pre-existing conditions). Plans with no premium loading are ideal to avoid higher premium costs over time.
10. Claim Settlement Ratio
The claim settlement ratio (CSR) is a measure of an insurer’s credibility. It reflects the percentage of claims successfully settled by the insurer. Look for insurers with a CSR of 80% or above to ensure a smooth claim process.
Considering these factors will help you choose a health insurance plan that offers the right coverage and financial protection for your specific needs.