Health insurance backup the essential health, illness and accident expenses by protecting you from unexpected, high medical costs. When you take a health insurance policy, the costs for your medical treatment during hospitalisation are covered by the insurer for the sum assured selected by you, on annual payment of the premium. You can also pay for the treatment yourself and have it reimbursed by the policy later, or go a network hospital for your treatment, where your costs are covered by the policy from the beginning. In addition to this, the premium paid for the policy counts as tax deduction under Section 80D of the Income Tax Act, 1961.
Health insurance policies can be bought for an individual family. They can also be bought to protect you against critical health issues, or any issues that you may face during maternity. Let’s have a look at the types of health insurance covers you can consider before making your buying decision.
Types of Health Insurance Policy
Individual Health Insurance Policy
Under the Individual Health Insurance Policy, the sum of assured is applicable to a person covered under the plan on an individual basis for cashless hospitalization and other benefits. It is a policy where each member is entitled to the entire amount separately
Family Floater Health Insurance Policy
In the Family Floater Health Insurance policy, the sum of assured is applicable to all family members covered under a single cover that is one cover for all members. It can be used by one member or by multiple people over multiple claims.
Critical Illness Health Insurance Plans
Take a stand alone insurance policy or a rider for treatment of serious illnesses like - cancer, kidney failure, heart attack etc. Most critical illness Insurance policies provide for payment of a lump sum benefit if the policyholder is diagnosed, suffering from one of the specified critical illnesses.
Group/Employee Health insurance Policy
Group or employee health insurance policies are generally purchased by companies, and cover the employees of that company against cost of medical care. The premiums of group medical insurance plan are generally lower than average, and the coverage against diseases and medical procedures is fairly broad.
Senior Citizen Health Insurance Policy
Senior citizen health insurance plan can be purchased by those who are at least 60 years old, or older. They are designed exclusively to help lower the expenses associated with medical care of older people. Such policies generally need you to undergo a medical check-up before you can activate the plan. However, the premium cost on them are generally lower than usual.
Features and Benefits of Health Insurance Policies in India
- Comprehensive health cover insurance options from Rs.2 lakhs to Rs.50 lakhs
- Cashless settlement - you need not pay any amount while hospitalized for treatment across wide network of hospitals
- Ambulance fees covered
- No room rent capping
- Maternity benefits, including coverage of new born baby along with vaccination charges up to 10 years
- 30 days pre- and 60 days post-hospitalization benefits
- 130 daycare procedures covered
- Medical expenses incurred during organ transplant
- Emergency ambulance charges covered
- AYUSH (Ayurveda, Unani, Siddha and Homeopathy) treatment is also covered
- Free health check-ups and discount vouchers as No Claim Bonus (NCB is an advantage provided if a person does not file a claim for any treatment in previous year.)
- Entry age up to 60 years
- Income Tax benefit under Section 80D
- No Claim Bonus on renewing the policy after every claim-free year
- Loyalty discounts on premium after referring family members or friends for a similar policy under the insurer
- 24/7 toll-free call centre support to ensure that you can access your policy at any time
- Online application and renewal to make the policy hassle-free
- Ability to renew the policy lifelong, including in old age
- Ability to port the insurance policy to any insurer of your choice
Eligibility for Health Insurance and Documents Required
- Individuals who are at least 18 to 21 years of age can avail a health insurance policy
- Dependent children can be covered under the policy between the ages of 90 days and 25 years
- Senior citizens can be covered under policies tailored for them from 60 years of age onwards
- Generally, health insurance policies require no documentation except the application form, accurately filled and signed. However, you may be required to take a medical test if you are over a certain age.
Things to Consider Before You Buy Health Insurance Plans
- What type of insurance policy you would want to buy, for individual or for family?
- What would be the ideal insurance cover for you/your family?
- What add-on features you would want to opt-in for?
- Know the applicable sub limits (capping amount of expenses category like room rent, doctors’ fees, medical test cost etc.)
- Policy inclusions and exclusions.
- What would be likely procedures of claim? (cashless, reimbursement)
- Medical check-ups required before policy acceptance?
How to Apply
Applying for health insurance is easy. Simply fill in our online application form, and our representative will get in touch with you to take the process further, and help you select the best Health Insurance plan for your needs.Apply Now