Today, along with advancement in medical technology, the costs of medical treatments have escalated, too. . This has burnt a hole in many middle-class Indian’s pockets with Health Insurance not in place.
Simply put, Health Insurance is a contract between the insured person and the health insurance company, wherein the insurance company reimburses for the medical and surgical expenses against an annual premium that the insured person promises to pay. With Health Insurance in place, the insured can avail medical aid that arises in case of any pre-planned surgery or during an emergency. There are many types of Health Insurance plans in India. It is advisable to opt for the one as per your requirement. Some of the best Health Insurance policies offer coverage for treatments that best suits your needs. This is how the insured can avail flexibility with regards to the type of medical treatment that he/she would like to undergo.
Individual Health Insurance in India is a separate health insurance plan bought for each member of the family, which offers indidivual sum assured. This type of Health Insurance is not available for groups or organizations. The Indidivual Health Insurance plan offers coverage for pre and post hospitalization, maternity and new-born, emergency medical services, critical illnesses, diagnostic tests, doctor’s consultation fees and many more. Today, due to rising medical inflation it is essential to buy health insurance in India. After all, it offers financial stability, preventive medicare, coverage for medicine and drug costs, cashless treatments as well as tax benefits.
Family Health Insurance or Family Floater Plan is a type of health insurance that offers coverage to yourself, your dependent children, your spouse and your dependent parents against illnesses as well as various other diseases at a fixed cost. In short, this plan covers all your family members under one single plan. The sum assured and the age of the eldest family member would decide the premium of your family floater plan. Health Insurance for family offers benefits such as restoration of exhausted coverage, easy addition of a new family member, rebate on high sum-assured, increase in the sum assured, day-care treatments, daily cash allowance, ambulance charges, in-patient hospitalization, etc.
Experts suggest to opt for an indidivual health insurance that offers lifetime renewability
Indidivual health insurance should offer extensive coverage
A good indidivual health insurance plan should have a minimum waiting period for covering pre-existing diseases
It is best to opt for a NO co-pay health insurance plan
A good indidivual health insurance plan has a feature of No claim bonus (NCB)
Always check for the sub-limit of the indidivual health insurance plan and then opt for the same. A good health insurance plan in India always has a scope of maximum sub-limits on the health care expenses.
Medical expenses and hospitalization are tough to deal with. A good indidivual health insurance plan should offer you the highest coverage at a nominal premium rate so that your requirements during a medical emergency are taken care of.
A good health insurance plan should be opted from an insurer who’s Incurred claim settlement ratio is excellent
Certain health insurance plans tend to hike the sum insured in future with an added criteria of a requirement of a medical examination. It is therefore better to not opt for such plans. It would rather make sense to buy a health insurance plan that offers adequate coverage.
A good family health insurance should have a flexibility to increase the sum assured and add new family members easily.
Facility to avail seamless Cashless hospitalization.
A good family floater health insurance plan should include value added features such as 24*7 free telephonic medical advice, concierge services, free health check-ups, discounts on availing services of health clubs, medical stores as well as fitness centers.
A good family health insurance should have a maximum renewability age limit
A good family health insurance should have a minimum waiting period for covering the pre-existing ailments
A good family health insurance plan has a benefit of No Claim Bonus (NCB)
A good family health insurance plan also offers coverage for non-allopathic or alternative treatments like Ayurvedic, Homeopathic, etc.
Medical expenses and hospitalization are tough to deal with. A good family health insurance plan should offer you the highest coverage at a nominal premium rate so that your requirements during a medical emergency are taken care of.
The claim settlement record of your Insurer should be the highest
A good family health insurance plan should be flexible enough for portability
A good family health insurance plan should offer coverage for domiciliary expenses, maternity expenses as well as critical illness benefit
Certain health insurance companies have a flexibility of adding the extended family members in a family health insurance plan
Yes, you will yet be eligible for a health insurance plan even though you have been diagnosed with a medical condition. There would however be certain restrictions on your health insurance plan:
Generally there are 4 common yet important types of exclusions that a Health Insurance policy would impose:
Every health insurer offers a free-look period of 15 days post policy issuance wherein you can cancel your health insurance premium if you aren’t happy with the policy terms and conditions. Therefore, it is important to read the policy document carefully to understand and calculate the amount that your health insurance company would refund.
Yes, you can utilize your health insurance company in any part of the country, no matter which city you actually purchased it in.
Co-pay is nothing but your part of the hospital bill that you would be required to shell-out in case of hospitalization. It is usually best to opt for a health insurance plan that doesn’t have a co-pay clause.
The below mentioned treatments are covered under a day-care treatment:
Yes, you can increase your sum assured amount at the time of Health Insurance renewal.
If your father had passed away post hospitalization, you may get the reimbursement of the claimable expenses. In case he was the eldest of the family and the primary insured member, then the health insurance company would calculate the premium according to the age of the next eldest member of the policy. A change of request form is important for the family to fill-in post such changes. Also, in case only two family members were included in a family floater plan and one insured member expires, then the family floater plan would convert into an indidivual health insurance plan.
Yes. Some Health Insurance companies offer loyalty benefit in the form of discount if you renew your Health Insurance plan from the same insurer.
In order to battle life challenges in case you get diagnosed with a critical illness, it is vital to buy critical illness insurance. Under the policy a fixed amount is paid to an insured on diagnosis of the disease. The amount that you get post claiming critical illness insurance can help you pay off the debts, cover expenses related to your treatment as well as offer coverage to compensate for the income lost due to inability to earn/work.
The premiums that you pay for your Critical Illness Insurance Plan becomes eligible for an income tax deduction under Section 80D of the Income Tax Act, 1961.
If you buy a Critical Illness Insurance Plan, you will be paid a lump sum amount on diagnosis of a critical illness listed in the policy document. However, in case you buy a health insurance plan, you will be paid for the medical expenses. Thus, it makes sense to buy a Critical Illness Insurance Plan separately.
Typically, a Health Insurance plan offers coverage for all the Health-related requirements. But, there are chances wherein you may need additional funds if there is a medical exigency. Thus, to beat the medical inflation and to ensure extra protection, it is advisable to opt for a top-up Health Insurance policy.
Yes, you can save up to Rs.60, 000 under Section 80D of the Income Tax Act, 1961 for the premiums that you pay for top-up health insurance policy.
The primary policyholder of the family health insurance should be 18-65 years in age. (Lifelong renewability has been made mandatory by IRDAI for all plans) Usually a medical test is required to be eligible for the family health insurance in India post 45 years of age. The eligibility criteria as well as the age differ from one health insurance company to another.
Earlier buying Health Insurance was cumbersome due to the traditional way of approaching the insurance agent or taking turns to the Health Insurance company. However, with the online mode booming up, buying insurance has become easier! Trust, purchasing Health Insurance online is time saving and easier and above all pocket friendly too. You can compare health insurance quotes of different insurers under one roof and buy the best Health Insurance plan in India. With the availability of the Health Insurance premium calculator, it has indeed become convenient to find out the accurate quote of your Health Insurance premium. Since there is no involvement of the insurance agent, buying Health Insurance online has become a seamless process.
Experts recommend to compare Health Insurance before buying one. Simply put, comparing lets you avail the following advantages–
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.
Many questions may come in your mind before buying an insurance policy. ‘How much insurance I would need, how many years I shall invest for, what would be the premium, etc.. Insurance Calculators are life-savers. They help you know your insurance needs and assess the potential costs. Grey Font brings to you various Insurance Calculators and interactive tools to help you calculate your insurance needs. In order to get better results, ensure to enter a value in all the possible fields.
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