Health Insurance

Health insurance is a type of medical insurance policy which covers medical expenses, pre-and post-hospitalisation, daycare facilities, surgeries, etc. Insurance providers extend cashless treatment facilities at network hospitals or reimburse the cost of the medical expenses incurred by the insured individual at other places medical insurance.

There are various health insurance plans available in the market such as family insurance plans, health insurance for senior citizens, group health insurance, maternity insurance, and the insurer extends various benefits based on the policy one opts for. Therefore, individuals must compare the policies online and choose the ones that suit their health requirements.

Key Features of Health Insurance

Key Benefits of Health Insurance Policy

Here's a look at some of the benefits of choosing a health insurance plan:

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  Cashless treatment

  With health insurance, you can stop worrying about arranging funds for treatment, thanks to their cashless facilities. You can visit any network hospital to access this benefit.

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  Pre- and post-hospitalisation expenses

  Medical insurance include both pre-and post-hospitalisation charges. You can have coverage of up to 60 days before admission to a hospital and 90 days following the discharge. Many health insurance policies also cover daycare expenses if required for the treatment.

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  Ambulance charges

  Health insurance plans also include ambulance expenses for taking the policyholder to the hospital, if and when needed.

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  Medical check-up

  A mediclaim policy often includes covering the expenses of routines and periodic health check-ups. Certain insurance policy providers also provide free health check-ups to their customers.

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  Income tax deductions

  As per the Income Tax Act of 1961, you can get tax exemptions on premiums paid for managing medical insurance plans

• 

  Dedicated health app

  Bajaj Finance enables its policyholders to access their medical insurance policy through the Bajaj Finserv Health App.

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  Reimbursement of different tests

  You can now get reimbursed for all the lab and radiology tests as prescribed by your physician health insurance plan.

• Types Of Health Insurance Plans

  In addition to helping you find the best treatment for your health problems, these best insurance plans also take care of your expenditures. Buying the right mediclaim policy can be a bit complicated as there are different types of Health Insurance plans available in India, have a look and choose accordingly.

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  Individual health insurance policy

  Only the individual/insured person under the individual health insurance plan is entitled to the benefits and can claim the sum assured under the policy.

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  Family floater health insurance policy

  You can cover all your family members with a family floater health insurance policy under a single plan. The sum insured under the chosen plan applies to all the insured family members in the policy. It can be used entirely by one member or multiple people in the active policy year.

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  Group/employee medical insurance

  Group/employee health insurance policies cover your employees' expenses against unforeseen medical emergencies. The premium of group health insurance plans is generally lower than average and offers comprehensive coverage for medical expenses.

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  Health Insurance For Senior Citizens

  Individuals 60 years and above can avail a medical insurance for senior citizens plan designed to cover medical care expenses. Such health insurance plans generally need you to undergo a medical check-up before you can avail of the plan. The premium for this plan is usually lower than usual.

• 

  Critical Illness Insurance

  A critical illness policy will protect you against expenses arising from treating severe or life-threatening diseases. It is taken as a standalone insurance policy or as a rider for treatments of critical illnesses like cancer, kidney failure, heart attack, etc. best critical illness insurance policies offer a considerable amount as compensation to the policyholder for expenses that fall in the ambit of this plan.

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  Top-up health insurance plans

  A top up mediclaim plan lets you scale up your insurance coverage at an affordable cost. This plan covers expenditure arising from a single illness when the existing policy threshold is insufficient.

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  Personal accident insurance plan

  Personal accident insurance protects you and your family from expenses incurred from an accident that may lead to death, disability, injury, and other unforeseen situations. personal accident policy can be purchased independently or as a rider to an already existing policy.

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  Maternity health insurance

  Maternity Insurance provide complete health and maternity care coverage to expecting mothers and their newborn babies. From the hospitalisation of the pregnant woman to normal or C-section delivery costs and vaccination of the newborn, this plan covers you all against any medical.

There are numerous insurance companies offers various mediclaim plans. Below is a list of best health insurance plans in India.

Health insurance plans provide you with financial security, considering the rising healthcare expenses. With rapidly changing lifestyle habits, increasing pollution, the evolution of new diseases, and expensive healthcare facilities, it has become crucial to have a health insurance policy. These plans prevent you from out-of-pocket expenditures in times of sudden emergencies. Health insurance policies are customised per the individual's needs, providing coverage for health issues. The plans enable you to avail timely and quality health solutions without worrying about the expenses. Having a health insurance plan also helps you keep your savings intact and plan your future better financially.

Below are some of the important reasons why you should buy a health insurance policy:

Financial security

Financial security is one of the main reasons for opting for a health insurance policy. It offers substantial financial coverage against any medical emergency. As a result, it safeguards a policyholder's financial interest.

Rising medical costs

Due to the rising inflation, health care expenses have increased significantly. Therefore, owning a medical insurance plan has become necessary to safeguard policyholders, families, and finances against these rising medical costs. These policies extend necessary access to medical treatment and customise a policy per an individual's requirements.

Changing lifestyles

Lifestyle changes are the primary reason behind the soaring popularity of health insurance. The rising pollution level, stress, etc., are some factors that lead to unanticipated medical conditions. Therefore, health insurance policies can be an effective option to counter such health-related issues.

Savings protection

Medical emergencies can take place at any time in life. If one is not financially prepared to cover such expenses, it will increase one's burden. Therefore, having a health insurance policy in place will let you meet the cost of the required treatment with ease.

Eligibility criteria for buying a health insurance plan

The eligibility criteria for every policy depend on the insurer's terms and conditions. A few factors like age, pre-existing diseases, and pre-medical screening are considered while evaluating if you are eligible to buy a medical insurance policy or not. Here are some of the common eligibility criteria you must know.

List Of Documents Required To Apply For Health Insurance

Generally, health insurance policies require minimum documentation, including the application form, accurately filled and signed. However, you may be asked to produce the following documents:

How To Apply For Health Insurance

Follow these seven steps to buy health insurance policies from Bajaj Finance.

Step 1: Click on Get Quote to visit our online application form.
Step 2: Fill in the proposer’s name, gender, mobile number, date of birth and residential pin code.
Check the terms and conditions and click on Get Quote.
Step 3: A list of policies will appear based on the insured amount, policy period (tenure), the person you’re insuring for and plan type (comprehensive/top-up). Select your preferred plan by clicking Buy Now.
Step 4: Choose the preferred policy tenor and click on Next. Review and validate the details of the proposer. Check the terms and conditions and click Next to proceed.
Step 5: Since this is a health insurance product, enter a few more details to proceed. Enter the proposer’s height, weight, nationality, marital status, address, and nominee details (if applicable).
Step 6:Answer a list of questions about the proposer’s health and lifestyle by clicking the relevant checkboxes. Click on the Next button to proceed.
Step 7: Review the filled details carefully and make the payment through any preferred online payment modes: Netbanking, UPI, debit or credit card.

Bajaj Finance offers you a most of benefits through various medical insurance plans. Below are some of the top reasons to select a bajaj health insurance:

• Convenient online process

  
  Bajaj Finance offers a simple, straightforward process requiring minimal documentation to make purchasing and renewing policies online convenient.

• Online account management

  
  Bajaj Finance offers enhanced customer experience through the Bajaj Finserv Health mobile application, allowing the policyholders to manage bajaj medical insurance efficiently. Through this app, one can search for doctors nearby, book appointments, lab tests, and teleconsultations, and purchase health plans, among other things.

• Additional sum insured

  
  Individuals can avail of bajaj health insurance with additional coverage at a nominal cost and a range of policies involving senior citizens, group plans, family floater plans, etc. Moreover, these policies cover pre-and post-hospitalisation expenses, consultation fees, medical test costs, etc.

• COVID-19 coverage

  
  The company provides health insurance plans that cover the medical expenses incurred for COVID-19 treatment. This can help policyholders get coverage against expenses incurred during quarantine and hospitalisation.

• Wide network of affiliated hospitals

  
  Bajaj Finance has partnered with top health insurance companies in India through which policyholders can avail of cashless treatment at 6,000+ network hospitals across the country. In addition, they can get treatment in several multi-speciality hospitals and enjoy attractive deals and offers.

• Comprehensive coverage

  
  These bajaj health insurance come with comprehensive coverage that includes pre-and post-hospitalisation expenses, reimbursement of prescribed tests, organ donor expenses, daycare facilities, etc. Besides, it offers a range of health insurance policies at an affordable premium.

You can now get income tax deductions with premiums paid on health insurance plans. As per the Income Tax of India, 1961, these health insurance deduction in income tax are available under Section 80D. Following are the details:

• For self and family (everyone below 60 years): Rs. 25,000
• For self, family and parents (everyone below 60 years): Rs.25,000 + Rs. 25,000
• For self and family (everyone below 60 years) and senior citizen parents: Rs. 25,000 + Rs. 50,000
• For self and family (eldest member above 60 years) and senior citizen parents: Rs. 50,000 + Rs. 50,000

A health insurance plan covers your medical costs and offers tax reductions so you can save up to Rs. 75,000^ under Section 80D of Income Tax Act 1961. Buying a Mediclaim policy can help you manage your finances even better.

Note: The tax benefit amount can vary based on the premium of different policies.

Here are some of the reasons for purchasing a health insurance policy online.

1. Contactless Application Process
2. Secured Payment Methods
3. Instant Policy Issuance
4. Make Comparison
5. More Covenient
6. Time Saving
7. Abundance Of Choices
8. No Middlemen
9. Instant Coverage
10. Attractive Offers

Mediclaim insurance is the most fundamental sub-type of medical insurance policy that reimburses all your medical expenditures when you need them. These insurance policies cover domiciliary expenses, hospitalisation expenses, daycare expenses, etc. The bill amount is settled per the sum insured offered by this policy.

Mediclaim Policy

The term 'Mediclaim' is synonymous with health insurance in the current world. However, people often get confused when they hear Health Insurance Policy, unaware that they are the same thing.

The coverage of a Mediclaim policy, add-on benefits, claim settlement process, etc., are similar to a health insurance policy. Additionally, flexible add-ons for adding family members are available (the sum insured can be increased accordingly). Certain Mediclaim policies are also available with co-payment options.
Certain mediclaim policies are also available with co-payment options. Henceforth, when you come against the mediclaim policy, don't get confused.

Here’s why our customers prefer us:

• Our partners collectively have over 1.5 crore customers
• 6,500+ pan-India network hospitals offered our health insurance partners
• We offer a seamless purchase journey to buy and renew policies
• You can easily purchase policy online through our website or App
• Average claim settlement ratio of 98% across our partners
• Quick claim settlement process

You need to consider certain crucial factors before buying a medical insurance policy. Here's the list:

• Policy coverage

  
  One of the essential factors to consider when purchasing a medical insurance is the financial coverage offered by the insurer. Top health insurance providers extend a range of coverage such as pre-and post-hospitalisation expenses, daycare facilities, hospitalisation and ambulance charges, doctor consultation, etc.

• Type of policy

  
  Before considering medical insurance plans, one must go through the types of policies offered by the lender. Reputed insurers offer a range of policies such as senior citizens, family floater plans, critical illnesses cover, group plans, top-up health insurance cover etc.

• Sum insured

  
  The sum insured can be a deciding factor in choosing a health insurance plan. Considering the rising cost of medical treatment across the country, choosing a policy with a maximum sum insured value is wise. A higher sum insured will ensure comprehensive coverage.

• Network hospitals

  
  It is essential to check the availability of network hospitals before buying a health insurance policy.This will save you from the hassle of arrangingthe money during medical emergencies.

• Claim settlement ratio

  
  The claim settlement ratio denotes the number of claims settled versus the number of claims made in a financial year. It further helps in gauging the capability of an insurance provider to handle customers' claims. So, it is better to check and choose an insurance provider with a higher claim settlement ratio.

• Waiting period clause

  
  The waiting period denotes the duration of time during which you can't raise a claim against your existing medical insurance plans. It can be between three months and two years or based on the insurer's terms and conditions. Therefore, it is wise to check the applicable waiting period before applying for the policy.

Here are a few tips to help you choose the right health insurance plan for you and your family:

Evaluate different policies

When looking for health/medical insurance, the first step is to compare different company offerings. It helps you understand the benefits available and determine your needs. Pay close attention to the mentioned inclusions and exclusions. Also, don't make your pick based on the premium you need to pay. Instead, concentrate on the policy's terms and conditions.

Know about the different types of health insurance policies like the individual, family floater, or senior citizen and coverages provided under these plans, and then choose the one that suits you best.

Compare add-on features

Know about the sum insured under the medical insurance policy and the add-on features, if any, you would want to opt-in for.

Check your eligibility

Check the eligibility criteria before buying a health insurance plan. The minimum age to apply is 18 years, and the maximum age is 65 years.

Look up the network hospitals that are part of your plan

Check to see if your preferred hospitals are empanelled with the insurer chosen. It is best to go with an insurer with an extensive network of hospitals. This way, your treatment options will not be confined to a small number of hospitals and doctors. Giving you access to better medical facilities.

Consider things like:

• What’s covered and what’s not covered in the policy carefully

• The claim settlement procedures (cashless, reimbursement)

• Know about medical check-ups required before policy acceptance

• Applicable sub-limits, expenses for room rent, physicians' fees, medical tests, etc.

Here are some of the factors considered to determine the premium amount.

Medical history

Every insurance company takes into consideration the medical history of the policy applicant and (in some cases) their family. You need to disclose your medical history or if you have any pre-existing diseases before buying a health insurance plan. Basis on this, the insurer will provide the coverage and calculate the premium.

Insurance providers also have a waiting period before covering the medical expenses incurred against the treatment of any pre-existing diseases. If you want to waive off the waiting period, you can also pay a bit extra or buy an add-on cover to get adequate coverage for pre-existing diseases.

Age

Your age is one of the important determinants for calculating the premium. The younger the applicant is, the lower the premium will be. Similarly, as the age increases, the premium amount goes higher. The reason is, for example, someone who is above 50 years may require extensive coverage, as they are prone to health conditions like heart diseases, blood pressure or critical illnesses. Therefore, their premium will be higher.

Lifestyley

Your lifestyle habits can also play a vital role in determining the premium amount of your health insurance plan. As you become more vulnerable to lifestyle diseases like heart diseases, blood pressure, diabetes, stroke, obesity etc.

Type of health insurance chosen

Different kinds of health insurance plans, such as individual or family health insurance plans have different coverages. So, your premium will be decided depending on the range of coverages you choose. Plus, the premium is likely to increase if you enhance your health insurance plan with add-on covers.

No claim bonus

If you already have a health insurance plan and are looking to renew the plan, you must check for the 'no claim bonus' applicable to the plan. This benefits as a discount when renewing the health insurance plan. Basically, if you have not made any claims in the previous year, you earn no claim bonus of up to 50%, depending on the number of no claim years. This amount is either adjusted to your coverage amount or deducted from the premium.

One can claim health insurance in two ways.

Planned hospitalisation

• One can opt for cashless treatment at any partner's network hospitals.
• The health insurance company must be intimated two days before a planned hospitalisation.
• A form would have to be filled out and submitted to the third-party administrator counter at the hospital, along with the insurance card and KYC documents.
• It is advisable to ask for a copy of the records as well.
• One should also keep all the documents of medical bills incurred during pre-and post-hospitalisation.
• When the time of billing arrives, the hospital will settle the bills directly with the insurance company.

Reimbursement claim

A reimbursement claim can be made when the policyholder has taken treatment from a non-network hospital. In such a case, all the bills, including tests, hospitalisation, and medicines, should be collected from the hospital and submitted to the health insurance company. After thorough verification, the insurer will reimburse the claim amount to the sum insured.