Medical emergencies demand immediate action and access to finances. With increasing medical inflation, having health insurance has become more important. A health insurance policy provides financial security to individuals at critical times. A good health insurance policy covers doctor consultation fees, medical test costs, ambulance charges, hospitalisation costs, and even pre and post-hospitalisation recovery expenditures to some extent.
By procuring the right health insurance policy, one can receive the right medical treatment without worrying about finances. This is precisely why Bajaj Finance partners with some of the top insurance companies to bring you health insurance plans that have your best interest in mind. As a corporate agent, Bajaj Finance offers a selection of health insurance policies for individuals, families, and senior citizens to provide adequate cover.
Here’s a look at some of the benefits of choosing a health insurance plan.
Cashless medical insurance helps you avail treatment facilities at network hospitals without worrying about access to immediate fund.
A medical insurance plan covers the cost incurred for required treatment before hospitalisation and after hospitalisation, depending on the policy taken.
Most medical insurance plans also cover the transportation costs for commuting the insured person to the hospital, if required.
These health insurance plans also cover routine or periodic health examinations, with some insurance providers offering free medical check-ups to the policyholders.
Premium paid towards health insurance plans is deductible under taxable income, as per the sections 80C and 80D of the Income Tax Act, 1961.
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.
A family floater health insurance policy covers all the family members 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 by multiple people in the active policy year.
Group/employee health insurance policies cover the expenses of the employees against unforeseen medical emergencies. The premium of group health insurance plans is generally lower than average and offers wide coverage for medical expenses.
Individuals who are 60 years and above can avail a senior citizen health insurance plan designed exclusively for them to cover the 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 generally lower than usual.
This provides coverage against life-threatening or serious 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. Critical illnesses insurance policies offer a huge amount as compensation to the policyholder for expenses that fall in the ambit of this plan.
A top-up health insurance plan lets you scale up your insurance coverage at an affordable cost. This plan covers expenditure that arises out of a single illness when the existing policy threshold is not enough.
Personal accident insurance protects you and your family from expenses incurred as the result of an accident that may lead to death, disability, injury, and other unforeseen situations. Personal accident Insurance can be purchased independently or as a rider to an already existing policy.
Here’s a list of health insurance plan offered by us
|Insurance companies||Health Insurance Plans||Sum Insured (Rs.)||Network Hospitals|
|Aditya Birla Health Insurance||Aditya Birla Activ Assure Diamond||Up to 50 Lakh||8,000+|
|Aditya Birla Health Insurance||Aditya Birla Group Activ Health (ABCD)||Up to 10 lakh||8,000+|
|Aditya Birla Health Insurance||Aditya Birla Super Top-up||Up to 50 lakh||8,000+|
|Bajaj Allianz Health Insurance||Bajaj Allianz Health Guard Plan||Up to 50 lakh||6,500+|
|Bajaj Allianz Health Insurance||Bajaj Allianz Extra Care Plus||Up to 50 lakh||6,500+|
|Bajaj Allianz Health Insurance||Bajaj Allianz Global Personal Guard Policy||Up to 2 crore||6,500+|
|Bajaj Finserv Health Limited (eBH)||eBH Complete Health Solution (Silver and Platinum)||Up to 10 lakh||6,000 (IPD)
|Max Bupa Health Insurance||Max Bupa Health Companion||Up to 1 crore||7,000|
|Max Bupa Health Insurance||Max Bupa Health Assurance||Up to 50 lakh||7,000|
|Max Bupa Health Insurance||Max Bupa Health Recharge||Up to 95 lakh||7,000|
|Max Bupa Health Insurance||Max Bupa Health Plus||Up to 10 lakh||7,000|
|ManipalCigna Health Insurance||Manipal Cigna Pro-health Retail||5 lakh||6,500+|
|ManipalCigna Health Insurance||Manipal Cigna Pro-health Group||Up to 30 lakh||6,500+|
|ManipalCigna Health Insurance||Manipal Cigna Super Top-up||Up to 1 crore||6,500+|
|ManipalCigna Health Insurance||Manipal Cigna Super Top-up Retail||Up to 30 lakh||6,500+|
Health insurance plans provide you financial security, especially when healthcare inflation is on the rise. With rapidly changing lifestyle habits, increasing pollution, the evolution of new diseases and expensive healthcare facilities, it is important 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 as per the individual’s needs, providing coverage for all kinds of 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 financially plan your future better.
Eligibility criteria for every health insurance policy may differ as per the insurer’s terms and conditions. Here are some common eligibility criteria mentioned in insurance policies:
Bajaj Finserv is a trusted brand that has your best interest at heart. Maintaining high credibility and transparency at all levels, we offer unbiased guidance to ensure that you choose the right insurance plan for your family. Bajaj Finserv works with reliable insurance partners to offer plans that best suit your requirements.
Here’s why our customers prefer us:
Here are a few tips to help you choose the right insurance plan for you and your family.
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 insurance company offerings. It helps you in understanding the benefits available as well as determining your needs. Pay close attention to the mentioned inclusions and exclusions. Also, don't make your pick just 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 planCheck to see if your preferred hospitals are empaneled with the insurer chosen. It is best to go with an insurer that has a large 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
Health insurance claims can be claimed in two ways.
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 up to the sum insured.
Save tax with health insurance policy
Premium paid towards a health insurance policy is eligible for tax exemption under section 80D of the Income Tax Act, 1960.• You are eligible for a maximum tax deduction of Rs. 25,000 per annum (if you are below 60 years).
Health insurance is a type of insurance that allows the insured to claim compensation for his or her medical expenses. Some individuals also choose to opt for Mediclaim policy, which provides compensation up to a fixed sum only. However, if you’re looking for coverage of doctor’s fees, medication, diagnostic tests and hospitalization expenses, health insurance can be a better option for you.
Pre-existing conditions define illness which is already existing. It refers to one’s medical history or illness like heart disease, asthma, cholesterol, thyroid, diabetes, cancer among others that one is already diagnosed with and suffering through before enrolling for any medical insurance plan.
Many health insurance providers do not cover pre-existing diseases under their plans. However, it also depends on the insurance provider and policy you choose. Some insurance providers cover pre-existing conditions but with a waiting period. During this period, you cannot raise claims for any treatment of pre-existing conditions. The waiting period may vary between 2-4 years, depending on your health insurance provider.
The duration from when you buy the health insurance policy till the time you cannot claim the benefits is called a waiting period. Policy claims made around this block time is not accepted by the insurance company.
Every insurance company has a waiting period. Different policy provider has a different waiting period. It also depends on the health insurance policy you choose and may vary according to the health conditions such as pre-existing diseases, or critical illnesses you have. Some health insurance plans have a waiting period of 30, 60 or 90 days, whereas a few policies have to wait for around 2 to 4 years, especially pre-existing conditions have longer waiting period. You need to know about the waiting period offered by your policy provider at the time of buying one, to avoid any confusion in future.
Yes, the premiums paid towards health insurance policy qualifies for tax benefit under Section 80D of the Income Tax Act. All health insurance plans from individual to family floater plans qualify for the tax-deduction benefit, depending on the age of the individual. One can avail of tax deduction up to Rs. 25,000, if the person is below 60 years of age. While for 60 years and above tax benefit provided is up to Rs. 75,000. If an individual below 60 years is paying premiums towards the health insurance policy of their parent(s) who are 60 years or above, then he/she can avail tax benefit of up to Rs. 50,000.
Yes, you can upgrade your medical insurance plan at any time. However, before planning to upgrade your policy, you must check with your insurer on the options and offers available. Some insurance providers enable up-gradation under a special enrolment period. With growing healthcare inflation, it is wise to upgrade your health insurance plans as per the needs of you and your family to benefit from maximum coverage. You can look for upgrading your plan if you have a pay-hike or new member added to your family or have a child.
Almost all health insurance providers have designed and incorporated COVID-19 health insurance policy including coverage for hospitalisation expenses under their offerings. Medical insurance companies also cover pre-hospitalisation, post-hospitalisation, in-patient and out-patient treatment, home isolation treatment from the day one is diagnosed. You must check with your health insurer to understand the terms and conditions of the COVID-19 health insurance policy and how you can claim it.
Yes, almost all health insurance policies covering COVID-19 have a waiting period, depending on your insurer’s terms and conditions. The waiting period may vary from the first 15 days to 30 days of buying the COVID-19 policy. During this period, your claims will not be accepted by your insurer. You can claim for COVID-19 coverage after the waiting period is over. To know about the duration of your waiting period, you must contact your insurer.
Many medical insurance providers cover expenses for home care or home quarantine treatment if the doctor has advised for home isolation. However, you must check with your insurer to know the terms and condition of the policy chosen.
Yes, you can port your health insurance to another company. You can also do it without compromising on your existing policy benefits. Many health insurance companies provide a 15-30 days free look period depending on the policy chosen. This facility allows you to cancel and switch the policy in case you don’t find the policy terms and condition good. In case you are looking to change your medical insurance company during the renewal period, then you must do so 45 days before your health insurance plan expires. Intimate both the insurance providers—existing and the one you wish to transfer your plan to. Also, it is recommended that you contact both the insurers to know the terms and conditions of health insurance portability.