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.
|Sum Insured||Rs. 5 lakhs to Rs. 50 lakhs|
|Maternity Cover||Covered* (Depends on the plans)|
|Pre & Post Hospitalisation||Available|
|Day Care Procedures||Available|
Here's a look at some of the benefits of choosing a health insurance plan:
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.
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.
Health insurance plans also include ambulance expenses for taking the policyholder to the hospital, if and when needed.
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.
As per the Income Tax Act of 1961, you can get tax exemptions on premiums paid for managing medical insurance plans
Bajaj Finance enables its policyholders to access their medical insurance policy through the Bajaj Finserv Health App.
You can now get reimbursed for all the lab and radiology tests as prescribed by your physician health insurance plan.
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.
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.
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.
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.
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.
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.
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.
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.
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||Maximum Sum Insured||Network Hospitals|
|Aditya Birla Activ Assure Diamond||Up to 50 lakh||8,000+|
|Aditya Birla Group Activ Health (ABCD)||Up to 10 lakh||8,000+|
|Aditya Birla Super Top-up||Up to 50 lakh||8,000+|
|Bajaj Allianz Health Guard Plan||Up to 50 lakh||6,500+|
|Bajaj Allianz Extra Care Plus||Up to 50 lakh||6,500+|
|Bajaj Allianz Global Personal Guard Policy||Up to 2 crore||6,500+|
|eBH Complete Health Solution (Silver and Platinum)||Up to 10 lakh||6,000 (IPD)
|Niva Bupa Health Companion||Up to 1 crore||7,000|
|Niva Bupa Health Assurance||Up to 50 lakh||7,000|
|Niva Bupa Health Recharge||Up to 95 lakh||7,000|
|Niva Bupa Health Plus||Up to 10 lakh||7,000|
|Manipal Cigna Pro-health Retail||5 lakh||6,500+|
|Manipal Cigna Pro-health Group||Up to 30 lakh||6,500+|
|Manipal Cigna Super Top-up||Up to 1 crore||6,500+|
|Manipal Cigna Super Top-up Retail||Up to 30 lakh||6,500+|
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 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.
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.
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.
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.
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.
|Age (Adults)||18 – 65 years|
|Age (Children)||90 days – 25 years|
|Pre-medical screenings||Depends on the insurer|
|Pre-existing diseases||Waiting period of at least 2 years, depends on the insurer|
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:
|Proof Of Age||Proof Of Identity||Proof Of Address|
|Rate of interest||17% p.a. onwards||17% p.a. onwards|
|Birth certificate||Aadhaar card||Aadhaar card|
|Passport||Telephone bill||Voter’s ID|
|10th or 12th mark sheet||Electricity bill||Passport-size photograph|
|Aadhaar card||Passport||Driving licence|
|Driving licence||Ration card||Passport|
|PAN Card||Driving licence||PAN card|
|Voter ID Card||Voter’s ID||-|
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:
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:
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.
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.
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:
You need to consider certain crucial factors before buying a medical insurance policy. Here's the list:
Here are a few tips to help you choose the right health insurance plan for you and your family:
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.
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 the eligibility criteria before buying a health insurance plan. The minimum age to apply is 18 years, and the maximum age is 65 years.
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.
• 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.
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.
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.
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.
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.
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.
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.
Health insurance is a type of insurance that covers medical expenses that occur due to an illness. Some individuals also choose to opt for the Mediclaim policy, which only provides compensation up to a fixed sum. However, health insurance can be better if you're looking for coverage for doctor's fees, medication, diagnostic tests, and hospitalization expenses.
A Mediclaim policy is a type of health insurance plan in which the insurer reimburses the insured for medical expenses incurred for the treatment.
Majority of compaines does not provide maternity health insurance in case of already pregnant position. Whereas nowadays some compaines started offers a maternity cover after the pregnancy also.
The primary difference between health insurance and medical insurance is that the former offers more comprehensive coverage than the latter. Moreover, Mediclaim only provides coverage for hospitalization whereas, health insurance includes a comprehensive plan that provides coverage for doctor's fees, medication, diagnostic tests, and hospitalization expenses.
Checking the status of your health insurance plan is a convenient and hassle-free process. Policyholders can select online and offline modes to check their claim status.
Here is the step-wise process of checking the status of your medical insurance plan:
A deductible is an amount that a policyholder needs to pay in any medical emergency. The mediclaim policy provider will settle the remaining amount. For instance, if your policy's deductible is Rs. 10,000 and the claim by the policyholder is Rs. 40,000, then the insurance company will pay only Rs. 30,000.
A health insurance pemimum is the amount wich individual pays periodically to insurance company for for covering his/her risk against any kind of medical expenses.
Pre-existing diseases conditions may be defined as an illness which is already existing. It refers to one's medical history or an illness, like heart disease, asthma, cholesterol, thyroid, diabetes, or cancer, that one is already diagnosed with and suffering through before enrolling for any medical insurance plan.
Getting a medical insurance policy is not a hassle anymore with the availability of online application services. You can visit the official website of an best mediclaim policy provider to apply for one.
Cashless hospitalisation or cashless mediclaim insurance means that if you visit any network hospitals registered with your insurance provider, you need not pay anything for receiving treatment.
Typically, a Mediclaim is settled within 30 days. However, this period can change depending on the particulars of the claim or if there are issues regarding the filing of a claim.
Yes, if the medical insurance policy you are purchasing requires you to go through any medical check-up, you need to complete that to be eligible for it.
Pre-existing conditions may be defined as an illness which is already existing. It refers to one's medical history or an illness, like heart disease, asthma, cholesterol, thyroid, diabetes, or cancer, that one is already diagnosed with and suffering through before enrolling for any medical insurance plan.
There is no right age for buying a mediclaim policy. But if you can afford then buy it once you turn 18 years. As, buying it at an early age enables you to unlock better health insurance benefits.
A waiting period is the amount of time you need to wait before you start using your health insurance policy benefits. Wating period is also called as limination periods and qualifying periods.
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 medical insurance plans provider.
Yes, the premiums paid towards mediclaim policy qualify for tax benefit under Section 80D of the Income Tax Act, 1961. All health insurance plans, from individual to family floater health insurance, qualify for the tax-deduction benefit, depending on the individual's age. One can avail of tax deductions up to Rs. 25,000 if the person is below 60 years of age. While for 60 years and above, the tax benefit provided is up to Rs. 75,000. If an individual below 60 years is paying premiums towards the mediclaim insurance policy of their parent(s) who are 60 years or above, they can avail of tax benefits of up to Rs. 50,000.
The specifications of when you can include children health insurance plan vary from one policy to another. Thus, you need to check particular policy details to learn more.
There is a wide range of medical insurance policy in India for individuals, families, and senior citizens. Some tips to consider while choosing the right health insurance plan for yourself or your family members are mentioned below:
Tip 1: Seek adequate financial coverage
Tip 2: Look for affordable premium
Tip 3: Select a plan with lifetime renewability
Tip 4: Check network hospital coverage
Tip 5: High claim settlement ratio
Tip 6: Compare online health insurance quotes.
Usually, family health insurance plans cover the entire family’s health against illnesses and diseases. There are two types of health insurance plans in India:
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