A health insurance policy is a sub-type of insurance Plan where an insurer extends financial coverage against any medical emergency. Also known as medical insurance plan, it covers expenses like 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, 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.
Bajaj Finance partners with some top insurance companies to bring you health insurance plans that have your best interest in mind. 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:
With health insurance plans, you can stop worrying about arranging funds for treatment, thanks to their cashless facilities. You can visit any network hospital to access this benefit.
These family health insurance policies include both pre and post hospitalisation charges. You can have coverage of up to 60 days before admitting to a hospital and 90 days following the discharge.This policy also covers 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 health insurance plan 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 health insurance plans
Bajaj Finance enables its policyholders to access their health 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
Here are the different categories of health insurance:
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 senior citizen health insurance 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 health insurance plan 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. Critical illnesses insurance policies offer a considerable 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 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 Insurance can be purchased independently or as a rider to an already existing policy.
Here's a list of health insurance plans offered by Bajaj Finance:
|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)
|Niva Bupa Health Insurance||Niva Bupa Health Companion||Up to 1 crore||7,000|
|Niva Bupa Health Insurance||Niva Bupa Health Assurance||Up to 50 lakh||7,000|
|Niva Bupa Health Insurance||Niva Bupa Health Recharge||Up to 95 lakh||7,000|
|Niva Bupa Health Insurance||Niva 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 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 health insurance plan 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|
Bajaj Finance offers you a host of benefits through various medical insurance plans. Below are some of the top reasons to select a health policy from Bajaj Finance:
Investing in a health insurance plan is beneficial due to a host of advantages, such as:
A health insurance plan is critical since it gives full inclusion against expenditure arising from medical treatments. Buy health insurance plans that benefit you and help prepare for unexpected conditions. A Mediclaim policy with extensive health care coverage keeps you from depleting your reserve funds and keeps your concerns under control.
You can now get income tax deductions with premiums paid on health insurance plans. As per the Income Tax of India, 1961, these deductions 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 healthcare policies, 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.
Premium paid towards a health insurance policy is eligible for tax exemption under section 80D of the Income Tax Act, 1961.• You are eligible for a maximum tax deduction of Rs. 25,000 per annum (if you are below 60 years).
Any health insurance plan that adequately covers all your medical needs is the best-suited plan. Therefore, it is important you carefully look for all terms and conditions to know the inclusions and exclusions of the plans.
Your health insurance premium will be determined by several factors like the type of coverage, age, medical history etc. Besides, if you take add-on covers, your premium will increase. It is recommended that you choose a health insurance plan that adequately covers all your medical needs. So, you are financially equipped to handle any medical emergency.
You can transfer your existing health insurance policy to another insurance company by keeping the benefits intact. By transferring your policy to another insurer, you can avail better services and benefits. You can transfer through portability if you find better coverage, offers, and services extended by another insurer.
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 insurance 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.
Under an employer's group policy, the employer will purchase an insurance plan. The premium will depend on the number of members and the coverage offered. However, the employer's group medical insurance policy does not allow customisation, such as high-end medical expenses, expensive hospital beds, etc. Purchasing a separate health insurance plan from a good health insurance company in India is always feasible. In this type of policy, individuals can get substantial coverage and benefit from various facilities offered by the policy.
Health insurance is a type of insurance that allows the insured to claim compensation for their medical expenses. 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 hospitalisation expenses.
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.
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 until you can claim the benefits is called a waiting period. The insurance company does not accept policy claims made during this block time.
Every insurance company has a waiting period. Different policy providers have different waiting periods. It also depends on the health insurance policy and may vary according to your health conditions, such as pre-existing diseases or critical illnesses. Some health insurance plans have a waiting period of 30, 60 or 90 days, whereas a few policies require one to wait for around 2 to 4 years. Policies that cover pre-existing conditions especially have a more extended waiting period. You need to know about the waiting period offered by your policy provider at the time of purchase to avoid any confusion in the future.
Yes, the premiums paid towards health insurance policy qualify for tax benefit under Section 80D of the Income Tax Act, 1961. All health insurance plans, from individual to family floater plans, 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 health insurance policy of their parent(s) who are 60 years or above, they can avail of tax benefits of up to Rs. 50,000.
Yes, you can upgrade your medical insurance plan at any time. However, before upgrading your policy, you must check with your insurer on available options and offers. Some insurance providers enable upgrades under a special enrolment period. With growing healthcare inflation, it is wise to upgrade your health insurance plans per your and your family's needs to benefit from maximum coverage. You can look to upgrading your plan if you have a pay-hike or a new member added to your family or have a child.
Almost all health insurance providers have designed and incorporated COVID-19 health insurance policies, including coverage for hospitalisation expenses under their offerings. Medical insurance companies also cover pre-hospitalisation, post-hospitalisation, in-patient and out-patient treatment, and 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, most 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 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 home isolation. However, you must check with your insurer to know the terms and conditions 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.
The best health insurance policy for you is the one that will fulfil your requirements and process a claim request quickly.
There is no definite answer to this question as the premium of a health insurance policy alters from one company to another. You need to check with your preferred insurance provider for more information.
Getting a health insurance policy is not a hassle anymore with the availability of online application services. You can visit the official website of an insurance provider to apply for one.
You can get individual health insurance online through the official website of your preferred insurance provider.
Yes, you can pay for health insurance monthly. But, check with your insurance provider regarding the availability of this facility.
The primary difference between health insurance and medical insurance is that the former offers more comprehensive coverage than the latter.
Whether you want a separate health insurance policy or not when you are covered under a group policy depends on your preference. However, make a decision based on the coverage of your group policy. You can skip to a separate policy if it offers substantial coverage for major diseases and includes other benefits.
The primary benefit of health insurance portability is that you will continue to receive the advantages of your current policy, along with additional coverage and benefits. There will be no effect on your no-claim bonus, and the premium can also become low. Also, if you want, you can switch to a higher sum insured.
Cashless hospitalisation means that if you visit any network hospitals registered with your insurance provider, you need not pay anything for receiving treatment.
Usually, there are no limits on the number of times one can claim the benefits of a health insurance policy. However, the total coverage amount will not cross the pre-specified limit.
Yes, you can buy two medical insurance policies.
You can claim medical bills in health insurance only if your particular insurance policy has the provision.
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.
You can check your medical insurance claim status online through the official website or mobile application of an insurance provider.
Yes, if the policy you are purchasing requires you to go through any medical check-up, you need to complete that to be eligible for it.
Adding family members to an existing policy is only possible if that particular health insurance plan has the necessary provision.
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.
One of the most notable advantages of timely buying a health insurance policy is that premiums remain low. Also, you can stop worrying about the policy's upper-age ceiling and get better benefits.
Yes, a person can have more than one health insurance policy.
The waiting period means that you cannot claim the benefits of a health insurance policy during this time.
'Free look period' means the time a policyholder gets to review insurance and decide whether or not to go ahead.
There is no right age for buying a health insurance policy. However, doing it at an early age enables you to unlock better benefits.
If you are admitted to a non-network hospital, you can file a claim after the discharge. You must submit all the necessary papers and bills with a claim application.
The amount of time you need to wait before you start using your health insurance policy benefits.
When you don't make any health insurance claims during the year, your insurer will increase your sum insured without charging you extra premiums. This increase in your sum insured is called a cumulative bonus.
Yes, every insurer charges a different health insurance premium.
A deductible is an amount that is a part of the treatment cost that you are expected to pay by yourself, while the insurer pays the rest.
In the case of a co-payment clause, the medical treatment cost is split between you and the insurer by a certain percentage.
Yes, you can. However, you'll have to claim for reimbursement in this case, as cashless claims are available at our network hospitals only.
Maternity insurance covers the delivery expenses, be it regular or caesarean. It also covers post-birth care, vaccinations, and medicines.
Yes, a GST is charged on the health insurance premiums.
It varies from insurer to insurer. You can buy a group health insurance policy for a minimum of 10 people.
Yes, you can claim the benefits if hospitalisation is less than 24 hours in the case of daycare facilities.
If you have any pre-existing diseases, they must be declared before purchasing the policy so that there is no issue with claims.
Selecting the right health insurance policy is essential to receive the best possible treatment without worrying about finances. Bajaj Finance partners with some of India's leading insurance companies to offer health insurance plans to suit your requirements.
As a distributor/corporate agent, Bajaj Finance offers a host of medical insurance plans for families, individuals, and senior citizens to provide sufficient financial cover. While choosing such plans, you need to factor in certain criteria like coverage amount, diseases, add-on facilities, etc., to get a plan that will meet all your needs.
The premium of health insurance plans primarily depends on multiple factors like age of the insured, pre-existing illnesses, sum insured, etc. For example, with Bajaj Finance, individuals can get coverage for medical costs ranging from Rs. 5 lakh to Rs. 2 crore. Here, individuals can get additional coverage for doctor consultations, ambulance services, treatment charges, etc. Hence premiums for health insurance can differ across India, given the wide selection of health insurance plans available.
There is a wide range of health insurance plans 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
The premium for health insurance plans for a family depends on multiple factors like the number of members, age of the oldest member, pre-existing diseases, if any, etc.
A family health insurance plan is ideal in today’s day and age, where even minor expenses can derail monthly expenses and savings.
With Bajaj Finance, you can choose comprehensive family medical insurance and secure your family members against medical expenses for treatment, diagnostics, pre-and post-hospitalisation, etc., for a single consolidated premium.
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:
No, family health insurance plans are not cheaper than individual ones as they tend to offer more extensive coverage and come with features that cover the family as a whole.
However, while choosing the best family health insurance plans in India, one must remember that if they select individual plans for each family member, they would have to pay a higher premium.
A family health insurance policy proves beneficial during medical emergencies and takes care of the entire family's major and minor health expenses. Given the rising healthcare costs, having your whole family covered for medical emergencies is significant. When buying a family health insurance plan, check and understand the primary inclusions and exclusions to make an informed decision.
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