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health insurance

Health Insurance

What is a health insurance policy?

A health insurance policy is a sub-type of insurance plan where an insurer extends financial coverage against any medical emergency. 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.

There are various health insurance plans available in the market, and the insurer extends benefits based on the policy one opts for. Therefore, individuals must compare the policies online and choose the one that suits their health requirements.

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.

 

Benefits of Health Insurance

Know about some of the benefits of choosing a health insurance plan.

  • Cashless treatment

    You can stop worrying about arranging funds for treatment with a cashless facility. You can visit any network hospital to access this benefit.

  • Pre and post hospitalisation expenses

    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.

  • Ambulance charges

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

  • Medical check-up

    A healthy 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.

  • Income tax deductions

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

  • Dedicated Health App

    Bajaj Finance enables its policyholders to access their health insurance policy through dedicated Bajaj Finance Health App

  • Reimbursement of different tests

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

  • Types of Health Insurance Policies


    Here are the different categories of health insurance:

  • 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.

  • 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.

  • Group/employee health insurance policy

    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.

  • Senior Citizen Health Insurance Policy

    Senior citizen health insurance policy

    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.

  • Critical illness health insurance plans

    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.

  • Top-up health insurance plans

    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 not enough.

  • Personal accident insurance

    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.

Explore our Health Insurance Plans

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)
450+ (OPD)
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+

 

Importance of Health Insurance Policies

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.

Below are some of the important reasons explaining 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. Resultantly, it safeguards a policyholder's financial interest.

  • Rising medical costs

    Considering the rising inflation, health care expenses have ascended significantly. Therefore, owning a medical insurance plan has become necessary to safeguard a policyholder, his/her family, and the finances against these increasing medical costs. These policies extend necessary access to medical treatment and customise a policy as per an individual's requirements.

  • Changing lifestyles

    Changes in lifestyle are the primary reasons behind the soaring popularity of health insurance. The rising pollution level, stress, etc., are some of the 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 his/her burden. Therefore, having a health insurance policy in place will let you meet the cost of the required treatment with ease.

Eligibility and Documents Required for Health Insurance

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 health insurance plan or not. Here are some of the common eligibility criteria you must know.

Eligibility Criteria Specifications
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

Documents Required to Buy Health Policy


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

  • Age Proof: For age proof documents, you can provide the following:
    • Birth certificate
    • Passport
    • 10th or 12th mark sheet
    • Aadhaar card
    • Driving license
    • Voter’s ID
    • PAN card etc.
  • Address Proof: For permanent address proof, you can provide the following:
    • Aadhaar card
    • Telephone bill
    • Electricity bill
    • Passport
    • Ration card
    • Driving license
    • Voter’s ID
  • Identity Proof: For identity proof, you can provide:
    • Aadhaar card
    • Voter’s ID
    • Passport
    • Driving license
    • Passport
    • PAN card
    • Driving license
  • Passport Size Photograph
  • Medical Reports

Why Choose Insurance Plans from Bajaj Finance?

Bajaj Finance offers you a host of benefits for medical insurance plans. Below are some of the top reasons to select a health policy from Bajaj Finance:

  • Convenient online process


    Bajaj Finance follows a comprehensive online paperless process. Individuals can compare and purchase policies online. Once you select the plan, you can make the payment online. Besides, policyholders have the facility to renew the policies online.
  • Online account management


    Bajaj Finance launched a mobile application through which policyholders can manage their policies efficiently. Through this app, one can search for doctors near him/her, book appointments, book lab tests, tele consults, purchase health plans and more.
  • Additional sum insured


    Individuals can avail of medical insurance plans with additional coverage at a nominal cost. Besides, individuals can avail of a range of policies involving senior citizens, group plans, family floater plans, etc. Besides, these policies cover pre and post hospitalisation expenses, consultation fees, medical test costs, and more.
  • 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 attracted 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 multi-speciality hospitals and enjoy the best deals and offers.
  • Comprehensive coverage


    These health insurance policies 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.

Why Do I Need a Medical Insurance Plan?

Investing in a health insurance plan is essential with a host of advantages. there are -

  • Cashless treatment:

    Medical insurance plans enable you to receive treatment without worrying about repayment. Visit any network hospital for this facility.
  • Coverage against all the expenses:

    Health insurance plans offer coverage against all the costs during the treatment. It includes rescribed tests, pre and post hospitalisation expenses, and others.
  • Medical check-up:

    A mediclaim policy includes periodic or regular medical check-ups. Also, some policies provide free medical check-ups to their customers.
  • Income tax deductions:

    You can also receive income tax deductions on the premium paid for health insurance policies.
 

A health insurance plan is critical since it gives full inclusion against expenditure arising from medical treatments. Buy health insurance plans that benefit you the most and 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.

Save Tax with Health Insurance Policy

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 -

  • For Self and Family (everyone below 60 years): Rs.25,000
  • For Self and 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 ₹ 75,000^ under Section 80D of Income Tax Act 1961. Buying a Mediclaim policy can help you manage your finances even better.

Why should you buy a health insurance plan online?

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

  • Contactless application process


    There is a wide range of health insurance policies available online. Individuals can apply and purchase the policies online without visiting an insurer's office. Reputed insurance providers like Bajaj Finance follow an end to end online process, and the procedures are conducted seamlessly.
  • Secured payment methods


    Individuals are not required to pay premiums in cheque or cash for the health insurance plans. Instead, one can simply use their debit/credit card or net banking services to complete payments online through various secured payment modes.
  • Instant policy issuance


    Individuals can conveniently evaluate the premium, include or remove members, customise plans and check coverage online before purchasing one online. Besides, many insurers extend exclusive discounts when purchasing policies from their website. This will allow policyholders to enjoy similar benefits at an affordable premium.
  • Make comparison


    One of the significant benefits of purchasing policies online is that individuals can conduct a thorough comparison before purchasing the right policy. This comparison will not take more than a few minutes and can be done right from the comfort of one's home or office. First, visit any of the reputed insurer's websites and compare the policies through different portals or insurance aggregators.

Mediclaim Insurance: Decoded for you

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 as 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 the term healthcare policies, unaware they are the same thing.

The coverage of a mediclaim policy, add-on benefits, and claim settlement process, etc., are similar to a health insurance policy. Additionally, there is the flexibility of adding family members, and the sum insured can be increased accordingly so are the add-ons.

Certain mediclaim policies are also available with co-payment options. Henceforth, when you come against the mediclaim policy, don't get confused.

Why do our customers love us?

Here’s why our customers prefer us:

  • Our partners collectively have over 1.5 crore happy customers
  • 6,500+ pan India network hospitals offered our health insurance partners
  • Average claim settlement ratio of 98% across our partners
  • Quick claim settlement

Things to Consider before you Buy Health Insurance Plans

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 health insurance plan 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. So, before choosing medical insurance, make sure it meets all your health requirements.
  • Type of policy


    Before considering health insurance, 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 etc. With more options, you can choose the most suitable one as per your requirements.
  • Sum insured


    The sum insured can be a deciding factor in choosing a health insurance plan. Considering the rising medical treatment cost 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 is because you, as a policyholder, are not required to arrange the money during medical emergencies. Instead, the concerned insurer settles the bill directly with the hospital management, thereby ensuring uncompromised medical treatment.
  • 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 time when you can't raise the claim against your existing health insurance policy. 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.

How to choose the right health insurance plan

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 plan

Check 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
• The claim settlement procedures (cashless, reimbursement)
• Know about medical check-ups required before policy acceptance
• Applicable sub-limits, expenses for room rent, physicians' fees, and medical tests etc.

Factors that affect your health insurance premium calculation

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.

How to raise a claim for a health insurance policy

Health insurance claims can be claimed in two ways.

Planned hospitalisation

  • One can opt for cashless treatment at any of the partner’s network hospitals.
  • The health insurance company has to be intimated two days before a planned hospitalisation.
  • A form would have to be filled 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 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).
• If you are a senior citizen (over 60 years old), you are entitled to a maximum tax deduction of Rs. 50,000. This is applicable if you pay health insurance premiums for your parents who are 60 years and above.

Health Insurance Frequently Asked Question (FAQs)

Which is the best-suited health insurance plan?

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.

How much amount does an individual need to pay to get a health insurance plan?

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.

Can I transfer my health insurance to another company?

Yes, 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 of better services and benefits. If you find better coverage, offers and services extended by another insurer, then you can transfer through portability.

How to check medical insurance claim status online?

Checking the status of your health insurance plans is a convenient and hassle-free process. Policyholders can select between both online and offline modes to check their claim status.

Here is the step-wise process of checking the status of your medical insurance plan:

  • Step 1: Visit the official website of your insurance provider
  • Step 2: Select the 'lodge a claim' option on the website
  • Step 3: Choose the 'track claim status'
  • Step 4: A new page will appear where you need to input the policy number, customer ID, claim number and date of birth
  • Step 5: Select 'submit' and the status of your health policy will be displayed on the screen

What are deductibles?

A deductible is an amount that a policyholder needs to pay in case of 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.

I have my employer's group policy; do I need to buy a separate health insurance plan?

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 any customisation, such as high-end medical expenses, expensive hospital beds etc.

This is why purchasing a separate health insurance plan from a good health insurance company in India can be feasible. In this type of policy, individuals can get substantial coverage and benefit from various facilities offered on the policy.

1. What is health insurance?

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.

2. What are pre-existing diseases?

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.

3. Does health insurance cover pre-existing conditions?

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.

4. What is ‘waiting period’ in health insurance?

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.

5. Is health insurance tax-deductible?

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.

6. Can I upgrade my health insurance at any time?

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.

7. Will my existing health insurance policy cover hospitalization expenses during COVID-19?

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.

8. Are any waiting periods applicable to claims under COVID-19?

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.

9. Will the policy cover expenses for home quarantine?

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.

10. Can I transfer my health insurance to another company?

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.

12. How much is health insurance per month?

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.

13. How do I get a health insurance policy?

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.

14. How can a single person get health insurance?

You can get individual health insurance online through the official website of your preferred insurance provider.

15. Can health insurance be paid monthly?

Yes, you can pay for health insurance monthly. But, check with your insurance provider regarding the availability of this facility.

16. What is the difference between health insurance and medical insurance?

The primary difference between health insurance and medical insurance is that the former offers more comprehensive coverage than the latter.

17. Do I need a separate health insurance policy if I am covered under my employer's group policy?

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. If it offers substantial coverage from major diseases, and include other benefits, you can skip on a separate policy.

18. What are the benefits of the Health Insurance portability for the policyholders?

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.

19. What does cashless hospitalisation mean?

Cashless hospitalisation means, if you visit any network hospitals registered with your insurance provider, you need not pay anything for receiving treatment.

20. How many times can medical insurance be claimed?

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.

21. Can I buy two medical insurance policies?

Yes, you can buy two medical insurance policies.

22. Can we claim medical bills in health insurance?

You can claim medical bills in health insurance, only if your particular insurance policy has the provision to do so.

23. How much time does it take to settle a mediclaim?

Typically, a mediclaim is settled within 30 days. However, this time period can change depending on the particulars of the claim, or if there are issues regarding the filling of a claim.

24. How to check medical insurance claim status online?

You can check your medical insurance claim status online through the official website or mobile application of an insurance provider.

25. Do I have to undergo any medical examination before buying health insurance?

Yes, if the policy you are purchasing requires you to go through any medical check-up, then you need to complete that to be eligible for it.

26. Can I add my family members to my existing policy?

Adding family members to an existing policy is only possible if that particular health insurance plan has the necessary provision to do so.

27. At what age can I include my children in the plan?

The specifications of when you can include children in a health insurance plan vary from one policy to another. Thus, you need to check particular policy details to learn more.

28. What is the benefit of buying health insurance at a young age?

One of the most notable advantages of buying a health insurance policy early is that premiums remain low. Also, you can stop worrying about the policy upper age ceiling and get better benefits.

29. Can a person have more than one health insurance policy?

Yes, a person can have more than one health insurance policy

30. What do you mean by the waiting period in medical insurance plans?

The waiting period means, during this time, you cannot claim the benefits of a health insurance policy.

31. What does 'Free Look Period' means?

'Free Look Period' means the time a policyholder gets to review insurance and decide whether to go ahead or not.

32. What is the right age to buy a health insurance policy?

There is no right age of buying a health insurance policy. However, doing it early enables you to unlock better benefits.

33. How can I claim if admitted to a non-network hospital?

If you are admitted to a non-network hospital, you can file a claim after the discharge. You need to submit all the necessary papers and bills and a claim application for this purpose.

34. What is a waiting period?

The amount of time you need to wait before starting using your health insurance policy benefits.

35. What is a cumulative bonus?

When you don't make any health insurance claims during the year, your insurer will increase your sum insured without charging you any extra premium for it. This increase in your sum insured is called a cumulative bonus.

36. Does the premium amount vary from insurer to insurer?

Yes, every insurer charges a different health insurance premium

37. What are deductibles?

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.

38. What is a co-payment clause?

In the case of a co-payment clause, the medical treatment cost is split between you and the insurer by a certain percentage.

39. Can I get admitted to a non-network hospital?

Yes, you can. However, in this case- you'll have to claim for Reimbursement as Cashless Claims are available at our network hospitals only.

40. What is included in Maternity Health insurance?

Maternity insurance covers the delivery expenses- be it regular or caesarean. It also covers post-birth care, vaccinations, and medicines.

41. Do I have to pay GST on the health insurance premium?

Yes, a GST is charged on the health insurance premiums payable by you.

42. How many people can you buy a group health insurance policy for?

It varies from insurer to insurer. You can buy a group health insurance policy for a minimum of 10 people.

43. Can I still claim if hospitalisation is less than 24-hours?

Maternity insurance covers the delivery expenses- be it regular or caesarean. It also covers post-birth care, vaccinations, and medicines.

44. What should I do if I have a pre-existing health condition and want to buy health insurance?

If you have any pre-existing diseases, it must be declared before purchasing the policy so that there is no issue with claims.

45. What is the cheapest health insurance?

Selecting the right health insurance policy is essential to receive the best possible treatment without worrying about finances. Bajaj Finance Limited 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 Limited offers a host of medical insurance plans for families, individuals, 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.

46. What is the average premium for health insurance in India?

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 Limited, individuals can get coverage for medical costs ranging from Rs. 5 lakh to Rs. 2 crore. Here, individuals can get additional coverage for doctor’s consultation, ambulance services, treatment charges and more. Hence premiums for health insurance can differ across India, given the wide selection of health insurance plans available.

47. How do I choose a health insurance plan?

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

48. How much does family health insurance cost per month?

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 Limited, 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

49. What is the best family insurance?

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:

  • Individual medical insurance policies that cover each family member individually
  • Family floater health insurance policy, wherein the entire family is covered under a single plan and premium
Now, any policy that meets your requirements offering the above-mentioned facilities can be considered. But before making your purchase decision, be sure to look at aspects like sum insured, claim settlement ratio, lifetime renewability, network hospitals etc.

50. Are family health insurance plans cheaper than individuals?

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.

51. Why do I need family health insurance?

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, make sure to check and understand the primary inclusions and exclusions to make an informed decision.

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