Health Insurance

Medical emergencies demand immediate action and access to finances. With increasing medical inflation, having health insurance has become more important. A health insurance policy provides financial security to individuals at critical times. A good health insurance policy covers doctor consultation fees, medical test costs, ambulance charges, hospitalisation costs, and even pre and post-hospitalisation recovery expenditures to some extent.

By procuring the right health insurance policy, one can receive the right medical treatment without worrying about finances. This is precisely why Bajaj Finance partners with some of the top insurance companies to bring you health insurance plans that have your best interest in mind. As a corporate agent, Bajaj Finance offers a selection of health insurance policies for individuals, families, and senior citizens to provide adequate cover.

 

Benefits of Health Insurance

 

Here’s a look at some of the benefits of choosing a health insurance plan.

• 

  Cashless transactions

  Cashless medical insurance helps you avail treatment facilities at network hospitals without worrying about access to immediate fund.

• 

  Pre-and post-hospitalisation coverage

  A medical insurance plan covers the cost incurred for required treatment before hospitalisation and after hospitalisation, depending on the policy taken.

• 

  Ambulance charges

  Most medical insurance plans also cover the transportation costs for commuting the insured person to the hospital, if required.

• 

  Medical check-ups

  These health insurance plans also cover routine or periodic health examinations, with some insurance providers offering free medical check-ups to the policyholders.

• 

  Tax saving benefit

  Premium paid towards health insurance plans is deductible under taxable income, as per the sections 80C and 80D of the Income Tax Act, 1961.

• 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

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

• 

  Group/employee health insurance policy

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

• 

  Senior citizen health insurance policy

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

• 

  Critical illness health insurance plans

  This provides coverage against life-threatening or serious diseases. It is taken as a standalone insurance policy or as a rider for treatments of critical illnesses like - cancer, kidney failure, heart attack, etc. Critical illnesses insurance policies offer a huge amount as compensation to the policyholder for expenses that fall in the ambit of this plan.

• 

  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 that arises out of 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 as the result of an accident that may lead to death, disability, injury, and other unforeseen situations. Personal accident Insurance can be purchased independently or as a rider to an already existing policy.

Here’s a list of health insurance plan offered by us

Insurance companies	Health Insurance Plans	Sum Insured (Rs.)	Network Hospitals
Aditya Birla Health Insurance	Aditya Birla Activ Assure Diamond	Up to 50 Lakh	8,000+
Aditya Birla Health Insurance	Aditya Birla Group Activ Health (ABCD)	Up to 10 lakh	8,000+
Aditya Birla Health Insurance	Aditya Birla Super Top-up	Up to 50 lakh	8,000+
Bajaj Allianz Health Insurance	Bajaj Allianz Health Guard Plan	Up to 50 lakh	6,500+
Bajaj Allianz Health Insurance	Bajaj Allianz Extra Care Plus	Up to 50 lakh	6,500+
Bajaj Allianz Health Insurance	Bajaj Allianz Global Personal Guard Policy	Up to 2 crore	6,500+
Bajaj Finserv Health Limited (eBH)	eBH Complete Health Solution (Silver and Platinum)	Up to 10 lakh	6,000 (IPD) 450+ (OPD)
Max Bupa Health Insurance	Max Bupa Health Companion	Up to 1 crore	7,000
Max Bupa Health Insurance	Max Bupa Health Assurance	Up to 50 lakh	7,000
Max Bupa Health Insurance	Max Bupa Health Recharge	Up to 95 lakh	7,000
Max Bupa Health Insurance	Max Bupa Health Plus	Up to 10 lakh	7,000
ManipalCigna Health Insurance	Manipal Cigna Pro-health Retail	5 lakh	6,500+
ManipalCigna Health Insurance	Manipal Cigna Pro-health Group	Up to 30 lakh	6,500+
ManipalCigna Health Insurance	Manipal Cigna Super Top-up	Up to 1 crore	6,500+
ManipalCigna Health Insurance	Manipal Cigna Super Top-up Retail	Up to 30 lakh	6,500+

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

Eligibility criteria for every health insurance policy may differ as per the insurer’s terms and conditions. Here are some common eligibility criteria mentioned in insurance policies:

• Individuals between the age group of 18 to 65 years can avail a health insurance policy.
• Dependent children under the age bracket of 90 days and 25 years are covered under different policies.
• Individuals above the age of 60 years are covered under the policies tailored for senior citizens.

Note: Generally, health insurance policies require minimum documentation including the application form, accurately filled and signed. However, you may be required to take a medical test if you are over a certain age.

Bajaj Finserv is a trusted brand that has your best interest at heart. Maintaining high credibility and transparency at all levels, we offer unbiased guidance to ensure that you choose the right insurance plan for your family. Bajaj Finserv works with reliable insurance partners to offer plans that best suit your requirements.

Here’s why our customers prefer us:

• 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

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

• Know about the different types of health insurance policies like individual, family floater or senior citizen and coverages provided under these plans to choose the one that suits you best.
• Know about the sum insured under the plan and the add-on features if any, you would want to opt-in for.
• Know about the applicable sub-limits (capping amount of expenses for room rent, doctors’ fees, medical tests etc.)
• Check all the inclusions and exclusions mentioned in the policy carefully.
• Know about the claim settlement procedures (cashless, reimbursement).
• Know about medical check-ups required before policy acceptance.

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.

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.