1 lakh Health Insurance

Check the key features, coverage details, and premiums for health insurance plans with Rs. 1 lakh coverage.
Get Quote
1 lakh Health Insurance
Get Quote
3 min
27-December-2024

In a world where health uncertainties can strike at any moment, having a robust health insurance plan is more of a necessity than a choice. One option that provides a balance between affordability and coverage is a Rs. 1 lakh health insurance plan.

This article will delve into the details of such a policy, exploring premiums, features, benefits, and eligibility criteria. Also, know the documents required for purchase, coverage details, and the major types of plans available.

Premiums and features for Rs. 1 lakh health insurance plan

A Rs. 1 lakh health insurance plan comes with an affordable premium, typically ranging between Rs. 2,000 and Rs. 5,000 per year. Despite its low cost, it offers a substantial sum insured of up to Rs. 1 lakh, covering hospitalisation costs, pre- and post-hospitalisation expenses, and a wide range of medical treatments—including minor and major surgeries, as well as accidental injuries.

Bajaj Finance provides Pocket Insurance plans that offer up to Rs. 1 lakh coverage at a nominal premium. These plans are designed for comprehensive protection and also include options tailored to specific illnesses. Some of the available plans include:

Policy

Annual premium (in Rs.)

Coverage up to (in Rs.)

Critical Illness Plan (18-50 years)

1,188

1 lakh

Accident – 2 EMI Protection Cover

99

50,000

Niva Bupa Health Plus

1,199

1 lakh

Cancer Secure

678

1 lakh

There are various other similar health insurance plans that you can explore. These are available through a completely paperless buy journey.

Pro Tip

Avail hospitalisation and treatment benefits with health insurance plans starting at just Rs. 15*/day.

End Uses

Benefits of Rs. 1 lakh health insurance plans

While the coverage amount may seem modest at first glance, Rs. 1 lakh health insurance plans come with a range of benefits that can make a significant difference in times of need.

Also read: Health Insurance Benefits.

  • Affordability

The primary advantage is the affordability of the premium. Individuals who may be hesitant to invest in a higher coverage plan can find comfort in the fact that a Rs. 1 lakh health insurance plan still provides a solid foundation of financial protection.

  • Basic coverage

These plans often cover essential medical expenses, including hospitalisation costs, doctor's fees, diagnostic tests, and medication expenses. This basic coverage ensures that policyholders can avail necessary medical services without worrying about the financial burden.

  • Preventive care

Some Rs. 1 lakh health insurance plans may also include coverage for preventive healthcare services. This can encompass regular health check-ups and vaccinations, promoting proactive health management.

  • Quick processing

The application and approval process for Rs. 1 lakh health insurance plans is typically swift and hassle-free. This ensures that individuals can secure coverage without unnecessary delays.

Who should opt for a 1 Lakh Health Insurance plan

A health insurance 1 lakh cover is ideal for young individuals, students, or those looking for basic medical coverage at a low premium. It’s also suitable for first-time buyers, budget-conscious policyholders, or people with employer-provided group insurance who want an extra buffer for minor hospitalisation or emergency care.

Eligibility criteria to buy Rs. 1 lakh health insurance

The eligibility criteria for Rs. 1 lakh health insurance plans are generally inclusive, catering to a broad spectrum of individuals. Common eligibility factors include age, with most plans available for individuals ranging from 18 to 65 years old. However, these criteria may vary between insurance providers, so it is essential to check the specific requirements of the chosen plan.

Documents required to buy Rs. 1 lakh health insurance

To purchase a Rs. 1 lakh mediclaim policy, individuals typically need to provide some basic documents, such as:

  • Proof of identity, such as a government-issued ID

  • Proof of residence, such as driving licence, PAN card, etc.

  • Proof of age, such as Birth certificate, Aadhaar card, etc.

Additionally, insurers may require recent medical reports or a health declaration to assess the applicant's health condition.

What is covered under Rs. 1 lakh health insurance?

Despite the lower coverage amount, a Rs. 1 lakh insurance policy encompasses a range of medical expenses. The coverage usually includes:

  • Hospitalisation expenses: This covers room charges, nursing expenses, and other costs incurred during hospital stays.

  • Pre- and post-hospitalisation costs: Many plans extend coverage to medical expenses incurred before and after hospitalisation, including diagnostic tests and follow-up consultations.

  • Ambulance charges: Coverage for ambulance services is a common feature, ensuring that transportation to the hospital is financially supported.

  • Day care procedures: Get coverage for certain medical procedures that do not require an overnight stay in the hospital.

  • Basic medical expenses: Coverage for doctor's fees, medication costs, and diagnostic tests essential for diagnosis and treatment.

What is not covered under Rs. 1 lakh health insurance?

While Rs. 1 lakh health insurance plans offer valuable coverage, there are certain exclusions that policyholders should be aware of. Common exclusions include:

  • Pre-existing conditions: Many plans do not cover pre-existing medical conditions from the outset. There may be a waiting period before coverage is extended for such conditions.

  • Cosmetic procedures: Cosmetic surgeries or procedures performed for aesthetic reasons are typically not covered.

  • Alternative treatments: Some alternative or experimental treatments may not be covered under these plans.

  • Non-medical expenses: Expenses not directly related to medical treatment, such as transportation for non-emergency purposes, may not be covered.

Steps to buying a 1 Lakh Health Insurance plan online

  • Research and compare plans: Explore different insurers offering a health insurance 1 lakh cover. Compare premiums, benefits, and exclusions.

  • Use online calculators: Estimate your premium using the insurer’s online calculator based on age, health status, and coverage needs.

  • Fill in the application form: Enter personal, medical, and nominee details accurately.

  • Upload required documents: Submit ID proof, age proof, and medical reports (if needed).

  • Make payment: Complete the purchase using secure online payment methods like net banking or UPI.

  • Get policy document: Receive the digital policy via email or download it from the insurer’s portal.

Major types of health insurance plans

While Rs. 1 lakh health insurance plans are a category in themselves, they may fall under different types of health insurance plans. Understanding these types can help individuals choose a plan that aligns with their specific needs.

  • Individual health insurance: Covers an individual's medical expenses, providing a dedicated sum insured for that person. Individual health insurance ensures personalised protection, allowing you to customise coverage based on your unique health needs and budget.

  • Family floater plans: Extends coverage to the entire family, allowing the sum insured to be shared among family members.

  • Senior citizen health insurance: Tailored for the health needs of senior citizens, offering coverage for age-related ailments and medical expenses. Designed to meet the medical needs of the elderly, Senior citizen health insurance offers coverage for age-related illnesses, hospitalisation, and more—ensuring financial security and timely care in later years.

  • Group health insurance: Provided by employers for their employees, covering a group of individuals under a single policy.

A Rs. 1 lakh health insurance plan is a good choice for individuals seeking basic health coverage at an affordable premium. While the coverage amount may be considered modest, the benefits and features make it a valuable investment in managing healthcare expenses.

Conclusion

Understanding the eligibility criteria, required documents, coverage details, and exclusions will empower individuals to make informed decisions and select a plan that best suits their health and financial needs.

Some govt. schemes and relevant health insurance topics

Here are the links to some government health schemes and relevant health insurance topics.

Also Read

Private Health Insurance

Health Insurance for Parents

Critical Illness Insurance

Frequently asked questions

Are there any 1 lakh health insurance plans?

Yes, there are health insurance plans that offer coverage up to Rs.1 lakh. These plans may be suitable for individuals who want basic coverage for unexpected healthcare expenses or have a limited budget for insurance.

Can I get tax benefits if I buy Rs. 1 lakh health insurance plans?

Yes, you can avail of tax benefits under section 80D of the Income Tax Act if you purchase a health insurance policy with a coverage amount of up to Rs. 1 lakh. You can claim a tax deduction of up to Rs. 25,000 if you are below 60 years of age and up to Rs. 50,000 if you are over 60 years of age.

Will I get any discounts for not making a claim in my Rs. 1 lakh health insurance plans?

Some health insurance plans may offer no claim bonus (NCB) or other discounts if you do not make a claim during the policy period. However, these discounts may vary depending on the insurance company and the specific policy you have chosen. Therefore, it is advisable to check with your insurer before purchasing a plan.

What is the cover of 1 lakh health insurance?

A Rs. 1 lakh health insurance plan provides financial coverage up to Rs. 1,00,000 for medical expenses. This sum insured can be used to pay for:

  • In-patient hospitalisation expenses (room rent, nursing, ICU, etc.)

  • Pre and post-hospitalisation costs (typically 30 days before and 60 days after hospitalisation)

  • Daycare procedures that don’t require 24-hour admission

  • Doctor’s consultation, diagnostic tests, and prescribed medications

  • Ambulance charges, up to a certain limit

Show More Show Less

Related videos

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

GET THE APP

Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.