1 lakh Health Insurance

Check the key features, coverage details, and premiums for health insurance plans with Rs. 1 lakh coverage.
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1 lakh Health Insurance
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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

The premium for a Rs. 1 lakh health insurance plan is relatively affordable. It can range from Rs. 2,000 to Rs. 5,000 annually. One of the significant features of the plan is that it provides a considerable sum assured of up to Rs. 1 lakh. It covers hospitalisation expenses, pre- and post-hospitalisation expenses, and other medical expenses. The insurance policy also provides coverage for various illnesses, including minor and major surgeries and accidental injuries.

Bajaj Finance offers Pocket Insurance plans that provide coverage of up to Rs. 1 lakh at a nominal annual premium. These plans provide comprehensive coverage and also have plans for specific illnesses. A few of these 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.

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.

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.

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.

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.

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.

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.

Frequently asked questions

Is 2 lakh health insurance enough?

It depends on your personal circumstances and your healthcare needs. If you have a pre-existing condition or require regular medical care, you may need a higher coverage amount. On the other hand, if you are generally healthy and do not anticipate high medical expenses, 2 lakh health insurance may be sufficient.

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.

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*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.

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