Key features and benefits of Health Insurance plans
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Health coverage up to Rs. 50 lakh
Buy health insurance plans offered by our partners offering maximum coverage of up to Rs. 50 lakh, with premiums starting at Rs. 1,469*.
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Cashless treatment at 10,000+ hospitals
Our health insurance partners offer the convenience of cashless hospitalisation and treatment through a wide network of 10,000+ hospitals. Find your nearest network hospital here
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Critical illnesses coverage
Buy health insurance policies that provide coverage for chronic illnesses like asthma, blood pressure, cholesterol, and diabetes, also called ABCD illnesses.
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Pre- and post-hospitalisation expenses coverage
Medical expenses incurred for up to 60 days before hospitalisation and 90 days after discharge are covered by health insurance policies. The number of days may vary as per the policy chosen.
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Road ambulance expenses coverage
Get coverage for ambulance expenses incurred for transporting the insured to the hospital. The ambulance service must be availed from a registered service provider.
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527 daycare treatments covered
Get coverage for up to 527 daycare treatments that require hospitalisation for less than 48 hours. The number of treatments may vary depending on the policy.
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Coverage for medical checkups
Buy health policies that covers the cost of your routine and periodic health checkups. Some policies may also offer free health checkup facilities.
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Income tax benefit
Get tax exemptions on premiums paid for health insurance policies as per the applicable tax laws.
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Types Of Health Insurance plans
Buying the right mediclaim policy can be a bit complicated as there are different types of Health Insurance plans available in India, have a look and choose accordingly.
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 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 medical insurance
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
Individuals 60 years and above can avail a medical insurance for senior citizens health insurance plan designed to cover medical care expenses. Such or as a rider to an already existing policy.
Maternity health insurance
Maternity health insurance provide complete health and maternity care coverage to expecting mothers and their newborn babies. From the hospitalisation of the pregnant woman to normal or C-section delivery costs and vaccination of the newborn, this plan covers you all against any medical.
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 medical insurance 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.
Type of policy
Before considering medical insurance plans, 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, top-up health insurance cover etc.
Sum insured
The sum insured can be a deciding factor in choosing a health insurance plan. Considering the rising cost of medical treatment 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 will save you from the hassle of arranging the money during medical emergencies.
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 duration of time during which you can't raise a claim against your existing medical insurance plans. 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.
Step-by-step guide to buy Health Insurance plans on Bajaj Finance Insurance Mall
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Step 1
Click here to open our online application form.
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Step 2
Fill in the application form with basic details such as name, gender, mobile number, date of birth, and residential PIN code for you or the person you want to insure.
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Step 3
Now click on ‘Get Quote’ to proceed.
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Step 4
From the list of policies shown, choose your preferred Health Insurance plan by clicking the ‘Buy Now’ button placed under each plan. You can further modify the insured amount, policy term, and plan-type to get a list of policies tailored to your preference.
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Step 5
Based on the plan you choose, you may get the option to select the policy term and premium amount.
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Step 6
Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.
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Step 7
Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).
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Step 8
Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.
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Step 9
Verify if the previously filled details are correct and click on the ‘Proceed’ button to visit the payment page.
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Step 10
Make the payment through net banking, UPI, debit or credit card to buy the policy.
After successful payment, your policy document will be available for you to download instantly. A copy of the policy document will also be mailed to your registered email ID within 5-7 working days.
You will also receive an SMS confirmation immediately after the payment process is completed.
You can also access your policy details through the My Account section within 5-7 days after purchase.
Key inclusions and exclusions
Here’s a quick look at the inclusions and exclusions of Health Insurance policies:
- Key inclusions
- Key exclusions
| Key inclusions | Description |
|---|---|
| In-patient hospitalisation expenses | Get coverage for hospitalisation expenses incurred due to illness or accidental injuries covered under the policy and sustained during the policy period |
| Pre- and post-hospitalisation expenses | Covers medical costs incurred due to an illness or injury from 60 days before hospitalisation |
| Critical illnesses | Get coverage for critical illnesses such as Asthma, Cholesterol, Diabetes, and high blood pressure |
| Road ambulance charges | Get coverage for road ambulance charges up to the amount mentioned in the policy details. The ambulance coverage is applicable for transporting the policyholder to the hospital |
| Domiciliary hospitalisation | Get coverage for availing of hospital-like treatment at home |
| Daycare procedures | Get coverage for daycare procedures that require less than 24 hours of hospitalisation |
| Key exclusions | Description |
|---|---|
| War | Losses arising due to an act of war/terrorism/invasion |
| Breach of law | Criminal intent, intentional self-injury, or attempted suicide while sane or insane |
| Substance abuse | Abuse of intoxicants or hallucinogenic substances such as intoxicating drugs and alcohol |
| Cosmetic surgery | Cosmetic, aesthetic, and re-shaping treatments and surgeries |
Frequently asked questions
The health insurance premium of a policy will be determined by several factors – the type of coverage, age of the proposer (applicant), medical history of the proposer, and more such factors. 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 to be financially equipped to handle any medical emergency. Bajaj Finance offers various health insurance plans from top insurers with varying coverage and premium amount. Click here to access the health insurance plans.
Pre-existing diseases refer to one's medical history of illnesses, such as heart disease, asthma, cholesterol, thyroid, diabetes, or cancer, that one is already diagnosed with and suffering from 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. Depending on your health insurance provider, the waiting period may vary between 2-4 years.
The duration from buying 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.
A deductible is an amount a policyholder must 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.
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 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.
Under an employer's group policy, the employer will purchase a group health 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 customisations, such as coverage for high-end medical expenses, expensive hospital beds, and more.
As such, purchasing a separate health insurance plan is recommended, as it allows the individual to get substantial coverage and benefit from higher coverage, no claim benefits, customisation options, and more such facilities offered by the policy.
Health insurance is a type of insurance that allows the insured to claim compensation for their medical expenses, which may include doctor's fees, medication, diagnostic tests, and hospitalisation expenses.
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- and 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 or go through the policy terms and conditions regarding 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 policy'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.
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.
Whether or not you want a separate health insurance policy 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.
Cashless hospitalisation means that if you visit any network hospitals registered with your insurance provider, you need not pay anything for receiving treatment.
Yes, if the policy you are purchasing requires you to go through any medical checkup, you need to complete that to be eligible for it.
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 covers the entire family under a single plan and premium.
Any policy that meets your requirements offering the facilities mentioned above can be considered. But before making your purchase decision, consider aspects like sum insured, claim settlement ratio, lifetime renewability, network hospitals, etc.