What is Health Insurance?
Health insurance is a financial tool that provides financial coverage for medical expenses. A health insurance policy is a contract between the insurance company and an individual. The individual pays a premium to the insurer and the insurer offers financial protection against healthcare expenses to the individual in return.
Health insurance covers wide-ranging medical expenses like the cost of medicines, surgery, doctor's consultations, room rent, ambulance charges and more.
Types of Health Insurance
There are two basic types of health insurance:
1. Mediclaim Plans
Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted
2. Critical Illness Insurance Plans
Critical Illness Insurance Plans cover specific
Benefits of Health Insurance
Below are some benefits of health insurance plans:
Helps Deal With Rising Medical Costs
Medical inflation can make it challenging for you to cover healthcare expenses out of your pocket. Health insurance offers you access to necessary medical care without the financial burden of rising costs. You can rely on health insurance for pre and post-hospitalisation expenses, surgery, doctor's fees, diagnostic tests, prescription medications and more.
Critical Illness Cover
Apart from basic healthcare expenses, health insurance also covers critical illnesses, such as cancer, health diseases, kidney ailments and more. These illnesses can require long-term medical care and burden you with high costs. Health insurance can be suitable to deal with these expenses so you can focus on your treatment and recovery.
Easy Cashless Claims
Health insurance is a convenient tool that prioritises your well-being in your hour of need. You can avail of cashless claims without having to go through any lengthy claim procedures. The insurance company settles the bills with the hospital on your behalf. This streamlined process ensures you do not have to pay upfront and seek reimbursement later.
Added Protection
Health insurance offers additional financial protection with benefits like maternity and newborn baby cover, preventative health check-ups and more. It provides you with a sense of security and peace of mind with overall protection against multiple health expenses.
Tax Saving
If you invest in health insurance, you can get deduction up to ₹ 25,000 under Section 80D for yourself and your family (₹ 50,000 if the age of the insured is 60 years or above) and up to ₹ 25,000 (₹ 50,000 if the age of the insured is 60 years or above) for your parents.
Why do you need Health Insurance now?
No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. The cost of treating the illness can cause severe financial strain on the savings you have accumulated over time. This means that you might have to compromise on providing your child
For e.g., Herceptin, a cancer medicine costs approximately 1,10,000 for a vial of 440
How to choose a good health insurance plan?
Anybody who has a health insurance policy will tell you that buying one is one of the smartest financial decisions by any earning individual. Now, that you have decided to buy a health insurance policy, you need to know how to select a good health insurance plan that will take care of all your needs. Here is a list of benefits any good health insurance plan should offer you:
- Protection against a large number of critical illnesses
- Flexibility to choose your health cover
- No increase in premiums during the policy term even if your health condition changes
- Long policy term that covers you even in your old age
- Large hospital network for easy access to medical treatment
Should I buy a Mediclaim plan or a Critical Illness Insurance plan?
A
Life cover at affordable rates so that your loved ones are financially protected
Accidental Death Benefit+(Optional)
In case of death due to an accident within the ADB term, we will pay your nominee/legal heir the ADB as lump sum
Claim payout on the first diagnosis of covered 34 critical illnesses* (optional). Protection Against Disability
In case of permanent disability7 due to an accident, your policy continues without you having to pay any premiums.
Get `20 lakh health insurance cover for heart and cancer at less than `176 per month1
Payout On Diagnosis
Get paid on diagnosis of any of the listed Minor/Major conditions4
5% discount on first-year premium when you buy health cover for yourself and spouse2
Waiver Of Premium
In the case of a minor/major claim or on the diagnosis of permanent disability due to accident5
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