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Buy Health Insurance to Secure Your Life
Health insurance in the recent times has become an essential part of everyone’s life. With the rising healthcare costs, availing of quality healthcare can leave a family financially struggling. Therefore, with the right health insurance you can ensure to avail quality treatments without burning out your savings completely.
Now-a-days, quality healthcare treatment is quite expensive. Getting admitted to a hospital to obtain good healthcare service has the potential to wipe off all your savings in a few days.
Health Insurance is essential, as it safeguards your family from unexpected medical bills that may cause a strain on your finances. When you invest in medical insurance, you don’t need to worry about your bank balance during medical emergencies.
Below mentioned are some of the reasons why you should consider buying health insurance.
Health insurance in the recent times has become an essential part of everyone’s life. With the rising healthcare costs, availing of quality healthcare can leave a family financially struggling. Therefore, with the right health insurance you can ensure to avail quality treatments without burning out your savings completely.
Ideally, a policyholder must compare Health Insurance Plans in order to make the best possible purchase for oneself and their family. There are certain points to keep in mind while comparing health insurance. For instance, compare health insurance, the entire package, and not just one component of the policy. The ideal step for a policyholder is to compare online health insurance plans based on premiums, coverage, services, inclusions, exclusions, and claim settlement. Yes, we understand it is a lot of work! This is why here we are, we will guide you on how to go about comparing health insurance plans in India.
Types of Health Insurance in India
6 health insurance plans suitable for the different needs of different customers.
Individual Health Insurance
Individual Health Insurance is a type of health insurance policy wherein one can avail of medical coverage on an individual sum insured basis.
Family Health Insurance
Family Health Insurance plans are health plans providing cover to your entire family. The differentiating factor between individual plans.
Top-up Health Insurance
Top-up health insurance plans are add-on covers that provide additional protection to you and your family at the time of a medical emergency.
Senior Citizen Health Insurance
Senior Citizen Health Insurance is specially designed for individuals lying between the ages of 60 and 80 years. With a separate health insurance plan.
Critical illness Insurance
Critical illness insurance is a type of health insurance, which provides a lump sum amount to the insured if he is diagnosed with critical illnesses.
Personal Accident Insurance
Personal accident insurance is a policy that provides financial coverage to the policyholder against uncertainties. like death, temporary disability.
Top Benefits of Health Insurance
Having dedicated Health Insurance plans for you and your family not just protects you from unannounced medical emergencies, but also comes with several benefits. The benefits one can avail of by having Health Insurance are countless. Explore the major advantages of having an effective medical insurance policy.
No cash payments are required to settle medical bills. Your insurance provider will pay the cost of your medical treatment when hospitalized in a network hospital.
Any medical expenses incurred before and after the hospitalization will be covered by the sum insured under your health insurance policy.
Health Insurance offers tax benefits under section 80D of the Income Tax Act, 1961.
The policyholder gets the extended coverage amount for not making any claim in a policy year.
Insurance companies offer free health checkups, motivating the policyholder to maintain a healthy lifestyle.
Covers medical expenses generated while receiving medical treatment at your home if you are unable to reach a hospital for a justifiable reason.
Get your policy renewed for a lifetime without any restriction on the age limit.
Coverage for the expense related to Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy (AYUSH) treatments.
Allows you to refill your sum insured in case it is exhausted in a policy year.
Comparison of Top Health Insurance Products
Niva Bupa Health Insurance
- Tax benefit under sec 80D.
- Personal accident cover.
- Health check-up from first day onwards.
HDFC Egro Health Insurance Plan
- Tax benefit under sec 80D.
- Critical Advantage rider
- Unlimited restoration
Care Health Insurance
- Tax benefit under sec 80D
- Care shield rider
- Global Coverage
| FEATURES | NIVA- BUPA HEALTH INSURANCE | HDFC ERGO GIC | CARE HEALTH INSURANCE |
| RE-ASSURE | OPTIMA RESTRORE | CARE | |
| Sum Insured | 5/10/15/20/25/50/75/1CR | 5/10/15/20/25/50 | 3/4/5/7/10/15/20/25/30/40/50/60/75 |
| Age Limit | Adult:- 18yrs to 65yrs. Child:- 91days to 30yrs. | Adult:- 18yrs to 65yrs. Child:- 91days to 25yrs. | Adult:- 18yrs to no upper age limit. Child:- 91days to 25yrs. |
| IN-PATIENT TREATMENT | Covered Upto SI | Covered Upto SI | Covered Upto SI |
| HOSP. ACCOMODATION/ROOM RENT | Covered Upto SI | Covered Upto SI | 3 Lacs and 4 Lacs – 1% of SI per day Upto 5 Lacs – Single Private room rent |
| ICU CHARGES | Covered Upto SI | Not Covered | 3 Lacs and 4 Lacs – 2% of SI per day Upto 5 Lacs – No limit |
| Cataract Treatment | Covered upto SI after 2 year of the waitng period | Covered after 2 year of the waitng period | Not Aplicable |
| DAY CARE TREATMENT | All Day Care Treatment | All Day Care Treatment | All Day Care Treatment |
| PRE & POST HOSP. MEDICAL EXPENSE | 60 and 180 days respectively | 60 and 180 days respectively | 30 and 60 days respectively |
| DOMICILIARY HOSPITALIZATION | Covered Upto SI | Covered Upto SI | Upto 10% of SI |
| EMERGENCY AMBULANCE | Covered Upto 2000 per hospitalization | Covered Upto 2000 per hospitalization | For 3 and 4 Lacs SI -1500 For 5,10 Lacs SI – 2000 For 15,20,25,30,40 Lacs SI – 3000 For 50,60,75 Lacs SI – 3000 |
| AIR AMBULANCE | Cashless claim: Covered upto SI Reimbursement claim: Covered upto 2.5lacs | 5 Lacs – Not Covered 10 Lacs to 50 Lacs – covered upto 2.5 lacs per hospitalization and maximum up to SI | Available under a rider that can be availble of by buying an additional premium. |
| HOSPITAL CASH BENEFIT | Covered as Rider | Not Aplicable | 500 per day upto 5 days per hospitalization |
| SHARED ACCOMMODATION CASH BENEFIT | Up to 15 lacs SI: 800/day, Maximum Rs.4800 Up to 20 lacs SI: 1000/day, Maximum Rs.6000 | Up to 15 lacs SI: 800/day, Maximum Rs.4800 Up to 20 lacs SI: 1000/day, Maximum Rs.6000 | Not Aplicable |
| ORGAN TRANSPLANT | Covered Upto SI | Covered Upto SI | For 3 and 4 Lacs SI -50000 For 5,7,10 Lacs SI – 100000 For 15,20,25,30,40 Lacs SI – 200000 For 50,60,75 Lacs SI – 30000 |
| ALTERNATIVE TREATMENT | Covered Upto SI | Not covered | Covered |
| New Born Baby Cover | Not Aplicable | Not Aplicable | Not Aplicable |
| NCB | 50 % on every Claim free policy year /maximum upto 100% | 50 % on every Claim free policy year /maximum upto 100% | Upto 50% of SI (Without any Rider) Upto 150% of SI (WITH NCB SUPER RIDER) |
| RESTORE | Upto base SI unlimited times in a policy year payable on partial exhaution as well-applicable for both same & different illness. | Equal to 100% of Basic Sum Insured once in a year | Equal to 100% of Basic Sum Insured once in a year Unlimited Restoration with optional rider |
| HEALTH CHECK UP | covered from day one Individual – Maximum 5000/ insured Family Floater – Maximum 10000/ policy | For 5 Lacs SI – upto Rs.2500 For 10 Lacs SI – upto Rs.5000 For 15 Lacs SI – upto Rs.8000 Upto 20 Lacs SI – upto Rs.10000 | Covered once a year |
| Modern Treatment Coverage | Covered up to SI robotic surgeries – 1 Lacs( for 4 major robotic Surgeries upto SI) | Covered | Modern Treatment like robotic surgeries covered |
| SECOND MEDICAL OPINION | Once for any condition for which hospitalization is triggered | Once for any condition for which hospitalization is triggered | Once for any condition for which hospitalization is triggered |
| OPTIONAL COVER | Safeguard (CPI linked SI increase, non-payable items covered, NCB protection) – Personal accident , Hospital Cash Benefit | Critical Advantage Rider(International Treatment for Critical illness) | Care Sheild Rider And NCB Super Rider |
| PED WAITING PERIOD | 36 MONTHS | 36 MONTHS | 48 MONTHS |
| INITIAL WAITING PERIOD | 30 DAYS | 30 DAYS | 30 DAYS |
| SPECIFIC DISEASES WAITING PERIOD | 24 MONTHS | 24 MONTHS | 24 MONTHS |
| POLICY TERM | 1/2/3 Year | 1/2/3 Year | 1/2/3 Year |
| STAY ACTIVE BENEFIT | Additional discount if you achive staps count target | Additional discount if you achive staps count target | Not Aplicable |
| Tenure Discount | 7.5% discount on second year premium and 15% discont on third year premium | 7.5% discount on second year premium and 15% discont on third year premium | 7.5% discount on second year premium and 15% discont on third year premium |
Why Health Insurance Important in India
Getting admitted to the hospital due to an illness or injury can punch a hole in your pool of savings. Moreover, with an increase in healthcare services, a hospitalization of mere 3-4 days can derive bill hospital bills. Therefore, it becomes necessary to have a health insurance plan that will not only cover the hospitalization expenses but will also offer several benefits.
With family health insurance, you can protect the medical expenses of your whole family. You can even cover your parents, spouse and children as well.
With a health insurance plan, one can avail of timely and quality healthcare services. One can choose a hospital from the list of the impaneled network hospitals, and get the treatment. One can avail of treatment up to the chosen sum insured.
By buying comprehensive health insurance, one can ensure that all their healthcare requirements are taken care of, and when required, he will get coverage for the medical expenses. Thus, the policyholder can fully concentrate on his/her treatment without worrying about the hospital bills.
In many cases, unfortunately, people are diagnosed with critical illnesses affecting various organs of the body. With a customized health plan, if you suddenly get any critical ailment, it's covered after 30 days. These include illnesses related to the heart, lung, liver, kidney, diabetes, blood pressure & many more.
Know More About Health Insurance
| Add-on Covers | What is Covered |
| Maternity cover | Expenses related to pregnancy, childbirth and Expenses related to pregnancy, childbirth and the vaccination of newborn babies are covered. |
| Personal accident cover | Expenses of accidental injuries including disability, death etc. |
| Reduction in waiting period cover | Reduces the waiting period for Pre-Existing Dise Reduces the waiting period for Pre-Existing Diseases. |
| Room rent cover | Flexibility to increase your policy’s sub-limit for hospital room rents or opt for no sub-limit at all. |
| Hospital daily cash cover | Provides a deify cash allowance to the insured to take care of additional expenses such as food. travel, etc. while he/she is in the hospital. |
| Air ambulance cover | Air ambulance cost generated for shifting the insured in case of a medical emergency. |
| Zone upgrade cover | Offers additional financial coverage based on the zone in which the insured is hospitalized. |
Health needs vary from person to person, and what may be best for one may not suit the other. However, to meet your ever-changing requirements, you need to be vigilant while selecting your ideal health plan.
- At Swaraj Finpro PVT LTD, we have listed down a few steps that may help you to choose a perfect health plan for yourself and your family.
- Step 1: Choose your Ideal Health Insurance Company: Go with a company that offers cashless facility, has good customer service, comes with a decent market share and offers a wide range of health products that will cater to the different needs of customers.
- Step 2: Evaluate your Needs and Requirements: Once you have chosen your ideal company, evaluate your family’s health needs thoroughly, and decide the type of plan you want to buy. For example, if you have a nuclear family (yourself wife and a kid), a family floater plan with Rs.5-10 Lakhs coverage will be enough (generally speaking). However, if you want to cover your parents (above 60 years) under health insurance, senior citizen plans will be a good option.
- Step 3: Compare Coverage and Premiums: After you have shortlisted a few plans on the basis of your needs and requirements, just compare their benefits with each other. Ideally, it’s recommended to go with a plan that offers maximum benefits (including decent coverage) and doesn’t hurt your wallet.
- Health Insurance in India today is beginning to gain a lot of importance. In urban India with the lifestyle choices made by individuals, life is becoming highly unpredictable. Amidst a pandemic, people have realized why they should compare the best health insurance best suited to their requirements before purchasing one. While you buy online health insurance the insurance companies do a thorough check of your health profile. Based on their review, they fix the premium charges. Here is a list of factors that insurance companies consider affecting the premium cost.
- Age: This is one of the critical factors that affect the premium amount. The insurance companies follow the rule of thumb wherein the higher the age, the higher the premium.
- Past Medical Records: If you have a history of suffering from illnesses or have a pre-existing disease, then your premium will be higher. However, if you have a healthy life, then your premium will be lesser.
- Smoking Habits: Smoking increases health risks, and insurance companies view smokers as high-risk insurance buyers, and therefore charge high premiums.
- Body Mass Index: Insurance companies charge people with higher BMI a higher premium than those who have a normal BMI as higher BMI individuals are more likely to suffer from various diseases like diabetes, and heart-related problems requiring medical care.
- Your choice of Plan: When you compare health insurance the coverage you choose to include in your health insurance will affect your premium. If you have chosen add-on covers, your premium will increase.
- Co-pay Feature: If you opt for co-pay, the premium will be less. In co-pay, for any claim, you pay a specific portion of the claim, and the insurance company gives the rest.
Every Health Insurance Plans come with a certain list of illnesses or treatments that are not covered by them. These exclusions may vary from company to company. As per IRDAI, some common diseases or medical conditions that are not covered under health insurance plans are:
- Pre-existing diseases (PEDs), however, some companies cover PEDs after a waiting period (usually 36 months).
- Eyes and Dental care, but some new plans have started covering them.
- Suicidal injuries or intentional self-injuries.
- STDs like HN.
- Health issues that arise due to the consumption of alcohol or drugs.
- Health issues or injuries caused due to war, act of war, nuclear, chemical, or biological weapons to know all the exclusions of your plan, refer to the product brochure or directly get in touch with your respective insurer.
- Choosing an ideal Health Insurance plan among all the available plans is itself a quite difficult task. But once you choose a plan suiting your requirements, you need to evaluate the coverage you need .
- It is imperative for you to choose the amount that provides you with more coverage and financial security. Do not forget to compare the health insurance plans.
- In the below section, we have shown some of the pointers that will help you to figure out how much health insurance you’ll need to protect yourself and your family:
Decide who all should be insured in a single health insurance plan.
- New Insurance Policy
- Duly-filled policy form
- Medical history of pre-existing diseases
- Port Insurance Policy
- Address and ID proof
- Medical history of pre-existing diseases
- Previous policy documents
- Renew Insurance Policy
- Existing policy number
- Medical history of pre-existing diseases
Health insurance companies offer 2 types of claim settlement processes to choose from at your convenience. Read along to explore what is Health insurance claim settlement process.
- Cashless Claim Process
Planned Hospitalization
Informed the insurer before 48 to 72 hours of hospitalization.
The insurance company to provide a confirmation letter.
Submit your health card and confirmation letter.
The insurer will settle the medical bills directly with the hospital.
Emergency Hospitalization
Informed the insurer within 24 hours of hospitalization.
Fill and submit the cashless claim form.
Submit other necessary documents.
The insurer will send an authorization letter to the hospital.
The insurer will settle the medical bills directly with the hospital.
- Reimbursement Claim Process
- Intimate the company within the designated timeline.
- Collect the original discharge summary and medical bills and submit with the claim form.
- Fill and submit the claim form along with ID proof (Voted ID/Aadhaar Card/PAN Card) and cancelled cheque.
- The insurance company will evaluate the documents.
- The insurance company will initiate the reimbursement process.
How you can Apply for Best Health Insurance through Swaraj Finpro
FAQ of Health Insurance
You should get health insurance as soon as possible. The earlier you buy, the better your coverage and the lower your premium will be.
Most insurance companies will renew the policy within the time frame, which is usually 15-30 days after expiration. You won't get coverage for the time the insurance company didn't get a premium. If the premium isn't paid in time, the policy lapses.
Yes, medical tests and scans for inpatient treatment, i.e., while hospitalised for at least 24 hours, are covered by health insurance.
Age is the biggest factor in premiums. As you get older, your premium rises because you're more likely to get sick. Your medical history will also affect the premium. If you have no medical history, your premium will be lower. If you haven't claimed in previous years, your future premium will be discounted.
Company health insurance is good. What if you changed jobs? Lose all benefits. Because of your age, your new policy's premium may increase. To be safe, you can buy a separate health plan to cover your and your family's healthcare needs if your company's policy ends.
The claim process, family health insurance, choosing the appropriate Sum Insured, network hospitals, maternity benefits, pre and post hospitalisation, renewal, and free medical checkups are important factors to consider.
This is a myth. All companies pay claims and the claim settlement ratio is more than 95% that means more than 85 out of 100 are all settled and rest are rejected and newspaper don't show these numbers and the company only shows the number those are rejected.
