10 Lakh Health Insurance

 

A 10 lakh health insurance plan has an insured value of ₹10 lakh and covers medical bills up to that amount. Having a health insurance policy with a higher coverage limit, such as 10 lakh rupees, provides greater financial protection against medical expenses compared to a policy with a lower coverage limit. It can help individuals and families mitigate the financial burden of unexpected medical emergencies or planned treatments.

Benefits of Buying 10 Lakh Health Insurance?

Some of the benefits of buying a health policy with 10 Lakh sum insured include: 

Advantages of Delaying Claims

There is a benefit to not claiming your Rs. 10 lakh insurance policy while it is valid. Some examples of earned incentives are a decrease in 10 lakh medical insurance premium or an increase in the amount insured.

Healthcare Payment Postponement

With the cashless hospitalisation provision of a 10 lakh health insurance policy, the policyholder is exempt from paying any out-of-pocket medical expenses. Any hospital in the network may treat the policyholder without charging them anything out of pocket.

Tax-related Benefits

The cost of a 10 lakh health insurance plan may be deducted from taxable income by policyholders under Section 80D * of the Income Tax Act.

Need for 10 Lakh Health Insurance

So, why is a 10 Lakh health insurance plan needed? A 10 lakh health insurance plan is an excellent option to guarantee that your medical expenses are covered in an unforeseen medical emergency. Several specific demographics might benefit from a 10 lakh health insurance coverage:

• A health insurance 10 lakh cover may provide financial security for those with dependents, including young children or elderly parents, in case they need medical treatment.
• Self-employed people may need to investigate acquiring individual coverage as they are not always eligible to enroll in employer-sponsored health insurance programs. Health insurance coverage of 10 lakh rupees could be sufficient to cover unforeseen medical costs.
• Those with health problems may need more than health insurance 10 lakh cover, to pay their medical bills.
• People with high net worth may need more excellent coverage to prevent financial ruin in a medical emergency. This is because their lifestyle choices might lead to higher medical bills.
• Acquiring a 10 lakh health insurance coverage might help ease some of the burden of fretting about how to cover unforeseen medical bills if you or a family member has a history of health issues.

What’s Covered under a 10 Lakh Health Insurance Plan?

A 10 lakh health insurance covers everything from a hospital room to an intensive care unit and surgery. Up to the insured amount, this coverage pays for medical care before and after a hospital stay.

• You may safeguard yourself against a plethora of medical crises—from cancer and heart attacks to renal failure and more—by supplementing your primary health insurance with a critical illness rider.
• The expenses of ambulance transport and hospitalisation can be reimbursed
• Your health insurance will pay for things like dialysis, chemotherapy, and other medical procedures that take place during daycare.
• Ayurveda, homoeopathy, unani, and other forms of alternative medicine are covered. 
• A 10 lakh health insurance coverage is more suitable for covering pre-existing diseases such as diabetes and hypertension.

What’s Not Covered under a 10 Lakh Health Insurance Plan?

The limitations of 10 lakh health insurance plans vary according to the specific terms and conditions the insurance provider sets. However, there are certain things that policies may not pay for. Injuries that you inflict upon yourself, injuries sustained in risky activities, some high-risk sports injuries, pre-existing diseases (for a certain period of time), cosmetic surgeries, experimental treatments, alternative therapies that insurance does not cover, and so on. 

Factors Which Can Affect the 10 Lakh Health Insurance Premium

The premium for a 10 lakh health insurance plan might change depending on several factors:

• Premiums are often lower for younger persons than for older ones due to the fact that there are fewer health risks when people are younger.
• Having a pre-existing condition or a history of medical problems could increase an individual's premium.
• Optional coverage benefits and riders might drive up the premium for 10 lakh health insurance.
• Some lifestyle factors that could impact insurance rates include smoking, alcohol use, and one's occupation.
• Because healthcare costs vary from one location to another, the premium for 10 lakh health insurancemay also vary.

Why Should You Buy Rs 10 lakh Health Insurance from HDFC Life?

Here are a few reasons why you may want to consider getting a Rs 10 lakh health insurance policy from HDFC Life:

• HDFC Life has earned an excellent reputation as an insurance provider.
• A health insurance plan from HDFC Life that covers a wide variety of medical expenditures in the case of a medical emergency might provide comprehensive protection.
• HDFC Life's flexible plans allow individuals to tailor their health insurance to their needs and budgets.
• Wellness programs, telemedicine consultations, and savings on healthcare services are some of the additional services that HDFC Life may provide as part of its insurance plans.
• Members of HDFC Life's network of healthcare providers and hospitals are able to expedite the processing of policyholder claims and provide cashless services.

Steps to Buying a 10 Lakh Health Insurance Plan Online

To get a 10 lakh health insurance coverage online, follow these steps to buying a 10 Lakh medical insurance plan online:

• Research and compare plans from many insurance providers. Look for insurance providers with happy clients, flexible plans, and a good track record.
• Assess your health insurance needs and financial situation to determine your budget. Consider your age, current health status, and specific healthcare needs.
• Researching the health insurance policies of potential insurance companies online is the next step after deciding on an insurance provider.
• Learn the approximate cost of a 10 lakh health insurance policy by using the calculators and resources provided by the insurer on their website. 
• Compare the features, costs, coverage limits, exclusions, and insurer's 10 lakh health insurance policies side by side.
• Before signing a health insurance policy, be sure you understand all of the terms and conditions by reading the small print. Make sure you understand the policy's benefits, restrictions, waiting periods, and how to file a claim.
• After selecting a health insurance plan, the next step is to submit an online application. Fill out the form completely and accurately, and be sure to attach any necessary papers (such as identity or proof of address) as prompted.
• To pay for your 10 lakh medical insurance premium, just use the insurer's secure online payment option. You can pay in instalments or in full, depending on the insurance company's policies.
• Once the money is paid, you will get the insurance papers via email. All of the data in the documents need to be verified.

Eligibility Criteria to Buy a 10 Lakh Health Insurance Policy?

The specifics of a health insurance policy that costs 10 lakh rupees may have different prerequisites depending on the provider. However, typical eligibility criteria to buy a 10 Lakh health insurance policymay include:

• The majority of health insurance providers determine the minimum age to purchase coverage. 
• Health history information may be requested from policyholders throughout the insurance application process. You could still purchase health insurance with certain pre-existing conditions.
• Some insurance companies have income limits that applicants must meet before they can be considered for higher coverage levels. 
• Your resident status and physical address may affect your health insurance eligibility. Depending on the country or region of domicile, several plans may include coverage restrictions.

What are the Documents Required to Buy 10 Lakh Health Insurance?

A 10 lakh health insurance policy's specific documentation requirements may vary by insurance provider and policy duration. However, here is the list of valid documents to buy 10 Lakh medical insurance:

• Valid Passport
• Voter’s Identity Card Issued by Election Commission of India
• Valid Permanent Driving License
• Aadhaar Card
• PAN Card
• Passport Size Photos
• Bank Statements or ITR for Income Proof in some cases.

FAQs

What is the meaning of 10 lakh health insurance?

Medical expenses up to 10 lakh rupees may be covered by a 10 lakh health insurance coverage in the case of a major illness or accident.

How much does 10 Lakh medical insurance cost?

The total cost of a 10 lakh medical insurance policy might vary greatly depending on factors such as the policyholder's age, health status, and coverage preferences.

Who is qualified to purchase a 10 Lakh health insurance policy?

Those who are eligible, often those without significant pre-existing conditions, may get health insurance coverage up to 10 lakh.

Is purchasing a health plan with Rs 10 lakh sum insured beneficial?

An attractive health plan may include an insured amount of Rs 10 lakh, which would cover enough medical expenses and provide financial security in the case of an unexpected health catastrophe.

Is COVID-19 treatment covered under a 10 Lakh health insurance plan?

Although it depends on the insurer's particular terms and conditions, a 10 lakh health insurance plan will often cover the cost of treating COVID-19.

What is the grace period on a 10 Lakh health insurance Plan?

The grace period for a 10 lakh health insurance plan is 30 days beyond the due date, and policyholders are not penalized for this extra time.

At what age can you buy a 10 lakh Health Plan?

Although it varies from insurer to insurer, some may provide 10 lakh health plans to persons as young as 18 years old.

Does a 10 lakh Health Plan offer any value-added services?

Valuable additional services, such as wellness programs, telemedicine consultations, health checks, and savings on healthcare services, might be a part of almost 10 lakh health insurance.

If I buy 10 lakh health insurance, is there any limit on how much I can claim in one go?

While a 10 lakh health insurance policy often lets you claim as much as you desire all at once, the maximum coverage you may obtain over the policy's duration is the whole amount covered.