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15 Lakh Health Insurance

As healthcare costs continue to rise, more and more people are looking for health insurance plans with adequate coverage. The 15 Lakh Health Insurance policy enables medical preparedness through healthcare financing. It offers individuals and families comprehensive coverage, peace of mind and financial security in the face of unforeseen health challenges. ...Read More

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Health Insurance Plans

15 Lakh Health Insurance

Health Insurance in Bangalore
July 25, 2024

Table of Content

 

What Is 15 Lakh Health Insurance?

A 15 Lakh health insurance policy or plan offers coverage up to 15 lakh against medical expenses. These could be incurred due to illness, injury, or other covered health-related events. This insurance plan provides financial protection against the high costs of medical treatments. It can cater to hospitalisation expenses, surgeries, medicines, and other healthcare services.

With a ₹15 lakh health insurance policy, you get the financial stability you need. In case of ill health, you can focus on your recovery instead of financial turmoil. Read on to learn more about this plan.

Benefits of Buying 15 Lakh Health Insurance?

To avoid financial hardship due to unexpected medical expenses, it is essential to have a health insurance plan with a coverage amount of 15 lakh. The following are a few benefits of buying a health policy with 15 lakh sum insured:

  • Comprehensive coverage

Having a health insurance plan with a 15 lakh cover ensures that individuals have access to a wide range of medical services. These include hospitalisation, surgeries, diagnostic tests, medications, etc. Policyholders can access quality healthcare services from a network of hospitals and healthcare providers. This ensures timely medical treatment and access to specialised care when needed, without delays due to financial constraints.

  • Health Care Without Breaking the Bank

One of the most notable benefits of a 15 lakh Mediclaim policy is its cashless treatment. Policyholders can avoid paying out of pocket for medical care by visiting any hospital in the network. Having the insurance company deal with bill settlements directly streamlines and simplifies the process. 

  • Family Floater Option

A 15 Lakh Health Insurance Policy is an excellent option for protecting one's family's well-being. This policy offers an option for a family floater that covers the policyholder and their family members. Everyone can rest easy knowing they only have to pay for one policy if it covers the whole family. Managing health insurance when a single policy covers the entire family is considerably more convenient and easy. 

  • Long-Term Medical Coverage

The option of a critical illness rider with a 15 lakh Mediclaim policy is an extra layer of protection against terrible and financially debilitating illnesses. Treatments for terminal illnesses, such as cancer, heart disease, stroke, and kidney failure, are typically covered by critical illness insurance. Upon diagnosis of a critical illness, the policyholder receives a lump sum from the critical illness coverage, which can be used to cover medical expenses and other related costs. 

  • Tax Benefits

Premiums paid towards health insurance policies are eligible for tax deductions under Section 80D * of the Income Tax Act, providing additional savings for policyholders.

Need for 15 Lakh Health Insurance

So, why is a 15 Lakh health insurance plan needed? There are a lot of reasons why a health insurance plan with a 15 lakh deductible is crucial:

  • Cost of healthcare, hospitalization and medical emergency care are rising at a fast pace. 

  • A 15 Lakh policy helps mitigate the financial burden, making top quality medicare affordable for families and individuals. 

  • In the event of an unexpected illness or injury, a 15 Lakh Medical Insurance Coverage provides financial security and peace of mind.

  • Due to changing lifestyles, lifestyle diseases and critical illnesses are on the rise. Thus, having a 15 Lakh health insurance policy allows one to be adequately covered without worrying.  

What is Covered under a 15 Lakh Health Insurance Plan?

A typical 15 lakh health insurance plan will cover a wide range of medical expenses, including:

  • All expenses incurred while a patient is hospitalised include room, ICU fees, nursing costs, and any other incidental expenses.

  • Funds paid for in-hospital or out-patient consultations, procedures, anesthesiologists, etc

  • Coverage of Over-the-Counter medications, injections, and prescription drugs.

  • Surgery insurance pays for everything, from the consultation to the recovery period, which is related to a surgical procedure.

  • Amount paid to cover the cost of an ambulance ride to a hospital during an emergency

  • Life-saving operations like daycare that don't require continuous hospitalisation.

  • Policy provisions may cover Ayurveda, homoeopathy, and alternative medicine systems like AYUSH.

What’s Not Covered under a 15 Lakh Health Insurance Plan?

Some things typically aren't covered by a 15 lakh health insurance plan:

  • Insurance companies may impose a waiting period before covering treatments for preexisting conditions.

  • Cosmetic procedures that are done for purely aesthetic reasons

  • Miscellaneous charges incurred by patients in the hospital for non-medical services such as television, telephone, and internet.

  • Claims for medical care resulting from defects or diseases present at birth or congenital disorders are not covered.

  • Limitations or exclusions on some medical expenses related to HIV/AIDS treatment.

How Much Premium Do I Need to Pay to Buy the 15 Lakh Medical Insurance?

So, how much premium need to pay to buy the 15 Lakh Health policy? Typically, the 15 lakh health insurance premiumthat must be paid increases proportionately to the sum insured. Just to give you an idea, the annual premium for a 15 lakh health insurance plan can vary from ₹5,000 to ₹10,000 for a 30-year-old who doesn't smoke and depends on the insurer and policy details.

Factors Which Can Affect the 15 Lakh Health Insurance Premium

A 15 lakh health insurance policy's cost might vary widely. Important factors to think about are:

  • Age: Age plays a significant role in determining 15 lakh medical insurance premium. Older people have a higher risk of developing health problems, which is why premiums go up.

  • Medical History: Your 15 lakh health insurance premium is heavily influenced by your medical history and any preexisting conditions you may have. Any health issues you've had in the past or current ailments might impact the amount of your premium.

  • Lifestyle choices: Smoking and drinking too much are two lifestyle choices that can affect your insurance rate. 

  • Amount: The amount of insurance you select will affect your premium. The premium will be higher if the sum insured is higher.

Steps to Buying a 15 Lakh Health Insurance Plan Online

With a sum insured of 15 Lakh, purchasing a health insurance plan is a breeze. The steps to buying a 15 Lakh medical insurance plan online are as follows:

  • Research and compare plans from many insurance providers. Look for insurance providers with happy clients, flexible plans, and a good track record.

  • Open their website.

  • Choose 'Health Insurance' from the drop-down menu to get a plan with a sum insured of 15 lakh.

  • To make the purchase, simply enter your details (name, email, and phone number) and hit the "Buy Now" button.

  • Please include your gender, age, occupation, and medical history as appropriate.

  • Select the policy's duration, coverage amount, and any optional riders.

  • Before you pay out 15 lakh for health insurance, make sure you read the policy print. Once satisfied, you can pay using various methods, including online banking, debit, or credit.

  • After the payment is processed, you will receive an email with all the policy documents, such as the policy schedule, policy language, and certificate of insurance.

Eligibility Criteria to Buy a 15 Lakh Health Insurance Policy?

A health insurance policy that covers 15 lakh health insurance may have different requirements from one insurance company to another. The following are some common eligibility criteria to buy a 15 Lakh Health insurance policy:

  • Health insurance policies are available to people of all ages, but the most popular range is 18–65.

  • Insurers may inquire about applicants' medical histories, including pre-existing conditions, to determine coverage eligibility and 15 lakh medical insurance premium rates.

  • The income limits of a policy might determine which benefits are available and how much coverage is available. 

  • Before being considered, applicants must be permanent residents of the nation providing the insurance policy.

  • Additional criteria, such as a person's occupation and lifestyle choices, might be needed to be eligible for a specific insurance policy.

What are the Documents Required to Buy 15 Lakh Health Insurance?

The documents needed to acquire 15 lakh health insurance might vary by insurance provider and policy. However, some examples of documents required to buy 15 Lakh medical insurance are:

  • Valid Passport

  • Voter’s Identity Card Issued by Election Commission of India

  • Valid Permanent Driving License

  • Adhaar Card

  • PAN Card

  • Passport Size Photos

  • Bank Statements or ITR for Income Proof in some cases.

Conclusion:

To secure comprehensive protection for yourself and your family, consider integrating the financial safeguards of life insurance with the robust medical benefits of health insurance. This combination can protect you and your loved ones from the consequences of unexpected life events, such as critical illnesses and hospitalizations, as well as provide support in the event of untimely death. Opting for this more inclusive approach ensures that you have peace of mind, knowing that you and your family are well-protected against life's uncertainties.

FAQs on 15 Lakh Health Insurance 

How much does 15 Lakh medical insurance cost?

The total cost of 15 lakh medical insurance depends on several factors, including the insured's age, health, and the insurance provider.

Who is qualified to purchase a 15 Lakh health insurance policy?

Anyone who satisfies the age, residency, and occasionally income criteria can apply for a 15 lakh health insurance policy.

Is purchasing a health plan with Rs 15 lakh sum insured beneficial?

A health plan that covers up to Rs 15 lakh provides significant financial security for unexpected medical expenses.

Is COVID-19 treatment covered under a 15 Lakh health insurance plan?

Depending on the policy details, a 15 lakh health insurance plan may or may not cover the cost of treating COVID-19.

What is the grace period on a 15 Lakh health insurance Plan?

According to Section 80D, the grace period for a 15 lakh health insurance plan can range from 15 to 30 days depending on the insurer.

At what age can you buy a 15 lakh Health Plan?

One can usually buy a 15 lakh health plan between 18 and 65.

 Does 15 lakh Health Plan offer any value-added services?

These health plans provide wellness programs, access to a second opinion, and other additional benefits.

If I buy 15 lakh health insurance is there any limit on how much I can claim in one go?

The maximum amount that can be claimed in a single claim for a 15 lakh health insurance policy is determined by the policy terms and conditions.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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* The afore stated views are based on the current Income-tax law. Also, the customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.

1. Annual Premium amount ₹ 1869 for Male aged 35 years, Base Benefit, 10 years term, Regular Pay option, Sum Assured=10 lakhs, excluding Taxes & levies as applicable.

ARN - MC/04/24/10525