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2 Lakh Health Insurance

Due to increasing healthcare costs, having a reliable health insurance plan is more critical today than ever. Opting for a 2 lakh health insurance plan with basic coverage is a practical and affordable choice among different options. ...Read More

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2 Lakh Health Insurance

What Is 2 lakh Health Insurance?

2 Lakh Health Insurance
May 15, 2024

Table of Content

 

Individuals and families may get help paying for medical bills with a basic health insurance policy that offers comprehensive coverage. The 2 lakh Health insurance plans are highly affordable for most and most include cover for hospital expenses, including accommodation and boarding, doctor's fees, diagnostic tests, surgeries, and medications, up to the policy's limit. The level of coverage that is guaranteed is determined by the insurer and the specifics of the policy.

Benefits of Buying 2 lakh Health Insurance

Among the many benefits and features of 2 lakh health insurance, here are some of the most significant ones: 

  • Safeguard against Unanticipated Medical Bills

    A 2 lakh health insurance policy provides enough financial security. The policy covers pre- and post-hospitalisation costs up to a specific limit, so policyholders don't have to worry about paying a large amount out of their pocket.

  • Affordable Premium

    A 2 lakh health insurance plan often offers affordable premiums compared to more significant coverage limits, which is a reasonable thing to consider. 

  • High-quality Medical Treatment 

    While a 2 lakh health insurance policy may not pay for everything, it does cover the basics — common illnesses, accidents, and hospitalisation. This ensures access to high-quality medical treatment without putting financial stability at risk.

  • Peace of Mind 

    A 2 lakh health insurance coverage provides peace of mind. Policyholders may focus on what matters, their health and wellness, rather than worrying about how to pay for sudden, expensive medical treatments and procedures. 

Need for 2 lakh Health Insurance

A 2 lakh health insurance is required for several reasons, some of which are given below:

  • People who need health insurance find it more difficult to afford quality treatment as medical expenses continue rising. A minimal level of coverage offered by a 2 lakh health insurance policy may assist in mitigating the consequences of growing healthcare prices.
  • A person might suffer a significant injury, become sick, or be involved in an accident at any time, leading to expensive medical expenditures. With a 2 lakh health insurance policy, a person or family may relax knowing they are financially protected in a medical emergency.
  • Thanks to insurance, individuals may access a network of participating physicians, hospitals, and other healthcare providers that can meet their urgent medical needs, regardless of their financial condition. A 2 lakh health insurance policy ensures that people may obtain the medical treatment they need without delay, promoting people's general health.
  • When one's savings are quickly depleted because of an unexpected medical expense, their financial stability can be jeopardised. Buying 2 lakh health insurance may shield one's financial security and standard of living from the devastating effects of unforeseenly high medical bills.

What’s Covered under a 2 lakh Health Insurance Plan?

A 2 lakh health insurance plan typically pays for a variety of medical expenses up to the coverage level. While specifics may vary by policy and insurer, the following are examples of typical outlays covered by 2 lakh health insurance policy coverage:

  • In addition to medical treatment, a hospital stay may include other expenses such as room and board.
  • Medical bills that people have to pay when they see a specialist, general practitioner, anesthetist, or consultant for examination, diagnosis, or treatment.
  • Costs associated with surgery include the surgeon's fee, anesthesia, the rental or purchase of an operating room, and any specialized tools or instruments needed for the procedure.
  • While you're in the hospital or receiving treatment, the cost of prescription drugs, pharmaceutical supplies, and medicines suggested by your doctor may pile up rapidly.

What’s Not Covered under a 2 lakh Health Insurance Plan?

Most medical expenses would still be unpaid even with a 2 lakh health insurance plan covering a wide range of services. Although it may differ by insurer and policy language, here are some common things that a 2 lakh health insurance plan may not cover:

  • Procedures like cosmetic surgery, infertility treatment, weight loss, dental care, and experimental or exploratory therapy are not always reimbursed.
  • Unless they are directly linked to medical treatment, insurance will often not cover administrative expenses, registration fees, entrance fees, or service charges.
  • Injuries that result from participating in dangerous activities, attempting suicide, or injuring oneself are often not covered by insurance.

How Much Premium Do I Need to Pay to Buy the 2 lakh Medical Insurance?

If you are wondering how much premium you need to pay to buy the 2 lakh Health policy, you must consider the following variables. These affect the cost of your 2 lakh health insurance policy:

  • It is often believed that 2 lakh health insurance premium will increase with age because to the higher likelihood of medical care needs among the elderly.
  • One factor that could affect premiums is the insured's present health status. Underwriting criteria may be more rigorous or rates may be higher for those with preexisting health conditions.
  • Your policy's coverage and the range of benefits it offers are two factors that could affect your premium. More features and riders on a comprehensive policy could mean higher 2 lakh health insurance premium compared to a basic policy.
  • Policy duration, whether annual or multi-year, could have an effect on 2 lakh health insurance premium cost.

Factors Which Can Affect the 2 lakh Health Insurance Premium

Numerous factors determine the final cost of your 2 lakh health insurance policy. With this knowledge, consumers may make more informed decisions when choosing a health insurance plan. Here are a few key factors that might affect the 2 lakh health insurance premium:

  • Age 

    One of the most important factors in a person's health insurance premium is their age. The belief that younger policyholders are less likely to need medical treatment causes 2 lakh medical insurance premium for younger policyholders to be generally less than rates for older ones.

  • Health Status

    The premium is significantly affected by the insured's present state of health. People with a history of major health issues or those who are more likely to be underwritten closely may face higher 2 lakh medical insurance premium.

  • Amount of Coverage 

    Premiums are proportional to the sum insured, often known as the amount of coverage, which the policyholder chooses. Higher rates are common because expanding coverage limitations expose insurers to increased financial risk.

  • Type 

    Premium cost may vary depending on the kind of insurance policy selected, including individual, family, and critical illness policies. More features and riders on a comprehensive policy could mean higher 2 lakh medical insurance premium compared to a basic policy.

Why Should You Buy Rs 2 lakhs Health Insurance from HDFC Life?

The following are some of the most typical factors that people think about when choosing an insurance company and why they may be interested in purchasing a 2 lakh health insurance policy from HDFC Life:

  • Reliability and Trust

    When it comes to insurance providers, HDFC Life is right up there with the best of them. Companies having a long history of service provide many customers the assurance they need when purchasing insurance.

  • Sophisticated Defence

    The extensive health insurance plans offered by HDFC Life may cover a wide range of medical expenses. By paying for medical treatments including hospitalization, doctor's bills, diagnostic tests, and more, this may ensure that individuals have enough financial stability in case of a medical emergency.

  • Customized Methods

    Health insurance coverage offered by HDFC Life may be affordable and flexible enough to suit people's requirements. People looking for tailored health plans that take into account their unique medical issues could be interested in this degree of flexibility.

Steps to Buying a 2 lakh Health Insurance Plan Online

So, what are the steps to buying a 2 lakh medical insurance plan online? These are the measures to take to get a 2 lakh health insurance coverage online:

  • Examining the many insurance providers that provide 2 lakh coverage health insurance plans is a good place to start your research. You can choose the best plan that fits your needs and budget by comparing their costs, features, coverage options, and user reviews.
  • Choosing an insurance provider is the next step after getting a better understanding of the various health insurance plans that are available.
  • Visit the website of the chosen insurance company. Visit their health insurance section or use the search tool to find out more about their 2 lakh health insurance products.
  • Review the details of the provider's 2 lakh health insurance policy plans before deciding on one. Evaluate each one thoroughly by contrasting their costs, coverage, features, and exclusions.
  • If your health insurance provider has an online premium calculator, you may enter your age, desired level of coverage, and any additional riders or features to get an idea of your monthly cost.
  • Modification of the deductible level or the addition of some riders for specific coverage is one of the methods of customizing your plan with a few insurance providers. Customize your plan to meet your unique needs.
  • Moving on, submit the online application once you are settled on a plan and are certain about it. When submitting an application for health insurance, make sure to be as accurate as possible about yourself and your dependents.
  • As the underwriter demands, kindly forward the necessary documents including identification, residency certificate, age proof, and medical history.
  • Use a credit/debit card, mobile wallet, or net banking to make the payment of your health insurance premium. 
  • When your payment is finalized, you will receive a confirmation email. 

Eligibility Criteria to Buy a 2 lakh Health Insurance Policy?

Anyone with an excellent medical history may get the coverage. However, the typical age range is 18–65. The insurance company may also review the applicant's medical records before approving their policy as per the eligibility criteria to buy a 2 lakh Health insurance policy.

What are the Documents Required to Buy 2 lakh Health Insurance?

Here is the list of valid documents to buy 2 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.

Conclusion 

A 2 lakh health insurance policy provides crucial financial protection against unforeseen medical expenses. It covers a range of medical costs up to the policy's coverage level, including visits to the doctor, treatments, prescription medications, and hospital stays. Your premium might go up or down depending on factors including your age, health, the amount of coverage you need, and the insurance provider you choose. By familiarising oneself with the coverage, pricing, and claim procedures of a 2 lakh health insurance plan, one may safeguard one's health and money.

FAQs 

Do ₹2 lakh health insurance policies offer much coverage?

Basic medical expenses and hospitalization is covered by ₹2 lakh health insurance policies. But critical illnesses and surgeries are rarely covered. Also, a 2 lakh cover may not always be adequate. 

How much does 2 lakh medical insurance cost?

Usually, a ₹2 lakh medical insurance policy would have lower premiums than one with higher coverage limits. However, this may vary based on age, health condition, and the kind of coverage sought.

Who is qualified to purchase a 2 lakh health insurance policy?

Any Indian citizen, above 18 years of age, upto 65 years, who meets the insurer's underwriting requirements may buy a ₹2 lakh health insurance policy.

Is purchasing a health plan with Rs 2 lakhs sum insured beneficial?

It might be beneficial to get a health insurance policy with a sum insured of ₹2 lakhs to safeguard against ordinary medical expenses and provide financial security in an emergency.

Is COVID-19 treatment covered under a 2 lakh health insurance plan?

Depending on the policy's terms and conditions, a ₹2 lakh health insurance plan will usually cover the cost of COVID-19 therapy.

What is the grace period on a 2 lakh health insurance Plan?

The grace period for ₹2 lakh health insurance coverage usually falls between 15 and 30 days, however, it might differ from one insurer to another.

At what age can you buy a 2 lakhs Health Plan?

Individuals who are of eligible age, which is typically 18–65 years, can buy a ₹2 lakhs health plan.

Do you get tax exemption with ₹2 lakh health insurance policies?

The sum of ₹2 lakh paid for health insurance premiums is free from taxation according to Section 80D* of the Income Tax Act.

Is there the option to include riders in my ₹2 lakh health insurance policy?

Like many insurers, you may extend your ₹2 lakh health insurance policy with riders to cover situations like critical illness or accidental death.

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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.

ARN - MC/04/24/10521