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20 Lakh Health Insurance

In today's uncertain world, where numerous health risks exist and medical expenses continue to escalate, comprehensive health insurance coverage is more of a necessity than a luxury. In the case of a medical emergency, having 20 lakh health insurance might provide significant financial protection, especially if there is a family history of certain diseases. ...Read More

Explore the range Health Plans by HDFC Life to cover your medical expenses
With Health plans from HDFC Life you can opt for medical insurance at affordable rates

  • A Wide Network of More Than 10000 Hospitals

    10,000+ network hospital in India

  • Covers 18 Types of Heart Diseases

    Covers 18 types of heart diseases

  • Cover of Rs 10 Lakhs

    Cover of Rs.10 lakh for ₹ 5/Day1

  • No Medicals Required

    No Medicals Required

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20 Lakh Health Insurance

20 Lakh Health Insurance

20 Lakh Health Insurance
July 24, 2024

Table of Content

 

What Is 20 Lakh Health Insurance?

A 20 Lakh health insurance can cover medical expenses up to 20 lakh rupees. This comprehensive health insurance plan will cover your hospital stay, including room and board, medical treatments, ICU expenses, and surgical procedures. Additionally, the coverage will pay for any consultations, prescriptions, or diagnostic tests necessary before, during or after the hospital stay.

Insurance covers many medical expenses. You can also check if your policy or additional riders help cover expenses related to organ donation, child care, and alternative medicine (AYUSH, for example). l also cover costly medical treatment, even for severe ailments, so you and your loved ones can relax on the expenses front.

Benefits of Buying 20 Lakh Health Insurance?

Some of the benefits of buying a health policy with 20 Lakh sum insured include:

  • Comprehensive Protection for Medical Expenses

    • By paying a 20 lakh medical insurance premium, you are adequately covered for most medical expenses: doctor's visits, specialist consultations, diagnostic tests, ambulance expenses, hospital stays, surgeries, and more. Often, the costs to recuperate from severe illnesses are high, and a 20 Lakh health insurance helps cover them well. With such coverage, policyholders need not worry about the financial upheaval caused by medical emergencies.

  • Cashless Medical Treatment

    • A 20 Lakh Health Insurance plan offers the invaluable benefit of cashless medical treatment. With tie-ups with multiple hospitals your policy helps you avail the necessary healthcare services without worrying about upfront payments. This convenience enables you to focus solely on your recovery, knowing that your insurance coverage has your medical expenses taken care of.

  • Spending on Pre- and Post-Hospitalization

    • Some health insurance policies may pay for medical expenses before and after a hospital stay, often for up to 60 days.

  • Tax Benefits

    • Health insurance premiums may be deducted under section 80D * of the Income Tax Act. Family members may also claim their parents' health insurance premiums as a tax deduction, which helps save tax.

  • Alternative Treatment Choices

    • Alternative health practices such as Ayurveda, Siddha, Homeopathy, Yoga, and Acupuncture are often used to alleviate health issues. Health insurance policies may often cover alternative treatment expenditures, subject to policy limits.

Need for 20 Lakh Health Insurance

If you are wondering “why is a 20 Lakh health insurance plan needed?”, here are some points to remember:

  • The cost of medical treatment, both now and in the future, is too high. Private healthcare has, and always will be an expensive option. In light of this, you and your family must have health insurance that covers adequately.
  • Prudent financial planning is important no matter what age you are. Having a 20 Lakh health insurance protects your investments even when you are facing a medical emergency. You need not break investments to cater for an illness as the insurance cover takes care of this.
  • Loss of income due to the breadwinner's sickness is another cause of financial and emotional stress. The insurance cover significantly takes care of that.

What’s Covered under a 20 Lakh Health Insurance Plan?

The things covered under a 20 Lakh health insurance are:

  • Hospitalization Medical Expenses

    • Like any other health insurance plan, it quickly covers hospital expenditures, including room stays, Intensive Care Unit (ICU) fees, investigations, surgery, doctor visits, and more.

  • Services for Mental Health

    • It covers the costs of mental illness and related hospitalizations because mental healthcare is just as important as healthcare for bodily diseases and injuries.

  • Insured Rebound Amount

    • With this benefit, your health insurance will be reinstated to its original amount, even after you have made a claim. This way, the policyholder gets continued protection against medical expenses, maintaining coverage and financial peace of mind.

  • Organ Donation

    • Medical procedures involving organ donation are complex and expensive. A 20 Lakh Health Insurance plan may cover organ donation or have a rider to cover it, including the donor's medical expenses and hospitalisation fees. This coverage ensures that individuals undergoing organ donation are relieved of financial burdens.

  • Rehabilitation Costs

    • Rehabilitation costs, including physiotherapy and other therapeutic services aiding recovery from injuries or surgeries. By covering rehabilitation costs, the insurance plan supports individuals in achieving optimal health and well-being post-treatment.

  • Alternative Treatment Benefits

    • These therapies like Ayurveda, Homeopathy, AYUSH and Naturopathy may be covered by your insurance plan. Coverage for these complementary treatments helps policyholders have access to diverse healthcare options tailored to their individual needs.

What’s Not Covered under a 20 Lakh Health Insurance Plan?

Certain expenses may not be covered by a 20 lakh health insurance plan, including:

  • Treatment for substance abuse or alcoholism.
  • Non-medical expenses like phone bills or transportation costs.
  • Cosmetic procedures undertaken without medical necessity.
  • Experimental or unproven treatments.
  • Costs stemming from self-inflicted injuries or attempted suicide.
  • Management of congenital diseases or pre-existing conditions not specified in the policy.

How Much Premium Do I Need to Pay to Buy the 20 Lakh Medical Insurance?

As a general rule, higher coverage amounts entail higher premiums. However, this depends upon various factors, including age, medical history, and the insurance provider's underwriting criteria.

Therefore, depending on the insurer and policy terms, the yearly cost of a 20 lakh health insurance plan for a non-smoker 30 years old may range from ₹7,000 to ₹12,000. You can use a premium calculator to get a rough estimate of the premium for 20 lakh health insurance.

Factors Which Can Affect the 20 Lakh Health Insurance Premium

Several factors might impact the health insurance premium for 20 lakh health insurance including:

  • Age: Rates are often greater for the elderly because of their heightened susceptibility to health issues.
  • Medical condition: You may have to pay a higher premium for 20 lakh health insurance if you have any pre-existing illnesses on your medical record.
  • Risk: Based on the insurance provider's underwriting criteria, people who lead risky lifestyles, or those who smoke and drink regularly, may end up paying a higher premium for 20 lakh health insurance.
  • Cost of treatment: Premiums might fluctuate depending on factors, including the cost of medical treatment in different cities and localities.
  • Deductibles: If you have chosen higher deductibles in your plan your premium is likely to come down.
  • Copayment: if you are willing to partly bear the medical expenses as part of co-payment option, your premium will come down.

Steps to Buying a 20 Lakh Health Insurance Plan Online

Here is a comprehensive guide on steps to buying a 20 Lakh medical insurance plan online:

  • Compare and review different health insurance providers and their plans.
  • Consider factors such as wait time, coverage for pre-existing diseases, the cost of the 20 lakh medical insurance premium, hospitals in the network, and overall coverage.
  • As you consider your healthcare needs, consider your present health status, any medical history in your family, and the impact of your lifestyle choices.
  • Verify the insurance company's reliability and trustworthiness. Look at its ratings, reviews, and comments to ensure its dependable and great customer service.
  • Please read the policy language carefully to understand your coverage details, including any waiting periods, submissions, or co-payment requirements.
  • You can use an online premium calculator to get a general idea of your 20 lakh medical insurance premium cost.
  • Once you've settled on a plan, go over to the insurer's website and fill out the online application form with the correct personal and medical details.
  • All required documents must be scanned and submitted. These documents should include identity, proof of residency, proof of age, medical history, etc.
  • Check each application for accuracy and completeness.
  • Verify that you have carefully examined the insurance details, premium, and coverage information before submitting a payment.
  • Use whatever method is most convenient for you to pay the 20 lakh medical insurance premium — net banking, a digital wallet, or a credit/debit card.
  • After the payment is finalised, you will get the insurance papers by email or the insurer's website.

What are the Documents Required to Buy 20 Lakh Health Insurance?

The documents required to buy 20 Lakh medical insurance include:

  • 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.

Eligibility Criteria to Buy a 20 Lakh Health Insurance Policy?

The eligibility criteria to buy a 20 Lakh Health insurance policy vary among insurance providers but generally include the following:

  • Applicants may need to have a clean record with no adverse history of insurance claims or fraud.
  • Most insurers have a minimum and maximum age limit for policyholders. Generally, individuals between 18 and 65 years old are eligible.
  • Some insurers may have income criteria to ensure that the policyholder can afford the premium for 20 lakh health insurance.
  • Insurance companies may require applicants to disclose their medical history. Pre-existing conditions or certain medical histories might affect eligibility or premium rates.
  • The insured must be a resident of the country where the insurance policy is being purchased.
  • Applicants need to provide identification documents and any other necessary paperwork as per the insurer's requirements.
  • Insurance providers may conduct medical underwriting to assess the applicant's health risk, which can influence eligibility and premium rates.

Conclusion

A 20 lakh health insurance policy provides a substantial level of coverage, ensuring that you and your family are well-protected against the financial burden of medical emergencies. With this sum insured, you can confidently tackle most hospitalizations and treatments without worrying about the costs depleting your savings or compromising your financial goals.

It's important to note that while a 20 lakh health insurance policy offers extensive coverage, it may not address all aspects of your financial well-being. To ensure comprehensive protection for you and your loved ones, it's wise to consider combining your health insurance with an appropriate life insurance policy.

By integrating the financial security provided by life insurance with the robust medical coverage of a 20 lakh health insurance plan, you can establish a strong safety net that safeguards you and your family from the financial impact of untimely death, critical illnesses, hospitalizations, and other unforeseen events.

FAQs on 20 Lakh Health Insurance

How much does a 20 Lakh medical insurance cost?

The 20 lakh medical insurance plan rate might vary based on factors such as age, health condition, coverage preferences, and insurance provider.

Who is qualified to purchase a 20 Lakh health insurance policy?

All citizens of India, aged between 18-65 years who pass the insurance provider's underwriting criteria are eligible to buy a 20 Lakh health insurance.

Is purchasing a health plan with Rs 20 Lakhs sum insured beneficial?

With a total insured of 20 lakhs, a health plan provides comprehensive coverage for medical expenditures, including hospitalisation, surgeries, and treatments. The insured and their family are better protected financially in case of unforeseen medical expenses.

Is COVID-19 treatment covered under a 20 Lakh health insurance plan?

Almost all health insurance plans, even those with a total insured of 20 lakh, will cover COVID-19 treatment, provided that the policy's terms and conditions allow it. Since COVID-19 coverage may vary across insurers, it is important to review your policy documents for exact details.

What is the grace period on a 20 Lakh health insurance Plan?

When you renew your 20 lakh health insurance policy beyond the due date, you won't lose coverage because of the grace period. During the grace period, which usually lasts for fifteen to thirty days, your policy will continue to protect you, but it will not pay for any new claims.

At what age can you buy a 20 Lakhs Health Plan?

The age limit for buying a 20 lakh health insurance plan is set by the insurer's policy terms and conditions. Although the specific age requirement could vary from insurer to insurer, everybody over 18 is eligible to acquire health insurance.

Does 20 Lakhs Health Plan offer any value-added services?

Yes. 20 lakhs health insurance plans come with extras like wellness programs, health screenings, telemedicine consultations, and savings on healthcare products and services. The health advantages of the insurance coverage are improved by these treatments.

If I buy 20 Lakhs health insurance is there any limit on how much I can claim in one go?

The maximum amount that most health insurance policies will let you claim at once is called the sum insured. The maximum benefit amount for a health insurance policy with a 20 lakh plan may be anything from 20 lakhs to less than that, depending on the policy and any limitations placed on certain medical treatments or prices.

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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/04/24/11088