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25 Lakh Health Insurance

Given the skyrocketing cost of medical treatment, it is more important than ever to have adequate health coverage. Complete security and a substantial financial cushion are intended to be provided by the 25 Lakh Health Insurance plan to make sure that individuals and families can handle health concerns without being overwhelmed by exorbitant medical expenses.  ...Read More

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25 Lakh Health Insurance

25 Lakh Health Insurance

25 Lakh Health Insurance
July 25, 2024

Table of Content

 

What Is 25 Lakh Health Insurance?

A 25 Lakh Health Insurance policy covers up to 25 lakh rupees for medical expenses incurred due to illness, injury, or hospitalisation. This type of health insurance offers a higher coverage limit than standard policies. Thus, it offers more extensive financial protection against healthcare costs.

With a 25 Lakh Health Insurance plan, individuals and families can access a broader range of medical services and treatments.  This level of coverage offers peace of mind and financial security without worrying about substantial out-of-pocket expenses.

Benefits of Buying 25 Lakh Health Insurance?

Some of the benefits of buying a health policy with 25 Lakh sum insured include:

Comprehensive Coverage

A 25 lakh health insurance policy covers hospitalization, operations, treatments, and prescriptions. With this coverage, you won't have to worry about how you'll pay for high-quality medical treatment.

Peace of Mind

You can better manage unforeseen medical expenses and diseases with 25 lakhs sum assured. This helps protect your resources and prevents financial hardship. You may rest easy knowing that your assets and money are protected from the astronomical expense of healthcare thanks to this coverage.

Healthcare Accessibility

An expanded network of hospitals, clinics, and doctors, including premier centers and specialists, becomes available with higher coverage levels. Regardless of your financial situation, you have the freedom to choose the highest quality medical care that meets your needs.

Insurance for Serious Illnesses

Critical diseases including cancer, heart disease, stroke, and organ failure are also covered by 25 lakh health insurance riders. This added option safeguards your finances against expensive medical care.

Tax advantage

You may save more money by claiming your 25 lakh health insurance premium as a tax deduction under Section 80D* of the Income Tax Act.

Need for 25 Lakh Health Insurance

So, why is a 25 Lakh health insurance plan needed? Given the current economic situation and the rapidly increasing medical inflation rate, it is legitimate to say that health insurance is necessary.

With health insurance, you and your loved ones are better protected in case of a medical emergency. It not only helps protect your investments but also enables you to continue saving for the future.

The amount of health insurance you pick will depend on your financial circumstances and the coverage you require. However, a health insurance coverage of 25 lakh, adequately covers you in case of medical emergencies.

What’s Covered under a 25 Lakh Health Insurance Plan?

Here are the things covered under 25 lakh health insurance:

  • Payment for room, intensive care unit fees, nursing expenses, and anything else related to the hospitalization.
  • Payment for doctor visits, prescription drugs, x-rays, and other medical services.
  • Payment for services rendered by doctors, diagnostic tests, and prescription drugs both before and after hospitalization.
  • Coverage for medically required procedures that do not need round-the-clock hospitalization.
  • The cost of the ambulance ride to the hospital in the event of an emergency.
  • Organ transplants and all associated medical expenditures, including those of the donors.
  • Prenatal care, labor and delivery, and postpartum care for mother and child are all aspects of maternity and infant care that are covered by health insurance.
  • Protection against cancer, cardiovascular disease, stroke, renal failure, and major organ transplant procedures.
  • Ayurveda, homoeopathy, and unani are examples of alternative therapies that may be covered by the coverage

What’s Not Covered under a 25 Lakh Health Insurance Plan?

Here are the things not covered under 25lakh health insurance plan:

  • Health insurance policies will not pay for cosmetic operations or treatments.
  • Expenses that have nothing to do with medical care, including personal comfort goods, phone bills, and television bills while in the hospital, will not be reimbursed.
  • Health insurance plans do not pay for regular dental checkups, corrective lens implants (unless an accident causes permanent vision loss), or prescription eyewear.
  • Policy may not pay for medical bills incurred as a result of injuries received while engaging in risky activities like professional sports, adventure sports, or criminal activities.
  • Unless otherwise stated in the policy, coverage for the treatment of birth defects and congenital disorders may not be provided.
  • Treatments that have not been authorized by medical authorities, such as those that are experimental or have not been verified, may not be covered.
  • Hospitalizations that are mainly performed for diagnostic purposes or for causes that do not need active medical treatment may not be reimbursed by health insurance.

How Much Premium Do I Need to Pay to Buy the 25 Lakh Medical Insurance?

A 25 lakh health insurance premium can vary depending on various factors. These include the insured individual's age, medical history, lifestyle, chosen coverage options, and the insurance provider's underwriting criteria.

Generally, higher coverage amounts mean higher premiums. To determine the exact premium amount, it is best to request quotes from different insurance companies. You can also use a premium calculator or consult an insurance agent for customised solutions and estimates.

Factors Which Can Affect the 25 Lakh Health Insurance Premium

Some of the factors affecting your 25 lakh health insurance premium are:

  • Age: Younger individuals are less likely to have health issues. Therefore, their premiums tend to be less expensive than those of older people.
  • Coverage: Greater coverage or the sum insured incurs a higher premium.
  • Riders and options: Premiums might be affected by coverage additions such like as critical illness rider, wellness programs, maternity coverage, family floater, and individual policies.
  • Health issues: People with health problems, previous procedures, or disorders may have to pay more for insurance, and they are more likely to need medical care in the future.
  • Risk: Premium may rise due to lifestyle habits of smoking, heavy alcohol use, and participation in risky activities.
  • Cost of medical care: Regional differences in healthcare costs and availability may affect premiums.
  • Claims: Insurance companies may charge a higher 25 lakh health insurance premium to individuals with a history of claims because they consider them a higher risk.
  • Term: Longer insurance terms may result in higher premiums due to inflation and increased risk over time.

Steps to Buying a 25 Lakh Health Insurance Plan Online

Follow these steps to buying a 25 Lakh medical insurance plan online:

  • Research for the best options in terms of reliable health insurance providers offering 25 lakhs coverage.
  • Compare several plans, the costs, coverage, features, network hospitals, and user reviews.
  • Book a consultation with an insurance agent of the company or companies you have shortlisted. Ask in detail about the coverage, exclusions, and waiting periods, or the policy terms and conditions.
  • Use the insurer's online premium calculator to get a rough idea of your 25 lakh health insurance premium.
  • Complete the online application form by correctly and honestly entering all details including those about your health.
  • Scan and submit your identity proof, proof of residency, proof of age, and medical records.
  • Digital wallets, net banking, and credit/debit cards are among the secure alternatives available for premium payment.
  • After the payment is made you will get the insurance papers either by email or the insurer's website.
  • Read the policy documents carefully to ensure accuracy.

Eligibility Criteria to Buy a 25 Lakh Health Insurance Policy?

People between the ages of 18 and 65 can buy health insurance 25 lakhs policy. However, the minimum age required by insurance providers may vary. Insurance firms utilize medical underwriting to assess a policyholder's eligibility for coverage by reviewing their medical history as a part of eligibility criteria to buy a 25 Lakh Health insurance policy.

A person's pre-existing conditions may affect their premium rates and eligibility. Insurance companies want accurate information from policyholders, so it's important that they provide the right paperwork, such as proof of age, proof of residency, and identification. Some insurance companies use financial stability metric to figure out if a policyholder can really afford to pay their premiums over the life of the policy.

What are the Documents Required to Buy 25 Lakh Health Insurance?

The documents required to buy 25 Lakh medical insurance includes:

  • 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

A 25 lakh health insurance policy offers substantial coverage, providing you and your loved ones with comprehensive protection against various medical emergencies. This higher sum insured ensures that you can tackle even the most expensive hospitalizations and treatments without putting a strain on your finances.

However, it's essential to remember that while a 25 lakh health insurance policy provides extensive coverage, it may not cover all aspects of your financial well-being. To ensure complete protection for you and your family, consider combining your health insurance with a suitable life insurance policy.

By integrating the financial security of life insurance with the comprehensive medical coverage of a 25 lakh health insurance plan, you can create a robust safety net that shields you and your loved ones from the impact of untimely death, critical illnesses, hospitalizations, and other unforeseen circumstances.

FAQs on 25 Lakh Health Insurance

How much does 25 Lakh medical insurance cost?

The rate for a 25 lakh health insurance policy could vary based on your age, health condition, coverage preferences, and insurance provider. More broad coverage often comes with a higher premium. It is wise to go about and compare insurance prices to get the greatest offer.

Who is qualified to purchase a 25 Lakh health insurance policy?

If you meet the provider's standards, you may get a health insurance policy for 25 lakh. often, individuals are eligible for health insurance after they reach a certain age, often 18 years old. The qualifying conditions, however, may vary throughout insurance providers.

Is purchasing a health plan with Rs 25 Lakhs sum insured beneficial?

With an amount insured of 25 lakhs, a health plan provides comprehensive coverage for medical expenditures, including hospitalization, operations, and treatments. It's a wise decision. The insured and their family are better protected financially in case of unforeseen medical expenses.

Is COVID-19 treatment covered under a 25 Lakh health insurance plan?

Most health insurance coverage do cover COVID-19 treatment, as long as it is covered under the policy. Coverage amounts up to 25 lakh are included in these plans. 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 25 Lakh health insurance Plan?

The grace period for a 25 lakh health insurance plan is the additional time that the insurer gives to renew the policy beyond the due date without affecting coverage. 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 25 Lakhs Health Plan?

The policy terms and conditions of the insurer decide the age minimum for acquiring a 25 lakh health insurance plan. Although the specific age requirement could vary from insurer to insurer, everybody over the age of 18 is eligible to acquire health insurance.

Does 25 Lakhs Health Plan offer any value-added services?

Many 25 lakhs health insurance plans include 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 25 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. A 25 lakh health insurance plan's maximum claim value is 25 lakhs, plus any sub-limits that may be imposed for certain medical treatments or expenditures. The policy's terms and conditions will govern all of this.

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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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Author Profile Written By:
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/04/24/10526