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3 Lakh Health Insurance

Your health is undeniably an invaluable possession. When you take care of your health, you can relax. You need not necessarily be unwell to plan for a medical emergency in life. It is best to be proactive and cater to future healthcare needs with a health insurance cover. With a 3 lakh health insurance, you may safeguard your physical well-being and financial security.

So, let’s learn about what it is, things included and not included in a 3 lakh health insurance policy, how much premium you need to pay to buy the 3 Lakh Health policy, the claim process for 3 lakh health insurance and much more in the article below. 

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3 Lakh Health Insurance

What Is 3 Lakh Health Insurance?

3 Lakh Health Insurance
May 30, 2024

Table of Content

 

A 3 lakh health insurance refers to a health insurance policy that offers coverage of up to 3 lakh rupees. This means the insurance company will cover medical expenses up to 3 lakh rupees for eligible treatments and services. Any expenses beyond that limit would have to be paid out of pocket. You can, however, have additional coverage or a higher coverage limit to cater to expenses beyond 3 lakhs.

Benefits of Buying 3 Lakh Health Insurance

Some of the benefits of buying a health policy with 3 Lakh sum insured are: 

  • A 3 lakh health insurance policy may be more manageable for individuals and families on a restricted budget than those with more coverage. In general, rates will be cheaper for less extensive coverage.
  • A patient's out-of-pocket expenses for many procedures, treatments, prescription medications, and hospital stays might be covered by a 3 lakh cover. 
  • In the case of unexpected medical emergencies, such as an accident or sickness, a 3 lakh coverage may provide crucial and immediate financial support.
  • With a safety net to assist with unforeseen medical bills, you and your loved ones may relax and enjoy life more.

Need for 3 Lakh Health Insurance

So, why is a 3 Lakh health insurance plan needed? The need for 3 Lakh Health Insurance Policy includes: 

  • One example of an unexpected event that might cause a medical emergency is an accident or a sudden sickness. Having a 3 lakh health insurance coverage may assist with the cost of any emergency treatments, such as hospitalization or surgery.
  • For low-income families or individuals, a 3 lakh health insurance coverage may be more affordable than more extensive policies. Striking a balance between premium prices and coverage advantages provides critical financial security without straining budgets.
  • Health insurance opens up a person's options for medical treatment, including a network of physicians and hospitals. Having this access may be helpful in an emergency, enabling you to get medical care quickly without worrying about immediate payment.
  • Screenings, vaccines, and exams are all considered preventative care and are covered by specific health insurance policies. These services are essential for overall health and early disease identification to prevent future expensive and time-consuming medical treatments.

What is Covered under a 3 Lakh Health Insurance Plan?

Some things that are covered under a 3 lakh health insurance plan are: 

  • The costs associated with a patient's stay in a hospital, such as meals, lodging, medical treatment, the critical care unit, and any necessary surgeries.
  • Medical expenses including - doctor's appointments, diagnostic tests, prescription drugs, and any treatments needed to address a medical issue. 
  • A 3 lakh health insurance plan will cover necessary medical operations like dialysis, chemotherapy, and cataract surgery, even if they do not need a 24-hour stay.
  • Some insurance options include coverage for preventive healthcare services such as screenings, vaccines, and checkups.
  • The insurance may include coverage for alternative therapies such as Ayurveda, Homeopathy, and Unani.
  • Some insurance plans will pay for the donor's expenses and any other expenditures related to organ transplantation if they are covered.
  • Prenatal and postoperative care, delivery fees, and the cost of a baby are some of the expenses that particular health insurance plans cover for expecting mothers.

What’s Not Covered under a 3 Lakh Health Insurance Plan?

Some things that are not covered under a 3lakh health insurance plan are: 

  • If the insurance is bought after the policyholder has already spent money on treatment for a pre-existing condition, coverage for that treatment may not be possible. However, there is a grace period before coverage begins.
  • Some medical operations and diseases are expressly not covered by the insurance, such as cosmetic surgery, infertility treatments, and non-allopathic therapies.
  • Medical professionals not part of an insurance company's preferred provider network could only be paid if it's indispensable.
  • The policyholder may be required to pay a specific sum before the insurer starts to pay anything, known as the deductible. The policyholder may also be required to pay a percentage of the medical bill, known as the co-payment, which may vary from policy to policy.
  • Caregivers' non-medical expenditures, such as transportation, food, and housing, are often not reimbursed.
  • Expenses related to treatments not deemed conventional medical practice, including experimental or investigative procedures, could not be reimbursed.
  • Injuries caused by the patient's actions or resulting from suicide ideation or behavior are usually not covered by insurance.

How Much Premium Do I Need to Pay to Buy the 3 Lakh Medical Insurance?

With the 3 lakh medical insurance premium, which begins as low as ₹237/month, taking care of your health becomes even more inexpensive. Remember that the premium for ₹3 Lakh health insurance is greatly affected by variables like age, lifestyle choices, domicile, medical history, and so on.

Factors Which Can Affect the 3 Lakh Health Insurance Premium

A 3 lakh health insurance plan's pricing might fluctuate for various reasons. Insurance firms consider several factors to assess risk before offering coverage to individuals or groups. Here are some of them: 

  • Insurance rates for the elderly tend to be higher since they are statistically more prone to get ill and need medical attention.
  • Persons having a history of chronic diseases or previous medical issues may face a higher 3 lakh medical insurance premium compared to healthy persons because of the increased likelihood of medical care being necessary for these individuals.
  • Premiums may go up due to lifestyle choices that increase the likelihood of health issues, such as smoking, excessive alcohol use, or engaging in risky activities.
  • Sometimes, a person's premiums may be affected by their gender. For example - women may pay more for their premiums if they get maternity coverage.
  • Since healthcare expenses vary by region, those who live in areas with higher medical expenditures may have to pay more for their 3 lakh medical insurance premium.
  • The amount and coverage you choose might impact your premiums. Policies may have higher rates if they provide greater coverage, whether that's via lower deductibles or other perks.

Steps to Buying a 3 Lakh Health Insurance Plan Online

So, what are the steps to buying a 3 Lakh medical insurance plan online? Read the steps below. 

  • Get to know about many health insurance options available online by doing some research. Compare their features, coverage, prices, and customer reviews to make an educated selection.
  • Several insurance firms have websites where you may get rates for health insurance. 
  • The next step is to examine the health insurance policies offered by each insurance provider you've narrowed your options to. Seek one that meets your requirements and provides an insured amount of three lakhs.
  • Several insurance websites provide online 3 lakh health insurance premium calculators. You may use these tools to estimate your health insurance premium by entering your age, desired coverage type, and additional riders.
  • After you've decided on a plan, you should fill out the insurance company's application online.
  • Before making a purchase, carefully review the policy's terms and conditions and any other small print. Thoroughly review the insurance and jot down any crucial details, such as coverage limitations, exclusions, waiting periods, and more.
  • Insurance firms allow many different payment options, including digital wallets, internet banking, debit cards, and credit cards.
  • You will be notified by email or text once your insurance purchase is confirmed and your money is received. This confirmation may include the policy number, the start date of coverage, and the receipt for premium payments.

Eligibility Criteria to Buy a 3 Lakh Health Insurance Policy?

Insurers and policy details could cause the minimum and maximum amounts needed to buy a 3 lakh health insurance coverage to vary. In general, however, you need to meet these eligibility criteria to buy a 3 Lakh Health insurance policy: 

  • Health insurance plans are available for purchase within a specified age range. The minimum age is 18. 
  • Before they provide coverage, insurance firms may inquire about previous health conditions or even demand a physical. 
  • Prerequisite income may be imposed by specific health insurance plans, depending on the policy type or 3 lakh health insurance premium category.
  • In most cases, people may only get health insurance if they are citizens or permanent residents of the country where the coverage is bought. 
  • Remember to read the fine print about dependent coverage when purchasing a family health insurance policy. 

What are the Documents Required to Buy 3 Lakh Health Insurance?

The documents required to buy 3 Lakh medical insurance could vary depending on the insurance provider and the specifics of the policy. However, these papers are often requested:

  • 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:

While a 3 lakh health insurance policy can provide valuable coverage, it may not be sufficient for all your health protection needs. To ensure you and your loved ones are comprehensively protected.

By combining the financial security of life insurance with the medical coverage of health insurance can help you shield yourself and your loved one’s from the impact of untimely death, critical illnesses, hospitalizations, and more. You can gain peace of mind knowing that you and your family will be protected through life's uncertainties.

FAQs 

Do ₹3 Lakh health insurance policies offer much coverage?

Health insurance plans that cost ₹3 Lakh provide basic coverage and are suitable for ordinary medical bills, but they may not cover everything.

How much does 3 Lakh medical insurance cost?

The price of a 3 Lakh health insurance coverage may vary from moderately affordable to reasonably expensive, depending on criteria including age, health history, and insurance provider.

Who is qualified to purchase a 3 Lakh health insurance policy?

A 3 Lakh health insurance coverage may be purchased by any adult (often between 18 and 65) who does not possess a prior illness or a criminal record and falls within the given age range.

Is purchasing a health plan with Rs 3 Lakhs sum insured beneficial?

Having health insurance covering three million rupees will provide you with the peace of mind and financial stability you need in the case of a medical emergency.

Is COVID-19 treatment covered under a 3 Lakh health insurance plan?

An insurance policy with a monetary value of 3 Lakh should pay for the expenses associated with treating COVID-19, provided that the policy's terms and conditions and any specific limitations regarding infectious illnesses or pandemics are met.

What is the grace period on a 3 Lakh health insurance Plan?

For a 3 Lakh health insurance plan, customers typically have 15 to 30 days beyond the due date to pay payments without losing coverage.

At what age can you buy a 3 Lakhs Health Plan?

A 3 Lakhs Health Plan is available to everyone who is at least eligible; however, various insurers may have varying age limits.

Do you get tax exemption with ₹3 Lakh health insurance policies?

You may earn more money by claiming your health insurance premiums paid up to ₹3 Lakh as a tax deduction under Section 80D * of the Income Tax Act.

Is there the option to include riders in my ₹3 Lakh health insurance policy?

Since most insurers provide riders, policyholders may augment their ₹3 Lakh health insurance with extra features like maternity benefits or critical illness protection.

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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/04/24/10522