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5 Lakh Health Insurance

As the ancient saying goes, a person's health is their wealth. For this reason, health insurance is vital to cover unexpected medical costs. One such insurance cover that works wonderfully for most working professionals is the 5 lakh health insurance. ...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

Calculate Premium
5 Lakh Health Insurance

What Is 5 Lakh Health Insurance?

5 Lakh Health Insurance
April 07, 2025

Table of Content

 

A health insurance plan with a coverage of 5 lakh safeguards the policyholder up to ₹5 lakh. The insured person's healthcare expenses may be reimbursed up to ₹5 lakh, according to the terms and conditions of their plan.

With 5 lakh of health insurance, you and your family can relax knowing that any unforeseen medical bills from an accident, minor injury, sickness, or other covered occurrence would be covered. Selecting enough health insurance that covers a fair amount will allow you to be financially ready for unforeseen medical expenses.

Benefits of Buying 5 Lakh Health Insurance?

The policyholder might have several advantages with a 5 lakh medical insurance coverage. Here are some potential benefits of buying a health policy with 5 Lakh sum insured:

  • Comprehensive Protection

A 5 lakh medical insurance policy could provide a decent amount of coverage for medical expenditures in the case of an unforeseen accident or illness.

  • Save Money

A policyholder may be able to save money on some of the more expensive medical treatments by having health insurance 5 lakh coverage.

  • Free Medical Care

Many insurance companies offer cashless treatment options. This means that policyholders may get medical treatment at participating hospitals without paying out of pocket.

  • Advanced Protection

Numerous 5 lakh health insurance policies cover various medical expenses, including inpatient stays, outpatient procedures, and doctor's visits.

  • Financial Benefits

The payment of 5 lakh for health insurance might result in tax benefits. Section 80D * of the Income Tax Act allows you to deduct 5 lakh health insurance premium payments from your taxable income.

  • Feeling at Peace

Having health insurance gives a lot of people a sense of safety and security. During times of illness or injury, when your main focus should be on recovering, it might be absolutely necessary.

Why do you need 5 lakh health insurance

So, why is a 5 Lakh health insurance plan needed? The current exorbitant cost of health care will continue to rise sharply in the years to come. Private medical treatment has been and always will be prohibitively costly. In light of this, you and your family must have health insurance. You can find your life and finances entirely upended by the costs of a hospital stay. 

Loss of income due to the breadwinner's sickness is another cause of financial and emotional stress. This is avoidable if you purchase a health insurance plan and make your monthly payments on time. Your insurance will cover any unexpected medical expenses. Your health requirements should precede the amount of health insurance you get, regardless of whether it's health insurance 5 lakh or more.

What’s Covered under a 5 Lakh Health Insurance Plan?

Here are what gets covered under a ₹5 lakh health insurance policy:

  • In-Patient Hospitalization Expenses

    • In-patient hospitalisation expenditures, including room rent, nursing fees, doctor's fees, intensive care unit costs, and surgical costs, are covered by a health insurance plan worth ₹5 lakh. When a policyholder is hospitalised for more than twenty-four hours, this coverage kicks in. By providing financial protection against costly medical procedures, the plan frees people from worrying about hospital fees so they can concentrate on their recovery. The terms and conditions of the insurance determine the coverage.

  • Pre- and Post-Hospitalization Costs

    • A ₹5 lakh health insurance plan also covers pre- and post-hospitalization expenses. Pre-hospitalization costs are paid, including prescription drugs, diagnostic testing, and doctor visits. Similar to this, post-hospitalization expenses, such as physiotherapy, follow-up appointments, and prescription medications, are covered for a certain amount of time, usually between 30 and 90 days, depending on the insurer's rules. This ensures a holistic approach to healthcare coverage.

  • Daycare Treatments

    • Due to improvements in healthcare, many medical operations no longer need 24-hour hospitalisation. Daycare treatments including cataract surgery, chemotherapy, dialysis, and other surgeries are covered under an ₹5 lakh health insurance plan. These treatments are covered without the need for lengthy hospital stays because they are finished in a few hours. This clause assists policyholders in obtaining essential medical care without having to pay hefty out-of-pocket costs.

  • Ambulance Fees

    • In the event of a medical emergency, ambulance services might be very expensive. Ambulance costs are usually covered by a ₹5 lakh health insurance plan, guaranteeing the insured prompt hospital transportation without financial strain. While some insurance offers reimbursement based on real expenditures, others place a cap on this coverage. This advantage guarantees that patients receive prompt medical care.

  • Diagnostic Imaging and Testing

    • Medical diagnostics, including blood tests, MRIs, CT scans, and X-rays, are essential for determining health problems. Diagnostic imaging and laboratory testing associated with approved therapies are covered under a 5 lakh health insurance plan. These tests can be costly, but if a patient has insurance, they can have the required exams without worrying about the cost, which guarantees prompt and precise medical care.

What’s Not Covered under a 5 Lakh Health Insurance Plan?

Things not included are:

  • Recontouring and augmentation

  • Expenses related to childbirth and pregnancy (unless specified differently in the policy)

  • Weight management and obesity therapy

  • Psychiatric and psychological care, including addiction therapy and other related disorders

  • Anti-HIV treatment

  • The cost of infertility solutions

  • Medical bills related to self-inflicted injuries or attempted suicide

  • Claims filed by entities situated outside the specified geographic region of the insurance

How Much Premium Do I Need to Pay to Buy the 5 Lakh Medical Insurance?

How much premium need to pay to buy the 5 Lakh Health policy? Get a good idea of how much your premium will be and read the fine print of your health insurance policy before you buy. Take, for example, a ₹ 5 lakh health insurance premium; this amount depends on a myriad of factors, including but not limited to your current age, medical history, lifestyle choices, and physical location. Comparing health insurance premiums for 5 lakh rupees reveals some variation between providers. The usual yearly cost of this health insurance policy is about ₹6,000.

Factors Which Can Affect the Rs 5 Lakh Health Insurance Premium

The following are certain factors that affect the premium of a ₹5 lakh health insurance plan:

  • Age of the Insured

    • Age has a big impact on a ₹5 lakh health insurance plan's premium. Since younger people are viewed as lower-risk customers, their rates are often cheaper. The chance of developing health issues grows with age, which raises rates. Insurance firms evaluate this risk factor and modify rates appropriately. Early health insurance purchase is advised to ensure reduced rates and long-term coverage benefits.

  • Medical History

    • The insurance premium is heavily influenced by a person's medical history. Due to the increased likelihood of claims, pre-existing diseases like diabetes, high blood pressure, or heart disease may result in higher premium rates. Additionally, certain insurance may have waiting periods before paying for certain conditions. Accurate health information must be provided when purchasing insurance in order to prevent claim disputes and guarantee seamless policy benefits.

  • Lifestyle Habits (Smoking & Drinking)

    • A higher insurance premium may result from unhealthy lifestyle choices like smoking and regular drinking practices. These behaviours raise the chance of developing major illnesses, including cancer, liver disease, and heart problems. When evaluating consumers, insurance companies take these things into account and may raise prices or place limitations on coverage. Leading a healthy lifestyle can improve general health and lower insurance premiums.

  • Location of the Policyholder

    • The health insurance premium is also influenced by the location of the policyholder. Due to the higher cost of hospital stays and medical treatments, those who live in metropolitan areas frequently pay higher rates. On the other hand, premiums may be reduced for people living in rural or smaller communities. This discrepancy results from regional variations in healthcare accessibility, infrastructure, and pricing.

Steps to Buying a 5 Lakh Health Insurance Plan Online

The most fundamental procedures for obtaining health insurance are as follows:

  • Research about different kinds of insurance available. 

  • Select the kind of health insurance policy that best suits your needs, whether it is an individual or family floater, and then decide on an insured amount of ₹5 lakh.

  • Please include your full name, email address, phone number, physical address, and medical history before clicking the "Buy Now" button.

  • Review the insurance details, 5 lakh health insurance premium, and terms and conditions.

  • Feel free to use any major credit card, debit card, or internet banking service to pay.

  • Following the receipt of payment, you will get a confirmation email that includes the policy document along with all other pertinent details.

  • You must carefully review the insurance policy's coverage, exclusions, and other details before paying for it. 

Eligibility Criteria to Buy a 5 Lakh Health Insurance Policy?

Potential policyholders often wonder what the minimum age is and whether they meet any additional criteria to get health insurance. 5 lakh health insurance premium are typically due at the age of 65 by the majority of insurance providers. After that age, health insurance is more costly and dangerous for everyone involved, making it harder to get coverage. Two of the most crucial factors in determining eligibility criteria to buy a 5 Lakh Health insurance policy are:

  • Prior health issues

Complete disclosure is required while requesting health insurance. Give detailed information about any medical issues you have a history of. Common colds, flu, and headaches do not fall within this category. Notify your health insurance company of any preexisting diseases, irregularities in your birth certificate, surgeries, or malignancies that have been treated. 

  • Age

Anyone over the age of 18 may easily obtain health insurance coverage. Seniors up to the age of 65 have the option to purchase individual health insurance.

What are the Documents Required to Buy 5 Lakh Health Insurance?

To get a 5 lakh insurance, the documents required to buy 5 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

A 5 lakh health insurance policy can provide a good foundation for your medical coverage needs, offering protection against many common hospitalizations and treatments. This sum insured can help you manage the costs of most medical emergencies without putting a significant strain on your finances.

Furthermore, to ensure complete protection for you and your loved ones, it's advisable to complement your health insurance with a suitable life insurance policy. By combining the financial security of life insurance with the medical coverage of a 5 lakh health insurance plan, you can create a well-rounded safety net that shields you and your family from the impact of untimely death, critical illnesses, hospitalizations, and other unforeseen circumstances.

FAQs on 5 Lakh Health Insurance 

What is the meaning of 5 Lakh health insurance?

Medical expenses up to 5 lakh rupees may be covered by a 5 lakh health insurance coverage for a covered condition or accident.

How much does 5 Lakh medical insurance cost?

The exact amount that a person's 5 lakh health insurance policy would cost depends on their age, health background, and coverage selections.

Who is qualified to purchase a 5 Lakh health insurance policy?

Assuming they meet the criteria, which typically include those without significant pre-existing conditions, anybody may receive 5 lakh health insurance.

Is purchasing a health plan with a Rs 5 lakh sum insured beneficial?

A health plan with an insured sum of Rs 5 lakh can be a solid alternative if you need substantial coverage for medical expenditures and financial protection in case of an unexpected health catastrophe.

What are 5 lakh health insurance benefits?

A 5 lakh health insurance coverage may often cover treatment for COVID-19. However, this varies from policy to policy.

What is the grace period on a 5 Lakh health insurance Plan?

With a 5 lakh health insurance plan's grace period, policyholders may pay up to 30 days beyond the due date without penalty.

At what age can you buy a 5 lakh Health Plan?

A 5 lakh health plan may be purchased by individuals at any age, often starting at 18, but different insurers may have different age restrictions.

Does 5 lakh Health Plan offer any value-added services?

A few examples of value-added services that around 5 lakh health plans may provide include wellness programs, health checks, telemedicine consultations, and healthcare savings.

If I buy 5 lakh health insurance, is there any limit on how much I can claim in one go?

There is no limit on how much you may claim from a 5 lakh health insurance policy at once, but the total sum insured is the highest you can get over the policy's term.

What Are ₹5 Lakh Health Insurance Benefits?

Financial protection against medical situations is offered by a ₹5 lakh health insurance plan, which covers diagnostic testing, hospitalisation, nursery expenses and ambulance fees. It covers pre- and post-hospitalisation expenditures, guarantees access to high-quality healthcare, and lowers out-of-pocket costs. Policyholders enjoy tax advantages under Section 80D*, cashless care at network hospitals, and the assurance that their medical costs are paid for.

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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 - ED/03/25/22523