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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

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Health Insurance Plans

5 Lakh Health Insurance

Health Insurance in Bangalore
July 25, 2024

Table of Content

 

What Is 5 Lakh Health Insurance?

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:

  • Overly Protective Measures

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.

  • Conserve Funds

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.

  • Sophisticated Defense

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

  • Advantages in the Financial Domain

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.

Need for 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?

Your insurer, the policy you choose, and the policy's terms and conditions will determine the exact extent to which a 5 lakh health insurance plan covers you. Typical components of a 5 lakh rupee health insurance policy include:

  • Spending on medical care for a patient who spends at least one day in a hospital is called in-patient hospitalization expenses. These costs are often covered by health insurance plans, such as a 5 lakh plan.

  • "Pre- and post-hospitalization costs" refer to the total of a patient's healthcare expenditures, both before and after hospital admission. A 5 lakh health insurance plan often covers these expenses.

  • Medical operations or treatments that may be completed in a few hours and do not need spending the night in the hospital are known as daycare treatments. Your 5 lakh insurance covers the cost of these. 

  • Ambulance fees cover the expenses of transporting a patient from an accident site to a hospital or from one hospital to another. These expenses are often covered by a 5 lakh health insurance plan.

  • Several diagnostic imaging and testing medical evaluations are also covered under the policy.

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 5 Lakh Health Insurance Premium

There are a lot of variables that could impact the 5 lakh medical insurance premium. The following factors may influence the premium:

  • The insured's age is a significant factor in determining the 5 lakh medical insurance premium. Younger individuals may pay lower rates than older ones because the risk of getting a sickness or other health concern increases with age.

  • A person's medical history may also have an impact on their insurance price. People with health conditions that have been present for a while may have to pay more for their insurance.

  • If you smoke and drink too much, you increase your chances of developing health problems and might end up paying more for health insurance.

  • Policyholder location is another factor that could impact the premium amount. 5 lakh medical insurance premium for city people could be higher than those for rural residents.

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.

Is COVID-19 treatment covered under a 5 Lakh health insurance plan?

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.

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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/05/24/11350