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50 Lakh Health Insurance

In today's world, health insurance plays a crucial role in safeguarding against unforeseen medical expenses. A 50 Lakh Health Insurance policy provides substantial coverage, offering financial security against rising healthcare costs. This policy ensures individuals and families have access to extensive medical coverage, promoting peace of mind and well-being. ...Read More

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Health Insurance Plans

50 Lakh Health Insurance

50 Lakh Health Insurance
July 25, 2024

Table of Content

 

What Is 50 Lakh Health Insurance?

A 50 Lakh Health Insurance policy provides coverage up to 50 lakh rupees. This is substantial coverage for medical expenses borne due to illness, injury, or hospitalisation. It ensures individuals and families can access extensive medical treatments without significant financial burdens.

With a 50 Lakh Health Insurance plan, policyholders can avail themselves of the best in-line healthcare services, including hospitalisation, surgeries, diagnostic tests, and medications. This level of coverage offers peace of mind and financial security.

Benefits of Buying 50 Lakh Health Insurance

Some of the benefits of buying a health policy with 50 Lakh sum insured include:

Comprehensive Health Insurance Plan

This is a significant coverage that caters to a broad range of medical expenses. Some examples of these expenses include doctor's appointments (both routine and specialist), lab work, transportation (ambulance or otherwise), time spent in the hospital, surgery, and the cost of getting home. In an emergency, you won't have to stress about how you'll pay for costly medical expenses since this takes care of that concern.

No Out-of-Pocket Costs

Since the policyholder has access to a vast network of hospitals, out-of-pocket costs are never a concern. Be sure that the hospital you're visiting is part of your insurance plan's network to avoid paying out of pocket.

Healthcare Spending

Insurance companies often cover medical expenses for up to 60 days after a hospital visit. However, this varies by coverage.

Gain Realized

To help reduce the cost of health insurance, companies offer discounts on premiums for each year without a claim.

Reduced Taxable Income

Premiums for health insurance can be deducted from taxable income according to Section 80D* of the Income Tax Act.

Home Treatment Expense Coverage

Although it's worth verifying, some health insurance plans do cover treatment charges that occur at home. However, contacting the insurance provider for specific information on any restrictions and conditions is necessary.

Need for 50 Lakh Health Insurance

So, why is a 50 Lakh health insurance plan needed? Not everyone needs a health insurance plan that covers up to ₹50 lakh, depending on their situations and risk factors.

People who already have conditions like diabetes, heart disease, or cancer are more likely to incur higher medical costs as a result of their treatment. A more comprehensive 50 lakh medical insurance may provide financial security and peace of mind to those who have a family history of significant illnesses.

What’s Covered under 50 Lakh Health Insurance Plan?

Here are the inclusions of a 50 lakh health insurance plan:

  • Costs incurred by doctors, surgeons, anesthesiologists, and other medical experts
  • Nursing expenditures
  • Everything a patient needs during their hospital stay, including medical supplies
  • Imaging investigations, including X-rays, blood tests, magnetic resonance imaging (MRI), and so on.
  • Surgical procedures and anaesthesia
  • Medical procedures that do not need an overnight stay, such as chemotherapy and dialysis
  • Depending on the plan, you may choose from additional optional benefits, including ambulance services, home hospitalisation, AYUSH treatments, and more.

What’s Not Covered under 50 Lakh Health Insurance Plan?

Here is a rundown of services that are not included under a 50 lakh health insurance plan:

  • Unless the buyer reveals a pre-existing condition while purchasing the policy, most insurance plans will not cover it.
  • Contraceptives and treatments for infertility are often not covered by 50 lakh medical insurance.
  • The ₹50 Lakhs Mediclaim coverage will not cover the expenses of a hospital stay during a pregnancy.
  • Dental care is not covered by health insurance.
  • Health insurance 50 lakhs will not cover hospitalisation costs associated with a suicide attempt.

How Much Premium Do I Need to Pay to Buy the 50 Lakh Medical Insurance?

Usually, health insurance plans in India, that offer a coverage of up to ₹50 lakhs have the following premium ranges. The exact amount will depend upon several factors:

Policyholder

Age

Premium Range

Young adult

18-25 years

₹5,000 - ₹10,000 per annum

Adults

26-40 years

₹10,000 - ₹20,000 per annum

Middle-aged adults

41-60 years

₹20,000 - ₹30,000 per annum

Factors Which Can Affect the 50 Lakh Health Insurance Premium

Here are some of the factors that can affect the 50 lakh health insurance premium:

  • Generally, older individuals may face higher premiums due to increased health risks.
  • Pre-existing conditions or a history of illnesses can impact premium rates.
  • Factors such as smoking, excessive alcohol consumption, or engaging in high-risk activities may lead to higher premiums.
  • Additional coverage features, such as riders for critical illness or maternity benefits, can increase premiums.
  • Longer policy terms may result in higher premiums.
  • Healthcare costs can vary by region, affecting premium rates accordingly.
  • Opting for higher deductibles or copayments can lower premiums. However, these may result in higher out-of-pocket expenses during claims.
  • Different insurers may offer varying premium rates based on their underwriting criteria and pricing strategies.

Steps to Buying a 50 Lakh Health Insurance Plan Online

Here are the steps to buying a 50 Lakh medical insurance plan online:

  • Go through all available insurance plans and choose the one that fits your requirements.
  • Going to the insurance company's official website is the first step in buying an insurance policy.
  • After that, provide your name, age, gender, and other pertinent details in the appropriate areas.
  • Next, you have the option to add additional covers.
  • Recheck all the details and make a payment using your preferred online method.

Eligibility Criteria to Buy a 50 Lakh Health Insurance Policy

The eligibility criteria to buy a 50 Lakh health insurance policy include:

  • Age restrictions might vary but often range from 18 to 65.
  • The company may request your medical history when applying for insurance. A candidate's pre-existing condition may impact their 50 lakh health insurance premium or coverage terms, but it may not be eliminated.
  • When applying for insurance policies with substantial coverage limits, such as Rs 50 lakhs, applicants may be required to provide proof of income or financial stability.
  • Insurance companies may review a policyholder's medical records and history when determining coverage. People with preexisting conditions or a history of major medical problems may find it more difficult to receive health insurance or may end up paying more for it.

What are the Documents Required to Buy 50 Lakh Health Insurance

The documents required to buy 50 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.

Conclusion

A 50 lakh health insurance policy provides an exceptional level of coverage, offering you and your loved ones unparalleled protection against the financial impact of medical emergencies. With this substantial sum insured, you can confidently face even the most severe illnesses and prolonged hospitalizations without worrying about the costs depleting your savings or compromising your long-term financial goals.

It's important to acknowledge that while a 50 lakh health insurance policy offers extensive coverage, it may not address all aspects of your financial well-being. To ensure complete protection for you and your family, it's highly recommended to complement your health insurance with a robust life insurance policy.

By strategically combining the financial security provided by life insurance with the all-encompassing medical coverage of a 50 lakh health insurance plan, you can establish an ironclad safety net that safeguards you and your family from the financial repercussions of untimely death, critical illnesses, hospitalizations, and other unforeseen events.

FAQs on 50 Lakh Health Insurance

How much does 50 Lakh medical insurance cost?

Variables such as age, health condition, insurance provider, and coverage options impact the ultimate price of a 50 Lakh health insurance policy. Individuals with already present health conditions may have to pay more than standard premiums, and this trend often continues as individual’s age.

Who is qualified to purchase a 50 Lakh health insurance policy?

Anyone above the age of 18 can purchase 50 lakh health insurance.

Is purchasing a health plan with Rs. 50 lakhs sum insured beneficial?

Consider purchasing a health plan with an insured value of Rs. 50 lakhs to provide complete coverage and financial security in the event of possibly catastrophic medical expenses. You may rest easy knowing that you have enough health insurance to cover a range of operations and emergencies.

Is COVID-19 treatment covered under a 50 Lakh health insurance plan?

Health insurance policies often cover COVID-19 treatment, regardless of the policy's terms, even if the total insured is Rs. 50 lakh. However, you must read the policy documents carefully to understand the ins and outs of the coverage, including any specific limitations related to pandemics.

What is the grace period on a 50 Lakh health insurance Plan?

The insurer will provide a grace period after the premium is due so you may renew your 50 Lakh health insurance policy without losing coverage. Depending on your insurance and the specifics of your coverage, the typical grace period can be anywhere from fifteen to thirty days.

At what age can you buy 50 lakhs Health Plan?

If you are between 18 and 65, you may buy a 50 lakh health plan from any insurance firm.

Does 50 lakhs Health Plan offer any value-added services?

Fitness programs, health checks, telemedicine consultations, services for second medical opinions, and discounts on health-related products are all part of the value-added services provided by many 50 lakh Health Plans.

If I buy 50 lakhs of health insurance, is there any limit on how much I can claim in one go?

A health insurance plan with a maximum coverage of 50 lakh may pay out various amounts depending on policy specifics, coverage benefits, and insurer requirements. Some policies may have sublimit on specific treatments or expenditures, while others may provide a more flexible approach to resolving claims.

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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/05/24/11351