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- Health Insurance Plans
- What it is?
- Coverage
- In a Snapshot
- Types
- Benefits
- Tax Benefits
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Health Insurance Plans
Health insurance helps cover your medical expenses if you get sick or have an accident. It protects you and your family from unexpected medical costs. ...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
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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.
Written By:
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.
Reviewed By:
What is Health Insurance?
Health insurance is a type of coverage that helps pay for your medical and surgical expenses. It protects you from high healthcare costs like hospital stays, surgeries, and doctor visits. When you buy a health insurance policy, you make a deal with an insurance company: you pay them a regular fee (called a premium), and they agree to cover your medical costs.
Health insurance plans usually cover a variety of treatments, such as hospital stays, doctor consultations, diagnostic tests, medications, and surgeries. By paying your premiums, you can get the medical care you need without worrying about the cost.
There are two main ways an insurance company can pay for your medical expenses:
1. Cashless treatment: If you go to a hospital that is part of the insurance company's network, you don't have to pay anything upfront. The insurance company pays the hospital directly.
2. Reimbursement: If you go to a hospital outside the network, you pay for the treatment yourself and then submit the bills to the insurance company. They will pay you back later.
What is the Right Health Insurance Coverage?
A common guideline suggests that your health insurance coverage should be a minimum of 50%A of your annual income. However, due to rising healthcare costs, experts recommend a minimum coverage of INR 10 lakh. But there’s more to it than just income.
The ideal health insurance coverage depends on several factors, including:
- City of Residence (Tier-1, Tier-2, or Tier-3)
- Age and Life Stage
- Future Hospitalisation Costs (considering medical inflation)
For instance, a young individual living in a Tier-3 city with no pre-existing conditions might find INR5 lakh adequate. In contrast, someone older or living in a Tier-1 city may require a higher sum insured—ranging from INR 10 lakh to INR 20 lakh—to cover their medical expenses effectively.
Here is a breakdown of recommended health coverage based on different plans and city tiers:
Types of Plans |
Ideal Health Insurance Sum Insured |
Individual Health Insurance Plan |
Metro City - INR 10 lakh+ |
Family Floater Health Insurance Plan |
Metro city - INR 30 lakh+ |
Senior Citizen Health Insurance Plan |
Metro City - INR 25 lakh+ |
Additional Options to Enhance Coverage:
For those who are looking for higher coverage, an INR 1 crore health insurance policy is a great option to explore. These policies, are more affordable now than ever and provide extensive coverage for critical illnesses or treatments abroad. Also, upgrading to a INR 1 crore plan usually will just cost an additional INR 1,500 in premiums.
However, one can also opt for a base health insurance policy that features a lower sum insured and then go for a rider to top-up the coverage. This approach gives you substantial protection at a more affordable premium. It is also flexible and saves more while ensuring comprehensive coverage.
Health Insurance in a Snapshot
Features |
Health Insurance |
Scope of coverage |
The policy takes care of both preventive and medical treatment that includes screening tests, annual medical checkups, vaccinations, as well as hospitalisation expenses. |
Claims |
Every insurance provider has a cap on the number of claims filed every year. |
Premium |
Health insurance covers an extensive range of services, probably why it requires payment of a higher premium. |
Sum insured |
This is dependent on the plan chosen by an individual. |
Add-on covers |
An individual can choose these based on their requirement. |
What Are the Types of Health Insurance Plans?
There are various types of health insurance plans available in the market. HDFC Life offers the following health insurance plans to cater to different healthcare needs:
Individual Health Insurance
An individual health insurance plan covers one person's medical expenses. It includes coverage for hospital stays, expenses before and after hospitalization, daycare procedures, and other medical costs.
...Read More
Family Health Insurance
Family health insurance plans cover the whole family under one policy and sum insured. This avoids needing separate policies, making it easier to manage and possibly cheaper. It covers medical expenses for the insured person, their spouse, children, and dependent parents, offering a convenient solution for comprehensive health coverage for parents along with the rest of the family.
...Read More
Senior Citizen Health Insurance
Health insurance for senior citizens is made for older people. It helps cover medical costs and illnesses that come with age.
...Read More
Critical Illness Insurance
Critical illness insurance plans cover serious illnesses like cancer, major organ failure, heart disease, blindness, stroke, and more. If diagnosed, the policyholder receives a lump sum payment that can be used for medical treatment, recovery, and other essential needs.
...Read More
What Are the Benefits of Health Insurance Plans?
Unlock the numerous benefits of health insurance, including:
Financial Protection
Health insurance plans help with medical costs during emergencies. They cover hospital stays, doctor fees, medicines, tests, and other expenses, so you don’t have to worry about paying for your treatment.
...Read More
Cashless Hospitalisation
With cashless hospitalization, you can get medical treatment without paying upfront. The insurance company handles the bills directly with the hospital, making it easier for you.
...Read More
Pre and Post-Hospitalisation Coverage
Health insurance plans also cover costs before and after hospital expenses, like doctor visits, tests, medicines, and follow-up care.
...Read More
Tax Benefits
You can get tax deductions on the premiums you pay for health insurance under Section 80D of the Income Tax Act.
...Read More
Additional Coverage
Some health insurance plans cover extra costs for pregnancy, critical illnesses, accidents, and other specific health needs.
...Read More
Tax Benefits with Health Insurance
One of the main benefits of health insurance is financial protection, but there’s more. Health insurance can also help with tax planning. The premiums you pay for health insurance can be deducted from your taxable income under Section 80D of the Income Tax Act. The maximum deduction is Rs 25,000, which increases to Rs 50,000 for senior citizens.
In that case, the policyholder can enjoy a deduction of up to Rs 75,000 from the taxable income.
If the policyholder and their parents are both over 60 years old, the total deduction can go up to Rs 1 lakh. To claim this deduction, you need to provide receipts for the premium payments and a copy of the insurance policy that shows the names, relationships, and ages of the family members covered.
You can claim this deduction even if you pay the premium through methods other than cash.
Optional Add-Ons in Health Insurance
Optional add-ons or riders are additional benefits that can be added to your health insurance plan for enhanced coverage. HDFC Life offers the following optional add-ons:
Hospital Cash Benefit
This add-on provides a fixed daily allowance for each day of hospitalisation, which can be used to cover miscellaneous expenses.
...Read More
Critical Illness Cover
It offers a lump sum amount upon diagnosis of critical illnesses covered under the policy, providing financial support for the treatment and recovery.
...Read More
Maternity Cover
This rider covers the medical expenses related to pregnancy and childbirth, including pre and postnatal care, delivery charges, and newborn baby coverage.
...Read More
Personal Accident Cover
It provides coverage against accidental injuries, disability, and accidental death.
...Read More
Adding these optional riders to your health insurance plan can enhance its coverage and ensure comprehensive financial protection during medical emergencies.
Why do you need Medical Insurance
There are several reasons why buying health insurance is non-negotiable in this day and age -
Offers financial protection
As we already know, medical emergencies can strike without notice. In times like these, it is important to have a fallback for financial protection, since illnesses like cancer, heart ailments, or lung diseases can impact your financial standing. Having a health insurance plan with adequate financial coverage that offers cashless treatment at a wide range of network hospitals is your best bet.
...Read More
Acts as a shield against rising inflation
Beating inflation is hardly possible but its impact can be minimised, particularly by making choices like buying health insurance. It helps individuals meet medical costs in times of emergencies, ranging from the cost of equipment, cost of treatment, medicines and diagnostic tests.
...Read More
Provides tax exemption
Health insurance is also a great way to claim tax deduction up to Rs 25,000 under Section 80D of the Income Tax Act, on the premium paid towards a policy. Deductions can also be claimed for your spouse or children.
...Read More
Offers affordable plans
Buying health insurance is a necessity today to minimise the impact of rising healthcare costs. It’s a good idea to invest in health insurance early on, because the premium amount will be far lower than when you are older. Also, younger policyholders do not have to go for health check-ups to get the insurance.
...Read More
Protects against changing lifestyle
The lifestyle we lead today is a breeding ground for health issues like diabetes, heart and kidney disorders. That’s why it is important to secure your health beforehand with a comprehensive health insurance plan.
...Read More
How to Choose the Best Health Insurance Plan in India?
Choosing the best health insurance policy requires careful consideration of several factors. You can select the most suitable plan for your healthcare needs by taking care of the below-mentioned points:
Assess Your Healthcare Needs
Determine your healthcare requirements and identify the coverage you need. Consider factors such as age, pre-existing conditions, family medical records, and any specific medical needs.
...Read More
Sum Insured
Evaluate the sum insured offered by different health insurance plans. Ensure that the sum insured is adequate to cover your medical expenses.
...Read More
Network Hospitals
Check the list of network hospitals associated with the health insurance provider. Make sure that the network hospitals are reputable and easily accessible.
...Read More
Coverage and Benefits
Compare the coverage and benefits offered by different health insurance plans. Look for comprehensive coverage, including hospitalisation expenses, pre and post-hospitalisation coverage, outpatient treatments, and coverage for critical illnesses.
...Read More
Premiums and Deductibles
Consider the premium amount and deductibles associated with the health insurance plans. Choose a plan that offers a balance between affordable premiums and comprehensive coverage.
...Read More
Policy Terms and Conditions
Read and understand the terms and conditions of the health insurance plan, including waiting periods, exclusions, and claim settlement procedures.
...Read More
How to Purchase Health Insurance in India?
Purchasing health insurance is a vital step towards securing your financial future and ensuring quality healthcare. Follow the steps listed below to buy one from HDFC Life:
Know Your Healthcare Needs
Evaluate your healthcare requirements and the coverage you need for yourself and your family.
...Read More
Go to the Insurer’s Website
Visit HDFC Life’s health insurance page and check the options available.
...Read More
Choose the Right Plan
Select a health insurance plan that aligns with your healthcare needs, and budget and offers comprehensive coverage.
...Read More
Understand Policy Terms
Thoroughly read and comprehend the policy terms, conditions, and exclusions before making a purchase.
...Read More
Seek Expert advice
Consult with insurance advisors or agents to get assistance and clarification regarding any queries and doubts.
...Read More
Apply Online or Offline
Fill out the required application form either online or offline, providing accurate information about yourself and your family members to be covered.
...Read More
Make Payment
Pay the premium amount through your preferred mode of payment, whether online or offline.
...Read More
Complete Verification
Submit the necessary documents for verification and await approval of your health insurance application.
...Read More
Receive Policy
Once your application is accepted, you will receive the policy document which outlines your coverage details.
...Read More
How to Buy an Online Health Insurance Plan?
Online platforms for health insurance have revolutionized the insurance industry, providing convenience and accessibility, including health insurance for NRI. Please follow the given guidelines to make a hassle-free transaction:
Research
Explore various insurance websites, comparing plans, benefits, and premiums offered by different insurers.
...Read More
Customise Your Plan
Tailor your plan by selecting the coverage options, sum insured, and features that suit your needs.
...Read More
Provide Accurate Information
Fill out the application form online, ensuring accurate and up-to-date information.
...Read More
Make Online Payment
Pay the premium using secure online payment gateways, with options like credit/debit cards, net banking, or wallets.
...Read More
Verify and Receive Policy
Complete the necessary verification process, and upon approval, receive the policy document instantly via email.
...Read More
Purchasing health insurance online is a seamless and time-efficient process, offering convenience and transparency throughout.
Who Should Buy Health Insurance Plans?
Health insurance plans are essential for individuals of every age group, providing financial security and access to quality healthcare. Here’s everyone who will benefit from buying health insurance:
Young Individuals
Starting early helps in availing lower premiums and comprehensive coverage, ensuring protection against unforeseen medical expenses.
...Read More
Families
There are special family health insurance policies that cover the healthcare needs of your family, including spouse, children, and dependent parents, safeguarding everyone's well-being.
...Read More
Self-Employed and Entrepreneurs
Health insurance plans provide a safety net for those who are self-employed, ensuring timely healthcare and minimising the impact of medical expenses on their business.
...Read More
Senior Citizens
With age, the susceptibility to health issues increases. Health insurance for the elderly offers comprehensive coverage for seniors, including pre-existing conditions, hospitalisation, and critical illnesses.
...Read More
Employees
While organisations provide health coverage, it is advised to supplement it with a personal health insurance plan to bridge any gaps and maintain coverage during job transitions.
...Read More
Individuals Planning for Parenthood
Maternity health insurance is a crucial aspect for couples planning to start a family. Health insurance plans with maternity coverage offer financial protection for pre and post-natal expenses.
...Read More
Considering the escalating medical costs and the uncertainties of life, it is prudent for individuals from all walks of life to invest in health insurance plans for financial security and peace of mind.
Factors Affecting Your Health Insurance Premium
When purchasing health insurance in India, it's essential to consider the factors that can affect your health insurance premium. These factors include:
- Age: Younger individuals tend to have lower premiums compared to older ones due to their lower risk for diseases and medical conditions.
- Medical History: Individuals with a pre-existing medical condition may be subjected to higher premiums due to the increased risk of medical expenses.
- Lifestyle Habits: Smokers, individuals with unhealthy lifestyle habits, and those with occupational hazards may face higher premium rates as they are at a higher risk of health issues.
- Coverage: The sum insured and the extent of coverage you choose can influence your premium. Higher coverage amounts often result in higher premium costs.
- Geographical Location: Healthcare costs can vary depending on the city or region. Living in urban areas with higher medical expenses may lead to elevated premiums.
- Add-On Riders: Additional riders, such as maternity benefits, critical illness coverage, or room rent waiver, increase the premium payable.
What Is the Cost and Coverage of Health Insurance in India?
When purchasing a health insurance policy, you will want to do a cost-to-coverage analysis to under the benefits offered for the price. Different plans will cater to diverse needs. The premium costs and coverage depend on factors like age, health condition, chosen coverage options, and sum insured.
By evaluating these factors, you can select a health insurance plan that strikes the right balance between affordability and the coverage you are looking for.
What Does a Health Insurance Plan Cover?
A majority of the health insurance plans in India cover the medical expenses given below:
In-patient Hospital Cost
If a patient is hospitalised for more than 24 hours, the insurance plan covers the medical expenses incurred during the treatment of an injury or an illness.
Pre-existing Illnesses or Diseases
Once the waiting period is over, health insurance gives you the option of filing a claim on the expenses undertaken for the treatment of a pre-existing disease or illness.
Expenses before and after hospitalisation
Expenses incurred for medical check-ups, x-rays, and blood tests before hospitalisation, and medicines necessary for smooth recovery are covered under health insurance plans.
Ambulance Charges
Many health insurance plans also cover the expenses incurred for emergency ambulance services. However, the amount covered differs from insurer to insurer.
Maternity Cover
Expenses associated with pregnancy, delivery and newborn care are also covered by health insurance plans in India.
Preventive Health Check-ups
Most health insurance plans in India also cover regular health check-ups to promote regular health checks and timely detection of illnesses.
Procedures for Daycare
Treatments that take less than 24 hours and do not require hospitalisation are also covered by health care policies. These include dialysis, eye surgery, and other daycare surgeries that are mentioned in your health insurance policy.
Home Treatment Cover
For patients who have been advised by their medical practitioner to seek home treatments, health insurance also covers expenses incurred on such healthcare.
AYUSH Benefit
Many health insurance plans cover the expenses incurred on treatments like Homeopathy, Yoga, Siddha, Unani, or Ayurveda.
Mental Healthcare Cover
A health insurance policy in India covers mental health illnesses under the Mental Healthcare Act of 2017. They cover illnesses like schizophrenia, acute depression, bipolar affective disorder, etc.
What Does a Health Insurance Plan Not Cover?
Given below are some of the health insurance exclusions in India:
Insurance claims that arise as a result of injuries due to adventure sports.
You are not eligible to file for an insurance claim for healthcare expenses occurring within 30 days of buying the insurance plans unless an accidental emergency occurs.
Diagnostic tests are not covered.
Health insurance coverage for pre-existing diseases has a waiting period of two to four years.
Rehabilitation and bed rest.
Coverage for critical illnesses has a waiting period of 90 days.
Non-accidental dental procedures.
Injuries caused by nuclear activity, terrorism, or war.
Hormone replacement surgery and cosmetic surgery.
Terminal or chronic illnesses.
Suicide attempts or injuries that are self-inflicted.
Do Health Insurance Plans Cover COVID-19 Claims?
COVID-197 claims are covered under health insurance subject to the following conditions:
1. The patient has valid and ongoing health insurance at the time of hospitalisation9.
2. Minimum 24-hour hospitalisation9 at government-accredited hospitals or hospitals permitted by ICMR.
Note: Other policy-specific conditions might exist and these conditions are subjective. So every individual must check the terms and conditions of their policy thoroughly to know if COVID-197 claims are covered.
What Are the Eligibility Criteria for a Health Insurance Plan?
To avail a health insurance policy from HDFC Life, the minimum age eligibility is typically 18 years, while the maximum age eligibility can vary based on the chosen plan. While pre-existing conditions may be considered, coverage for them may be subject to waiting periods.
Eligibility Criteria |
Specifications |
Age (Adults) |
18-65 years |
Age (Children) |
90 days – 25 years |
Pre-medical screenings |
Depending on the insurer |
Pre-existing diseases |
Waiting period of at least 2 years, depends on the insurer |
Why are many policyholders not fully insured?
- It is not uncommon to find most policyholders buying insurance only so they can save some taxes. However, they fail to understand that the true purpose of insurance is to lend you security during difficult times when you may get financially strained. Saving tax is just an additional or supplementary benefit.
- Therefore, even though numerous insurance products are available in the market today, you must do thorough research to opt for the ones that meet your financial needs well. When this kind of detailed research is not done, one is bound to end up with insurance products that are inadequate despite high premiums.
Why Should You Buy a Health Insurance Plan at an Early Age?
As soon as an individual turns 18 years old, it becomes essential to consider purchasing a health insurance plan.
- Lower Premiums: Purchasing a health insurance plan at an early age enables you to access lower premiums. Younger individuals typically have fewer health issues and are considered less risky by insurance providers, resulting in lower premium costs.
- Comprehensive Coverage: Buying health insurance early ensures that you have a comprehensive coverage plan in place. This safeguards you from unexpected medical expenses, hospitalisation, surgeries, and critical illnesses.
- Financial Preparedness: Life is uncertain, and health-related emergencies can occur at any age. By purchasing health insurance early, you can financially prepare yourself to handle unforeseen medical expenses and protect your savings.
- Coverage Continuity: With age, the chances of developing health conditions increase. By opting for health insurance early, you can ensure continuity of coverage, even if you develop health issues later.
- Pre-existing Condition Waiting Period: Health insurance plans usually have waiting periods for pre-existing conditions. By purchasing a policy early, you can complete the waiting period and avail coverage for any existing health conditions in the future.
Health insurance is a vital investment that provides peace of mind and safeguards your financial well-being. By purchasing a health plan as soon as you turn 18, you secure access to comprehensive coverage, lower premiums, and enhanced protection against unforeseen medical expenses.
What Documents Are Required to Buy a Health Insurance Plan in India?
To purchase a health insurance plan, you would need to provide documents such as age proof, identity proof, address proof and other KYC documents as per the regulatory requirements. The specific documents may vary depending on your chosen plan and circumstances.
Here are some documents required by most insurers:
- Age Proof: Birth certificate, voter ID card, PAN card or Aadhaar card
- Identity Proof: Voter ID card, Aadhaar card, passport, driving licence or PAN card
- Address Proof: Aadhaar card, voter ID card, ration card, driving licence or utility bills (telephone, water or electricity bills)
- Passport size photographs
- Medical reports: For pre-medical checkups
How Can One Choose the Best Health Insurance Plan in 2024?
One can choose the best health insurance plan for himself/herself in 2024 by considering all the important factors like the type of policy he/she needs, coverage and premium, age limit, network hospitals, co-pay amount, waiting period, and all the add-on features.
Other important factors to consider include the insurer’s claim settlement ratio, list of network hospitals, reputation and customer service. Based on these factors, you can choose the best option for your personal and family’s needs.
Why Should You Compare Health Insurance Plans Online?
Comparing health insurance plans online is essential to make an informed decision. Some reasons why you should compare health insurance plans online are:
Convenience
Comparing health insurance plans online allows you to do a cost/benefit analysis of various policies from different insurance providers. You can review the coverage, benefits, premiums, and other policy details without leaving your home.
...Read More
Wide Range of Options
Online platforms provide a wide range of health insurance options from different insurers. You can compare multiple plans side by side and choose the one that best fits your requirements.
...Read More
Cost-Effective
Online comparison platforms often offer exclusive deals and discounts. By comparing health insurance plans online, you can find cost-effective options that provide comprehensive coverage.
...Read More
Real-Time Quotes
Online comparison platforms provide real-time quotes, allowing you to see the premium amounts for different health insurance plans instantly. This helps in making quick comparisons and decisions.
...Read More
Transparent Information
Online platforms provide detailed information about each health insurance plan, including coverage, benefits, exclusions, and policy terms and conditions. This transparency helps you make an informed choice.
...Read More
How to Calculate Health Insurance Premium?
Health insurance premium calculation is based on several factors, including:
- Age: Premiums generally increase with age as the risk of medical conditions and complications increases.
- Sum Insured: A higher sum insured leads to a higher premium.
- Medical History: Existing medical conditions and medical history of the insured can impact the premium amount.
- Lifestyle Habits: Certain lifestyle habits like smoking, drinking alcohol, and lack of physical activity may result in higher premiums.
- Policy Type: The type of health insurance plan and coverage options chosen can also impact the premium amount.
- Family Coverage: If you opt for a family health insurance plan that covers multiple family members, the premium will be higher.
What Is the Difference between Health Insurance Plan, Cancer Insurance, and Critical Illness Insurance?
While health insurance plans, cancer insurance, and critical illness insurance provide coverage for medical expenses, there are some key differences:
|
Cancer Insurance |
Critical Illness Insurance |
Health Insurance Plans |
|---|---|---|---|
Reason to purchase the insurance |
It is a benefit-based policy that pays a lump sum after diagnosis to cover the cost of cancer treatment. |
It is a benefit-based policy that pays a lump sum after diagnosis. |
It is an indemnity-based policy that covers the expenses incurred for treatment or provides the option of cashless treatment. |
What does the insurance cover? |
The policy provides coverage for costs incurred at every stage of Cancer. |
It covers expenses incurred on critical illnesses that are mentioned in the policy document. |
Covers the expenses incurred on treatments and surgeries. |
Who should purchase the insurance? |
A cancer insurance can be purchases along with a health insurance plan. It is ideal for individuals who want to be prepared against cancer. |
A critical illness insurance can be purchases along with a health insurance plan. It is ideal for individuals who want to be prepared against critical illnesses. |
Health insurance plans are ideal for covering the increasing healthcare costs. |
Health Insurance Plan
A health insurance plan covers a wide range of medical expenses, including hospitalisation costs, doctor's fees, medications, and surgeries. It provides financial coverage against various illnesses and medical emergencies up to a limit called the sum insured.
...Read More
Cancer Insurance
Cancer insurance is a specific type of insurance that focuses on providing coverage for cancer-related treatment and expenses. It offers a lump sum payout upon the diagnosis of cancer, which can be used for medical treatment, supportive care, and other necessities.
...Read More
Critical Illness Insurance
Critical illness insurance covers life-threatening illnesses such as heart disease, stroke, organ failure, and major surgeries. It provides a lump sum benefit upon the diagnosis of a covered critical illness, which can be used for medical treatment, recovery, and financial obligations.
...Read More
While health insurance plans provide comprehensive coverage for a wide range of medical expenses, cancer insurance and critical illness insurance offer specialised coverage for specific illnesses. However, they usually provide a higher sum insured.
Ensure Protection against Medical Emergencies with Health Insurance
Health insurance provides vital protection against medical emergencies, ensuring financial security and peace of mind. With rising healthcare costs, it is crucial to have a comprehensive health insurance plan in place.
HDFC Life offers a range of health insurance plans that offer extensive coverage and benefits, enabling individuals and families to access quality healthcare without worrying about the financial burden.
How to Obtain a Physical Copy of Your Health Insurance Policy?
Follow the steps mentioned below to get the physical copy of your health insurance policy
Visit the branch of your insurer and get in touch with an executive there.
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You will be given a form to fill, complete all the details required to be filed in it, such as your name, policy name, and policy number. Remember to fill in your registered address as well.
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Give a verbal or written request to send the physical copy of your policy to the address shared.
...Read More
The above step may vary depending on company process.
How to get a copy of your health insurance policy online?
Here are the steps to be followed to get a copy of your health insurance policy online:
- Step 1 : Login into your Account with using your ID and password..
- Step 2 : Once you have access to your account, you can go to the policies section.
- Step 3 : Select ‘download’ for the policy whose copy you want.
- Step 4 : Once downloaded, you can take a printout of the document for keepsake. You can also store it electronically on your laptop or mobile device.
The above step may vary depending on company process.
Steps to Renew Your Health Insurance Online
You can easily renew your health insurance online by following the steps given below:
- Step 1 : In most cases, you will receive a policy renewal email with a link to your policy renewal page. Simply enter your password to access and follow through. You can go ahead and make a quick and secure payment via net banking or any of the UPI apps of your choice.
- Step 2 : Alternatively, you can visit the insurers website and log into your account. Now select the policy you want to renew and make a quick and easy payment via net banking or any of the UPI apps of your choice.
- Step 3 : Once the payment is made, you can expect to get an email confirmation regarding the same and a renewed policy document as well.
The above step may vary depending on company process.
Myths about Health Insurance
There are several myths surrounding health insurance that need to be addressed:
1 Myth#1 Health insurance is only for the elderly.
Fact: Health insurance is beneficial for individuals of all ages. It provides financial protection against medical emergencies and ensures access to quality healthcare.
2 Myth#2: Health insurance covers all medical expenses.
Fact: While health insurance covers a wide range of medical expenses, there are certain exclusions and limitations. It is essential to read and understand the policy terms and conditions to know the coverage details.
3 Myth#3: Health insurance is expensive.
Fact: Health insurance premiums vary based on factors such as age, sum insured, and coverage options chosen. With careful comparison and selection, affordable health insurance plans can be found.
4 Myth#4: Buying health insurance means unnecessary expenses.
Fact: Health insurance provides financial protection during medical emergencies. It helps in avoiding heavy out-of-pocket expenses and ensures access to quality healthcare.
5 Myth#5: Health insurance is unnecessary if I am young and healthy.
Fact: Medical emergencies can happen to anyone, regardless of age or health condition. Having health insurance provides financial security and peace of mind for unforeseen medical events.
FAQs on Health Insurance Plans
1 Which is the best health insurance in India?
The best health insurance policy in India depends on individual requirements, coverage needs, and budget. It is recommended to compare different health insurance plans to find the one that suits your needs.
2 How can I get health insurance?
Health insurance can be purchased directly from insurance companies or through insurance agents.
3 How do I choose a health insurance plan?
Choose a health insurance plan based on factors such as coverage, benefits, premium affordability, network hospitals, and policy terms and conditions.
4 What are the diseases covered under the health insurance policy?
The diseases covered under a health insurance policy may vary depending on the plan and insurance provider. Commonly covered diseases include cancer, heart disease, kidney-related ailments, and others.
5 Which health insurance plan covers cancer?
Cancer insurance plans provide specific coverage for cancer-related treatments, including chemotherapy, surgery, and supportive care.
6 How soon can I use my health insurance policy?
The waiting period for health insurance policies varies. Read the policy terms and conditions to know when the coverage begins.
7 Do normal health insurance plans cover critical illness?
Normal health insurance plans may not cover critical illnesses. However, critical illness insurance policies and riders provide coverage for life-threatening illnesses.
8 Is it better to take a critical illness policy or health insurance plan?
Critical illness insurance and regular health insurance plans serve different purposes. A combination of both provides comprehensive coverage.
9 How much does health insurance cost for an individual?
Health insurance costs for individuals depend on factors such as age, sum insured, coverage, policy terms, etc.
10 What are the documents required for buying a health insurance plan?
The documents required for buying a health insurance plan include identity proof, address proof, age proof, and some additional documents as per the insurer's requirements.
11 How do I estimate the cost of health insurance?
The cost of health insurance can be estimated by comparing premiums, coverage, and benefits offered by different insurance providers.
12 What is the right time to buy a Health Insurance Plan?
It is advisable to buy health insurance at a young age to avail lower premiums and ensure early coverage.
13 What are the maximum and minimum health insurance policy duration?
The maximum and minimum health insurance policy durations vary across insurance providers and policy types. It is best to check with the insurer for specific details.
14 What is the limit for 80D medical insurance premiums?
According to section 80D of the Income Tax Act of 1961, individuals can claim a deduction of up to Rs 1,00,000 on the health insurance premium they pay.
15 Can I claim from 2 health insurance policies?
Yes, you can split the cost of medical expenses incurred between two policies as long as the total amount does not exceed the actual expenses.
16 What is the best medical insurance?
The best health insurance is the one that offers the maximum coverage, has a network of hospital tie-ups, and provides cashless claims with affordable premiums. On the whole, the best plan is one that meets your needs, including pre-and post-hospitalisation expenses and critical illnesses. Check whether your plan features riders for additional coverage.
17 How many types of health insurance are there in India?
There are many different types of health insurance plans in India, including Individual health insurance plans, Family Floaters, Critical Illness Plans, Riders and Top-up Plans, Senior Citizen Plans and also, Group Insurance Plans.
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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.
2. Multiple Claims of same or different conditions / procedures can be covered subject to the exhaustion of applicable Sum Insured.
3. Annual premium amount ₹ 1411 for Male aged 35 years, 10 years term, Silver option, excluding Taxes and levies as applicable.
4. Monthly Income option only available only under Platinum plan option.
5. Policy is issued on the basis of Short Medical Questionnaire.
6. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
7. Option available under COVID-19 health cover.
9. On positive diagnosis of COVID-19 in a Government authorized diagnostic centre as per terms and conditions.
A- https://securenow.in/insuropedia/health-cover-should-be-at-least-50-of-your-annual-income/
ARN- DM/12/24/18877