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Health Insurance in Mumbai

In Mumbai, a bustling financial hub with a fast-paced lifestyle, health risks are accentuated by factors like traffic, pollution, and work stress, making health insurance essential. ...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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Health insurance in Mumbai

Health Insurance in Mumbai

Health Insurance in Mumbai
February 02, 2024

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The largest city in India (by population), Mumbai is best known for being India’s most important financial and commercial centre and the home to India’s film industry. It is also famous for its mouth-watering street foods and famous places like Gateway of India, Bandra-Worli Sea Link, Chhatrapati Shivaji Maharaj Terminus, Taj Mahal Palace and more. 

But, due to heavy traffic, road dust, climate changes, hectic work life, and unhealthy food consumption, living in the financial capital presents many health risks. Additionally, the cost of living and hospital bills are very expensive in Mumbai. As a resident, you should take health insurance in Mumbai to protect your hard-earned money from expensive medical bills. 

Significance of Health Insurance in Mumbai

The polluted environment and unhealthy lifestyle of the city can create sudden medical challenges. Without health insurance plans, expensive medical bills can suddenly destroy your financial stability. Read these points to know the significance of health insurance in Mumbai:

  • Expensive Medical Bills

As Mumbai is India’s most expensive city, the price of everything including healthcare is higher here than in other cities. With hospital bills high enough to completely deplete your savings, health insurance is a necessity in this city. 

  • To Avail the Best Healthcare

With health insurance, you can avail healthcare at the famous medical institutions of Mumbai without being restricted by the costs. Nowadays, health insurance policies cover a wide range of costs besides surgery, including check-ups, diagnostic tests, pre- and post-hospitalisation expenses and more. 

  • To Meet Rising Prices

While healthcare in Mumbai is already very expensive, the costs of medicines and medical procedures in the city are rising fast every year. Medical inflation is rising at a faster rate than inflation of other goods and services. This means without health insurance in Mumbai, it will be difficult if not impossible to pay the cost of critical illnesses. 

  • Protection of Savings

Health insurance schemes help you to save your bank balance from sudden medical expenses. It works as a pillar to protect your funds from expensive medical bills. Without the protection, you have to borrow money from others for sudden medical emergencies. Pay a nominal premium and get a good amount as a sum insured.

  • Safeguard Your Family

Without buying separate policies, you can secure your whole family with a single insurance policy. This helps you to ensure better treatment of every family member during emergencies.

Reasons to Buy Online Health Insurance in Mumbai

These are some top reasons to buy online health insurance policies in Mumbai:

  • No Middleman or Agents

There are no middlemen or agents in online health insurance policies. So, you do not need to rely on their information. You can easily check all the terms and conditions on your own, from the insurance company’s official website. Therefore, you can get discounts on your insurance premiums as you are not paying for the commission of any agent or middleman.

  • Comparison 

By checking online, you can easily compare different health insurance companies by spending less time. You can easily make an informed decision by comparing different plans.

  • Simple Application Process

At HDFC Life, we ensure that you can easily buy an online health insurance policy with minimal documentation and without any hassle. The application process takes just a few clicks. 

Advantages of Health Insurance in Mumbai

Buying health insurance in Mumbai gives these benefits to the policyholder:

  • Best Medical Treatment:

Medical treatments are very expensive in Mumbai and a single hospitalisation can take out your lifetime savings at once. However, if you have a health insurance policy, you can get the best treatment even at the top-class hospitals in Mumbai. 

  • Tax Benefits:

Income taxpayers can claim deductions against their insurance premium payments under Section 80D* of the Income Tax Act. Individuals, under 60 years of age, can claim up to Rs. 25,000  and for senior citizens, the limit is up to Rs. 50,000 in a financial year.

  • Affordable Premium:

HDFC Life offers you extensive coverage with a nominal and affordable premium. For example, you can get an insurance cover of up to Rs. 10 lakh by paying Rs. 5/day as your policy premium. This makes it possible to get the highest-quality medical care at a low price.

  • Claim Settlement Ratio

HDFC Life has set a remarkable benchmark of 99.50%## for the FY 2023-24 in terms of claim settlement ratio. We settle your claims within 30 working days and assure your financial security by paying your bills on time.

Things Which Are Covered under Health Insurance Plans in Mumbai

Tops insurance providers in Mumbai cover the following under their health insurance plans:

  • Pre and Post-Hospitalisation Expenses

Pre and post-hospitalisation expenses are very common in a planned surgery. The best health insurance in Mumbai will cover these costs for a minimum of 30 and 90 days respectively. 

  • Ambulance Costs

Insurance companies cover your ambulance costs during insurance claims. However, most of the companies give you only one ambulance trip cost per claim. But, a few companies also give you multiple ambulance trips according to their policies. 

  • Daycare Treatments

Medical treatments or surgeries which are required within 24 hours of the hospitalisation are called daycare treatment. Health insurance policies cover these treatments in their insurance policies.

In addition, health insurance policies in Mumbai cover domiciliary treatments, hospital room rent, alternative medicine treatments like Ayurveda and Homeopathy and pre-existing diseases (with a waiting period). 

Things Which Are Not Covered under Health Insurance Plans in Mumbai

Before taking health insurance in Mumbai, you should know about the things that are not covered in your policy. In most cases, the insurer does not cover these health conditions:

  • HIV/Aids and other sexually transmitted diseases

  • Infertility

  • Injuries/illnesses due to illegal activities

  • Addiction treatments

  • Dental treatments (unless the dental injury results from an accident)

  • Genetic disease/congenital conditions

Things to Consider before Purchasing Health Insurance in Mumbai

Before buying a health insurance plan in Mumbai, you should consider the following points:

  • Exclusions and Inclusions

Exclusions are the conditions where you can not make a claim. The things that are covered in your insurance are called inclusions of health insurance policy. Before considering a health insurance scheme, you should check these points according to your preferences and medical requirements.

  • Waiting Period

The waiting period is usually applicable for maternity benefits and pre-existing diseases. During this period, you can not claim your insurance policy. The duration can vary between 9 months to a few years depending on the insurance provider. Check the duration of the waiting period before you buy a new insurance.

  • Sum Insured and Policy Premium 

Quality and better medical facilities are always expensive. To get a higher sum insured, you have to pay a higher premium amount. On the other hand, you should check if the premium is affordable according to your income profile. Take a health insurance policy with an affordable premium amount within your budget.

  • No Claim Bonus

No claim bonus (NCB) is given to the insured person for filing no claim in a financial year. You can use this bonus as a discount towards the next renewal. The discount ranges between 5%-20% depending on the insurer and policy.

  • Claim Process

Go through the given terms and conditions by the insurer to make a claim. Ensure that your insurance company has a hassle-free and faster claim process. Also, do not hide any vital information about your health profile from the insurer.

HDFC Life Insurance company has a wide range of options to file a hassle-free claim. You can file for a cashless claim at any of our 10,000+ network hospitals or opt for a reimbursement claim.

Tips for Finding the Best Health Insurance Policy in Mumbai

Consider these points to find the best medical insurance in Mumbai:

  • Coverage for hospitalisation expenses

  • Ambulance costs

  • Daycare procedures

  • Tax deduction benefit

  • Regular health check-up coverage

  • Pre-and-post hospitalisation expenses

  • Critical illness coverage

  • Alternative treatment options

How to Renew HDFC Life Health Insurance in Mumbai?

HDFC Life Insurance Company has various options for renewing insurance policies in Mumbai. To renew your policy offline, you can visit your nearest HDFC Bank or HDFC Life branches. 

There are more channels available in the online mode of insurance renewal. Policyholders can use the HDFC Life app, HDFC net banking, Policy Bazaar, and Bharat Bill Payment System to pay the renewal fee online.

What Are the Types of Health Insurance in Mumbai?

These are some best Types of health insurance policies in Mumbai that you can buy:

  • Individual health insurance policy

  • Family health insurance policy

  • Senior citizen health insurance policy

  • Personal accident insurance policy

  • Group health insurance policy

  • Critical illness insurance policy

Summing up

Health insurance in Mumbai ensures peace of mind as you can avail healthcare from the top hospitals in the city without having to worry about paying expensive medical bills. Buy a health insurance policy today and protect yourself from unexpected and sudden medical emergencies.

FAQs on Health Insurance in Mumbai

Q1. Which health insurance is best in Mumbai?

Your choice of the best health insurance in Mumbai mostly depends on the sum insured you need and the premium you are willing to pay. To choose a policy, you need to consider factors such as the policy's inclusions, exclusions, no-claim bonus, waiting period, etc. 

Q2. Is Rs. 2 lakh health insurance enough in Mumbai?

As the thumb rule of health insurance policies, it is recommended to have a sum insured of 2x or 3x of your annual income. According to experts, it is best to keep a minimum sum insured of Rs. 10 lakh for every policyholder in metropolitan cities like Mumbai.

Q3. What is the right age to buy health insurance in Mumbai?

As soon as you start earning money from a stable income source, you should opt for a health insurance policy. You can buy a policy as soon as your age becomes 18 and at an early age you have to pay less towards your premiums.

Q4. How can I calculate health insurance quotes in Mumbai?

To calculate your health insurance quotes in Mumbai, you can follow the 2-3X thumb rule or you can use an online calculator for a better selection of different health insurance policies in Mumbai. 

Q5. Out of the many health insurance plans in Mumbai, should I buy the cheapest one?

Instead of buying the cheapest insurance plan in Mumbai, you should buy health insurance with a sufficient sum insured by paying a minimal premium amount.

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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.

##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.

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