Along with ailments, the hospital expenditures can set you back unexpectedly.
A Term & Health Combo Plan that covers both your life and medical expenses
UIN: 101Y121V02
Your Required life cover to protect your family’s future is
A comprehensive plan that offers life and health cover for you and your family.
UIN : 101Y122V01
Health Insurance Buying Guide
Health Insurance is a kind of insurance that provides coverage for medical expenses to the policy holder. Depending on the health insurance plan chosen the policy holder can get coverage for critical illness expenses, surgical expenses, hospital expenses etc.
Changing lifestyles are causing diseases with expensive and prolonged treatments.
A Health insurance plan helps cushion your family finances from unexpected large medical expenses.
The Health Insurance Plans provide financial support for health related emergencies.
It helps meet various health insurance needs be it based on the life stage of a person or a specific disease.
Most people think that it will never happen to them yet so many are often proven wrong. A serious bout of ill-health often lands people in hospitals inflicting serious damage to their family’s finances.
Preventing long term financial damage
A financially unprotected and ill-prepared family can suffer for years thanks to one medical emergency. This is one major reason why everyone needs to be covered by health insurance through a health insurance plan.
Medical inflation
Nobody is immune to the impact of inflation on their finances. Yet many are unaware that medical costs have risen faster than general price rise. The future is expected to be no different and that is one more reason people need to have medical insurance through health insurance plans and mediclaim policies.
Costly treatment of lifestyle diseases
Thanks to advances in healthcare and greater access of healthcare facilities like hospitals and clinics, people are living longer and leading better quality of life. At the same time, changing lifestyle has led to increase in lifestyle diseases like diabetes and those related to the heart. Of course, there is cancer whose onset has also increased. Most of us are aware that the treatment for such diseases, especially hospitalisation can be very expensive. This provides us with yet one more reason to have health insurance or medical insurance by buying an online health insurance plan. Clearly, meeting such expenses from regular income is not even an option. Also, you can never be sure how much such an emergency would cost you.
Premature exit from long term investments
If you are unprotected from the impact of emergencies, your family’s present and future are bound to be impacted. Remember, not only will you have to pay for your immediate treatment but also have to spend money for follow-up treatment. That’s not to ignore the possibility of a disruption in your earning your regular. Often, all this involves you or your family making premature exits from investments. This may not only derail arrangements in meeting regular family expenses but also your progress for the future such as child’s higher education. To sum up, medical emergencies can be much more expensive than they might appear. The good news is that we have health insurance plans that can help us get our lives back on track after any medical emergency.
We are aware of how important health insurance is in protecting a family’s finances in the event of a medical emergency. But how does one buy a health insurance plan? Here are some tips to buy medical insurance with the help of a health insurance plan.
Get adequate coverage
There is little logic on scrimping on premiums while buying mediclaim policies. The focus has to be on getting the maximum coverage required by your family at affordable premiums. Remember, you pay from your pocket whatever a mediclaim policy or health insurance plan doesn’t.
Check company’s geographical presence
Insurance companies providing mediclaim policies or health insurance plans typically have tie ups with hospitals having large networks. You need to check whether hospitals or healthcare facilities empanelled with a prospective insurance company, are situated close to your residence. Also, check if the insurance company has a presence across the country so that in the case of the need for physical interaction, you are not inconvenienced.
Study the width of coverage
Health insurance plans provide financial protection to you in case of medical emergencies but the coverage of the emergencies are specified in the policies. It is important to be aware of these conditions, the ailments and diseases that are covered. Consider opting for a health insurance plan that has a wide coverage and few exclusions.
Find out the coverage of pre-existing diseases
If you suffer from a particular ailment, you will need to disclose this at the time of buying a health insurance plan. At the same time, it is important to know from when the disease will get covered. Typically, insurance companies start covering pre-existing ailments after 3-4 years of continuous coverage.
Save on premiums by buying online
Almost all companies offering health insurance companies offer online policies. The premiums for such mediclaim policies and health insurance plans are lower since the companies pass on savings from distribution and other cost savings. However, remember that advice and support you get from an advisor will be absent and you will need to deal with the company directly. This makes it important for you to choose an insurance company well known for its customer service both online and in its branch offices across the country.
To sum up, online health insurance provides you with financial protection your family needs in case of medical emergencies. Yet, one needs to keep these five things in mind to make the most of this protection tool.
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Typically, the term of health insurance plans is one year. However, health insurance plans offered by life insurance companies can be for 5 years.
The premium payment frequency is of health insurance plans is typically of one year though some life insurance companies allow a one-time premium payment too.
While the conditions may be vary but the age of entry is typically between 18-65 years.
In case of life insurance companies, this benefit is typically paid in full, on the diagnosis of the critical illnesses. Of course, the critical illness needs to be present in the list of critical illnesses covered by health insurance plans.
Health insurance plans provide annual tax deductions of upto ₹ 25,000 under Section 80D of the Income-tax Act, 1961.6 You get further tax deductions of ₹ 25,000 if you pay health insurance premiums for parents, who are not senior citizens. Just in case your parents are senior citizens, the eligibility of additional tax deductions goes up even further, to ₹ 30,000.
To adapt to situations where there additions in the family, especially after the birth of a child, or health insurance coverage needs to be enhanced for some other reason, you can buy health insurance plans that allow to-ups. Health insurance plans from some life insurance companies provide facilities for top-ups. They also have provisions for top ups to happen automatically on reaching certain life stages like marriage.
There are health insurance plans, especially those provided by life insurance companies that provide you with return of your premiums at the end of the policy term.
Certain life insurance companies provide health insurance plans that provide accidental death benefit. This is over and above their death benefits.
Look for a health insurance plan that waives off the premium payment requirement.
As per Section 39 of the Insurance Act, 1938, you can nominate a person to receive the benefits under this health insurance policy. During your lifetime and while your policy is in force, you may at any time, by written notice to us, designate any person or persons as a nominee to whom we shall pay benefits under this health insurance policy upon your unfortunate death. In case the nominee so named is a minor, then the policyholder is required to name an appointee (other than himself) for the minor nominee. Assignment shall be subject to Section 38 of the Insurance Act 1938.
You can pay your health insurance/mediclaim policy premiums online via:
In case of any queries related to plan or form filling pls call our toll free number 1800 266 9777 or contact us at [email protected] For submitting documents or any other query after premium payment, you can write us at [email protected] or call us on toll free number 1800 266 0315. Post policy Issuance you can reach out our customer service desk on
1860 267 9999 (Local call charges apply) or write to us at [email protected]
Here's all you should know about Health Insurance.
We help you to make informed insurance decisions for a lifetime.
Click here to view the Specimen Policy Document of this plan.
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.
Multiple Claims of same or different conditions / procedures can be covered subject to the exhaustion of applicable Sum Insured.
Annual premium amount ₹ 1411 for Male aged 35 years, 10 years term, Silver option, excluding Taxes and levies as applicable.
Monthly Income option only available only under Platinum plan option.
Policy is issued on the basis of Short Medical Questionnaire.
As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
Option available under COVID-19 health cover.
Premium rates for age - 25 years, Male, Non Smoker, Annual mode, regular pay, exclusive of taxes. Protection - Life Option - ₹ 5,959 (rounded up), Sum Assured - ₹ 1 Cr. Policy Term - 30 years. Health - Individual Option - ₹ 487, Sum Assured - ₹ 1 Lakh, Policy Term - 3.5 months. Total annual premium = ₹ 6,446, daily premium (6,446/365 = 18 (rounded up)).
On positive diagnosis of COVID-19 in a Government authorized diagnostic centre as per terms and conditions.
ARN: PP/01/23/31577
