Health Insurance Plans

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.

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:

1. Netbanking
2. Credit card/ Debit card
3. Debit Card with PIN
4. SI on card

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]