Health Insurance in India

As per the IRDA (Insurance Regulatory and Development Authority) latest report, the health insurance sector of India grows up to 20% for the third time in a row. This sector has successfully collected around Rs. 37,029 Crore as premiums between 2016 and 2017. 

Health insurance schemes provide extensive coverage to the insured against medical expenses. Some of the factors that you should check before you buy a health insurance policy are given below. 

Types of Health Insurance:

You can choose from various health insurance policies suitable for your need. These plans are: 

#1 – Family Floater Health Insurance:

Health Insurance Policy

Applicants can cover all their family members under a single policy. You get to enjoy a high sum assured of up to Rs. 50 Lakh against a nominal premium. With the sum assured, you can pay the medical bills of all the members insured under this scheme. Insured can enjoy tax benefits up to Rs. 60,000 under Section 80D of the Income Tax Act. Individuals can also get coverage for ambulance charges up to Rs. 20,000 per policy year.

#2 – Critical Illness Health Insurance:

You can get coverage for critical illnesses like heart attack, cancer, kidney failure, etc. A medical insurance scheme also provides coverage of up to Rs. 50 Lakh. You also avail income tax benefit under Section 80D of the Income Tax Act up to Rs. 60,000.

#3 – Individual Health Insurance Policy:

Individual Health Insurance Policy

As the name suggests, this policy is for a single individual and offers coverage from Rs. 1.5 Lakh up to Rs. 50 Lakh depending on requirement. Applicants do not have to go through extensive medical tests to avail the benefits of this policy until the age of 45. The entry age for such schemes is 18 to 65 years. Also, the entry age for minor children to avail this policy is 3 months, which can extend up to 30 years.

#4 – Personal Accident Covers:

Applicants can avail such insurance plans to protect themselves financially during an accident. Under this policy, you avail reimbursement of up to 40% of the claimed amount or the medical bill.

#5 – Top-up Health Insurance Plan:

Such health insurance in India allows you to apply for top-up insurance on your existing plan to increase the sum assured. The top-up insurance amount can range anywhere between Rs. 3 Lakh and Rs. 50 Lakh. You also get coverage for your family of up to 6 members under a single policy. For a top-up insurance scheme, you can claim income tax benefits of up to Rs. 60,000 under section 80D of the Income Tax Act.

You can choose your Top Up Health Insurance from companies like Bajaj Finserv that offers a sum assured ranging from Rs. 2 Lakh up to Rs. 50 Lakh. You can renew your policy for a lifetime, depending on your needs.

#6 – Senior Citizen Health Insurance Policy:

These insurance schemes are customised for citizens above the age of 60 years. Applicants can enjoy a high sum assured against a nominal premium. With the substantial sum assured, senior citizens can meet the costs of medical care, hospitalisation, etc.

Also Read: 5 Negative Effects Of Re-Hospitalization And Why Home Care Is Better

Application Process:

You can apply for a health insurance policy online. To apply, visit the official website of your insurance company and fill an online application form with the required details. Next, furnish the required documents online and pay your premiums using any of the online payment methods. 

Multiple Payment Methods

Payment Methods

Individuals can choose to pay with their debit or credit card, UPI, mobile wallet, account transfer, net banking, etc. 

Some of the best health insurance plans provide you with broader coverage for ambulance charges, hospitalisation costs, hospital room rents, diagnostic tests, medication expenses, etc. 

Additionally, do make sure to check the claim process of your insurer. You can lodge a claim by contacting your insurer from the contact details provided on the official website of your insurance company. You can also get the contact details on the policy bond issued by your insurance provider.