Health Insurance Plans

Health insurance plans in India are basic indemnity-based insurance products, which are specifically designed to provide financial assistance against medical expenses incurred in case of hospitalization or critical illnesses.

The best health insurance in India is the one that can adequately satisfy your specific financial needs. To be able to make an informed decision before purchasing, you must know the many types of health insurance plans in India, such as:

• Cancer insurance plans
• Critical Illness benefit
• Individual health insurance plan
• Family Floater Health Plan
• Group Health Cover

Let us take a closer look at these plans in detail:

Health insurance plans provide comprehensive coverage against the medical costs associated with the treatment of life-threatening ailments such as cancer and other medical emergencies. With comprehensive health insurance coverage, you can protect your finances while your medical insurance plan takes care of the high medical bills, hospitalization, and other treatment expenses. Here are a few benefits of investing in the best health insurance policy in India

With the rise in life-threatening diseases that can put a significant dent in your finances, opting for add-ons over and above your base health insurance plans can come handy in managing health related emergencies. Some life-threatening diseases such as critical illnesses that include cardiovascular diseases, stroke, cancer, and kidney failure require a separate cover so that you can avail the best form of treatment for such ailments without stressing about the cost of getting treated.

A Critical Illness and Disability Rider(A Non-linked Non-participating Individual Pure Risk Premium Health Insurance Ride| UIN:104B033V01)is an important add-on in health insurance that offers a critical illness insurance for increased financial security and well-being as well as creating a pool of wealth for your future. Some extended benefits on this rider include:

• Covers 64 kinds of critical illnesses
• Offers permanent and temporary disability cover
• Provides comprehensive coverage for all kinds of health emergencies above your base health insurance plans
• Premiums paid for this rider are flexible
• Avail an extended coverage period up to 85 years for two variants of this rider

A wellness benefit that ensures a discounted renewal premium basis the number of steps you walk or run

A comprehensive health insurance policy or medical insurance not only helps take care of the medical bills but can also provide coverage for other medical tests, treatments and procedures as per your need. With the best health insurance policy in India included in your financial plan, you can avail of sufficient financial coverage in any dangerous situation.

Having health insurance is a crucial decision for several reasons. In the absence of health insurance coverage:

• You are likely to utilize all of your savings while undergoing medical treatment and end up with a fiscal burden
• You may have to opt for a sub-optimal treatment in case you do not have sufficient savings to take of the expenses

On the other hand, some of the best health insurance plans in India provide:

• Comprehensive coverage benefits that outweigh the costs of buying health insurance
• Tax savings under Section 80D on the premium payable for health insurance coverage
• Financial assistance to cover treatment, pre-and post-hospitalization expenses within the coverage tenure

When choosing a health insurance plan in India, it's important to consider the following factors:

•  Coverage: Make sure the plan covers the medical treatments and procedures that you may need in the future.
•  Network of hospitals: Check if the hospitals you prefer to visit are covered under the plan's network.
•  Premium: Compare the premium of different plans and choose one that fits your budget.
•  Co-payments and deductibles: Check if the plan has co-payments and deductibles and if you are comfortable with them.
•  Renewability: Check if the plan is renewable for life or if there's a maximum age limit for renewals.
•  Pre-existing conditions: Check if pre-existing conditions are covered under the plan and if there's any waiting period for coverage.
•  Claim settlement ratio: Check the claim settlement ratio of the insurance company before choosing a plan.
•  Add-on covers: Check if the plan offers add-on covers such as personal accident cover, critical illness cover, etc.
•  Family coverage: If you are looking for a family health insurance plan, check the plan's coverage for children and the number of members it covers.

In India, there are several ways to enroll in health insurance:

•  Online: You can purchase health insurance policies online through the official website of insurance companies, insurance aggregator websites, or through the official government websites like the National Health Insurance Scheme (NHIS).
•  Agents: You can also purchase health insurance policies through insurance agents, who can guide you through the process and help you choose the right plan.
•  Offline: You can also purchase health insurance policies offline by visiting the office of the insurance company or through the agent.

To enroll in health insurance, you will need to provide certain documents such as ID proof, age proof, and address proof. You may also need to undergo a medical test depending on the plan you choose.

Once you have provided all the necessary documents and completed the medical examination (if required), you need to pay the premium, and the insurance company will issue you a policy document.

Buying a health insurance policy for yourself and your loved ones is a crucial financial decision. Resorting to medical insurance has become a necessity because of how expensive medical care is, especially in today’s fast-paced lifestyle-driven world.

Therefore, if you are a salaried or self-employed individual who has dependents to take care of, you must invest in a health insurance policy. Using a health insurance premium calculator will give you a better understanding how your profession may impact the health insurance coverage required. Furthermore, buying the health insurance plan becomes essential if:

• Your age lies between 25 to 65 years
• You want to make sure that your family remains protected during a medical crisis
• You also want to maximize your tax savings beyond the limit offered under Section 80C of the Income Tax Act (health insurance premiums are tax-deductible under Section 80D of the Act),tax benefits as per prevailing tax laws, subject to change
• You are a Resident Indian National [NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin), OCIs (Overseas Citizenship of India) or foreign nationals of Indian Origin cannot purchase health insurance plans in India]

The cost and coverage of health insurance in India vary depending on the plan and the insurance company.

•  Cost: The premium for health insurance in India can range from a few thousand rupees to tens of thousands of rupees per year, depending on factors such as the age of the policyholder, the type of plan, and the coverage offered.
•  Coverage: The coverage offered by health insurance in India can include hospitalization expenses, pre- and post-hospitalization expenses, day care procedures, and more. Some plans also include coverage for critical illnesses and personal accident.

It's important to note that most health insurance plans in India have sub-limits, which means that they have a limit on the amount they will cover for specific treatments or procedures. Additionally, some plans may have exclusions, which are treatments or procedures that are not covered under the plan.

Health Insurance policy in India offer coverage which varies from one insurer to another. But, there are few common things which are not covered by some of the best health policy in India. Following are some of the most common health or medical insurance plan exclusions we should be aware of:

• Critical illnesses coverage for pre-existing diseases is subject to a waiting period which can vary from one insurance company to another
• Treatment in abroad or by an under-qualified medical professional
• Pre-existing condition: Defined as a cancer condition (primary or metastatic); pre-cancerous condition or related condition(s) for which the insured had symptoms or was diagnosed earlier or got medical treatment prior to the date on which the policy was issued
• Caused or contributed by (in whole or in part) Sexually Transmitted Diseases AIDS or HIV
• Caused or contributed by (in whole or in part) any of the following:

• Intoxication by alcohol or narcotics or drugs not prescribed by a Registered Medical Practitioner.
• Nuclear, biological or chemical contamination (NBC)

Note: The Health Insurance exclusions mentioned above can vary from one insurer to another. It is recommended to check for all the health insurance inclusion and exclusion before choosing the best health insurance plan in India.

The need for buying a well-suited health insurance for you and your family is highlighted to ensure that you assess your requirements carefully and opt for a policy that offers maximum benefits at a reasonable cost. While it is essential for everyone to have the best health insurance policy in place to deal with expenditures linked to medical treatment, the criterion for eligibility is as follows:

Entry Age

Under a child health insurance plan, the minimum entry age is 16 days and goes up till 18 years. Whereas for an adult, the age of entry is 18 years and the individual enjoy all the benefits as per the policy terms and conditions.

Pre-Existing Conditions

If you are diagnosed with a disease before buying the health insurance plan, it is considered to be a pre-existing condition for which there is a specified waiting period. Only after the waiting period lapses, you are eligible to make claims against your health insurance plan for that particular illness.

It is always a good idea to buy the best health insurance policy from the best health insurance company in India at a young age as you do not have to stress about paying medical bills and exhausting hard-earned income on such hefty treatments. At an age where you would like to save up for your future, draining finances can affect your economic well-being and also affect you emotionally.

The skyrocketing rate of inflation in the medical sector does not make it any easier, reason why buying a health insurance early in life comes handy in a number of ways.

Check out some of the major benefits why youngsters should be investing in a health insurance plan:

• Offers a comprehensive coverage for any health-related emergencies that may arise and put a strain on your financial security.
• If there are any pre-existing conditions, you can wait out the specified waiting period early on without compromising too much on your health and become eligible for claims against it when you need it the most.
• Since young people are healthy and less prone to diseases, the premium amounts are affordable and makes your health insurance cost worth the investment.
• The tax benefits⁴ under section 80D are applicable which helps you save on your income and direct your fund towards a sound future planning.
• You have wider coverage options with riders and add ons offering a comprehensive health insurance plan.

When you are young, you are at your peak health. But today’s on-the-run lifestyle, increase in environmental pollution and rise in stressors have made young population the centre of a variety of health conditions which can hamper quality of living. Thus, on order to reduce such negative impacts, it is advisable to buy a health plan early.

Following are some of the documents that you might be asked to furnish while buying health insurance plan in India:

• Age Proof
• Identity Proof
• Address Proof
• Medical Reports
• Passport size photo

Note: The list of documents required might vary from one health insurer to another.

Purchasing a health insurance plan online has made our lives easier and what makes it even more convenient is the option to compare various plans online to help you get the best one. Here are some important benefits of comparing health insurance plans online:

• Ease of access to a wide range of health insurance plans
• As per your health requirements, income, and age, you can get free quotes online at the click of a button.
• The flexibility of checking and comparing plans as per your convenience and time is unmatched. This means you can decide on which plan to buy from the comforts of your home and also buy including other family members in this decision.

Tools such as health insurance premium calculator available readily online helps you figure out your ability to pay and factor in some other aspects to know if a particular premium plan works for you or not.

To calculate your health insurance premium, you would need to assess your health requirements, income, age, gender and ability to pay based on your occupation. Once you are aware of all such factors, you need to take into account what payment type suits you. Whether it is monthly, quarterly, half yearly or annually. Having adequate knowledge of your needs and capabilities will ensure that you take up a plan with a premium payment that doesn’t seem like a burden.

If you find yourself in a place where you need an expert to guide you better, you can always get in touch with us at Axis Max Life Insurance with any queries or doubts you might have towards your health insurance plan.

In India, it is prudent to invest in Critical Illness (CI) and health insurance plans to avail of financial assistance against medical treatment costs for various health ailments and related hospitalization.

With the growing number of cancer patients in the country, however, it is advisable to consider buying a dedicated cancer insurance plan to help mitigate the financial burden related to cancer treatment expenses.

To help you understand, we are listing the key differences between health insurance, critical illness insurance and cancer insurance in the below table

Nowadays, having health insurance coverage has become a resourceful weapon against the rising costs of medical treatment. The Health insurance plans provide comprehensive financial assistance against the various in-patient hospitalisation and treatment expenses.

At the same time, you can enhance the health insurance coverage by augmenting your basic medical insurance policy with a Critical Illness (CI) and Cancer insurance plan. This way, you can avail of all-around financial protection against common and life-threatening ailments, including cancer. Be sure to check the health insurance claim settlement ratio before making the purchase.

Awareness about health insurance is a good thing, but it also provides impetus for misconceptions and notions to spread around like wildfire. Some common false notions include: