Health Insurance

In India, the insurance providers use factors like age, health condition, coverage and number of individuals to be covered to determine the premium of a health plan. Let's take the help of an example for better understanding.

At the age of 25, if you want to purchase an individual health plan of the sum insured (Rs.10 lakhs), your premium amount will be Rs.608/month. Whereas, if you want to purchase an individual health plan of the sum insured (Rs.10 lakhs) at the age of 50 with smoking habits, your premium amount will be Rs.1831/month.

If you want to opt for a higher sum insured or require a family floater plan, take the help of our health insurance premium calculator to know the correct amount.

Note -The premium values keep on changing. Please check the amount first before investing in a plan.

If you are a smoker, you will end up paying higher premiums as you are subjected to greater medical risks.

Most companies allow you to avail health insurance after a certain waiting period. You must check your policy document for the same.

Yes, Coronavirus health insurance comes out with a waiting period of 15 to 30 days from the date of commencement of the policy. Hence, it is advisable to check with your insurance company regarding any initial waiting period. Moreover, if you already have a regular health insurance plan, then you don't have to serve any waiting period under the same.

It varies from insurer to insurer. Some companies do not provide cover for pre-existing diseases, while others cover the same after a waiting period of 4 years (this may vary as per the company).

It is important to buy health insurance at an early stage of life. The early you invest, the better coverage you get, and the less premium you have to pay.

A health insurance plan safeguards your finances against the future mighty medical expenses. It is necessary but not mandatory to buy health insurance in India.

Yes, there's no limit to the number of claims in a single year unless there is a specific cap laid down in the policy.

Yes, every insurance company has a network of hospitals in which cashless treatment facilities are available to the policyholders. To get the information about the nearest network hospital, you should check the policy document or respective insurance provider's website.

Most insurance companies will not deny the renewal within the grace period, which is usually of 15-30 days from the date of expiry of the policy. However, you will not be entitled to any coverage for the period during which the insurance company did not receive any premium. Also, the policy would lapse if the premium is not paid within the grace period.

Some insurance companies promise to reimburse general health checkup expenses once every 4 years. But it can vary from insurer to insurer. You need to check for the same with your respective insurer.

health insurance provides cover to diabetes patients and related complications. However, it may vary from insurer to insurer. Most of the companies provide the same after a waiting period of 4 years.

Yes, health insurance covers the medical tests and scans for the inpatient treatment, i.e., during hospitalization for at least 24 hours.

A waiting period of 48 months applies to avail of maternity insurance benefits. A cover of Rs. 25,000 in cesarean delivery and Rs. 15,000 is usually provided in a maternity benefit of health insurance plans.

Age is the biggest factor that determines the premium payable. The older you are, the higher is your premium, as you'll be more prone to illness. Your medical history is another factor that will go into determining the premium. If you don't have any medical history, the premium would be naturally lower. You are also eligible for a discount on the future premium payable if you have not claimed in the previous years.

Goods and Services Tax (GST) - implemented in 2017 - is an indirect tax levied on the sale of goods and services in India. It has replaced many indirect taxes imposed on goods and services by the State and Central Government. Before the new tax regime, the service tax rate applicable to health insurance was 15%. However, with the implementation of GST, the tax rate has been raised by 3% placing health insurance in the 18% tax bracket.

Nowadays, many health insurers have started offering AYUSH Benefit to their policyholder, that covers Ayurvedic Homeopathic, Unani and Siddha treatment. By availing of this benefit, one can get their inpatient Ayurvedic, Yoga and Naturopathy, Unani, Siddha and Homeopathy treatment reimbursed by the health insurer.

Critical Illness Health Plans is a typeof health insurance that protects your hard-earned money in case you are diagnosed with a critical illness such as Cancer, Kidney Failure etc. Buying this ensures that your treatment expenses will be taken care of. One should consider buying this plan if they have a family history of such illness, or if they think that habits or lifestyle may make you vulnerable to such disease. For example, if you are a chain smoker, there are 90% of you being vulnerable to lung cancer.

It's good if you are getting health insurance from your company. But what if you decided to switch the job? You will lose all the benefits. Hence, chances are that you will need to pay a higher premium for your new policy because of your growing age. Therefore, to be on the safer side, you can buy a separate health plan that will ensure your and your family's healthcare needs are looked after even if you no longer have your company's health policy.

Yes, the premium can be paid by any earning member of the family. Documents should be submitted by that member only.

Yes, policyholders can have multiple health insurance and can claim from multiple insurance for the same expense. If one cover is not enough then they can use the other cover.

Yes, But it can vary from plan to plan.

Age and gender of the eldest member of the family, city, are the primary pricing factors. With the help of actuarial statistics, these determine your life expectancy. The benefit and sum assured you need are the next greatest factor.

No, it can not be your saving.

It vary from plan to plan

Yes. But it varies from plan to plan

You can update at the time of renewal of your plan. Also , if required you can update the nominee, address, phone number by endorsement, or by sending Email to insurer

you should consider the claim process, family health insurance, selecting the correct sum assured, network hospitals, maternity benefits, pre and post hospitalization, renewal, free medical check ups.

Yes, you can nominate any person.

Yes

Nowadays, many health insurance companies are offering a feature of portability. In simple terms, it means that you can switch from your existing provider to another one or from one plan to another (within the same insurer) if you are not satisfied with it. And the best part is that you don't have to lose the continuity benefits (like the waiting period). We have written a comprehensive article on the pros & cons of health insurance portability that might help you decide whether to go for it or not.