Health Insurance
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What is Health Insurance? How Does It Work?

Health Insurance is a type of insurance that safeguards you and your family against medical expenses that arise due to an accident, illness or critical disease. Most health insurance policies come with benefits like cashless treatment, coverage for pre and post-hospitalisation expenses, ambulance cover, etc.

To understand the working of health insurance, let's take a look at an example. Vivek decides to invest in a health insurance plan. After 6 months, he feels ill and needs hospitalization. As the first step, he can get admitted to the nearest network hospital associated with his insurance company. He just needs to show the health card and submit a pre-hospitalization form. Once approved, the insurance company will look after his treatment expenses.

If Vivek is unable to locate a network hospital near him, he can opt for the reimbursement process. Here, he can pay all the treatment expenses by himself and collect all the documents. Later, Vivek needs to submit the required documents to his insurance company. The company will verify them and reimburse the amount as per its TnC's.

How Much Does A Health Insurance Cost?

Health insurance prices depends on the number of members you want to cover in a single policy, the age of the eldest member,sum assured and the type and features of the plan you choose. To get an approximation of prices, we have compiled plans of top 6 health insurance providers for various age groups and sum assured in the following table. This will give you an idea of how much a plan of 5 lac or 10 lac sum assured will likely cost per annum for a person aged 26, 36, 46 and 56. So if you are 30 years old, you can approximate the premium by taking an average of 26 and 36. For exact premium and plans offered by various companies you can calculate premium using the form at the top of this page. Usually takes less than 30 seconds.

Age Sum Assured 1A 2A 2A+1C 2A+2C Average Premium
26 5L 7844 11172 13539 16491 12,262
10L 9999 14459 17539 21014 15,753
36 5L 8938 13146 15534 18225 13961
10L 11563 17257 20291 23436 18136
46 5L 14145 21980 24097 27061 21821
10L 18527 29402 32010 35476 28854
56 5L 24025 36009 38395 41899 35082
10L 31274 47808 50984 55302 46342
Average Premium 15789 23904 26549 29863 24026

**Last Updated on 26-02-2021

For better understanding, we have also compiled a few plans from some of the providers for a 30 year old person with a coverage of 10 lacs for himself, his wife (aged 28) and two children (10 & 5 years old). As you can see the premium varies significantly across companies and plans. This is due to various factors like plan features, companies claim experience, etc.

Plan Name Premium Amount (In Rs.)
Bajaj Allianz Health guard - Gold 19,191
ICICI Lombard Complete Health Insurance Plan 20,208
Max Bupa Health Companion 21,631
Star Health Family health optima 21,659
Care Health Insurance Plan 21,690
SBI Aarogya Premier 31,752

**Last Updated on 26-02-2021

Premium Amount Of 6 Health Insurance Plan

Why is Health Insurance Important?

Today, quality health care treatment is expensive and is getting costlier every year. As per the economic survey report of 2018-2019 by the Government of India, medical inflation in the country stood at 7.14% which was twice the CPI for the same period. A decent hospital has the potential to sweep away your savings in a few days, and most of the time, a situation arises where one can't even afford good hospitals or doctors due to costs. In such situations, having a health insurance plan can prove to be a saviour. You can invest your entire energy in the recovery from illness, instead of worrying about the hospital bills.

Moreover, the cashless facility offered in network hospitals is a real great feature as you don't need to worry about arranging the money. The bills are directly settled by your insurer to the hospital. You can approach any of the network hospitals, which has a tie-up with your insurance provider to avail cashless facility. In case you could not get admitted in a network hospital due to any reason, you can pay the bills and later get it re-imbursed from the insurance provider. Apart from the medical coverage, health insurance offers tax benefits on premiums paid under the Income Tax Act, 1961.

Let's understand the importance of having health insurance through an example.

Importance Of Health Insurance

There were two friends- Vinay and Aman. In the beginning of 2020, Vinay decided to buy a health insurance policy and even told Aman to buy one for him and his family. However, Aman denied the idea and thought it was a waste of money.

In the mid of 2020, the outbreak of Coronavirus affected many people, and Vinay and Aman were one of them. They both lost their jobs and had to get hospitalized for the treatment.

Thanks to health insurance bought by Vinay, his insurance company paid for all the expenses, whereas Aman had to pay from his pocket, draining all his savings in the end. Moreover, since Aman did not have a medical insurance, he opted for a cheaper hospital. This also resulted into him taking much more time to recover compared to Vinay.

Therefore, to secure your family and finances at a time of medical emergency, you need to have health insurance.

Types of Health Insurance Plans

There are various types of health insurance plans available in the market. We have categorized the plans into 4 broad buckets:-

1

Family Floater Health Plan

A family floater health plan covers all family members under a single policy. You can get insurance coverage for self, children, spouse, etc. on a floater sum insured basis, and your family can claim up to the entire sum insured. The amount of the premium paid is less as compared to individual health plans.

2

Critical Illness Health Plan

A critical illness plan offers a fixed benefit/payout for critical illnesses such as Cancer, Kidney Failure, Brian Tumour, etc. The plan pays out a lump sum amount as soon as the policyholder is diagnosed with a listed critical illness, which allows him to avail extensive medical care without worrying about the expenses.

3

Top-up Health Plan

A top-up health plan acts as a stepney to your existing health insurance policy and will come to your rescue in case you have crossed the threshold limit of your policy. These plans come to your rescue in case your existing health insurance is not enough to meet the medical bills. These plans are also very attractive for people who get medical coverage from thier employers. Usually, the amount of coverage is not enough and therefore buying a top-up plans help them bridge the gap. These plans are very economical as they kick in only after the base policy sum assured is exhausted.

4

Senior Citizen Health Plan

A senior citizen health plan is designed especially for those people who are above 60 years of age. The plan targets medical contingencies (may vary as per the policy) during old age and allows them to avail healthcare treatments without worrying about the high medical costs. Since these plans are offered to old age people, they usually come with a co-payment clause (meaning some percentage of expenses has to be borne by the insured) .

What Are The Benefits Of Health Insurance?

Health insurance plans come with numerous benefits and offer comprehensive coverage to you and your family. We have listed a few crucial benefits below that will help you understand health insurance in a better manner.

Benefits Of Health Insurance
Cashless Treatment

Cashless Treatment

A policyholder can avail of required treatment in any network hospital (registered with his insurance provider) without paying the treatment expenses (up to the sum insured limit). How? The company pays on his behalf and allows him to focus on his treatment.

Pre & Post Hospitalization Expenses

Pre & Post Hospitalization Expenses

The expenses before hospitalization and after discharge from the hospital (up to a specific period) are covered by health insurance, provided the treatment agrees with the terms and conditions of the chosen policy

Tax Benefits

Tax Benefits

Health insurance premiums provide tax benefits under Section 80D of the Income Tax Act, 1961. If you are below the age of 60 years, you can get an exemption of up to Rs. 25,000 per year, and if your age is above 60 years, then the benefit increases up to Rs. 50,000.

Daily Hospital Cash

Daily Hospital Cash

It provides daily cash (to a certain limit) to take care of the additional expenses incurred in hospital like food, traveling to and forth, etc. For example, Star Comprehensive plan provides up to Rs.2500 hospital cash for a maximum of 7 days per occurrence & up to 120 days per policy period.

No Claim Bonus (NCB)

No Claim Bonus (NCB)

NCB is a discount that you will receive from the insurer for every claimless year. It helps to reduce the payable premium (by a certain percentage) at the time of renewing the policy.

Free Health Check-Ups

Free Health Check-Ups

To motivate the policyholders towards a healthy lifestyle, many insurance companies provide free medical check-ups. Depending on the company and the type of policy, you will be eligible for the same.

Domiciliary Hospitalization

Domiciliary Hospitalization

In case you are unable to get treatment at a hospital due to the unavailability of a bed or if the doctor advises medical treatment at home, insurance companies are liable to look after its expenses.

Lifetime Renewability

Lifetime Renewability

These days, several health insurance plans are offering a feature of ‘Lifetime Renewability'. With this, one can ensure that his policy can be renewed lifelong without any age limit or other restrictions.

AYUSH Treatment

AYUSH Treatment

As per IRDAI's guidelines, insurance companies are liable to cover Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (AYUSH) treatments availed by the policyholder, provided the treatment happens at a government-approved hospital accredited by the Quality Council of India of National Accreditation Board.

Restoration of Sum Insured

Restoration of Sum Insured

Under this feature, you don't have to worry once your sum insured is exhausted. Most of the health insurance plans come with sum insured restoration bnefit, which restores the sum insured as per the policy's TnCs.

Coverage for Coronavirus

Coverage for Coronavirus

Your standard health insurance offers coverage against Coronavirus. The insurance will pay off in-patient and outpatient expenses incurred during the treatment of COVID-19.

Additional Benefits Of Having A Health Insurance

To extend your coverage, you can add additional benefits by paying additional premiums at the time of purchase of a new policy or renewal of your existing policy.

Some of the add-ons offered by health insurance companies are listed below:-

  1. Maternity Cover

    It is specially designed for those policyholders who are planning to start their family. After a certain waiting period (varies from insurer to insurer), one can get coverage for pre and post-natal care, child deliveries, and vaccination expenses of the newborn babies.

  2. Hospital Cash

    The insurer provides coverage against the additional cash expenses that may incur during the hospitalisation such as transport costs, attendant costs, and others. The amount and time period varies from one health plan to another.

  3. Personal Accident Cover

    One can ensure a cover against uncertainties such as accidental deaths, permanent partial disablement or permanent total disablement. Your insurance policy will pay you a certain amount depending upon the nature of the incident.

What Are The Exclusions of Health Insurance Policies?

Health plans are indeed comprehensive in their scope of coverage. However, some things are excluded from them. However, these exclusions vary from company to company. Below are some of the common exclusions that aren't covered under health insurance-

Pre-existing Illnesses (before the waiting period): At the time of purchase, you need to disclose if you have any pre-existing illnesses like Diabetes, Depression, etc. These declared illnesses are excluded for a certain period, which is also called the ‘Waiting Period'. This may range from 2 to 4 years depending upon the insurer.After the waiting period, all illnesses are covered.

Self-inflicted injuries: A self-inflicted injury is where a policyholder deliberately tries to harm themselves. These type of expenses are not covered by most of the health insurance companies.

Injuries caused due to alcohol or drug abuse: Injuries caused by an overdose of drugs or alcohol are not covered under the health insurance plans.

Cosmetic treatments: Generally, cosmetic treatments to enhance the body parts are not covered. However, in some instances like an accident causing disfigurement of body parts, is liable to get coverage under the policy. This varies from one insurer to another.

**To know all the exclusions of your plan, refer to the product brochure or directly get in touch with your respective insurer.

Does Health Insurance Cover Coronavirus?

Yes, your standard health insurance will offer coverage against COVID-19. The insurance will pay off in-patient and outpatient expenses incurred during the treatment of COVID-19.

But is the coverage under standard health insurance enough? The answer is ‘No'.

Majorly, the two issues faced by the patients while getting treated were:

  • The cost of consumables (gloves, face masks, etc.) was not covered in standard health insurance policy and in the case of coronavirus treatment, the cost of PPE kits was adding a big burden on policyholders.
  • The treatment cost was very high and was exceeding the health insurance cover.

As this fatal virus is spreading across the globe and the expenses related to the treatment and testing increases, you may need more than standard health insurance by your side.

Therefore, if you want a complete scope of coverage against Coronavirus, you can invest in Corona specific health insurance plans launched by insurance providers. These two plans are specifically designed to cover COVID related claims and offer complete coverage.

Let's find out more about them.

  1. Corona Kavach

    Corona Kavach is an indemnity oriented policy, which covers all the expenses incurred due to COVID hospitalisation, and is designed to safeguard you and your loved ones from COVID-19.

    This policy aims at covering hospitalization, pre-post hospitalization, home care treatment expenses, and AYUSH treatment in case the policyholder is tested positive for COVID-19.

    Apart from covering hospitalization expenses, the policy also covers anaesthesia, blood, oxygen, operation theatre charges, surgical appliances, ventilator charges, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities, PPE Kit, gloves, mask and other similar expenses.

    Eligibility

    Product type Individual/family
    Waiting period 15 days
    Sum insured Rs. 50 Thousand to 5 Lakhs
    Policy tenure 3.5 months, 6.5 months & 9.5 months
    Entry age 18 years to 65 years

    **Last Updated on 26-02-2021

  2. Corona Rakshak

    Corona Rakshak is an affordable health insurance policy that offers lump sum benefit to the policyholder if diagnosed with COVID-19. The plan offers 100% sum insured if the diagnosis confirms the presence of COVID-19 & requires minimum continuous hospitalization for 72 hours.

    Eligibility

    Product type Individual
    Waiting period 15 days
    Sum insured Rs. 50 Thousand to 2.5 Lakhs
    Policy tenure 3.5 months, 6.5 months & 9.5 months
    Entry age 18 years to 65 years

    **Last Updated on 26-02-2021

    To avail complete coverage, you can opt for any of the two plans and cover yourself and your family against this deadly virus. With low premiums, these policies can act as your saviour if COVID-19 hits you.

How To Choose an Ideal Health Insurance Plan?

Health needs vary from person to person, and what may be best for one may not suit the other. However, to meet your ever-changing requirements, you need to be vigilant while selecting your ideal health plan.

At PolicyX.com, we have listed down a few steps that may help you to choose a perfect health plan for yourself and your family.

Step 1

Choose your Ideal Health Insurance Company

Go with a company that offers a cashless facility, has good customer service, comes with a decent market share and offers a wide range of health products that will cater to the different needs of customers.

You can also check the list of all the Health Insurance Companies You can check the complete list of health insurance companies, with all relevant selection parameters to decide which ones to consider for your needs.

Step 2

Evaluate your needs and Requirements

Once you have chosen your ideal company, evaluate your family's health needs thoroughly, and decide the type of plan you want to buy. For example, if you have a nuclear family (yourself, wife and a kid), a family floater plan with Rs.5-10 Lakhs coverage will be enough (generally speaking). However, if you want to cover your parents (above 60 years) under health insurance, senior citizen plans will be a good option.

Step 3

Compare Coverage and Premiums

After you have shortlisted a few plans on the basis of your needs and requirements, just compare their benefits with each other. Ideally, it's recommended to go with a plan that offers maximum benefits (including decent coverage) and doesn't hurt your wallet.

For your convenience, we have prepared a complete list of top health plans available in the market, that will help you to make an informed decision.

Top Health Insurance Plans in India

On the basis of lowest premiums for a coverage of Rs. 5 Lakhs, we have mentioned a few of the top plans available in India. You can check the complete list of best health insurance plans, and then choose accordingly.

Plan Name Minimum Entry Age Premium Amount(in Rs.) Unique Features
Care Health Insurance Adult- 5 years
Child- 91 days
16,613
  • The Plan offers coverage for Modern Treatments like Robotic Surgery, etc.
  • Allows the policyholder to choose from a wide range of add-on covers.
ICICI Lombard Complete Health Insurance Plan Adult- 5 years
Child- 91 days
16,973
  • With this plan, one can avail of reset benefits under which the plan will reset up to 100% of your base sum insured in case it gets exhausted.
  • The plan offers a complimentary health check-up to each insured for every policy year.
Star Family Health Optima Adult- 18 years
Child- 16 days
17,063
  • The plan offers Automatic Restoration of 100% Sum Insured.
  • The plan offers a new born baby cover, that starts from 16th day after birth
HDFC Ergo My: health Suraksha Silver Smart Adult- 18 years
Child- 91 days
18,277
  • The plan pays for Medical Expenses in case of hospitalization for any Mental Illness.
  • The plan offers cumulative bonus, where one can avail upto 25% of Basic Sum Insured.

**Last Updated on 26-02-2021

What Is Arogya Sanjeevani Plan? Why Is It Called A Standard Health Plan?

The Insurance Regulatory and Development Authority of India (IRDAI) directed all insurers to launch the Arogya Sanjeevani Health Insurance Policy by April 1, 2020. The main objective of this plan is to make health insurance more accessible, affordable, and less confusing for policy buyers.

IRDAI has now allowed all general and standalone health insurers to offer Arogya Sanjeevani Policy as a group insurance product as well.

Although the plan offers similar features and benefits that are offered by most insurers in thier existing plans, this standard plan lays down the bare minimum benefits that the insurer must offer in these plans. This is to protect policyholders from adverse clauses and surprises at the time of claim.

Key Features/Benefits

  • Pre & Post Hospitalization Cover: The plan provides coverage against pre and post-hospitalization expenses associated with any medical treatment caused by an illness/injury.
  • No Health Checkup: To invest in this plan, there is no need for any medical screening up to the age of 45 years.
  • COVID-19 Cover: It also offers coverage against coronavirus treatment.
  • AYUSH Benefit: It offers coverage against hospitalization expenses incurred on getting alternate treatments such as Ayurveda, Homeopathy, Siddha, etc.
  • Free Look Period: Free look period of 15 days is only applicable at the inception of the policy and not on renewals or at the time of porting/migration.
  • Lifelong Renewability: The plan comes out with the lifelong renewability option.
  • ICU/ICCU Charges: The plan pays up to 5% of charges (up to Rs.10000/day) for the treatment taken in the ICU/ICCU. The coverage is based on the total sum insured.

Eligibility

Product type Individual/family
Sum insured (In Rs.) 1-5 lakhs
Policy tenure 1 year
Entry age 18 years to 65 years

**Last Updated on 26-02-2021

Can I Change my Health Insurance Policy? (Health Insurance Portability)

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.

Why Choose PolicyX.com?

PolicyX.com is a one-stop-shop for all your insurance-related needs. It is the Insurance Regulatory and Development Authority of India (IRDAI) certified web insurance aggregator company (License Number: IRDA/WBA 17/14).

You can compare health insurance plans from top insurance companies with us, and buy the best plan as per your needs. Our systems and teams are well-equipped to help you with the buying procedure (from starting till the end). Let us look at the following key highlights about PolicyX.com:

  • PolicyX.com offers a free comparison service with unbiased quotes.
  • Allows a person to compare health insurance plans from over 15 companies within 30 seconds. You can buy the best medical insurance policy according to your needs in 5 minutes.
  • By providing basic information, we will search for the most suitable health plans for you and offer relevant quotes based on features, cost, riders, exclusions, benefits, and much more.
  • Most health plans are available online and you can get your policy instantly by making an online payment.
  • We help you with your documentation, medical tests if required, policy issuance and claim assistance. Our customer service executives are available 24x7 to help clarify your doubts and most importantly help you at the time of claim.
  • You pay the same premium as if you were to directly buy from insurance company. In other words, we don't charge from our customers for our services.

Buying Process

how to buy health insurance policy

Documents Required For Buying

Following is the list of documents needed to buy health insurance:

  • Proof of Age: PAN Card, Driving License, Passport, Voter ID, etc.
  • Photo Identity Proof: Aadhaar Card, PAN Card, Driving License, Passport, Voter's ID, etc.
  • Proof of Address: Ration Card, Bank A/C Statement, Electricity Bill, Passport, Voter's ID, Telephone Bill, etc.
  • Proof of Income: Employer's Certificate, Salary Slip, Form 16, etc.
  • Medical Checkup: If asked by the insurance company.
  • Photo Proof: Passport size photograph of the policyholder.
  • If needed, the company may ask or other documents.

Health Insurance Claim Settlement Process

The most important part of an insurance policy is the claim settlement process. Some insurance companies offer a direct claim settlement process, while others take the help of TPAs (Third Party Administrators) for claim settlement. The claim settlement process takes place in two forms, which is mentioned below. These are general steps and may change from one insurance company to another.

Cashless Claim

You can avail of cashless treatment facility only in the network hospitals of the insurance company. Stick to the below-listed steps for the same.

  • Inform the insurer/TPA (for planned treatment- before 48 to 72 hours of hospitalisation, as per insurer's timeline) through a call or email. For emergency treatment, inform within 24 hours of hospitalisation.
  • Show the health card (provided by your insurer) along with the identity proof at the hospital.
  • The hospital will examine the identity of the policyholder and submit the pre-authorization form to the insurer/TPA.
  • The insurer/TPA will check all the documents and share their approval (if everything is ok).
  • After the treatment is done, the insurer will settle the treatment bills of the hospital.
  • There are likely to be exclusions i.e., expenses that the TPA/insurer won't pay. Such expenses must be settled by the patient/family directly at the hospital.

Reimbursement Claim

The insurer can avail of the treatment in a hospital and pay the bills. Once that is done, (s)he can file for reimbursement via the below steps.

  • Inform the insurance company about your hospitalization as per your insurer's timeline.
  • Keep all your documents ready with the hospital bills.
  • Submit the documents along with the claim form.
  • The insurance company will check all the submitted documents.
  • After the completion of all formalities, the claim is settled as per the terms and conditions of the policy. The amount will be transferred into the claimant's bank account.

Note- If the insurance company doesn't respond through any mode of communication, contact PolicyX.com. Call at our toll-free number 1800-4200-269 or write an email to helpdesk@policyx.com. We will help and guide you to settle your claims without facing any troubles.

Documents Required For Claim Settlement

Below is the list of documents you need to submit for filing a health insurance claim:

  • Duly-filled claim form.
  • Medical certificate that is issued by the doctor and authorised by the hospital along with an attached diagnosis report.
  • ID proof of the claimant.
  • Prescription and cash invoice from pharmacy/hospital.
  • FIR (In case of an accident).

*The insurance company may ask for other documents (if required).

FAQs

Before buying a health insurance plan, you must run into some questions in your head and wonder what's their solution? Don't worry! PolicyX.com is here to solve them. Let's go through some common queries:

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. For more details, please click here

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. To get more information, please visit this link.

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.

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

Find Out What PolicyX.com Customers Says

- 4/5 (146 Total Rating)

1 days ago

Pritha Mukherjee
Kolkata

Good health insurance for people with comorbities at affordable prices. I am glad that Star insurance accepted me despite my numerous comorbities. Go for it.

January 25, 2021

Sarfraz Sadiq Pathan
Mumbai

Well co operated by policyx staff I thank them for giving me such a helping hand and hope in future they will give their best to solve any issues related to policy if there is any

December 18, 2020

Deepak Dashrathlal y
Ahmedabad

My policy number is 2876/00001449/0198/000/01is inforce upto 08/01/2020 kindly send renewal notice for extending further,or send your response by phone, send your representative.

October 26, 2020

Bipinchandra Somabhai Patel
Vadodara

I want to portability of United India insurance company individual health mediclaim policy taken since December 2005 and falling due for renewal on 06-12-2020

July 31, 2020

meenakshi singh
Delhi

Fantastic service providers, My details got changed within few days after the policy issuance. Efficient employees really.

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Last updated on 26-02-2021