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Health insurance in recent times has become an essential part of everyone's life. With the rising healthcare costs, availing of quality healthcare can leave a family financially struggling. Therefore, with the right health insurance you can ensure to avail quality treatments without burning out your savings completely.
Health policy purchases in India are steadily increasing, but there is still a long way to go. According to the most recent NFHS-5 survey, 41% of Indian families have at least one individual covered by a Medical Insurance plan, up from 28.7% in the previous NFHS-4 study. Because of the pandemic, the Indian population has realized the value of health insurance. However, it is a crucial tool for protecting yourself and your family during times of medical emergency.
Ideally, a policyholder must compare Health Insurance Plans in order to make the best possible purchase for oneself and their family. There are certain points to keep in mind while comparing health insurance. For instance, compare health insurance, the entire package, and not just one component of the policy. The ideal step for a policyholder is to compare online health insurance plans based on premiums, coverage, services, inclusions, exclusions, and claim settlement. Yes, we understand it is a lot of work! This is why here we are, we will guide you on how to go about comparing health insurance plans in India.
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Health insurance is an agreement between the insurance company and the insured, where the insurance company provides financial coverage for medical expenses in case the insured falls ill or meets with an accident. A health insurance policy provides cashless hospitalization, in-patient, and out-patient hospitalization, critical illness benefits, accident coverage, organ donor expenses coverage, day-care treatments, OPD coverage, domiciliary hospitalization, senior citizens coverage, and coverage for your dependent parents and children. Health Insurance in India also provides you with tax exemptions under section 80D of the Income Tax Act.
To avail the coverage against medical expenses, the policyholder needs to pay a specific amount (monthly, quarterly or annually) which is called a premium. The premium of the health insurance plans differs from person to person and depends on certain parameters such as your age, sum insured chosen, lifestyle etc.
The standard eligibility criteria and features for health insurance in India are depicted below for better understanding.
Entry Age | Minimum Entry Age :Adult: 18 Years Child: 91 Days Maximum Entry Age Adult: 65 Years Child: 25 Years |
Claim Settlement | Cashless Claim Settlement at network hospitals |
Renewability | Available with lifetime renewability |
Preventive Check-ups | Available |
Tax Benefits | Available under section 80D |
SI | INR 50k to 2 Cr |
Maternity and New Born Cover | Available |
Organ Donor Cover | Available |
OPD | Available |
DayCare Treatments | Available |
Annual Health Check-ups | Available |
Road and Air Ambulance | Available |
Special Covers | Critical Illness/ Senior Citizen/ Vector Borne Diseases/ Covid |
Health Insurance companies in India provide numerous medical insurance policies with regard to the needs of an individual as well as families. Let us compare health insurance policies to understand their advantages in detail.
A comprehensive health plan for individual and family with SI of 3 lacs to 6 Cr. with global coverage.
Unique Benefits
This policy is designed to provide complete protection against all health care eventualities to you and your family.
Unique Features
An individual and family plan that covers all day care treatments, modern treatments, comes with a safeguard add-on and provides annual health check-ups.
Unique Features
A comprehensive Plan with 5 different variants suitable for individuals and young couples, offering a sum insured up to 1 Crore.
Unique Features
Provides comprehensive medical coverage to individuals and families with different budgets by offering SI options ranging from 5 Lakhs to 50 Lakhs.
Unique Features
The plan is ideal for the families who want to get covered under single sum insured.
Unique Features
This is a plan that provides comprehensive range of sum insured from Rs. 200K to Rs. 2cr.
Unique Features
Offers 360 degrees protection to you and your family with multiple SI options of 3 to 75 Lakhs. Comes with EMI and lifelong entry option.
Unique Features
A flexible and comprehensive health plan, securing your today & tomorrow. With 'Reserve Benefit' features, this plan grows unused policy amount @6% interest rate.*
Unique Features
Buy a cover of up to 2 crores to secure you and your loved ones against 20 major critical illnesses with the Niva Bupa CritiCare plan.
Unique Features
An ideal health plan for people with a pre-existing critical illness or a family history of critical illnesses. Get comprehensive coverage for 15 critical illnesses.
Unique Features
Covers the risk of spreading/recurrence of first cancer (metastasis) & second cancer (second malignancy)
Unique Features
Comprehensive health plan for people above 60 to make their second inning stress-free from health-related financial worries.
Unique Benefits
A comprehensive family floater plan that decides your policy premium based on the living cost of the city you reside in.
Unique Benefits
Created for young individuals under 40 years of age. It also offers various benefits such as discounts on renewals, incentive-led wellness programs, lowest waiting periods.
Unique Features
A complete health insurance policy that covers you and your family with a wide range of SI (3 Lakh to 1 Crore) and continues to give you more benefits.
Unique Features
This is a plan that provides coverage for Covid-19 hospitalization and chronic diseases
Unique Features
Plan with comprehensive coverage up to INR 3 crores with benefits like OPD cover, global cover, women's care, and continuity benefits.
Unique Features
A comprehensive health plan that comes with 3 variants and up to 1.5 crores Sum Insured.
Unique Features
A fixed premium plan that offers coverage up to 3 Lakhs and offers protection against the expenses incurred during OPD and hospitalization.
Unique Features
Looking for more medical insurance plans? PolicyX has a complete list of the Best health insurance plans for you.
There are various types of insurance plans in India and we have mentioned the categories for a better understanding as
Covers all the family members (you, your spouse, children, and parents) in a single policy
Family Floater Health PlanProvides financial coverage to the insured in case he/she is diagnosed with a listed critical illness/disease.
Critical Illness Health PlanProvides extra coverage if your existing health plan is not enough to meet the medical bills.
Top-up Health PlanOffers quality healthcare treatment such as domiciliary hospitalization and psychiatric care to people who are above 60 years of age.
Senior Citizen Health PlanProvides coverage only to an individual and covers medical expenses such as hospitalization for injuries and illnesses, surgery costs, room rent, daycare procedures, and more.
Individual Health InsuranceCovers the medical expense that occurred due to an accident while providing coverage to the policyholder in case of partial disability, permanent disability, and accidental death
Personal Accidental InsuranceThis form of medical policy in India operates on both a cashless and reimbursable basis up to the sum insured selected by the insured individual. It is a basic health insurance plan that individuals must own for their health care.
Indemnity Health InsuranceIt is a lump sum benefit-based health insurance plan and pays you in one go. This type of medical health insurance policy is beneficial for dealing with endless medical expenses arising out of critical ailments like Cancer, Paralysis, etc.
Fixed Benefit Medical PolicyHaving dedicated Medicare in India for you and your family not just protects you from unannounced medical emergencies, but also comes with several benefits. The benefits one can avail of are countless. Explore the major advantages of having an effective medical insurance policy.
No cash payments are required to settle medical bills. Your insurance provider will pay the cost of your medical treatment when hospitalized in a network hospital.
Any medical expenses incurred before and after the hospitalization will be covered by the sum insured under your health insurance policy.
Health Insurance offers tax benefits under section 80D of the Income Tax Act, 1961.
The policyholder gets the extended coverage amount for not making any claim in a policy year.
Insurance companies offer free health checkups, motivating the policyholder to maintain a healthy lifestyle.
Covers medical expenses generated while receiving medical treatment at your home if you are unable to reach a hospital for a justifiable reason
Get your policy renewed for a lifetime without any restriction on the age limit.
Coverage for the expense related to Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy (AYUSH) treatments
Allows you to refill your sum insured in case it is exhausted in a policy year.
Riders allow the policyholder to enhance the basic coverage of their chosen Health Insurance plan. Medicare can be customized as per your healthcare needs.
Read below the list of health riders available under the various health insurance plans for an informed decision:
Add-on Covers | What is Covered? |
Maternity Cover | Expenses related to pregnancy, childbirth, and the vaccination of newborn babies |
Personal Accident Cover | Expenses of accidental injuries including disability, death, etc. |
Reduction in Waiting Period Cover | Reduces the waiting period for Pre-Existing Diseases |
Room-rent Cover | Flexibility to increase your policy's sub-limit for hospital room rents or opt for no sub-limit at all |
Hospital Daily Cash Cover | Provides a daily cash allowance to the insured to take care of additional expenses such as food, travel, etc. while he/she is in the hospital |
Air Ambulance Cover | Air ambulance cost generated for shifting the insured in case of a medical emergency |
Zone Upgrade Cover | Offers additional financial coverage based on the zone in which the insured is hospitalized |
Medical care is costly in the country and it is essential that you provide your family with a financial cushion in case of any medical emergency. We have mentioned below the top reasons to invest in a good medical insurance policy.
Finding a reliable insurance company is as critical as purchasing suitable medical insurance plans to avail of all the expected benefits of the policy. Here are the 28 most trusted health insurance providers in India.
Every individual must compare health insurance plans online before investing as it saves time, money, and efforts. Here's why comparing health insurance/medical plans online is the way to go.
Listed are the benefits of spending some time researching online and comparing health plans before buying them.
The following pointers play a significant role when you select a health insurance plan. Make sure you go through all these factors when comparing a health insurance plan for yourself:
Now-a-days, quality healthcare treatment is quite expensive. Getting admitted to a hospital to obtain good healthcare service has the potential to wipe off all your savings in a few days.
Health Insurance is essential, as it safeguards your family from unexpected medical bills that may cause a strain on your finances. When you invest in medical insurance, you don't need to worry about your bank balance during medical emergencies.
Below mentioned are some of the reasons why you should consider buying health insurance.
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.
Health Insurance in India today is beginning to gain a lot of importance. In urban India with the lifestyle choices made by individuals, life is becoming highly unpredictable. Amidst a pandemic, people have realized why they should compare the best health insurance best suited to their requirements before purchasing one. While you buy online health insurance the insurance companies do a thorough check of your health profile. Based on their review, they fix the premium charges. Here is a list of factors that insurance companies consider affecting the premium cost.
Online Health Insurance is the most sought-after solution for the Indian population yet it is one of the most misunderstood financial products which stems from a lack of knowledge and understanding about insurance in general.
Below listed are a few common myths about health insurance policies, and the reality behind them.
Health Insurance is not needed when I am young and healthy, I will think about it when I am old!
The truth is that when an individual is young and healthy it is the best time to compare health insurance and buy the best option available. Young insurance holders can get coverage at an affordable premium because the risk of getting hospitalized at a young age is minimal.
The best health insurance policy is the one that is cheap!
Individuals make their insurance buying decision based on the premium. While it is fine to buy health insurance with a low premium, you must be aware that such policies have restricted offerings and may not be able to provide you with adequate coverage according to your needs.
I am a smoker. I can not buy Health Insurance.
Most health Insurance providers are concerned about pre-existing medical conditions. If you are a smoker and have suffered from any medical condition due to smoking you must disclose this as a pre-existing medical condition. The insurance providers may charge a higher premium but they will not deny health cover.
My health insurance benefits will be void if I do not renew the health insurance on time.
This is in fact one of the most common myths when individuals purchase Health Insurance. It is of utmost importance that you renew your health insurance every year before the due date to maintain the continuity of health benefits. However, every insurance provider has a grace period of 30 days wherein you can renew your policy.
My employers have provided me with Health Insurance, I do not need to buy another one.
Multiple organizations do provide employees with health insurance, however, don't ignore the importance of having individual health insurance. Even though corporate policies are useful, they might not extend cover to your aged parents/dependents. In addition to that, your policy will only be in effect till the time you are employed with the organization.
Choose Health Insurance Coverage of Your Choice
Medical insurance premium depends on various factors:
Get an approximation of medical insurance premiums based on different age groups and Sum Insured.
AGE 26
Sum Insured | 1 Adult | 2 Adult | 2 Adult+1 Child | 2 Adult+2 Child | Average Premium |
5L | 7844 | 11172 | 13539 | 16491 | 12,262 |
10L | 9999 | 14459 | 17539 | 21014 | 15,753 |
AGE 36
Sum Insured | 1 Adult | 2 Adult | 2 Adult+1 Child | 2 Adult+2 Child | Average Premium |
5L | 8938 | 13146 | 15534 | 18225 | 13,961 |
10L | 11563 | 17257 | 20291 | 23436 | 18,136 |
AGE 46
Sum Insured | 1 Adult | 2 Adult | 2 Adult+1 Child | 2 Adult+2 Child | Average Premium |
5L | 14145 | 21980 | 24097 | 27061 | 21,821 |
10L | 18527 | 29402 | 32010 | 35476 | 28,854 |
If you are 56 years old, Click Here
AGE 56
Sum Insured | 1 Adult | 2 Adult | 2 Adult+1 Child | 2 Adult+2 Child | Average Premium |
5L | 24025 | 36009 | 38395 | 41899 | 35,082 |
10L | 31274 | 47808 | 50984 | 55302 | 46,342 |
Check Your Premium
Every Health Insurance Plan comes with a certain list of illnesses or treatments that are not covered by them. These exclusions may vary from company to company. As per IRDAI, some common diseases or medical conditions that are not covered under health insurance plans are:
**To know all the exclusions of your plan, refer to the product brochure or directly get in touch with your respective insurer.
Choosing an ideal Health Insurance plan among all the available plan in itself is a difficult task. But once you choose a plan suiting your requirements, you need to evaluate the coverage you need
It is imperative for you to choose the amount that provides you with more coverage and financial security. Do not forget to compare the health insurance plans.
In the below section, we have shown some of the pointers that will help you to figure out how much health insurance you'll need to protect yourself and your family:
Decide who all should be insured in a single health insurance plan.
We would recommend buying plans for your immediate family and a separate plan for your parents as:
**For some companies children up to the age of 21 can be covered under a policy
Below are the recommendations of minimum covers you may require based on your age and city of treatment.
Metro | Above 35 | 10 Lacs |
Metro | Below 35 | 5 lacs |
Non - Metro | Above 35 | 7.5 Lacs |
Non - Metro | Below 35 | 5 lacs |
Below-mentioned are the benefits of buying a Mediclaim insurance plan online:
With PolicyX.com offers a simple process to buy online health insurance in just 4 easy steps and you are all good to have online health insurance.
New Insurance Policy | Port Insurance Policy | Renew Insurance Policy |
1. Duly-filled policy form 2. Medical history of pre-existing diseases |
1. Address and ID proof 2. Medical history of pre-existing diseases 3. Previous policy documents |
1. Existing policy number 2. Medical history of pre-existing diseases |
**Document requirement may vary from insurer to insurer
Health insurance companies offer 2 types of claim settlement processes to choose from at your convenience. Read along to explore what is Health insurance claim settlement process:
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured individual. It provides financial protection against unexpected medical costs.
The insured refers to the individual or group covered by the health insurance policy. This person is eligible to receive benefits as per the terms and conditions of the policy.
An insurer, also known as the insurance company or the health insurance provider, is the organization that offers the health insurance policy and agrees to provide coverage and benefits to the insured in exchange for premium payments.
The premium is the amount paid by the insured to the insurer at regular intervals (monthly, quarterly, or annually) to maintain the health insurance coverage. It is the cost of the insurance policy.
The sum insured, also known as the coverage amount or the policy limit, is the maximum amount that the insurer will pay for medical expenses and treatments covered under the policy. It is usually defined on an annual basis.
A pre-existing condition refers to any illness, injury, or medical condition that an insured individual had before purchasing the health insurance policy. Depending on the policy terms, coverage for pre-existing conditions may be subject to waiting periods or exclusions.
The waiting period is the specified period after purchasing the health insurance policy during which certain benefits, such as coverage for pre-existing conditions or specific treatments, may not be available. Waiting periods vary among policies and insurers.
Network hospitals are healthcare facilities (hospitals, clinics, diagnostic centers, etc.) that have a tie-up or agreement with the health insurance provider. Insured individuals can avail of cashless treatment or reimbursement for expenses incurred at these network hospitals as per the policy terms.
Cashless treatment is a facility provided by health insurance companies, where the insured individual can receive medical treatment at a network hospital without paying upfront. The insurer settles the payment directly with the hospital, subject to policy terms and conditions.
Co-payment is a cost-sharing arrangement where the insured individual agrees to pay a percentage of the medical expenses, while the insurer pays the remaining percentage. For example, if the policy has a 20% co-payment clause, the insured will pay 20% of the medical bills, and the insurer will pay the remaining 80%.
A deductible is the initial amount that the insured individual is responsible for paying before the insurance coverage begins. It is usually a fixed amount specified in the policy. Once the deductible is paid, the insurer covers the remaining eligible expenses, up to the sum insured.
Exclusions refer to the medical conditions, treatments, or circumstances that are not covered by the health insurance policy. It is important to review the policy document to understand the exclusions and limitations of the coverage.
AYUSH treatment refers to a holistic approach to healthcare that incorporates traditional and alternative systems of medicine such as Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy to promote wellness and treat various ailments.
Bariatric surgery is a surgical procedure that helps individuals with severe obesity achieve significant weight loss by reducing the size of the stomach or by altering the digestive process. It aims to improve overall health, manage obesity-related conditions, and enhance quality of life.
In health insurance, a claim is a formal request made by the insured individual or healthcare provider to the insurance company for reimbursement or coverage of medical expenses incurred by the insured individual. It involves submitting relevant documents, such as medical bills and treatment records, to support the request for payment or coverage.
Day care procedures in health insurance refer to medical treatments or surgeries that can be completed within a single day without the need for overnight hospitalization. These procedures are typically covered by health insurance policies and may include diagnostic tests, minor surgeries, chemotherapy sessions, or certain specialized treatments.
In health insurance, a dependent refers to a person who relies on the primary policyholder for financial support and is eligible for coverage under the policy. Dependents are often immediate family members, such as spouses, children, or parents, and they are entitled to receive benefits and access healthcare services as specified in the policy.
Domiciliary treatment, also known as home healthcare, refers to medical treatment provided to a patient at their residence when hospitalization is not possible or required. It may include doctor visits, nursing care, diagnostic tests, and administration of medication, which are covered by health insurance under specific conditions and limits.
Entry age in health insurance refers to the age at which an individual is eligible to purchase a health insurance policy. It signifies the minimum and maximum age limits within which an individual can apply for coverage, and it can vary based on the insurer and the specific health insurance plan.
Entry age in health insurance refers to the age at which an individual is eligible to purchase a health insurance policy. It signifies the minimum and maximum age limits within which an individual can apply for coverage, and it can vary based on the insurer and the specific health insurance plan.
Grace period in health insurance refers to the specified period of time after the premium due date during which the policy remains active, even if the premium payment is delayed. It allows the insured individual to make the payment without the policy lapsing, ensuring continued coverage.
Family floater in health insurance is a type of policy that provides coverage for the entire family under a single sum insured. It allows family members to share the coverage limit, providing flexibility in utilizing the insurance benefits for any member who needs medical treatment.
Free look period in health insurance is a specified period of time after purchasing a policy during which the insured can review the terms and conditions. If dissatisfied, they can cancel the policy and receive a refund of the premium paid, subject to certain conditions and deductions as per the insurer's policy.
An indemnity plan in health insurance is a type of policy that reimburses the insured for the actual medical expenses incurred. It allows the insured to choose any healthcare provider and provides coverage for a percentage of the actual expenses, subject to policy limits and deductibles.
No Claim Bonus (NCB) in health insurance is a reward offered to the policyholder for not filing any claims during a policy year. It provides a discount on the premium or an increase in the sum insured as an incentive for maintaining good health and not utilizing the insurance coverage.
Portability in health insurance refers to the ability of an insured individual to switch from one insurance provider to another while retaining the existing policy benefits, such as waiting periods and coverage for pre-existing conditions. It allows individuals to transfer their health insurance policy without losing the accumulated benefits or continuity of coverage.
In health insurance, preventive health check-up refers to a provision or benefit that covers the cost of regular medical examinations, screenings, and tests aimed at detecting diseases or risk factors at an early stage. It encourages proactive health management and can help identify potential health concerns before they become more serious or costly to treat.
Restoration benefit, in health insurance, is a feature that reinstates the sum insured or coverage amount if it gets fully exhausted during a policy year due to claims. It provides an additional coverage amount for subsequent claims within the same policy year, ensuring continued financial protection for the insured individual or family.
Riders or add-on covers in health insurance are optional supplementary benefits that can be purchased along with the base health insurance policy to enhance the coverage. They provide additional specific benefits such as critical illness coverage, maternity benefits, or accidental disability coverage, tailored to the insured individual's needs, for an extra premium.
Room rent limit in health insurance refers to the maximum amount or percentage of the hospital room rent that will be covered by the insurance policy. If the room rent exceeds the specified limit, the insured individual may be required to bear the additional expenses or may face a proportionate reduction in other benefits.
Sub-limits in health insurance are predetermined limits placed on specific medical expenses or services, such as room rent, doctor's fees, or certain treatments, that restrict the maximum amount payable by the insurance company for those particular items. They are often mentioned as a percentage or a specific amount of the total sum insured and can impact the reimbursement or coverage provided for those specific items.
A top-up plan in health insurance is an additional coverage option that provides an extra sum insured beyond the deductible limit of an existing base health insurance policy. It offers financial protection against high medical expenses by covering costs once the deductible is exceeded, either on a per-claim basis or in aggregate over a policy year.
Underwriting in health insurance is the process of evaluating and assessing the risk associated with an individual or group seeking insurance coverage. It involves reviewing medical history, current health status, and other relevant factors to determine the insurability and premium rates for the applicant.
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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.
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.
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 Insured, network hospitals, maternity benefits, pre and post hospitalization, renewal, free medical check ups.
You can transfer your existing health insurance policy to another company using the health insurance portability feature. However, portability is possible only at the time of existing policy renewal.
There is no right age to buy health insurance, however, most insurance companies suggest purchasing health insurance early in life as you get a low premium amount and are less prone to critical illnesses and hospitalization as compared to someone in their 50s and 60s.
Medical tests are not required before buying a health insurance policy. However, most health insurance providers require medical test reports if the age of the applicant is above 45 years. Health Insurance providers also reimburse the cost of these pre-policy medical check-ups depending on the plan you chose.
Yes, you are eligible to purchase more than one health insurance policy in India. If you are covered by your corporate health insurance, you can purchase additional online health insurance including your spouse and children.
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).
In India, all 24 IRDA registered insurers provide a vast network of hospitals in their health insurance plans. However, before purchasing a health insurance plan from any life insurance company it is important to cross-check their network hospitals and cashless hospital services. Insurance experts like PolicyX can help you chalk out the best picks.
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.
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.
Yes, But it can vary from plan to plan.
Yes. But it varies from plan to plan
If you are a smoker, you will end up paying higher premiums as you are subjected to greater medical risks.
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.
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 Insured you need are the next greatest factor.
Yes, you can cancel your Health Insurance. A free look period of 15 days from the date of policy receipt is available to the policyholder to review the terms and conditions of the policy. If the policyholder is not satisfied he may seek a cancellation of the policy. In such cases the Health Insurance Company allows the refund of the premium after adjusting the cost of pre-acceptance medical screening and underwriting cost.
PolicyX allows the customers to pay the premium of the Health Insurance Company from various modes of payment such as credit cards, debit cards and internet banking.
No, it can not be your saving.
It means that all in-patient treatment charges availed by the insured are paid by the insurance company directly to the hospital.
If you get admitted to a non network hospital then you can avail the treatment and file a reimbursement claim after getting discharge.
If you donot raise any health insurance claim during the policy years, you cannot get a refund on the premium paid. The only situation you will get a refund is when you cancel your policy during free look period.
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.
Pre-hospitalization expenses are the expenses incurred before getting admitted to a hospital. Post-hospitalization expenses refer to follow-up tests and consultation treatment charges incurred after getting discharged from the hospital.
The insurer will apply a fresh waiting period on the sum increased by the policyholder(depending on the policy terms). You must check the health insurance policy terms first before increasing the sum insured.
The policyholder will not be able to avail the health insurance policy benefits if the policy lapses during hospitalization. So, it is always recommended to renew the health insurance policy benefits timely.
Yes, you may get a discount on the health insurance premium in the form of a No Claim Bonus if you renew your policy with the same insurer. The only condition provided is ‘the policyholder must not raise the claim during the previous policy tenure’.
See More Health Insurance Articles
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Thakur rudra Pratap Singh
Bengaluru
August 25, 2023
a good experience in this company very fast and helpfull customer service and support one of Advisor Mr. Gulshan very talented advisor and resolved my all questions and doubts thank you policyx...
Golu thakur
Indore
August 11, 2023
Very good experience in this company and one of advisor mr.gulshan sendhav very talented person and good knowledge
hiendraptl
Vadodara
August 9, 2023
i have calim register in 20.7.23 for some of query by resolve it. but last one letter rejection for missprtaiton for agr rejected calim - but can not be any advise what to do - in the star hea...
VIJAY KUMAR MAURYA
Gurgaon
June 13, 2023
"I got accident and I m upload my medical bills and reports and on time i got call from the acko and I m explained... The team of acko mam "ANUSHA " Taken my accident claim and d...
Mayank Bhardwaj
Gurgaon
June 13, 2023
Fast and helpful customer support. Had issues with claim filing and the query was resolved in just some time. Very happy with the forever available assistance.
Pravin
Indore
June 8, 2023
A thoughtful health insurance provider, they helped with the claim settlement without any hassle in a medical emergency when my father was hospitalized
Gurappa pathuru
Bengaluru
June 3, 2023
The company has some of the best health plans from low budget to high. The company provides support 24/7 and does not bother with spam calls.
Richa Agrrawal
Mumbai
May 1, 2023
my experience with PolicyX has been overwhelmingly positive. Their excellent service, a wide range of insurance options, user-friendly website, competitive pricing, and trustworthiness make the...
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.
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