Benefits of Health Insurance
  • Why is Health Insurance Important?
  • Choose Right Health Insurance Coverage
  • Easy Buying Process With PolicyX.com
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Health Insurance Benefits

There are a plethora of health insurance benefits that individuals avail when investing in a good health insurance plan. It is a financial safety net that provides them with comprehensive coverage against accidents, critical illnesses, and planned and emergency hospitalizations along with other benefits and features. One of the biggest benefits of health insurance is that individuals can feel financially secure as their life savings will not be drained in paying hospitalization bills during recovery and treatment.

Some of the best benefits of health insurance are domiciliary hospitalization, home care treatment, organ donor expenses coverage, emergency road and air ambulance cover, critical illness treatment, long-term policy discounts, no-claim bonuses, and tax benefits. Investing in a health insurance plan not only allows you to avail best medical care but also rewards you with multiple features that encourage you to live a healthy lifestyle.

No one plans to get sick or end up in an emergency room. However, one can be prepared for its financial aspects. Medical costs associated with the treatment of some diseases can burn your pocket holes rapidly.

If you are still hesitant to invest in a health insurance policy or you think that it is not at all necessary, then this post will make you aware of the importance and benefits of health insurance plans.

10 Benefits of Health Insurance Policy In India 2024

Before choosing an ideal health insurance policy for you and your family, it is important for you to fully understand the benefits that a plan will offer you. For your convenience, we have mentioned some of the benefits that a Health Plan will give you. Take a look below to understand the benefits of choosing a right health plan:

  • Financial Safety
  • Hospitalization Expenses
  • Income Tax Benefits
  • Cost For Day Care Procedures
  • Complimentary Checkups
  • Lucrative Deals
  • Cashless Treatments
  • Other Takeaways
  • Maternity and Newborn Baby Expenses
  • Rider Benefits
  1. Financial Safety

    As the cost of medical treatments is sky-rocketing day by day, the right insurance policy will offer all-around protection from strenuous and unexpected financial upheaval. If you wish to avoid paying highly expensive medical bills or spending on expensive medicines, then choosing the right health insurance policy in India is of utmost importance to keep your savings intact.

  2. Hospitalization Expenses

    One of the key health insurance benefits is that it covers almost all hospitalization expenses.

    • Accidental hospitalization: In case the insured person had met with an accident, he can claim his expenses arising out of hospitalization.
    • ICU room rent: It provides coverage for the rent of being in ICU (Intensive Care Unit) room.
    • Illness related hospitalization: In case the insured person is hospitalized due to an illness or disease, he can claim the expenses arising out of hospitalization.
    • Organ donor expenses: If the insured person is a recipient of an organ, the expenses related to the treatment as well as surgery are covered.
    • Domiciliary treatment: If the insured person is required to take treatment at home under medical supervision, all the expenses will be covered.
    • Pre and post-hospitalization- Expenses before treatment and after discharge are well covered under health insurance (up to policy's TnCs).

    Know More About: Pre and Post-Hospitalisation Expenses

  3. Income Tax Benefits

    Buying the right health insurance plan also provides you with income tax benefits. According to Section 80D of the Income Tax Act, 1961, individuals can claim tax deductions up to Rs. 1 lakh. Therefore, it leads to less deduction in income tax bills and extensive profits for the future.

    Know More About: Health Insurance Tax Benefits

  4. Cost For Day Care Procedures

    With technological advancements in the healthcare sector, surgeries and treatments that required several days to complete in the past now could be completed within 24 hours. Therefore, the right health insurance policy can assist you in covering the costs for some treatments, such as ear operations, nasal treatments, etc. that don't require more than a day of hospitalization.

  5. Complimentary Checkups

    The right policy will also provide you with the benefit of free check-ups so that you could be aware of any health condition (if present). However, this varies from one health policy to another.

    Know More About: Free Medical Check-ups

  6. Lucrative Deals

    In case you have started planning to purchase health insurance early, you can receive better benefits than other people (aged older) such as higher coverage at lower premiums, longer policy tenure, fewer chances of facing the waiting period, among others. Young minds need to understand that an early start can bring a stable future.

  7. Cashless Treatments

    Today, health insurance companies provide the joy of cashless hospitalization. Over here, the insured doesn't need to pay from his pocket. All the expenses are borne by the respective insurance company.

  8. Other Takeaways

    Apart from the above, an effective health insurance policy will gladly cover expenses arising out of ambulance transportation, alternative treatments (AYUSH) and also provide NCB and daily hospital cash allowance to the insured.

  9. Maternity and Newborn Baby Expenses

    Amongst the top 10 benefits of health insurance is maternity and newborn baby expenses which allow female insurance holders to plan a family without financial support stress. A health insurance plan is designed to support its customers in life-changing events such as becoming a parent.

    Know More About: Pre and Post Natal Expenses

  10. Rider Benefits

    While insurance holders enjoy the various base benefits and coverage options in a health insurance policy, rider benefits enhance the health insurance features by providing additional coverage for certain conditions. There are multiple riders that can be customized by insurance holders on additional premium charges to enhance their protection.

    Know More About: Health Insurance Riders

Importance of Health Insurance

The current pandemic has taught us that medical exigencies are quite unpredictable and can cause significant financial upheaval. The high medical expenses and bank-breaking hospitalization charges can prove extensively strenuous in terms of finances, especially in the private sector. Therefore, getting the best health insurance plan can provide you with all-round protection in the most needed times.

Let's say, Anita is a school teacher earning around Rs. 30,000 per month and she doesn't believe in the benefits of a health insurance plan. She met with an accident and broke her leg, which landed her in an emergency room. The cost of fixing her broken leg (leading to surgery) rose between Rs.1-2 lakhs, which dramatically drained out her savings.

If she would have had a health insurance plan, then it would have provided her with maximum health coverage, thus keeping her financially safe from high and unexpected costs.

Reasons Why You Should Buy a Health Insurance Policy

Health insurance costs are rising every year and one of the many reasons to invest in a good health insurance policy is to minimize your healthcare expenditure. Similarly, there are many benefits of health insurance that are useful in the long run and we have listed a few of them below

  • Comprehensive Coverage
    There are multiple comprehensive health benefits of medical insurance. Individuals can avail of cashless hospital facilities in-network hospitals, pre and post-hospitalization benefits, daycare treatments, modern and alternative treatments, and more. There is additional coverage for critical illnesses, personal accidents, maternity care, and newborn baby care along with other requirements.
  • Better Financial Planning
    Amongst the long list of benefits, one of the most prominent health insurance benefits is better financial planning for families in the event of planned or unplanned medical care. With rising medical care costs it is almost impossible to take care of your family members without the support of an efficient health care plan. Be it a planned surgery, a planned pregnancy, an accident, or a critical illness every treatment cost will drain your life savings if not for a robust health insurance plan.
  • Provide healthcare for multiple family members
    A good health insurance plan offers comprehensive coverage for the dependent family member such as a spouse, dependent children, and parents/parents-in-law. Medical insurance benefits encompass health care coverage for all family members in the face of any adversity.
  • Reliability and Trust
    Being at ease and stress-free is one of the many benefits of health insurance plans. It is essential to know in the time of a medical emergency a good health insurance plan will be a shield for your family members. The reliability and trust provided by a good health insurer increase the confidence of an insured individual in times of distress.
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How to Choose the Right Health Insurance Plan?

When we decide to buy a health insurance plan, we often turn to the internet or seek people who have already bought one. However, we find ourselves flowing into a giant pool of policies with lucrative offers, discounts and benefits, so at this point choosing the right health insurance plan can be tricky.

Here we have quoted a few parameters, pondering on these for every individual plan will help you get to the accurate coverage. Compare the plans from different insurance companies on the below criteria and then make an informed decision.

The parameters are as follows:

Wide Coverage

You must always go for comprehensive coverage that includes everything under a single plan. So buying an all-inclusive plan will cover a wide range of medical and other health-related emergencies, with only the payment of a single premium. Comprehensive coverage includes:

  • Coverage for hospitalization expenses
  • Ambulance cover
  • Daycare procedures cover
  • Regular health check-ups cover
  • Pre-and-post hospitalization expenses
  • Critical illness cover
  • Availability of alternative treatment options
  • Options for automatic restoration
  • Cumulative bonuses benefit
  • Availability of second medical e-opinions
  • Fewer sub-limits on the plan

Sum Insured

Choosing the right amount of sum insured is very important when selecting a health insurance policy because any cost exceeding the total sum insured amount will not be borne by the insurance provider. Make sure that your health insurance policy covers hospitalization expenses and as many medical procedures as possible. Ensure that you are not under insured and over insured.

It is also advised to buy a Top-up or Super Top-up plan, it is another way of enhancing the sum insured coverage and providing more coverage once the basic sum insured value gets exhausted.

Flexible Plans

A health insurance plan must be flexible and allow you to add family members such as your spouse, parents, parents-in-law or a newborn baby. This option may reduce the cost of getting a separate policy and paying an extra premium for your family members.

Waiting Period

All health insurance plans have waiting periods, which means the time during which no claims are accepted by the insurance providers. Generally, health insurance plans have waiting periods for pre-existing diseases, specific health conditions, and maternity which vary from 30 days to 48 months. You must buy health insurance policies which have a minimal waiting period so that you are able to raise claims within a short period of time.

The Co-Payment Clause

Co-payment is mentioned in percentage with the policies that come with a co-payment clause. It is one part of the medical bill borne by you as a policyholder, and the rest of it is paid by the insurance company. Thus, you must always check the policy with a low copayment percentage, however, a co-payment helps you to lower your premium amount.

High Claim Settlement Ratio

It is advised to choose a health insurance plan with a company that has a high claim settlement ratio popularly known as CSR. The CSR is the percentage ratio which must be over 95%, a higher CSR always indicates a greater chance of your claim getting settled promptly by the insurance provider.

Lifetime Renewability

Lifetime renewability is one of the most essential factors as it provides you freedom from renewing your plan again and again. So, when you buy a health insurance plan, check the number of years that your policy will be validated and whether it offers lifetime renewability or not.

This particular parameter is important as we generally need a health plan at the later stage of our life when we fall sick more often which leads to frequent hospitalizations. So, if your policy has lifetime renewability, then you will be able to continue with the same plan without buying another policy.

Room Rent Limit

You must go for the health insurance plan that gives the option to select a hospital room which can be fully private, semi-private or might be on a sharing basis. This limit totally depends upon the kind of policy you choose and its various sub-limits.

Always select the health insurance policy which provides fewer restrictions and sub-limits on room rent.

Network Hospitals

While buying a health insurance policy, always check if the company has nearby hospitals from where you live and check the number of hospitals that have been tied up by your insurance company. If your preferred choice of hospital is near your residence and lies under the company’s network hospital, this gives you an advantage of cashless claims in case of any medical emergency. This becomes very easy with cashless claims as all the required bills get settled directly between the insurance company and networked hospital without you getting any involved.

Here at Policyx, we help our customers to choose the right plan that suits their situations and pockets. Visit our official website or call us for information on any plan.

How To Buy Health Insurance From PolicyX.com?

PolicyX.com provides you with a best health insurance plan that can offer multifaceted protection to your finances and health. We, being one of the leading IRDAI approved online insurance web aggregators in India, lend you a helping hand in your most needed hours. Now that you are cognizant of the health insurance benefits, you must know the process of buying a health insurance policy from PolicyX.com. Here are a few steps to do so:

  • Fill the form 'Get Quotes From Top Insurers' on the top of this page.
  • Once done, click on 'Continue'. Enter more information and tap on 'Proceed'.
  • Out of all the health insurance plans, go with the one that best suits your needs.
  • Choose the sum insured, add-ons (if needed), and check the premium details.
  • Pay the premium and the policy will be sent to your registered mail id.

Final Thoughts

Your health is your wealth. Don't take any chances against it. Keep the benefits and the importance of health insurance in your mind and select the right one based on your needs and requirements.

Health Insurance Benefits: FAQ's

1. How to select the right sum insured when buying a health insurance plan?

You must select the sum insured as per your age, dependents, income, medical history of your family and lifestyle. Almost every health insurance plan has the option to increase the sum insured amount as per the increasing stages of life.

2. What If someone picks up a non-ideal health insurance policy?

If someone picks up a non-ideal health insurance policy that might lead to a financial loss and one has to bear the full cost of healthcare expenses out of their pocket.

3. What are the challenges an individual might face while picking up the ideal health insurance policy?

In India, health insurance premiums are quite high, so the policyholder has to weigh their pocket and then buy the plan.

4. What kind of health insurance plans one must opt for?

You can pick up a health insurance plan that is comprehensive, flexible, covers hospitalization and has a minimal waiting period.

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What Our Customers Have to Say

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Achintya Sharma

Ranchi

May 10, 2024

I’ve been covered by HDFC ERGO Platinum Health Guard plan for years now, and it has been a lifesaver. The coverage is extensive, and the claim process is so easy. I highly recommend the p...

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Parag Mehta

Jamshedpur

May 10, 2024

I’m impressed with the assistance of the ManipalCigna Prime Senior Insurance policy that I’ve bought for my father. I don’t fear now being a NRI because I’m assured of h...

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Anshul Garg

Vishakapatnam

May 10, 2024

The ManipalCigna LIfestyle Protection Critical Care Policy has coverage for up to 30 critical illnesses with a sum insured of up to 25 Crores. If you’re searching for a policy like this, ...

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Shivalika Varghese

Delhi

May 10, 2024

If you are searching a health insurance like ManipalCigna ProHealth choose that offers straightforward claim assistance and the flexibility to optimize your coverage, go for it.

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Pratibha Chandrakar

Kolkata

May 10, 2024

I was majorly focused on pre and post-hospitalization expenses coverage and found the best health coverage for these with the ManipalCigna ProHealth insurance policy.

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Kanupriya Ghadge

Nagpur

May 10, 2024

For anyone who’s looking for a comprehensive health insurance policy, I would recommend buying the ManipalCigna ProHealth Prime insurance plan as it provides maximum coverage.

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Neelam Sharma

Bengaluru

May 10, 2024

Star health has been my health insurer for more than 2 years and I am happy. Thanks to PolicyX for suggesting me Star Health

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Adi Kukreja

Jalandhar

May 10, 2024

My wife fell ill and was diagnosed with jaundice, due to which she had to be hospitalised for a week. But Star’s Family Health Optima Insurance Plan helped me pay the bill and PolicyX mad...

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.