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Health Insurance

Health Insurance is an important investment for every individual as it not only secures you and your family from any medical care expense but also ensures that you have access to the best medical facilities like hospitalization expenses, doctor consultations, day care procedures, and other medical bills that are almost impossible to bear without a good health insurance plan. Additionally, in case you are diagnosed with a critical illness it will further drain your savings disrupting your financial strength. Read this article further in order to explore health insurance plans, benefits of medical insurance and more.

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All About Health Insurance Policy

All About Health Insurance Policy

How Does A Health Insurance Plan Work?

Health Insurance plans are systematic contracts between insurers and customers that offer financial coverage for various medical care features like hospitalization, day care procedures, health management and wellness programs, and more. Health Insurance plans offer two different types of claims such as reimbursement and cashless claims for all individuals. Let us understand this with an example:

Scenario 1

Mr. Ramesh holds an insurance plan from XYZ health insurance company and is hospitalized in a network hospital due to an accident. He files a claim from XYZ insurance company within the allowed time and the company provides a cashless claim settlement and pays the bill directly to the hospital.

How Does A Health Insurance Plan Work?

Scenario 2

Mr. Akash holds an insurance plan from XYZ health insurance company and is hospitalized in a non-network hospital due to an accident. He pays the hospital bill out of his pocket, gets discharged and then files a claim from XYZ insurance company within the allocated time along with all the bills and documents. The xyz company goes through the documents and provides a reimbursement claim.

How Does A Health Insurance Plan Work?

Health Insurance Plans In India

Comprehensive Health Insurance Plans

A comprehensive health plan for individual and family with SI of 3 lacs to 6 Cr. with global coverage.

Unique Benefits

  • In-built maternity cover
  • No upper age limit for enrollment
  • Coverage for modern treatments

This policy is designed to provide complete protection against all health care eventualities to you and your family.

Unique Features

  • Avail free health check-ups
  • Hospital Cash Benefit
  • 100% Automatic Restoration

Star Comprehensive Plan (Pros)

  • 99.6% CSR
  • Up to 1 Cr SI
  • Maternity Cover
  • New Born Baby Cover
  • Road and Air Ambulance

Star Comprehensive Plan (Cons)

  • No Global Coverage
  • No IVF Treatment
  • No compassionate Travel
  • HIV/AIDS not covered

Star Comprehensive Plan (Other Benefits)

  • Individual and family floater
  • Mid-term inclusion available
  • Accidental Death
  • Permanent Total Disablement
  • Star Wellness Program

Star Comprehensive Plan (Eligibility Criteria)

  • Entry Age - 3 Months
  • Max Entry Age - 65 Years
  • SI - 5 L to 1 Cr
  • Waiting Period - 30 Days

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

  • No room rent capping
  • 20% no-claim bonus on SI
  • 100% SI restoration

Health Companion V2022 (Pros)

  • 5% Doctor Discount
  • 10% Family discount
  • Tenure Discounts of upto 15 %
  • Annual Aggregate Deductible
  • Home Care Treatments

Health Companion V2022 (Cons)

  • No OPD Cover
  • No Maternity Cover
  • Cosmetic Surgery Uncovered
  • Specific Diseases after 2 yrs
  • No Alcoholism Cover

Health Companion V2022 (Other Benefits)

  • Air Ambulance
  • Modern Treatments
  • Vaccination on Animal Bite
  • Organ Donor Benefit
  • Domiciliary treatments

Health Companion V2022 (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - No Age Limit
  • SI - 3 L to 1 Cr
  • Waiting Period - 30 Days

A comprehensive Plan with 5 different variants suitable for individuals and young couples, offering a sum insured up to 1 Crore.

Unique Features

  • Avail Family Discount
  • Worldwide Emergency Protection
  • Avail Healthy Lifestyle Benefits

Manipal Cigna Pro Health (Pros)

  • 5 Plan Variants
  • SI Up to 1 Crore
  • Hospital Cash Benefits
  • Up to 200% Cumulative Bonus
  • Avail Health Check-Up

Manipal Cigna Pro Health (Cons)

  • Optional Co-Pay
  • Injuries due to unlawful activities
  • Obesity
  • Cosmetic Surgery
  • Injuries due to illegal activities

Manipal Cigna Pro Health (Other Benefits)

  • 8500+ Cashless Hospitals
  • Tax Benefits
  • Inflation Protection
  • Medical Check Up Cover
  • Health Reward Points

Manipal Cigna Pro Health (Eligibility Criteria)

  • Entry Age - 91 Days
  • Max Entry Age - No limit
  • SI - 2.5 L to 1 Cr
  • Waiting Period - 30 Days

Provides comprehensive medical coverage to individuals and families with different budgets by offering SI options ranging from 5 Lakhs to 50 Lakhs.

Unique Features

  • Free health checkup
  • 2X multiplier benefit
  • 100% SI restoration

Optima Restore Policy (Pros)

  • Daily Hospital Cash
  • Ambulance Cover
  • Modern Treatment
  • Lifetime Renewal
  • Pre and Post Hospitalization

Optima Restore Policy (Cons)

  • No Dental Cover
  • No Maternity Cover
  • No Non-Allopathic treatment
  • Pre-Existing Diseases after 3 yrs
  • Alcoholism not covered

Optima Restore Policy (Other Benefits)

  • Sum Insured Enhancement
  • Tax Benefit
  • E-Opinion
  • 10% Family Discount
  • 7.5% discount on 2 years premiums

Optima Restore Policy (Eligibility Criteria)

  • Entry Age - 91 Days
  • Max Entry Age - 65 years
  • SI - 3 L to 50 L
  • Waiting Period - 30 Days

The plan is ideal for the families who want to get covered under single sum insured.

Unique Features

  • Automatic Restroration of SI
  • Instant Recharge UPTO 30% of SI
  • New born baby cover from 16th day

Family Health Optima Policy (Pros)

  • No Pre-Policy Check-up
  • Lifelong Renewability
  • High SI available
  • COVID-19 cover
  • OPD covered

Family Health Optima Policy (Cons)

  • PED cover not available
  • Obesity Treatment Unavailable
  • Hazardous Activities
  • HIV/AIDS not covered
  • Cosmetic Surgery unavailable

Family Health Optima Policy (Other Benefits)

  • Long term discounts
  • Premium Payment flexibility
  • Health Check-up Cover
  • Domiciliary Hospitalization
  • Modern Treatment Cover

Family Health Optima Policy (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 Years
  • SI - 1 L to 25 L
  • Waiting Period - 30 Days

This is a plan that provides comprehensive range of sum insured from Rs. 200K to Rs. 2cr.

Unique Features

  • Health Coach
  • Unlimited Reload of SI
  • 30% Return of Premium

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

  • Fitness discounts during renewal
  • Room rent capping and co-pay
  • Loyalty discounts

my:health Suraksha (Pros)

  • Renewal Benefit
  • Wellness Benefit
  • Premium Payment Options
  • Reduced Premium Benefit
  • 1,2,3 Years policy Period Option

my:health Suraksha (Cons)

  • No Return Transportation Cost
  • Suicidal Injuries
  • No Non-Allopathic treatment
  • Adventure Sports Injuries
  • Alcoholism

my:health Suraksha (Other Benefits)

  • Pregnancy Complications Covered
  • Newborn Complications Covered
  • Loss of Job Covered
  • Post Diagnosis Support
  • 41 Critical Illness Covered

my:health Suraksha (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 Years
  • SI - 3 L to 75 L
  • Waiting Period - 30 Days

Specialized Health Insurance Plans

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

  • Automatic SI restoration
  • Multiplier benefit
  • Free preventive health checkup

Wallet Family Floater (Pros)

  • Reserve Benefit
  • 100 % Restore Benefit
  • Recovery Benefit
  • 50% Increase On SI on Renewal
  • World Wide Coverage

Wallet Family Floater (Cons)

  • External Congenital diseases
  • Drugs Treatments
  • Miscarraige Not Covered
  • Deductibles (Optional)
  • No Cosmetic Surgery

Wallet Family Floater (Other Benefits)

  • Ambulance Cover
  • 5 Year Policy Cover
  • Portability
  • 30 Days Grace Period
  • Sum Insured Enhancement

Wallet Family Floater (Eligibility Criteria)

  • Entry Age - 91 Days
  • Max Entry Age - 65 Years
  • SI - 3 L to 50 L
  • Waiting Period - 30 Days

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

  • Daily hospital cash
  • Accident care available
  • Lifelong renewability

NivaBupa CritiCare (Pros)

  • 20 critical illnesses Covered
  • Long-term tenure savings
  • Different pay-out options
  • Tax benefits
  • Direct claim settlement

NivaBupa CritiCare (Cons)

  • Accident Death
  • No Total Disability Cover
  • AIDS Not Covered
  • Child Education Benefit
  • Funeral Expenses

NivaBupa CritiCare (Other Benefits)

  • Flexibility Plan Options
  • Surgeon's Fee Covered
  • Renewal for life
  • Diagnostic Procedures/Therapies
  • Prosthetic Implants Covered

NivaBupa CritiCare (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 Years
  • SI - 3 L to 3 Cr
  • Waiting Period - 30 Days

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

  • One-time lump sum payment
  • No medical checkup up to 45 years
  • Lifelong renewability

Critical Illness Policy (Pros)

  • In- Patient Hospitalization
  • High Cover at Low Premium
  • 1 or 2 Year Policy Period
  • End Stage Liver Failure
  • No Cover ceasing age

Critical Illness Policy (Cons)

  • 10 Lakh Fine on Wrong Claim
  • Tuberculosis Not Covered
  • PED after 48 months
  • Kaposi's sarcoma Not Covered
  • Lymphomas in brain Not Covered

Critical Illness Policy (Other Benefits)

  • 3 Variants (Silver, Gold, Platinum)
  • Two Year Policy Period
  • Guaranteed Renewal for Life
  • Loading on Renewal
  • Individual and Floater SI Options

Critical Illness Policy (Eligibility Criteria)

  • Entry Age - 5 Years
  • Max Entry Age - 65 Years
  • SI - 1 L to 50 L
  • Waiting Period - 90 Days

Star Cancer Care Gold (Pilot Product)

Covers the risk of spreading/recurrence of first cancer (metastasis) & second cancer (second malignancy)

Unique Features

  • Pre-hospitalization (30 days)
  • All daycare procedure
  • Nursing Expense

Comprehensive health plan for people above 60 to make their second inning stress-free from health-related financial worries.

Unique Benefits

  • No pre-policy Medical Checkup
  • Lifelong Renewability
  • Automatic SI Recharge

Care Senior Citizen (Pros)

  • No pre-policy check-up
  • Annual Health Check-up
  • 540+ Day Care Treatments
  • EMI premium options
  • Discounts Available

Care Senior Citizen (Cons)

  • Change of Gender Treatments
  • Obesity Treatment Unavailable
  • Hazardous Activity Not Covered
  • HIV/AIDS not covered
  • Cosmetic Surgery unavailable

Care Senior Citizen (Other Benefits)

  • Organ Donor Cover
  • Second Opinion Available
  • Affordable Premiums
  • Covid-19 Treatment
  • Ambulance Cover

Care Senior Citizen (Eligibility Criteria)

  • Entry Age - 61 Years
  • Max Entry Age - No age limit
  • SI - 3 L to 10 L
  • Waiting Period - 30 Days

Newly Launched Health Insurance Plans

A comprehensive family floater plan that decides your policy premium based on the living cost of the city you reside in.

Unique Benefits

  • Covers IVF treatment
  • Compassionate travel coverage
  • Unlimited e-consultation

Care Classic (Pros)

  • Zone-Based Health Insurance
  • Family Floater Plan
  • Affordable Plan
  • High Sum Insured
  • Value Added Services

Care Classic (Cons)

  • Change of Gender Treatments
  • Obesity Treatment Unavailable
  • Hazardous Activity Not Covered
  • HIV/AIDS not covered
  • Cosmetic Surgery unavailable

Care Classic (Other Benefits)

  • Unlimited e-consultations
  • Annual Health Check-up
  • Wellness Services
  • OPD care
  • ENT Consultations

Care Classic (Eligibility Criteria)

  • Entry Age - 91 Days
  • Max Entry Age - 65 Years
  • SI - 5 L to 15 L
  • Waiting Period - 30 Days

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

  • No-claim bonus
  • Hospital daily cash
  • Automatic restoration of SI

Star Young Star Policy (Pros)

  • Mid-term inclusion
  • 10% discount on early purchase
  • Star Wellness Program
  • Flexible-Premium Payment
  • 2 Plan variants

Star Young Star Policy (Cons)

  • PED waiting period
  • Obesity Treatment Unavailable
  • Hazardous Activity not covered
  • HIV/AIDS not covered
  • Cosmetic Surgery unavailable

Star Young Star Policy (Other Benefits)

  • Hospital Cash Benefit
  • Lifelong Renewal
  • E-opinion
  • No-claim bonus
  • Automatic Restoration

Star Young Star Policy (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 40 Years
  • SI - 3 L to 1 Cr
  • Waiting Period - 30 Days

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

  • Covers a maximum of 6 members
  • Unlimited SI restoration
  • Coverage for modern treatments

Health Reassure Plan (Pros)

  • Booster benefit
  • Organ donor transplant
  • ReAssure
  • Live Healthy Benefit
  • Second Medical Opinion

Health Reassure Plan (Cons)

  • No OPD Cover
  • No Maternity Cover
  • No Sleep Disorder Covered
  • No Suicide Cover
  • No War Injury Cover

Health Reassure Plan (Other Benefits)

  • Air Ambulance
  • Hospital Cash
  • Personal Accident Cover
  • Domiciliary hospitalization
  • Day care treatment

Health Reassure Plan (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - No Age Limit
  • SI - 3 L to 1 Cr
  • Waiting Period - 30 Days

Active Health Essential

This is a plan that provides coverage for Covid-19 hospitalization and chronic diseases

Unique Features

  • Chronic Management Program
  • 586 Day Care Treatment
  • Worldwide Emergency Assistance

Plan with comprehensive coverage up to INR 3 crores with benefits like OPD cover, global cover, women's care, and continuity benefits.

Unique Features

  • Avail Global OPD
  • Cancer treatment
  • High SI

Manipalcigna Lifetime (Pros)

  • No room rent limit
  • Avail Loyalty discount
  • Global OPD
  • International Second Opinion
  • 27 CI Covered

Manipalcigna Lifetime (Cons)

  • Hazardous Activities not covered
  • Injuries due to unlawful activities
  • Obesity
  • Cosmetic Surgery
  • Injuries due to illegal activities

Manipalcigna Lifetime (Other Benefits)

  • Travel Expenses Benefit
  • Global Second Opinion
  • Critical Illness Cover
  • Women+ Cover
  • Air Ambulance Cover

Manipalcigna Lifetime (Eligibility Criteria)

  • Entry Age - 91 Days
  • Max Entry Age - 65 Years
  • SI - 1 L to 3 Cr
  • Waiting Period - 30 Days

A comprehensive health plan that comes with 3 variants and up to 1.5 crores Sum Insured.

Unique Features

  • Healthcare & wellness services
  • No capping on room rent
  • Global hospitalization

A fixed premium plan that offers coverage up to 3 Lakhs and offers protection against the expenses incurred during OPD and hospitalization.

Unique Features

  • Coverage for HIV/AIDS
  • Genetic Disorders covered
  • Internal Congenital Diseases covered

Arogya Plus Plan (Pros)

  • Up to 7.5% discount
  • OPD Cover
  • Maternity Cover
  • Pre & Post Hospitalization
  • 141 Daycare Treatments

Arogya Plus Plan (Cons)

  • Cosmetic Treatment
  • Injury Due To Illegal Activity
  • Injury Due To Hazardous Activities
  • Adventure Sport Injuries
  • Unlawful Activities

Arogya Plus Plan (Other Benefits)

  • Nursing Expenses
  • Domiciliary Hospitalization
  • AYUSH Cover
  • Medicines Cover
  • Tax Benefits

Arogya Plus Plan (Eligibility Criteria)

  • Entry Age - 3 Months
  • Max Entry Age - 65 Years
  • SI - 1 L to 3 L
  • Waiting Period - 30 Days

Eligibility Criteria of Health Insurance

The eligibility criteria of a medical health insurance across insurers are as follows:

Entry Age Minimum: 18 Years
Children: Newborn to 25 Years
Maximum: 65/70 Years
Sum Insured1 L to 6 Cr
Policy Term1/2/3 Years
Policy TypeIndividual/Family Floater
Pre-Policy Medical Check-UpNot Applicable up to a certain age which varies from insurer to insurer.

Benefits of Health Insurance

There is a common misunderstanding that purchasing health insurance is a waste of money as most people think they are healthy and do not require a health insurance plan. However, there are multiple benefits of health insurance plan that must not be neglected that are mentioned below

  • Avail Best Medical Care

    Individuals usually neglect purchasing a health plan but they must realize investing in a medical insurance policy will ensure your loved ones with the best medical care facilities from hospitalization coverage to critical illness cover. Coverage for hospitalization expenses, room rent, ICU, AYUSH treatments, modern treatments are all covered under a mediclaim insurance policy.
  • Covers Daycare and Modern Treatments

    Investing in a health insurance plan will ensure that you are covered for daycare procedures that take less than 24 hours of hospitalization such as cataract, dialysis, radiotherapy and more which, when paid out of pocket, will amount to a large part of your savings. Additionally all modern treatments that require the latest technology are covered under a health insurance plan.
  • Critical Illness Cover

    Many times families have a genetic history of critical illnesses like cancer, heart ailments, neurological ailments, and others. Purchasing a health insurance plan along with rider benefits like critical illness only safeguards you against expensive treatments for these diseases.
  • Tax Benefits

    Under section 80 D of the Income Tax Act, individuals are promised a tax benefit of up to INR 1.5 Lakhs when investing in a mediclaim policy.
  • Additional Cover Apart From Employer Insurance

    Many individuals consider having employer health insurance to be their primary health insurance plan. However, that should not be the case. As you exit your job, the benefits of the health insurance provided by the employer will also no longer be applicable. Hence purchasing a good health insurance plan ensures additional security apart from the health cover provided by the employer.

Importance of Health Insurance Plans In India

One of the most common questions individuals ask themselves when making a purchase decision is “Do I really need a health insurance plan?” or “Is it really important?”. Let us decode the importance of health insurance plans which in turn will help you make a better purchase decision.

  • Will Help You With Medical Inflation

    Health insurance is more expensive today than it was 5 years ago. With rising lifestyle related health ailments the cost of healthcare is on a constant rise. Investing in a health insurance plan will help you deal with medical inflation safely without the need to break your bank or pull funds out of your pocket.
  • Protect Your Family

    With a vast pool of health insurance plans available in India you have the flexibility to opt for the best one for yourself and your family. With additional cover-ons, rider benefits, and premium payment options, health insurance companies have made sure that individuals in India invest confidently in health insurance plans and avail of the best medical facilities.
  • Get Treated At the Hospital Of Your Choice

    Investing in the best health insurance plans will ensure that you can opt for the best treatments in the hospitals of your choice. With a long list of network hospitals associated with health insurance providers, you can opt for the hospital of your choice.
  • Fixed Rewards And Bonuses

    If you are someone who purchased a health insurance plan but have not made a single claim throughout the tenure of your health plan, the insurer will reward you with a no-claim bonus. No-claim bonus will provide you with additional sum insured value at the time of policy renewal.
  • Peace Of Mind

    Investing in the best mediclaim insurance policy not only safeguards your finances but also gives you the satisfaction of cashless hospitalization which means that in case of emergencies when you do not have the resources of paying for your medical bills, your health insurance plan will be your saviour.

Health Insurance Plan In India Tax Benefits

Purchasing a medical insurance plan not only ensures safety and security of your loved ones but also gives you the power of saving tax. Investing in any kind of insurance be it life, term or health is an efficient financial tool for most people in India. Unfortunately, many people are still oblivious to the fact that health insurance plans can save them up to INR 1.5 Lakhs. Insured individuals can save tax under section 80D. Any insurance holder is entitled to this tax rebate for health insurance plan premiums paid for self, spouse, parents, or dependent children. You can save up to INR 25,000 if you are paying premiums for self, partner, dependent children, while for parents aged less than 60 years, an additional exemption of INR 25,000 is available. However, if your parents are aged above the age of 60 years you can avail of a tax rebate of up to INR 50,000.

How To Compare Health Insurance?

Before purchasing any health insurance plan it is necessary to consider some deciding factors or compare one health insurance provider with the others to make an informed decision. We have listed down below some of the comparison factors that you must consider before purchasing a health insurance plan

What To Look At? How Will It Affect?
Claim Settlement RatioClaim Settlement Ratio of a health insurance plan provider is the clear indication of how many claims have been settled in a financial year against the number of claims filed by the customers. The higher the claim settlement ratio the more reliable a company is.
Network HospitalsNetwork hospitals are a major deciding factor for any health insurance plan purchase as it ensures that you will be able to avail of the best medical care in a health facility of your choice. If a health insurance provider does not have good hospitals or the hospital of your choice in their network hospital list, it can be a factor of concern and you may want to rethink your purchase decision.
Rider Benefits and Add-on CoversWhen comparing health insurance plans make sure you compare the available riders and add-on covers. You as a customer should have the flexibility to avail of additional riders and covers as per your needs and requirements at minimal additional premium charges.
Waiting PeriodAlthough most health insurance plans have a set standard of waiting periods for PEDs, Specific illnesses and more, you must opt for mediclaim insurance that offers benefits with a minimal waiting period.
Co-PaymentThere are multiple health insurance plans that apply mandatory co-pay which means that you will have to pay some amount out of your pocket at the time of treatments availed. It is essential to consider co-payment as a major deciding factor before purchasing a health plan.
Pre-Policy Medical Check-upBefore investing in a mediclaim policy make sure to check with your provider if the insured individual needs to undergo a pre-policy medical check-up and if they will reimburse the amount for the same.

Why Compare Health Insurance Plans Online 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.

  • Quick glance at policy quotes for free: Before you invest money in any insurance plan you should get to know the health insurance premium for a particular policy. Free quotes are available on PolicyX as well as on the insurer's website.
  • Understand plan features: Take the time out to check the features and quotes of a health insurance policy on the internet on your smart devices. This helps you to save your precious time wasted in visiting an agent's office to buy or select a health plan.
  • Make confident decisions: After gaining the necessary information available online, you can go through inclusions and exclusions, compare, and find the best match.

Benefits of Comparing Health Insurance Online

Listed are the benefits of spending some time researching online and comparing health plans before buying them.

  • Buy the best health insurance plans: An individual understands their health risks and future possibilities and hence prepares accordingly to secure themselves and their loved ones. This is how you make an informed decision and buy what you need rather than buying what you are sold.
  • Find plans worth your money: When you aim to buy the cheapest health insurance plan you miss out on essential features and coverage that a good health insurance plan offers. Comparing health insurance plans online helps you find a plan that balances not only your health needs but also your health requirements.
  • Analyze health insurance plans to your satisfaction: Analyzing all the factors in a health insurance plan online such as room rent, waiting period, claim process, and more gives you a sense of satisfaction before buying the plan.

What to Keep in Mind When Comparing Health Insurance?

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:

  • Adequate amount of sum insured: This refers to the maximum amount that the insurer will cover for you. Very often, a policy that provides a low premium might also offer a low SI. Before you get insured make sure you choose an adequate sum insured to provide you with assistance in time of need.
  • Coverage provided by an insurer: It is something that goes beyond the sum insured. It comprises of the inclusions and exclusions in a health insurance policy along with the sum insured.
  • PAN India network hospitals: While comparing a health insurance plan you must go through the list of network hospitals provided by the insurer. It is essential to invest in a plan that provides PAN India network hospitals for maximum efficiency in any case of emergency.
  • Co-pay clause in a policy: A co-pay clause in a policy indicates that you have to contribute towards claim settlement. A co-pay has an upside as it reduces the policy premium by sharing the burden of claim settlement between you and the insurer.
  • Add-ons and riders: Many times insurers provide additional features as a part of a comprehensive health insurance plan which can, in turn, make insurance premiums expensive, which is why you must choose your add-ons carefully while comparing health insurance plans.

How Many Types Of Health Insurance Plans Are Available?

Health Insurance plans are available in various forms and one can opt for one as per their unique needs. We have mentioned below the various formats of health insurance plans available to the customer.

Insurance Plan Features
Individual Health InsuranceMeant for a single individual as the name indicates and offers coverage against all kinds of medical expenses like hospitalization, day care procedures, ambulance charges, and more.
Family Floater Health InsuranceDesigned to protect your family from medical care expenses under a single plan with a single sum insured allocated to all of the family members.
Critical Illness InsuranceOffers a lump sum amount to the insured individual on the diagnosis of a critical illness from the listed CI mentioned in the plan.
Top Up Health InsuranceComes with a deductible clause and acts as an additional coverage to the base cover.
Senior Citizen Health InsuranceOffers coverage against medical care expenses to individuals who are over the age of 60 years
Group Health InsuranceThese policies are bought by an organization for their employees or members and are paid by the employer only.

There are other health insurance plans like disease specific plans that cover Vector borne diseases, Corona and more, personal accident plans, daily hospital cash plans, along with others.

Health Insurance Plan Inclusions

There are various questions a customer must ask before purchasing a health insurance plan regarding what will be covered, sum insured available, discounts and other facilities. Let us understand more about the coverage provided by health insurance plans to its customers.

Features Coverage
Hospitalization ExpensesAlong with hospitalization expenses, pre and post hospitalization expenses are covered which are expenses incurred before and after the hospitalization of the policyholder.
Domiciliary HospitalizationHome hospitalization expenses are covered by the plan.
Daycare ProceduresProcedures like dialysis, cataract that take less than 24 hours are covered by the medical insurance.
OPD CoverCovers cost of doctor consultations, medical tests, and more.
No - Claim BonusFor every claim-free year, insurance companies reward policyholders with an increase in the Sum Insured.
Daily Hospital CashIt is a cash amount that you receive each day during the time of hospitalization.
AYUSH TreatmentsAyurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy treatment are covered.
Modern TreatmentsSurgeries using modern technology such as robotic surgeries, stem cell therapy, etc. are covered.

Health Insurance Plan Exclusions

In the previous segment we discussed all the features that are provided by a health insurance plan. However, it is also necessary to understand the exclusions under a mediclaim insurance policy that are mentioned below:

  • War - Any injury or health hazard caused due to the involvement in war activities/ terrorism/ invasion or more.
  • Breach of Law - Criminal intent/ self-injury/ or attempted suicide are all activities that are not covered under a health insurance plan.
  • Substance Abuse - Any medical conditions created due to substance abuse such as over consumption of hallucinogens/ alcohol or drugs are not covered under a health insurance plan.
  • Cosmetic Surgeries - Cosmetic procedures like laser hair removals, skin peels, micro-needling and plastic surgeries (if not prescribed after an accident) are not covered under health insurance.

Health Insurance Riders

Health Insurance riders are additional features that are opted by the insured individual to enhance the base coverage of a health insurance plan. We have mentioned below the riders available with health insurance plans

Riders Features
Personal Accident RiderIt offers a lump sum amount to the policyholder or their nominee in case they suffer from partial/total disability or die due to an accident
Critical Illness RiderCritical Illness riders offer a lump sum amount to the policyholder on the diagnosis of a critical illness such as cancer, kidney failure, brain surgery, heart attack, or more listed ailments in the policy.
Daily Hospital Cash RiderThe reduction in waiting period rider offers the insurance holder a reduced waiting period for most PEDs. For example without the rider if a PED was covered after 4 years, with the Waiting period rider it will be covered after 2 years.
OPD RiderOPD riders cover medical expenses incurred due to doctor’s consultation fee, X-rays, ECGs, and other diagnostic tests, medicine bills and more.
PED Coverage From Day 1 RiderPEDs like diabetes, hypertension, and asthma are covered from day 1 on purchase of the PED rider.

Factors To Consider While Health Insurance Plan Purchase

Ensuring the safety of your loved ones and yourself is a decision one must make after considering all aspects of a medical insurance policy. Selecting a health insurance plan is not an easy task. It must be tailored to perfection and customized as per your health care requirements. Here are some factors that must be considered before purchasing a medical insurance policy:

  • Network Hospitals

    An essential factor when purchasing a medical insurance policy, more network hospitals ensure easier availability of hospitalization no matter where you are. Easy cashless claim settlements are also available when you are admitted in a network hospital. So, choose a plan which is offered by a health insurance company with the largest network of hospitals.
  • Type of Health Insurance Plan

    If you are someone who does not have a lot of liabilities, you can select an individual health insurance plan but if you are someone with a family you must opt for a family floater health insurance policy. Similarly, if you have a family history of critical illnesses like cancer, heart ailments or any other you must opt for health insurance plans with CI coverage.
  • Sum Insured

    When purchasing a medical insurance policy it is essential to consider the sum insured amount provided under the plan. It is among the most important deciding factors when purchasing a medical insurance policy. The ideal sum insured suggested by most health insurance companies to its customers is 100% of your annual income.
  • Extra Benefits

    Health Insurance plans offer a multitude of features such as hospitalization expenses, room rent, domiciliary hospitalizations, day care procedures, AYUSH treatments and more. Before purchasing a health insurance plan you must ensure that all the coverage features required by you and your family are covered in the policy and opt for the best medical insurance policy.
  • Claim Settlement Efficiency

    When purchasing a health policy it is of utmost importance that you understand the claim settlement ratio of a company. A good claim settlement ratio is proof that when in need your medical insurance policy will provide you with a smooth claim settlement process. Claim Settlement process is a clear indication of the number of claims received by an insurance company and the number of claims settled in a financial year. A good CSR is anywhere above 90%.

Health Insurance Plan Average Cost In India

There are various factors that affect the premium rates of a health policy. Given the fact that the concept of nuclear families is on the rise and on an average a family includes 4 members, a health insurance policy premium depends on various factors like age, number of family members, sum insured chosen, riders or add-on covers, and more. On an average a sum insured of 10 L for a family of 4 may cost them around 15,000 to 25,000 per annum if they opt for an annual payment mode. In order to determine the premium charges of a medical insurance policy you must keep in mind the following factors:

  • Policy Term

    Health Insurance plans are available for 1/2/3 years and this time period is known as policy tenure or policy term. Once you opt for a policy term, it will be renewed after the tenure is over. Premium charges of a policy will also increase with the increase of policy tenure. However, many health insurance plans offer long term discounts if you purchase a health insurance policy for a longer period of time.
  • Medical Condition of the Insured Individual

    Most health insurance plans in India are flexible and do not require a pre-policy medical check-up. However, many health insurance plans have conditions applied to them which states that after a certain age of 45 or 50 years individuals have to undergo a pre-policy health check-up. In case you are diagnosed with any medical condition after the pre-policy medical check up the premiums will be affected accordingly.
  • Riders and Add-On Covers

    When purchasing medical insurance, make note of the riders or add-on coverage options that you require for yourself and your family. Riders or add-on covers are additional coverages at a minimal additional fee. There are various riders like personal accident riders, critical illness riders, hospital cash riders, and more.
  • Sum Insured Chosen

    Health insurance plans in India provide insurance holders with holistic coverage and a high sum insured. There are multiple insurance providers that are providing medical insurance with a sum insured as high as INR 6 crores. Opting sum insured that suits your demands and needs is the key factor in deciding the average cost of your health insurance and how much you will spend on the same per annum.
  • Pin Codes

    The zone or city that you stay in is a major deciding factor for the average cost of health insurance. If you are someone who lives in Tier 1 cities such as Delhi, Mumbai, Bangalore, Calcutta and so on it is possible that the health insurance premiums will be expensive as compared to tier 2 & 3 cities.

Health Banner

Health Banner

How To Calculate Health Insurance Plan Premiums

Determining health insurance premiums depend on a variety of factors such as the age of the insured individual, sum insured opted, medical condition of the customer, sum insured chosen, and more. The factors that are asked to insurance holders before issuing a health insurance plan are

  • Age
  • Name
  • Sum Insured
  • Riders Opted
  • Smoker/ Non-Smoker

Advantages and Disadvantages of Health Insurance

There are various advantages and disadvantages of health insurance plans that are mentioned in the table given below

Advantages Disadvantages
Offers you financial protection in the face of any medical emergency and also helps you with planned hospitalization expenses.Many times health insurance plans are not claimed and the user might feel that the premiums paid are wasted. However, you get a no-claim bonus for filing no claims during the policy tenure.
You can avail treatments in the best healthcare facility as health insurance plans have a long list of network hospitals.Many times you may not find your choice of hospital in the list of network hospitals provided by your health insurance plan, which is why it is important to opt for a health insurance plan with all factors in mind.
Health and wellness management is an additional feature of health insurance plans that help insured individuals to stay in shape and prevent any major health ailments by offering preventive health check-ups, giving reward points for taking part in marathons and more.Your health insurance plans might get rejected if you have a major pre-existing illness and did not have a health plan before getting diagnosed with the same.
Insurance holders can avail tax benefits of up to INR 1.5 Lakhs under section 80D of the Income Tax Act.There are multiple exclusions within a health insurance plan such as infertility treatments, HIV/AIDS treatments, injuries or illnesses due to war/terrorism and more
Investing in a health insurance plan offers you the flexibility to customize the plan as per your needs and requirements with riders and add-on covers of your choice, premium payment terms of your choice, sum insured, and other factorsMany times health insurance providers reject your application due to your area of residence. There are many pincodes in the country that are not granted health insurance plans or it is difficult for residents of those cities/villages to acquire health insurance plans

Health Insurance Renewal

All health insurance plans are valid for a tenure of 1/2/3 years post which the policy needs to be renewed. It is important for insurance holders to renew their health policy on time so that the coverage offered by a mediclaim insurance policy does not get lapsed. Most health insurance providers offer a simple renewal process that can be fulfilled online/offline as per the convenience of the insured individual. Simply visit the official website of the health insurance provider you purchased your policy from and fill in your policy number and pay your premiums in order to enjoy continued coverage and benefits.

How To Port A Health Insurance Plan?

Most health insurance providers offer you the benefit of porting your health insurance policy . IRDAI announced health insurance portability benefit in the year 2011 wherein the customer can carry forward all the benefits and coverage features to another health insurance provider without any compromise. It is the same concept as taking your old phone number from one network provider to the other without changing your existing phone number. You can apply for health insurance portability 45 days prior to your current health plan expiring. There are certain documents that will be provided to you to commence your health insurance plan portability that are mentioned below

  • Policy Portability Form
  • Proposal Form for New Policy
  • Current Health Insurance Documents
  • Claim History
  • Identity Proof
  • Residential Proof
  • Age Proof
  • Medical Records
  • Proposal Acceptance Letter
  • Premium Payment

Documents Required When Purchasing Medical Insurance

When purchasing a medical insurance you will need a few documents readily available such as:

Proof of Identity

In order to purchase a health insurance plan it is essential to submit your proof of identity such as

  • Adhaar Card
  • Passport
  • Voter ID Card
  • Driving License

Proof of Address

You will have to offer the insurance providers with a proof of address while purchasing a medical insurance which includes

  • Rent Agreement
  • Utility Bills
  • Telephone Bills
  • Adhar Card

Proof of Age

One of the most essential documents is the proof of age which can be provided by giving the following documents

  • Aadhar Card
  • Birth Certificate
  • Voter ID Card
  • Driving License

Common Myths related to Health Insurance in India

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.

How To Claim Health Insurance

One of the most important aspects of a health insurance plan is the claim settlement as many people have this question of "How to claim Health Insurance?”. There are two types of claim settlement process which customers can avail of. In order to understand the difference between cashless and reimbursement claim settlement and how to claim health insurance refer to the table mentioned below

Features Cashless Claim Settlement Reimbursement Claim Settlement
DefinitionCashless claims are settled between the hospital and the health insurance provider directly during the time of discharge. You do not have to pay anything out of pocket.Reimbursement claims are settled after the insured individual has been discharged from a non-network hospital. You are required to submit all the necessary documents to the insurer in order to avail the reimbursement of your hospitalization bill.
How to claim?Inform your insurer about the treatment availed and submit your e-card, identity proof, and pre-set forms.After availing of treatment, you must collect all of the important documents like hospital bills, prescriptions, and more. Once you acquire your documents fill the reimbursement claim form and submit it to the insurer along with the documents acquired.
Claim Settlement ProcessYou do not need to be involved directly after reaching out to the TPA and submitting your policy card and form as the bill is settled directly between the hospital and the health insurerYou must pay for your treatment out of pocket and file for a reimbursement claim which the insurer will reimburse.
Claim Process DurationCashless Claims are settled instantly and do not take any extra time for your convenienceReimbursement claims are initiated after the treatment and require you to submit all the necessary documents which is why reimbursement claims take 2 to 4 weeks
Claim Settlement ApprovalYou must inform the insurer 72 hours prior of a planned hospitalization and 24 hours post an emergency hospitalization.In case of reimbursement claims there is no requirement of any approvals. The insured individual can simply avail of the treatment and file for a reimbursement claim later. However, it is best to check if the treatment is covered by your plan.
Documents RequiredPolicy Card, Pre-authorized form provided by the TPA.Identity Proof, Age Proof, Residential Proof, Hospital bills, doctor prescription, and more.

How To Purchase A Health Insurance Plan From PolicyX?

Purchasing a health insurance plan is an easy and hassle-free process for any individual. Follow the steps mentioned below in order to avail of the best health insurance plans with quotes which will help you make the best purchase decision.

Step 1 Visit the official website of PolicyX

Step 2 Click on "Buy Now"

Step 3 Fill in all the necessary details such as the number of family members you want health insurance cover for and your age and click on "View Plans"

Step 4 Select your city and click on "Proceed"

Step 5 Further fill in your name and mobile number and click on "Get Free Quotes"

Step 6 You will be directed towards a list of health insurance plans wherein you can compare the plans of your choice and pay for the one you want as per your needs and requirements

Step 7 Fill in the important details before purchasing a health insurance plan like date of birth, gender, tenure, city and calculate the premium for your desired health insurance plan.

Health Insurance Glossary

  1. In-Patient Hospitalization

    In-patient hospitalization refers to the hospitalization required for the insured individual for more than 24 hours which can go up to several months. In-patient hospitalization differs to daycare procedures as they are procedures that require hospitalization less than 24 hours.

  2. Daycare Treatments

    Daycare procedures such as cataract surgery, dialysis, and others are listed as daycare treatments that requires hospitalization for less than 24 hours.

  3. OPD

    Expenses incurred during doctor visits, diagnostic tests, X-rays, ECGs, Pharmacy but do not include hospitalizations.

  4. Accidental and Total Permanent Disability

    Disabilities caused due to accidents, be it permanent or partial are covered under health insurance plans.

  5. Pre Hospitalization

    Expenses such as doctor’s consultations, medical investigations and cost of medicines prescribed by the physician for the ailment or injury, before you are hospitalized, are covered in this cover. The extent of time for which health plans cover such Pre-hospitalisation costs is usually 30 days or 60 days, depending on the company’s coverage policy.

  6. Post Hospitalization

    Expenses mentioned in pre-hospitalization are the same as post-hospitalization. Health plans usually cover such expenses for up to 60/90/120 days after the discharge from the hospital, depending on the company's coverage policy.

  7. Organ Donor Cover

    Organ transplant necessitates two people: insured recipient and organ donor. Treatment expenses of the recipient will be fully paid for up to the sum insured, but coverage for donor's expenses varies from insurer to insurer.

  8. Add On Covers/Riders

    Riders and add-on covers are additional coverage options that increase the financial coverage for your base health insurance plan. Some of the most common health insurance riders are Critical Illness rider, personal accident rider, Pre-existing Illnesses Covered from Day 1 Rider, Co-payment rider, Reduction of Waiting Period Rider, and more.

  9. Top-Up Plans

    Top-up health insurance plans are health insurance plans that can be bought in addition to the base health insurance policy. Once the sum insured amount of the base health insurance plan is exhausted, a top-up plan comes into action and covers the cost of your treatment.

  10. Waiting Period

    Waiting period is the fixed time period set by the insurance provider before your health insurance policy is activated and allows you to avail of the coverage features. Usually, health insurance plan features can be availed after 30 days of purchase. The initial waiting period in most health insurance plans is 30 days.

  11. Free Look Period

    Insurance plans provide a free look period during which the insurance holder can cancel their health insurance policy after purchase without paying any cancellation charges or penalties.

  12. Grace Period

    Grace Period refers to the extended period of time that is offered to insurance holders after the last date of policy renewal has been crossed. The extra time given to policyholders to renew their health policy after the due date is known as grace period

  13. Network Hospitals

    All health insurance companies have a tie up with a set of hospitals that are known as the network-hospitals. Insured individuals can avail of treatment in these network hospitals and raise cashless claims wherein the hospital bills are settled directly between the insurance provider and the hospital without any interference of the insured individual.

  14. Sum Insured

    The maximum amount that an insurance provider will pay the insured individual in case of any illnesses, injuries incurred due to listed reasons.

  15. Insured Individual

    A person who has paid for a health insurance plan and is bound by a legal contract to be protected against any medical expenses incurred due to accidental injuries or illnesses.

  16. Insurer

    The health insurance company or provider that is bound by a legal contract to pay for the medical expenses of the insured individual incurred due to accidental injuries or illnesses.

Health Insurance News

15 Nov

An adventure enthusiast? Buy ‘ManipalCigna Accident Shield’

ManipalCigna Health Insurance has recently launched a comprehensive plan for all the adventure seeking customers and offers coverage for accidental death, permanent total disablement, and permanent partial disablement. The sum insured of the plan can go up to 25 crores and comes in 3 variants. The plan also offers a 200 percent of the sum insured as a claim benefit in case of accidental death and permanent total disablement. It also comes with OPD coverage so that the minor injuries are also covered.

15 Nov

ManipalCigna highlights significance of health insurance during festivals via 2 films

ManipalCigna Health Insurance has released 2 films dedicated to the importance of health insurance. The films are released during the festival of Diwali to remind the audience how important it is to safeguard our well-being while we celebrate our favorite festivals. 

While the first film talks about how health insurance ensures that “the blessings of Lakshmi stay within our households, safeguarding our family’s health & lifetime goals”, the second one is a tribute to all the health insurance advisors who have guided the customers on their insurance buying journey.

Health Insurance: FAQ's

1. How to select the best health insurance plan?

There are various factors affecting health insurance plan selection such as:

  • Sum Insured
  • Riders
  • Coverage Features
  • Network Hospitals
  • Customer Care Services
  • Claim Settlement Ratio

2. Are there any discounts and rewards available when purchasing the best medical insurance policy?

Yes, there are multiple health insurance providers that offer multiple discounts on premiums on certain conditions such as a good health discount for individuals who have excellent health vitals, discounts for females and non-smokers, discounts for long term policy, and more.

3. What is the correct age to invest in a health insurance policy?

It is advised to purchase mediclaim insurance at a young age as it drastically affects your premium prices and provides you with an extended coverage. The earlier you invest in a health insurance policy the lower are the premiums as there is a lesser risk of developing any health issues.

4. Are pre-policy medical check-ups mandatory before purchasing a health insurance plan?

No, most health insurance plans do not require the insurance holder to undergo a pre-policy medical check-up. However, most medical insurance policies have a certain age limit up to which there is no need for a pre-policy medical check-up. The usual age is up to 45 years but varies depending on insurer to insurer.

5. Can I include my children in a family floater health insurance policy?

Yes, you can include your kids in a family floater health insurance policy right from day 1 up to the age of 20 to 25 years varying from insurer to insurer.

6. What is the ideal mediclaim insurance sum insured required by a policyholder?

In order to fulfill the medical care needs for yourself and your family it is best to select 100% of your annual income as the sum insured amount for the health insurance plan you purchase.

7. What is not covered by the health insurance plan?

There are multiple exclusions associated with your mediclaim insurance. The various conditions that are excluded are:

  • Injuries due to act of war and terrorism
  • Hospitalization or injuries due to substance abuse and intoxication
  • Injuries caused due to adventure sports
  • Sterilization and Infertility Treatments

8. What are the coverage benefits offered under a health insurance plan?

There are various coverage features provided to insurance holders under health insurance plans like

  • Pre and Post Hospitalization Expenses
  • Room Rent
  • ICU Cover
  • Domiciliary Hospitalization
  • Modern Treatment
  • AYUSH Cover

9. What are the various bonuses and discounts available to customers when purchasing a mediclaim policy?

Multiple discounts and rewards are enlisted within the health insurance plan which you can avail when purchasing health insurance plans like:

  • No Claim Bonus
  • Loyalty Discounts
  • Non-Smokers Discount
  • Female Policyholders Discount

10. How will smoking affect the premiums of my health insurance plan?

It is common knowledge that people who smoke are prone to serious health ailments like bronchitis, asthma, and even lung cancer. Hence, health insurance plans are available to smokers at high premiums as they are a bigger liability on the health insurance providers.

11. What are the various riders available under Health Insurance Plans?

The various riders available with health insurance plans are

  • Critical Illness Rider
  • Daily Hospital Cash Rider
  • Personal Accident Rider
  • OPD Rider
  • Global Coverage Rider
  • Reduction in waiting period Rider
  • PED coverage from day 1 rider

12. Can I port my health insurance plan?

Yes, insurance holders can port health insurance plans from one insurance provider to the next 45 days before their existing policy expires. To do the same you simply have to submit a few documents

  • Policy Portability Form
  • Proposal Form for New Policy
  • Current Health Insurance Documents
  • Claim History
  • Identity Proof
  • Residential Proof
  • Age Proof
  • Medical Records
  • Proposal Acceptance Letter
  • Premium Payment

13. Can I add riders in the middle of my health insurance policy tenure?

Insurance holders can add a rider of their choice and availability during the time of purchase of the plan, or during the time of renewal. However, adding a rider in the middle of the policy tenure is not available.

14. What is sum insured of a health insurance plan?

Sum insured means the maximum amount that the insurance provider will pay you in case you are diagnosed with an illness, or are hospitalized due to any injury or accident. It is the maximum amount that you can claim in case any medical emergency or planned hospitalization arises.

15. Can an individual purchase more than one health insurance plan?

Yes, individuals can have more than one health insurance plan. For example many individuals in India who are salaried employees already have a health insurance policy through their employer. However, if they want to avail additional coverage, they can purchase a super top up or top up health insurance plan.

16. What are the various documents required for purchasing a health insurance plan?

You do not need any particular documents at the time of purchase of a health insurance policy. However, it is essential to showcase documents at the time of filing a claim like

  • Identity Proof
  • Address Proof
  • Age Proof

17. Can I increase the sum insured amount of my health insurance plan?

Yes, if you feel that you have additional responsibilities and your current sum insured amount can not fulfill your requirements you can ask your health insurance provider to increase the sum insured at the time of renewal. However, with increased sum insured the premiums will also be increased.

18. What do I do in case I am unable to renew my health insurance plan at the date of renewal?

Health insurance providers offer a grace period during which insurance holders can pay their renewal premiums in case they have missed their renewal due date.Your health insurance policy along with the benefits it offered will be lapsed in case you miss the grace period.

19. Are there any discounts available during the policy renewal?

Yes, there are many advantages and discounts you accumulate during the entire policy period that can be beneficial to you during policy renewal. In case you have not applied for any claims during the entire policy period, you are entitled to a no-claim bonus which means your sum insured amount will be increased at the time of renewal. You may also be eligible for family discounts and long term discounts if you opt for long term policy tenures.

20. Will my health insurance policy lapse if I do not renew my policy on time?

Yes, your health insurance policy will lapse in case you do not renew your policy on time and you will lose all the benefits incurred throughout the policy.

21. How can I file a claim if I am admitted to a non-network hospital?

You can file a reimbursement claim after you have availed a treatment in a non-network hospital. Once you complete the course of your treatment, you can file for a reimbursement claim by filling a form and submitting documents related to your treatment and any other documents asked by the health insurance provider.

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Simran Kaur

Written By: Simran Kaur

Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.