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Health Insurance 4613 views December 10, 2019
Medical Emergencies are unpredictable as they can hit anyone, anytime. These uncertain events of life can leave you with significant loss of savings as the medical treatments and the cost of medicines are huge. Having a health insurance plan is important as it becomes difficult for the common man to bear such exorbitant expenses. So, to safeguard your savings and remain stress-free availing a health insurance plan is advantageous.
Table of Contents
What is a health insurance plan?
Health insurance policy is a contract between you and the insurance provider, whereby paying an annual premium, the insurance provider is bound to safeguard and protect the policyholder and his family against financial loss caused during hospitalization in event of accident, illness, or treatment of critical illness. Having a health insurance policy shall guarantee either cashless treatment at a network hospital or reimbursement of the medical costs thereby ensuring the financial safety of the common man.
Benefits of health insurance plan
One of the biggest advantages of availing a health insurance plan is that it offers financial security. A health insurance plan takes care of medical expenses in the following manner:
1. Cashless Treatment:
A policyholder or his family can avail cashless medical treatment at a select network hospital. The cashless treatment essentially means that the best medical aid shall be provided without the stress of paying the medical bill from your savings or pocket.
2. Holistic coverage:
An effective health insurance policy availed from leading health insurance providers not only takes care of the treatment costs and pharmacy bills but it also covers the pre-hospitalization and post-hospitalization expenses. These expenses are covered for a pre-specified period as per the terms and conditions of the policy.
3. Ambulance Expenses:
A health insurance policy is one of the most comprehensive forms of insurance that takes care of every expense. One such expense is the ambulance cost incurred during the transportation of the patient to the hospital and viz.
4. Medical Check-ups:
All leading health insurance providers offer the facility of free annual health check-ups to their customers. Annual health check-ups are a good way to keep a tab on your health condition.
5. No Claim Bonus:
All leading health insurance providers offer a No Claim Bonus in case no claim is registered in the entire year.
6. Room Rent:
A health insurance policy covers not only the pharmacy bills and medical costs but it also covers expenses of room rent.
7. Tax Benefit:
One of the additional benefits of buying a health insurance policy is that it offers tax benefits on the health insurance premium paid. This tax benefit is available under section 80D of the Income Tax Act, 1961.
8. Ease of Transaction:
All the major insurance providers in India have a strong digital presence which makes an online purchase of the health insurance policy quickly, securely and in a hassle-free manner.
Importance of a Health Insurance policy:
With the increase of illness and diseases buying health insurance plans is the need of the hour. Illness does not discriminate on the basis of age, gender, and economic conditions. So, illness is a bigger financial threat for people having lower income as they might take financial assistance in the form of loans and fall prey to a debt trap. Most of the families with lower income groups are ignorant of the importance of health insurance and how it will help in overcoming financial emergencies.
A health insurance policy is the desired instrument for every family to meet healthcare needs. An effective and efficient health insurance plan for 1 lakh can make it easier for the poor to avail the best healthcare services. A health insurance plan for 1 lakh will have a lower premium rate which makes it easier for avail health care insurance.
Health Insurance Plans for 1 lakh
The market is flooded with numerous health insurance plan for 1 lakh available in India. the following is a comprehensive list of health insurance plans for people who are looking for 1 lakh sum insured and features and benefits offered by these health insurance plans.
| Plan Name | Sum Insured | Eligibility Criteria | Features |
|---|---|---|---|
| Star Family Health Optima Plan | Rs 1 Lakh to Rs 25 Lakh | 1. Minimum age at entry 18 years 2. Maximum age at entry 65 years 3. Under family cover, the entry age of the dependent children is from 6 days to 25 years | 1. Insurance coverage to the new-born baby after completing 16 days 2. 100% recharge of sum insured 3. Wide Insurance Coverage 4. Free Health Check-up for every claim-free year 5. Daycare procedures 6. Organ Transplant expense and donor expense |
| Star Senior Citizen Red Carpet Health Insurance Plan | Rs 1 Lakh to Rs 25 Lakh | 1. Minimum entry age 60 years 2. Maximum entry age 75 years | 1. The plan is exclusively for the senior citizens 2. No pre-medical check- up 3. Pre-existing medical condition covered from the first year of the policy 4. Covers hospitalization expenses 5. Covers for ICU expenses |
| New India Mediclaim Policy | Rs 1 Lakh to Rs 15 Lakh | 1. Minimum age at entry 18 Years 2. Maximum age at entry 65 Years 3. Dependent children minimum entry age 3 months and maximum entry age 18 years | 1. The policy is available for individual as well as a family floater 2. Covers for hospitalization expenses 3. Pre-existing medical conditions are covered after completion of 48 months |
Above are common features offered by the various health insurance plans for 1 lakh. You can avail of these health insurance plans by contacting the nearest branch office or the agent. It is highly recommended to know in detail about the terms and conditions of the health insurance plan for 1 lakh before investing. All the above-mentioned health insurance plans are offered by leading private sector insurance providers, however, there are health insurance plan for 1 lakh scheme offered by the Indian Government.
Government Health Insurance Schemes
The health insurance schemes offered by the government are designed specifically for the unorganized sector and to extend healthcare services to them. The health insurance plan for 1 lakh offered by the government is available at the lowest premium amount as they are for financially vulnerable families. The following table showcases the features of the government-run health insurance plan for 1 lakh
| Name of the Scheme | Features of the Scheme |
|---|---|
| Ayushman Bharat – PM Jan Arogya Yojana | 1. Health Cover to financially vulnerable families 2. A cover of Rs 5 lakh per family per year is offered under this scheme 3. Secondary and Tertiary Care Hospitalization facility is available under the plan 4. Emergency Room Package, Mental Care Package, etc. available under the scheme |
| Rashtriya Swasthya Bima Yojana | 1. The scheme is introduced by The Ministry of Labour and Employment offering health insurance coverage for families living below the poverty line 2. All beneficiaries registered under the scheme can avail hospitalization up to Rs 30000 3. Pre-existing diseases are covered from the first day of the policy 4. Covers 5 family members |
| Pradhan Mantri Suraksha Bima Yojana | 1. Offers healthcare coverage 2. Health insurance cover is offered at an affordable premium 3. Compensation is offered in the event of demise or partial or total disability of the insured |
| Central Government Health Scheme | 1. Health Insurance Cover to central government employees and pensioners 2. Covers for domiciliary expenses, specialist doctor’s consultation fees, diagnostic tests, Hospitalization, etc. |
Final Word
Health insurance policy is a very important investment tool that helps to save yourself and your family from financial stress caused in times of medical emergency. Thus, avail a health insurance plan for 1 Lakh minimum as it helps you to take the best healthcare attention in times of medical emergencies.