Health Insurance 526 views December 10, 2019

Health Insurance Plans for 5 Lakhs

Health Insurance plan is a type of insurance policy that covers the treatment cost of the insured’s medical, diagnostic and surgical treatments. Under the health insurance plans, the coverage is offered in two ways i.e. either the insurance provider directly pays to the hospital or reimburses the expense amount to the insured.

Health Insurance

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Why Opt for a health insurance plan for 5 lakhs?

Health Insurance Cover is a safety net to protect against the rising cost of healthcare. Availing a higher sum insurance policy will determine that most of the diseases, illnesses, and cost of treatment are covered under this policy. A health insurance plan for 5 lakhs is a minimum requirement to stay secure. The following is a comprehensive list of the most popular health insurance plans for 5 lakhs and above.

Name of the PlanSum Insured
Religare Care Health Insurance PlanRs 4 Lakhs to Rs 6 Croresq
Max Bupa Health Companion Individual PlanRs 3 Lakhs to Rs 1 Crore
Star Family Health Optima PlanRs 1 Lakh to Rs 25 Lakh
Apollo Munich Optima Restore Plan Rs 3 Lakhs to Rs 50 Lakhsq
HDFC ERGO Health Suraksha Gold PlanRs 3 Lakhs to Rs 10 Lakhs
Bajaj Allianz Health Guard PlanRs 1.5 Lakhs to Rs 50 Lakhs
Manipal Cigna Prohealth Plus PlanRs 4.50 Lakhs to Rs 50 Lakhs
Star Senior Citizen Red Carpet Health Insurance PlanRs 1 Lakh to Rs 25 Lakh
Royal Sundaram Lifeline Supreme PlanRs 5 Lakhs to Rs 50 Lakhs
Aditya Birla Activ Assure Diamond PlanRs 2 Lakhs to Rs 2 Cores

Thus, above is a list of top 10 health insurance plan for 5 lakhs sum insured or more. All these health insurance policies are available for low premium rates. Individuals must choose the health insurance plan as per their financial convenience but remember do not remain underinsured.

Importance of a health insurance plan

The health insurance plan is the most important investment tool in the entire investment portfolio. Buying a health insurance plan serves the following benefits:

  1. Creates an emergency medical corpus to tackle medical emergencies
  2. Offers financial security to you and your family
  3. Covers the ever-rising expenses of healthcare treatments.
  4. Advantageous for senior citizen’s as ailments are rising during the golden years of life
  5. No stress to arrange funds for daycare treatment, critical illnesses or surgical procedures as most of the leading health insurance plans for 5 lakh and above take care of such costs.
  6. Avail best medical treatment at the wide range of network hospitals

Thus, by buying a health insurance plan, you and your family are assured that your future is secured not only health-wise but also money-wise. So, to overcome the rising cost and inflation in healthcare treatments, buying health insurance plans for 5 lakhs and above is mandatory.

Benefits of health insurance plan

A health insurance plan offers many unique features that benefit the lives of the insured and his family. Investing in health insurance plans ensures that you don’t have to stress yourself for the arrangement of funds. The following are the benefits of buying a health insurance plan.

1. Option

The health insurance plan offers an option to the insured to opt the health insurance plan as an individual policy or as a family floater policy where all the family members are covered

2. Hospitalization expenses

One of the biggest advantages of buying a health insurance plan is that health insurance offers cover every expense incurred during medical treatment. The health insurance plan offers coverage for pre-hospitalization and post-hospitalization expenses, ambulance cover, Domiciliary hospitalization, Daycare expenses, etc.

3. Allied expenses

A health insurance policy also covers the allied expenses related to medical treatment like the cost of diagnostic tests, cost of medicines and pharmacy bills, doctor’s consultation fees, daily hospital allowance, etc.

4. Alternate Treatments

Some of the leading health insurance providers also cover the cost of alternative treatments of the insured like the Ayurvedic Treatment, Homeopathy Treatment, etc.

5. Tax Benefit

The insured individual can avail tax benefit on the premium paid for oneself and family. The tax benefit can be availed under section 80D of the Income Tax Act, 1961.

How to choose the right health insurance plan for 5 lakhs?

Buying a health insurance plan for 5 Lakhs and above ensures that all major medical expenses are covered. Following are the basic parameters that will guide you in availing the right health insurance plan for 5 lakhs:

  1. Understand the need:
    Understanding the scope and extent of health insurance need is one of the primary research that you need to carry out before buying a health insurance plan. Evaluating and analyzing the health condition of the entire family will give you a clear understanding of the health insurance needs of your family.
  2. Right Coverage:
    Post analyzing the healthcare expenses incurred by the entire family it becomes easier for choosing the right health insurance coverage. It is recommended to choose the health insurance plan that offers the highest coverage because the cost of healthcare is on the rise and medical uncertainties come uninvited so its best to be ready to face it.
  3. Scope of the insurance:
    Buy a health insurance plan that covers most of the illnesses. A wider scope of the health insurance policy will secure your finances and cover the treatments of most critical and costly illnesses.
  4. Claim Settlement Ratio:
    One of the biggest parameters of choosing the health insurance provider is the claim settlement ratio. This ratio determines the validity of claims being honoured by the insurance provider on time.
  5. Network hospital:
    All leading health insurance companies have numerous hospitals under their umbrella offering medical treatment. Choose the health insurance company that has a wide network of hospitals as it becomes easy for the insured to avail of medical treatment quickly and in a hassle-free manner.

Conclusion

Health Insurance is an important investment tool. You must buy a health insurance plan for 5 lakh or above and secure the financial future of your loved ones. Love is precious and so is health.

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