Health Insurance is nowadays has become a very important aspect to have financial coverage in case of any unforeseen circumstances. And as the saying goes “Health is wealth”, we need to manage this risk in a very prudent way so that we are ready if any untoward incident happens. Let’s understand a few aspects of health insurance.
What is Health Insurance?
With the increased cost of living, the medical expenses are touching the sky, health insurance is a must for every family. Our savings corpus must not get affected to meet the financial exigency Health Insurance Plans covers medical expenses like surgeries, doctors’ fees, hospitalization, treatments, injuries, etc. A health insurance plan protects the insured either through a cashless hospitalization at a certain specified network hospital or reimburses the cost incurred in lieu of the premium paid. Last, but not the least, tax emption under section 80(D) can be availed for health insurance policies. Needless to mention here, that It’s of utmost importance to have health insurance from a reputed company with proven track records like Star Health Insurance company. We will understand from the below article why Star Health Insurance company.
Star Health and Allied Insurance Company Limited is a joint undertaking between 5 renowned companies which were approved by IRDA- Insurance Regulatory Development Authority which is the governing body in India for all insurance companies. Star Health Insurance stepped into India and was established in 2006 with exposure in various filed of insurance like health insurance, overseas Mediclaim policy, personal accident plans etc.
Reasons to choose Star Health Insurance
Below are the reasons as to why one should opt for Star Health Insurance Company:
- Tailormade plans as per the need of the customer
- Affordable price with transparency
- Progressive and various plan structure and easy to choose features
- Cashless treatment in more than 9600 network hospitals in India
- Hassle-free claim settlement conveniences without any 3rd party involvement.
- Top class and prompt service
- More than 400 branches present in India
- 24*7 assistance call centre toll-free no 1800 425 2255/1800 102 4477
- Effective Complaint redressal forum
- Awards are won by the company, namely Health Insurance Provider of the year 2018 by Outlook Money Awards and Business Today, Money Today and Financial Awards 2018-2019, India’s Leading Insurance Company of the year by Dun & Bradstreet BFSI Summit & Swards 2019 and many more
Now, we will have a detailed view of the most common health insurance plan which is Star Health Insurance 2 Lakhs which are named as
- Star Health Family Health Optima Insurance Plan
- Star Health Medi-Classic Health Insurance for Individuals
- Star Health Gain Health Insurance Policy
- Star Health Citicare Plus Health Insurance Policy
- Star Health Family Delite Health Insurance Policy
- Star Health Micro Rural and Farmers Care Health Insurance Policy
- Star Health Hospital Cash Health Insurance Policy
- Star Health Senior Citizens Red Carpet Health Insurance Policy
Let’s understand in detail the benefits and features of Star Health Insurance Plan 2 Lakhs.
Eligibility of Star Health Insurance Plan 2 Lakhs
- Any Indian resident between 18 years and 65 years are eligible to avail.
- Any Indian resident beyond 65 years only renewals are accepted.
- Newborn child from the 16th day of age is considered and can be covered within the family.
- Financially dependent children from 16 days till 25 years are covered.
Features of Star Health Insurance Plan 2 Lakhs
This plan delivers widespread coverage to the entire family under one umbrella. Because of the complicated lifestyle in today’s life, most people are having serious health issues and with the rising cost of medical treatment, this policy gives comprehensive financial protection. The main features are:
- This is a floater policy where proposer, spouse, dependent parents and newborn (as specified above) can be included.
- Inexpensive Premium for Rs 2 Lakhs Sum Insured.
- Additional Sum Insured- The company provides an added sum insured at no extra cost.
- Health Check-up- A wonderful opportunity to get a health check-up done in case of no claim in any year.
- Coverage of New Born – From the 16th day, a newborn baby is also covered under this plan.
Benefits of Star Health Insurance Plan 2 Lakhs
Below are the benefits which a Family Health Optima Insurance Plan has:
- Room-Rent Capping: Room, nursing and boarding expenses is as below
- A host of important expenses are covered like fees for Surgeon, Medical Practitioner, medical Consultants, Anaesthetist, Oxygen, Operation Theatre charges, Diagnostics expenses, Specialist Fees, imaging modalities and Medicines and Drugs, pacemaker cost and Blood if needed.
- Pre-Hospitalization expenditures are covered up to 60 days preceding to admission in the hospital.
- Post-hospitalisation expenditures occurred up to 90 days post-discharge from the hospital.
- Ambulance charges needed in an emergency is till Rs 750/- per hospitalization subject to Rs 1500 during the tenure of the policy period.
- New Born Baby Cover: The cover starts from 16th day after the birth of the baby, however, up to a limit of 10% of the Sum Insured or Rupees Fifty Thousand, whichever is lower.
- Emergency Domestic Medical Evacuation: The company compensate for the transport cost which might be incurred to shift a patient from one hospital to the other for a 2 lakhs sum insured.
- Transfer of Mortal Remains: The company offers and reimburses up to Rs 5,000 for the deportation of the mortal remains which belongs to the insured person.
- Treatment under AYUSH: The following amount is available under this category:
- Reimbursement of Second Medical Opinion: The company also reimburse the insured person to have a second medical opinion from any Doctor who is available under a network of Medical Doctors of the company.
- Additional Sum Insured for Road Traffic Accident-RTA: In a situation where the insured meets a road traffic accident which results in inpatient hospitalization, provided the person was travelling in a two-wheeler as a rider or as a pillion rider and wearing a helmet, the company reimburse the cost by increasing the basic sum insured by 25%, however subject to a maximum amount of Rs 5,00,000.
- Cataract Surgery: The following amount is available under this category:
- Co-Payment: The company provided a co-payment facility where the policy will be subject to co-payment of 20% of every fresh claim amount together with renewal. However, this is available only when the insures person is of 60 years of age while he or she takes the policy.
- The facility of Movability: If the insurer wishes to move this policy, he can go ahead and write an application to the company 45 days before, however, not earlier than 60 days from the renewal due date. Relevant email address is “firstname.lastname@example.org” or assistance can be taken over phone number +91-044-28288869.
- Tax Benefit: Under section 80 (D) of the Income Tax Act, the insured can avail of the tax benefit up to Rs 25,000 of premium paid for self, spouse and children
- Freelook period: Post applying for the plan and receipt of the policy, if the insured feels that he is not satisfied, he can go ahead and cancel the plan. A freelook period of 15 days is given by the company from the date of receipt of the policy to cancel the policy.
From the above analysis, we can conclude that Star Health Insurance 2 Lakhs plan is an affordable, tailormade and an appropriate health plan for a common man to stay safeguarded against all unforeseen health hazards.