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High Value Health Insurance, Demystified

By Bhavesh Mehta - Jan 4,2020
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High Value Health Insurance, Demystified

In a world full of uncertainties, one has to plan for unexpected events like medical emergencies and hospitalizations. Thankfully, people today have become more aware of the health insurance and mediclaim insurance policies which is an encouraging sign. Latest trends in the health insurance industry suggests that insurers are offering high-value health insurance plans as well.

What differentiates these plans from the regular plans is the Sum Assured. In these health insurance plans, the sum assured goes up from Rs 1 crore to Rs 6 crores which is well above the general Rs 2 lakh to Rs 5 lakh. Deciding on the right health insurance coverage for the policyholder is an important factor. Let’s have a comparison of the merits and demerits of such policies.

Advantages of High-Value Health Insurance:

  1. They Provide Comprehensive Coverage: With rapid advances in the field of science and medicine, healthcare has advanced by leaps and bounds, but so have the medical costs for the treatment. Certain medical cases like the treatment of advanced stages of a critical illness or cancer may cost over INR 10 Lacs. It goes without saying that a basic health insurance cover would not be able to cover costs like this.
  2. International Treatment Are Covered: Customers who are likely to travel out of India would often find high-value health insurance plans the more suitable option as the cost of treatment in foreign countries is much higher compared to India. Therefore, a regular plan would not be able to meet the medical expenses incurred on a foreign trip. In such circumstances, it is recommended to opt for a high value health insurance cover along with adequate indemnity limits.
  3. No Sub-Limits: It is found that premium high sum insured policies do not have sub-limits on hospital room rents. There might be a possibility that there are sub-limits to room categories allowed in the health insurance plan.

Drawbacks of High-Value Health Insurance:

  1. High Premium: This comes as a no-brainer. High Sum Assured comes with a higher health insurance premium. It becomes tough for middle-class earners to pay higher premiums for health insurance and thus, there is a high possibility of them being already underinsured. These plans are more suitable for the High Net Worth Individuals who can pay higher health insurance premiums for higher sum assured.
  2. Despite High Premium, no respite from Waiting Period: High-Value Health Insurance plans do not come with a rider to waive off the waiting period conditions. The list of exclusions that applies to regular health insurance plans also applies to these high-value health insurance plans.
  3. Plans are Offered After Strict Underwriting: All health insurance policies are issued only after strict underwriting but when the High-Value Health Insurance policy is taken up, even more stringent underwriting procedures are applied. Special conditions known as co-payment might be applicable for senior citizens in health insurance policies (e.g. 20% co-payment is a general practice found Indian health insurance policies).

Therefore, there are both pros and cons for signing up for a high-value health insurance plan. Whether you wish to avail one is clearly dependent on your net worth, future earnings and a variety of other factors. But one fact remains: health insurance is essential. And if you are looking to pay high premiums for your health insurance, you want a trusted provider and you want to avail the best benefits that are worth each penny you spend on it.

Which is why Bajaj Allianz Health Insurance is a lucrative option you most definitely should consider. It comes with benefits such as tailor-made health insurance plans, 6000+ empaneled hospitals across India and a wide range of add-on covers. Best of all, it can be conveniently availed online on the Finserv MARKETS platform where you can browse through the details, submit necessary documents and process claim immediately. You can also download the Finserv MARKETS App to make optimum use of its personalised interface which provides you with a host of facilities to get speedy quotes and pay your insurance premiums with ease. With the Finserv MARKETS App, you can avail special deals and custom made discounts. If you find yourself in need of any assistance while exploring your options, the Chatbot YARA will be right at your service, 24/7.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522