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Why Health Insurance is Essential for Your Family’s Well-Being

By Bhavesh Mehta - Jan 4,2020
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Why Health Insurance Is Essential For Your Family’s Well-Being

Health Insurance and Its Importance

While one might try hard to lead a healthy lifestyle and follow routines beneficial for our well-being, medical emergencies can sometimes not be avoided. Whether it is youngsters, middle-aged adults or senior citizens, no one is immune from falling sick. In today’s age, it is becoming obvious to see cases of critical illnesses like diabetes, hypertension and heart-related complications becoming more and more frequent amongst the Asian population. Cancer is also one of the prominent illnesses being witnessed in the ageing population. In order to face the financial impact due to the cost of treatment, a Health Insurance plan, especially with a critical illness cover, is advisable for an individual as well as for a family.

With the increase in cost of treatment, medical inflation is increasing tremendously. Typically, the cost of treatment for a critical illness includes hospital room rent, medical treatment costs, surgeries, medicines and drugs. All of these can become a financial burden on the family and it is impossible for a middle-class earning individual to afford such huge expenses. This is why a good medical health insurance plan can serve as a boon in such critical situations and is a must for every Indian family.

Let us take a look at a few types of health insurance plans as well as understand some benefits of health insurance that can be availed by a policyholder:

Health Insurance Plans can be for:

  • Self – This is known as individual health insurance, where the health insurance premium provides for the medical costs for a single individual who is covered in the policy. He or she can either claim cashless settlement or can ask for the reimbursement of medical expenses. Therefore, there are clearly many advantages of health insurance with this particular plan.

On Finserv MARKETS, you can even avail individual health insurance that can provide coverage as high as Rs 50,00,000. This, as well as other features such as free health check-ups and maternity coverage make it one of the best health insurance plans in India. You can download the Finserv MARKETS mobile app to check out the excellent deals and offers and get instant quotes, all at your fingertips. With the Finserv MARKETS mobile App, you can keep track of your insurance portfolio and conveniently pay your premiums.

  • Family Floater – This is known as family health insurance and in this policy, more than one family member can be covered. As the name suggests, the sum insured is on floater basis, with the health insurance plan covering the entire family under one insured sum. Therefore, the sum insured limit is not to provide health insurance for each individual in the family but rather for the whole family. Anyone in the family can be covered under this type of health insurance policy, however, the total claim cost cannot increase the total sum insured under the family floater policy.

If this type of health insurance plan is what you are looking for, then rest assured that you can make the process even easier than usual. This is because you can avail the Bajaj Allianz health insurance policy for your family online, without any hassle.

  • Parents – This type of health insurance covers individuals of age 60 years and above. So, one can care for and provide health insurance coverage for senior citizens in this policy. Since senior citizens are more prone to specific ailments, these plans are designed keeping in mind their specific healthcare requirements. The sum insured levels are limited and the health insurance premiums are affordable.

Comparing Health Insurance

When you are doing a health insurance plan comparison, here are a few factors to keep in mind:

  • Coverage v/s Premium – For the right choice of health insurance policy, both of these need to be considered together and not individually. It would be common to see a health insurance plan with more coverage and features priced higher than a plan with lower features. However, when it comes to a policy like the Bajaj Allianz health insurance, you can also get the best of both – affordability and premium features.

  • Annual Health Check-up – There are health insurance options available in the market offering free annual health check-up to its customers. These complimentary check-ups should be utilized to keep one’s as well as one’s family’s health updated.

  • List of network hospitals – It is best to find a health insurance provider with the largest network of hospitals integrated with them. By getting treatment at network hospitals, one can enjoy the benefit of cashless claim settlements. The Bajaj Allianz health insurance plan offers tie-ups with 6000+ hospitals across India, making it one of the best health insurance plans in India.

  • Pre-existing illnesses – It is advisable to check for health insurance policies with the lowest waiting period for pre-existing illnesses as they are not covered in the initial few years of most health insurance plans. Waiting periods can range from 1-4 years depending upon the type of insurance policy.

Summary:

So, now that you have a good idea of the type of health insurance policies and plans on offer, you must know exactly which health insurance is the right pick for you and your family. With features such as maternity coverage, free health check-ups and reinstatement benefit, the perfect health insurance policy is undeniably Bajaj Allianz health insurance. You can easily get a quote and claim process for individual or family health insurance on Finserv MARKETS online.

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