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10 Benefits of Health Insurance in India

By Finserv MARKETS - Feb 1,2019
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Advantages of Health Insurance.

Health insurance is essential when planning your financial future. A lot of people in India are reluctant to buy health plans because of its complex rules and regulations. Moreover, many people have a misconception that medical insurance only pays for the expenses incurred due to hospitalization.

However, this is not the complete picture. A health plan has way more advantages than anyone could ever think for. E.g., you can avail of a free medical check-up! Before we dive deep into the benefits of health insurance in India, let us understand what it exactly is.

What Is Health Insurance?

Health insurance plans will financially cover your medical and surgical expenses incurred over a lifetime. In simple terms, it is an agreement between you and your insurer – wherein after annual premium payment; the insurance provider will pay for your hospitalization and other medical expenses as listed under your plan.

Health Insurance Benefits in India

1. Alternative treatment

Many health insurance companies cover alternative therapies like Ayurveda and homeopathy.

2. Convalescence benefit 

This benefit is also known as recuperating/recovery benefit under which the insurance takes care of the ‘recovery expenses’ of the insured. Any supplementary costs that might arise due to an insured’s hospitalization, like the replacement of loss of income of the insured.

3. Domiciliary treatment

It covers the treatment that is taken at home under medical supervision. However, there is a limit on the amount and the number of days for which the benefit is provided.

4. Expenses incurred in case of organ transplant

Coverage of expenses before an organ transplant is considered to be one of the best health insurance benefits. Some insurers cover the entire cost, while many others have a cap on these expenses.

5. The daily hospital cash allowance

This is an additional financial cover that is offered, which includes the cost of food and travel. It could be up to INR 2,000 a day and can even go up to INR 4,000 a day.

6. Attendant Allowance

Health insurance in India offers an attendant allowance to those adults who accompany the insured at a hospital. However, the insured must be a child, and the number of days for which an insurer will pay for the allowance is fixed.

7. Dental treatment

Many insurance companies also cover dental treatments once every few years. As the cost for dental treatment is high, we could avail of such advantages of a health policy.

8. Free health check-up

Many health insurance companies offer free health check-ups to policyholders after a certain number of claim free years. Moreover, they provide cashless check-up if the check-up takes place at an empanelled hospital.

9. Weight loss / Bariatric Surgery

Bariatric surgery is a life-saving technique for obese patients who are battling with medical conditions caused due to heavyweight. Several insurers cover a lot of insurers cover this surgery done for medical purposes.

10. Additional coverage

Last but not least, you also get a lot of other health insurance benefits in your policy. These include air ambulance coverage, vaccination expenses cover, coverage for day-care surgeries, and cover for health check-ups, to name a few.

Factors That Make the Purchase of an Effective Health Insurance Plan Essential for Everyone

  • Unfortunate events can take place anytime and anywhere. Further, these incidents can take a financial toll on you. With a reliable medical insurance plan, the financial burden of medical expenses in case of emergencies is well taken care of by your insurer
  • You are financially prepared to overcome uncertain medical emergencies well in advance. This is true despite the rising cost of medical treatments and hospitalization charges
  • You have financial protection against most of the expenses associated with health and medical treatments
  • Many insurance providers offer cashless services in their network hospitals. This releases you from the hassle of making payments during hospitalization
  • You no longer have to worry about the incurred expenses and fully concentrate on your speedy recovery

Factors to Consider Before Buying Health Insurance in India

Here’s a list of things that you need to keep in mind when buying health insurance –

  • Coverage:

You should check the coverage offered under the medical insurance plan you have chosen. Even though all health plans provide primary coverage, but there are a few with limitations on it. Hence, it is wise to choose a plan that best suits your medical requirements.

  • Waiting Period:

Waiting period is a period where exclusions of certain illnesses are applicable. So, make sure you check the waiting time before you buy health insurance.

  • Cashless Claim Facility:

Here, the hospital will receive a direct settlement from your insurer. This facility is offered by all health plans only when you are treated in one of their network hospitals.

  • Premiums:

The premium rates should also be taken into consideration when purchasing health insurance. The amount you pay as premium should be justifiable when compared to other plans in the market.

  • Claim Settlement Ratio:

You should always pick a provider with a good claim settlement ratio. So, the higher the ratio, the more chances of successful claim settlement.

A Final Thought

You should compare different health insurance plans online before making a decision. We believe that with this article, you not only know the benefits of buying medical insurance in India but are also well-versed with different factors to consider before making the purchase.

Also, read in detail about the health insurance tax benefits you can avail with a variety of medical plans available on Finserv MARKETS.

Read our top blogs to know more about health insurance in India:

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 works 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