No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to Rs.75,000 | Buy Health Insurance starting @ ₹160 pm Check Plans

Unplanned medical expenses can strain your finances without warning, which makes individual health insurance an indispensable investment. By getting a plan on Bajaj Markets from some of the leading insurers, you can benefit from medical coverage of up to ₹2 Crores with monthly premiums starting at just ₹160. 

 

The right policy allows you to fully focus on treatment and recovery. By signing up for such plans, you can save tax up to ₹75,000 and get other benefits, such as cashless settlement. 

Health Insurance Plan

Features 

Premium 

Check Plans 

 

Bajaj Allianz Extra Care Health Insurance

  • Ambulance cost coverage

  • Pre and post-hospitalization cost cover

  • Floater plan facility

  • Top-up cover 

  • No requirement of medical tests

 

 

Starts at ₹2,194

 

 

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Aditya Birla Active Assure-Diamond Health Insurance

  • Insured sum reload by 150%

  • 586 days of post-hospitalization medical expense coverage 

  • Emergency assistance worldwide

  • 30% of the premium is reward via HealthReturnsTM

 

 

Starts at ₹3,887

 

 

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Care Health Insurance Plan

  • No limit for reimbursement of medical expenses like consultation, ICU room rent, etc.

  • 30 days pre-hospitalization and 60 days post-hospitalization expense coverage

  • 10% coverage for the domiciliary expense.

 

 

Starts at ₹5,277

 

 

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Features of Personal Health Insurance

There are a ton of varied health insurance plans available in India like senior citizen health plans, family health insurance and many more. One of the most popular forms of health insurance is medical insurance plans for individuals, where only one person benefits from the coverage. Individual insurance plans have a fixed sum insured which the policyholder/insured can use to pay off their eligible medical bills till the value of the sum insured gets exhausted.

 

Insurance companies calculate the premiums for individual insurance plans based on the applicant’s age, the coverage required, medical history, pre-existing conditions, and some other factors. You will have to disclose any pre-existing conditions to the insurance company at the time of buying a policy. It’s a good idea to get health insurance coverage early in your life so that your premium amount is less. Here are some of the things you should look for when buying a personal health insurance plan:

 

  • Sum insured

  • Minimum entry age and renewability clause

  • Room rent limit

  • Inclusion and exclusion of diseases and expenses

  • Type of No Claim Bonus

  • Other additional benefits

Benefits of Individual Medical Insurance Policy

Cheaper Premiums

One of the main benefits of individual medical insurance is the cheaper premiums that you can take advantage of. Family insurance plans usually have higher premiums as they cover multiple people. In co Read Morentrast, personal health insurance plans have cheaper premiums as they only cover a single person. Your premiums can also go down if you are a young person in good health. Read Less

Cashless Benefits

Another advantage of health insurance plans is the cashless benefit. You just need to inform your health insurance provider before or immediately after hospitalisation, fill the authorisation form with Read More the third-party administrator (within the hospital premises) and you are done. You don’t pay anything unless your hospitalisation costs exceed the sum insured limit. To enjoy cashless hospitalisation, you must be undergoing treatment in a hospital or nursing home that is part of the insurance provider’s network. Read Less

Pre and Post Hospitalisation Cover

Depending upon the insurance provider, you can also get coverage on medical expenses that you have incurred before or after hospitalisation, up to 60 days. However, different insurance companies may ha Read Moreve different periods of pre and post coverage, depending on their plans. Read Less

No Claim Bonus

Some insurance providers offer discounts on premiums of your health insurance policy for every no claim bonus year. Others offer a facility called cumulative benefit, which increases your sum insured b Read Morey a certain percentage for every year that goes without a claim. Read Less

Tax Benefits

You can get yearly tax deductions up to an amount of ₹25,000 if you are below 60 years, and ₹50,000, if you are above 60 years on health insurance premiums. These deductions are available under Section 80D Read More of the Income Tax Act, 196 Read Less

What's Covered & Not Covered in Individual Health Insurance

Below are the details about the inclusions and exclusions of individual health insurance plan: 

Inclusions

Exclusions

In-patient hospitalisation expenses 

Any medical costs incurred following the termination of individual health policies

Pre and post-hospitalisation

Any current medical condition you had before purchasing insurance

Day care treatment

Intentional self-inflicted harm, suicide attempt, an act of self-destruction, etc

Road ambulance cover

Diseases or impairments caused by any sexually transmitted or acquired disease

Organ donor expenses 

Pregnancy-related illnesses and complications, as well as those connected to labour and pre-and postnatal care, are not covered

Alternative treatment 

Cosmetic or cosmetic treatments, as well as any type of plastic surgery

How to buy an Individual Health Insurance?

In order to apply for individual health insurance, you must follow the below-listed steps:

 

  • Step 1: Go to the ‘Health Insurance Premium Calculator’ page.

  • Step 2: Fill in the application form

  • Step 3: Your details will be verified by the organisation

  • Step 4: Make an online payment

  • Step 5: The policy will be issued to you in just a few minutes

Why Choose Bajaj Markets?

With us, you can get access to the best individual health insurance plan in no time, so let’s understand why Bajaj Markets is the ultimate choice!

  • Trusted Companion

We are an entrusted financial partner for more than 100 million customers all over the country. You can enjoy our services as well and get value for your money with the best of facilities!

  • Quick Process

No third party involved, no long-waits and zero hassles - these are only more reasons to choose us.

  • Reinstatement Benefit

Make the most of your health insurance plan and get a reinstatement benefit on exhausting your sum insured.

  • Personalised Insurance Plans

Choose a personalised policy that is tailor-made to meet your insurance requirements and you shall have nothing to worry about!

  • Extensive Coverage

Avail extensive personal health insurance coverage with the best facilities at over 6000+ network hospitals across India.

Tax benefits in Individual Health Insurance

Apart from other benefits, individual health insurance provides tax advantages as well. Here’s a closer look. 

  • Tax Advantages for Single-premium Health Insurance Policies

According to the most recent tax rules, Section 80D allows for a tax deduction for health insurance premiums paid in one lump amount for a multi-year plan. Additionally, the total premium paid for the policy term will be used to determine the tax-deductible sum. This shall be restricted to amounts no greater than ₹25,000 or ₹50,000, as applicable.

  • Reimbursement for Routine Health Examinations

Expenses for diagnostic tests as well as out-of-patient department (OPD) consultation fees are also free from taxes in addition to hospitalisation costs. Tax benefits are also available for payments made in cash. Unlike other medical bills, which must be paid for using cash, cheques, or online banking in order to qualify for tax advantages.

Things to Consider While Buying Individual Health Policy

Here are some key factors that you must keep in mind to purchase the best personal health insurance plan:

  • Your Insurance Needs

It is crucial to know your insurance requirements before proceeding to buy personal medical insurance. Depending on your health condition and medical services that you may want for the future, create a list of required coverage facilities. You can also keep an ideal sum insured amount in mind to help you get a sufficient cover.

  • Add-on Covers

One of the essential individual health insurance benefits is the add-on cover that enhances your plan. The add-on options may vary from insurer to insurer. Thus, ensure to check the add-on covers available with various insurance providers.

  • Network Hospitals

Network hospitals enable you to enjoy cashless facilities while seeking medical treatment. Therefore, it is vital to know the list of network hospitals and opt for an insurance company that has a wide network chain across the country.

  • Speedy Claim Settlement

The most important part of health insurance is the health insurance claim process. Be it a cashless claim or a reimbursement claim, the process should be simple and hassle-free. To learn more about the claim settlement services offered by an insurer, you can easily check online.

Claim Process for Individual Medical Insurance

Here are the steps to follow for filing a claim for your individual health insurance. 

 

  • Step 1: Visit the Bajaj Markets website

  • Step 2: Register your claim online

  • Step 3: Provide the supporting documents

  • Step 4: The insurer will verify your claim

  • Step 5: Your claim will be approved following the verification 

Health Insurance Plans Available at Bajaj Markets

Frequently Asked Questions on Individual Health Insurance

Is individual health insurance cheap?

Individual health insurance is generally cheaper than family floater insurance plans. The cost of the insurance also depends on the sum assured.

Is it cheaper to get health insurance through your employer?

Insurance provided by employers is generally cheap, as they buy group insurance for a large number of employees. However, the sum assured and benefits may be lower than individual insurance.  

Is cashless facility available under Individual Health Insurance?

Yes. Individual health insurance policies cover a cashless treatment facility. Your insurance provider pays your hospitalisation cost straight to the network hospital where you were receiving treatment under this option. You can use cashless hospitalisation at any of your insurance company's network hospitals.

Is there any waiting period under Individual Health Insurance policy?

Yes. All plans for individual health insurance include waiting periods. Initially, you are not permitted to file a non-accidental claim within the first 30 days of the policy's start date. After a waiting time of one to three years depending on the plan, certain illnesses and medical treatments including arthritis, joint replacement surgery, etc. are covered. Similar to this, you can submit a claim for pre-existing conditions following a 2 to 4 year waiting period in accordance with the terms of the policy.

If you chose to add on a critical illness add-on policy, you can file a claim 90 days after the policy's start date. Additionally, the claim will be approved provided that it survives for 30 days.

When can I enhance the sum insured on my individual health insurance plan?

You can enhance the sum insured of your Bajaj Allianz individual health insurance policy only at the time of renewals. The enhancement would be subject to underwriting approval based on the declaration on the application.

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