Health Insurance

Health Insurance is a type of insurance that offers plans which cover the expenses you could incur due to hospitalisation and medical needs. These policies can provide benefits such as critical illness treatments, hospitalisation coverage, daycare procedures, room rent charges, organ donor expenses, and so on. 

Key Highlights of Health Insurance

Here are the key highlights of Health Insurance plans available on Bajaj Markets. 

Features & Benefits of Health Insurance

Here are the various features and benefits of getting Health Insurance.

1. Comprehensive Coverage

You can get very comprehensive medical insurance coverage which can include benefits for a plethora of medical needs and expenses. Health Insurance can cover:

• Hospitalisation costs

• Room rent

• Surgery costs

• Consultations

• Therapy

• AYUSH treatments

• Pre-hospitalisation and post-hospitalisation and more

2. Financial Security

A Health Insurance plan can offer you both cashless and pay-out coverage. This could be in the form of a lump sum or in the form of the insurance sum trickled as daily cash coverage. The pay-out option could help you pay your medical bills as well as support your family’s basic needs during hospitalisation. 

3. Pre-existing Disease Cover

You can claim the coverage from your insurer for the ailments and diseases that existed prior to purchasing your Health Insurance policy. Pre-existing ailments essentially refer to the asymptomatic illnesses developed prior to the policy duration that remained dormant and can be fatal if diagnosed at a later stage. 

4. Lifetime Protection

As per the Insurance Regulatory and Development Authority of India (IRDAI), you can continue to renew your Health Insurance policy for the rest of your life. This keeps the plan consistently active and allows you to claim benefits and coverage for as long as you’d like.

5. Tax Exemptions

Under Section 80D of the Income Tax Act of 1961, you are entitled to tax benefits as a regular premium-payer of Health Insurance. You can apply for up to ₹75,000 in tax benefits for the insurance purchased for yourself, your spouse, children, parents, etc. 

6. Network Access

Insurers often form tie-ups with various hospitals and medical facilities. This partnership allows you to approach such network hospitals and facilities for cashless treatments. Here, the hospital expenses you incurred will be settled between the insurer and the hospital. You are not required to pay anything from your own pocket up to the sum insured. Bajaj Markets offers you partners that hold affiliations with 6000+ network hospitals respectively.

Health Insurance Plans Available at Bajaj Markets

Here are the top Health Insurance plans you can purchase on Bajaj Markets. Check out these plans now!

Types of Health Insurance Plans

Insurance providers offer an extensive variety of Health Insurance in India to cater to different people. Hence, you will find insurance policies that offer coverage for you, your spouse, your elders, your children, etc. Here are all the types of Health Insurance plans you can find on Bajaj Markets.

1. Individual Health Insurance Plans

Medical emergencies can catch you off-guard at any time. This is why it is critical for you to secure yourself with an Individual Medical Insurance plan. This plan is designed to offer adequate coverage for emergency medical treatment. With benefits like cashless treatments, pre-hospitalisation and post-hospitalisation coverage, benefits of daycare treatments and more, the individual health insurance plan is a great choice. 

On Bajaj Markets, you can find individual health insurance policies starting at ₹333/month with coverage starting at ₹2 Lakhs. 

2. Family Health Insurance Plans

When it comes to our loved ones, we always want to choose the best treatment options available. While you can definitely go for individual Medical insurance plans for each of the family members, family health insurance is the better choice.

With a family health insurance plan, a defined sum insured coverage amount is split among the family members for treatment costs. Being a single plan that offers coverage for the entire family, you need to pay a single premium amount, making it a cost-effective choice.

You can apply for family floater medical policies with coverage starting at ₹5 Lakhs for ₹708/month.

3. Senior Citizen Health Insurance Plans

Senior citizen health insurance plans are specifically designed for people above the age of 60 years. You can buy the policy for your parents or parents-in-law. It usually covers numerous critical illnesses, pre-hospitalization and post-hospitalisation treatment, in-patient costs, daycare procedures, and more. Besides, if you have a senior citizen health insurance plan for your parents, you can claim tax deductions under Section 80D of the Income Tax Act, 1961.

Bajaj Markets offers senior citizen health plans starting at just ₹1,868/month with minimum coverage of ₹2 Lakhs.

4. Top-Up Health Insurance Plans

In case you have already purchased a Medical insurance plan with lower coverage but wish to increase the coverage limit, the most cost-efficient way is a health insurance top up plan. Top-up health insurance is a very valuable add-on that can help you extend your total coverage amount by a large margin while you only pay a small portion of the original cost of the health plan.

Top-up health insurance is available on Bajaj Markets starting at ₹160/month with a basic coverage of ₹5 Lakhs.

5. Group Health Insurance Plans

Offering group health insurance is one of the perks that employers offer their employees these days. Just like any other Medical insurance policy, the group health insurance plans offer coverage for medical treatment costs and more.

Group health insurance plans can be purchased on Bajaj Markets starting at ₹853/month with a starting coverage of ₹5 Lakhs. 

COVID-19 Health Insurance 

1. Corona Rakshak Policy

This plan covers various needs related to COVID-19. In the event of a 72-hour hospitalisation due to COVID-19, you can claim the sum insured from the insurance company. You can also claim benefits that cover various protective items such as: 

• Personal Protective Equipment

• Ventilators

• Oxygen cylinders, etc. 

Each premium payment can help you subscribe to the Corona Rakshak policy for up to 9.5 months. You can claim its benefits and coverage if you are diagnosed with COVID-19 within that policy term.

2. Corona Kavach Policy

This benefit-based plan offers you wholesome coverage for hospital treatments, at-home COVID-19 care and AYUSH (Ayurveda, Yoga, Unani, Siddha and Homeopathy) treatments. Under this policy, you can also claim coverage for protective items and other equipment used for COVID-19 treatment. 

Which Health Insurance Plan is Good for You?

Here are the Health Insurance options on Bajaj Markets that could be perfect for you based on the scenarios chalked out below. 

1. You don’t have any dependents or any major financial responsibilities

• Activ Assure Health Insurance

• Group Activ Health Insurance

• Health Guard Silver/Gold/Platinum Health Insurance

• Care Health Insurance

2. You have dependent family members to look after 

• Family Health Care Gold Health Insurance

• Group Activ Health Insurance

• Care Health Insurance

3. You wish to secure your parents’ health

• Activ Assure Diamond Health Insurance

• Family Health Care Gold Health Insurance

• Health Guard Silver/Gold/Platinum Health Insurance

• Care Health Insurance

What is covered & not covered in Health Insurance Policy?

In order to get the best Medical Insurance policy, it is important to understand what this policy covers and excludes. Hence, you can find below the inclusions and exclusions of Health Insurance.

Inclusions:

Exclusions:

Eligibility Criteria and Required Documents for Health Insurance

In order to get a Health Insurance in India, you need to meet a set of eligibility criteria. Additionally, you are required to provide your insurer with essential documents for verification and the completion of your application.

1. Eligibility Criteria

Here are the terms of the eligibility that you have to meet if you would like to get private Health Insurance in India.

2. Age of Applicant

As per the norms and regulations of Health Insurance plans in India, an adult is required to range between 18 years to 65 years of age while dependent children need to fall within the range of 90 days to 25 years. 

3. Examinations and Screenings

Those above 45, 55 or 60 years are required to undergo pre-medical examinations and screenings.  

4. Health Insurance Documents

You will be asked for any of the following documents in order to purchase or apply for a health policy. 

• Age Proof: Passport, Aadhar Card, Birth Certificate, PAN Card, Voter ID, etc.

• Address Proof: 

1. Aadhar Card

2. Electricity Bill

3. Telephone Bill

4. Ration Card

5. Driving Licence, etc.

• Identification Proof: 

1. Voter ID

2. Aadhar Card

3. PAN Card

4. Passport

5. Driving Licence, etc.

• Passport-size Photograph

It is important to note that the insurer could request for additional documents as and when required. 

Why Compare Health Insurance Plans Online?

Given below are all the reasons why comparing Medical Insurance plans can be beneficial for you.

1. Convenience

Comparing Medical Health Insurance plans offline can be a highly tedious task. Hence, online comparison cuts a majority of the effort by bringing varied Health Insurance options to you under one roof for you to analyse. 

2. Comparison and Analysis

With a variety of Health Insurance plans accessible to you on one single platform, you can carry out a detailed and meticulous comparison. You can compare various benefits, coverage sums, premium prices,  and more with ease. 

3. Time-efficient Exercise

All your online Health Insurance comparison tools and fundamentals are at your fingertips. You don’t need to step out of your house, commute to a branch, agent or insurance company office to get an idea about the best Health Insurance plan for you. 

4. 24X7 Access

In case of offline comparison and analysis, you will have to stall your research and consideration for the availability of a person or entity to provide you with the right information. Factors such as office timings, non-working weekends, etc. can hamper you greatly. Online comparison can be done anytime and anywhere because the Bajaj Markets platform is there for you 24/7.

5. Zero Hassle

An online comparison of Health Insurance plans can come with various tools that can make this process super convenient. One of these tools is the Health Insurance premium calculator. This is a free tool which you can use to compare Health Insurance plans. 

6. Cash Convenient

Offline comparison of Health Insurance plans can be very money-consuming. You have to consider the costs incurred for commuting, executive/agent’s fees, etc. Comparing Health Insurance online can help you save a lot of money since the tools and information are accessible to you for free. 

7. Consumer Power

Comparing and analysing your medical policy options can bestow upon you the power of choice. All the information you need for this is accessible to you at your fingertips and furthermore, you can actively make a sound decision without the interference of an insurance broker or bank executive. Power is in your hands. 

Difference Between Health Insurance and Mediclaim

You can understand the fundamentals of the differences between Health Insurance and Mediclaim in order to choose whether a Mediclaim or a Health Insurance is the perfect policy for you. You can get both Health Insurance and a mediclaim online. 

Given below is a table that can help you understand what Mediclaims and Health Insurance plans truly stand for. 

Common Health Insurance Myths

Many people harbour a number of misconceptions when it comes to Health Insurance. It is important to clear the fog and get a concrete idea about Health Insurance. Hence, here are a few myths about Health Insurance and why they hold no substance.

• I am young and healthy. I do not need Health Insurance

No better time to get Health Insurance than when you’re young. Your vulnerability towards critical illnesses and health issues is very low which means that the premium amount you will be charged will be very nominal. Moreover, the longer you don’t claim coverage from your Health Insurance, the larger your no-claim bonus discount can be, which could go up to 50%. Additionally, serving your waiting period as a young, healthy individual brings absolutely no panic or urgency. 

• Health Insurance covers only hospitalisation

Yes, Health Insurance does cover hospitalisation expenses. However, that is not where the benefits end. You can claim coverage for day-care, medication, surgery, OPD expenses, check-ups, consultations, and so much more. 

• I smoke. I am not allowed to buy Health Insurance

It is understandable for you to be concerned in this respect since smoking can bring pre-existing ailments which could scrap your application altogether. However, the most that could happen is the insurer applying a higher premium amount to your Health Insurance plan due to your vulnerability towards illnesses and health issues. 

• I don’t think buying Medical Insurance online is safe

Purchasing your Health Insurance plan online can be highly beneficial and convenient for you. Not only can you compare various plans, you can also deeply research all the options under the vast umbrella of Health Insurance. Additionally, if you apply for health insurance online, you can enjoy a seamless and convenient application process which can be carried out in the comfort of your home. 

In fact, you can buy your Health Insurance plan on Bajaj Markets!

How to Calculate Health Insurance Premiums Online

Calculating the insurance premiums you will have to pay for any plan is really easy with the help of a health insurance premium calculator. All you need to do is enter relevant information like your age, gender, location, coverage amount, etc. This calculator will provide you with an accurate estimate of the premium price for health insurance.

Top Health Insurance Riders

Insurance riders are more commonly known insurance add-ons. These are extra benefits and coverage you add to your primary Health Insurance plan as customisations. Subsequently, these add-ons help add-up your insurance premium and also determine the final extent of the coverage you can claim once you have finalised your Health Insurance plan. 

1. Personal Accident Rider

This rider is a compensation-based, double-indemnity cover. If an accidental injury results in the disability or death of the insurer, the insurer shall offer compensation in the form of a specific sum insured under this benefit. 

In the case of permanent disability, the entire sum insured is disbursed which isn’t the case for partial disability. Here, only part of the sum insured is paid. In the event of the insured’s death, immediate family members or a primary nominee will receive compensation under an additional benefit. 

2. Critical Illness Rider

Through this rider, you are entitled to a lump sum if you have been diagnosed with a critical illness for the first time during the policy period. The lump sum is independent of the actual expenses incurred by you. Under this, 10 to 40 critical illnesses are covered. 

The general waiting period for such riders could be up to 90 days and the survival period could be up to 30 days. However, this can vary from insurer to insurer. 

3. Maternity Cover Rider

This rider covers various maternity-related expenses such as pre-natal expenses, post-natal expenses, childbirth expenses, etc. Certain insurance providers also offer coverage for the newborn child until the policy tenure ends. 

However, it is important to note that the waiting period for this rider could range from 2 years to 4 years depending on the insurer. Hence, getting full clarity on this add-on from the insurance company or through policy documents before including this rider to your insurance would be a wise call.  

4. Room Rent Waiver Rider

The Room Rent Rider offers coverage for the expenses you incur in the event of hospitalisation. This rider can cover your room rent expenses either through cashless means or through reimbursement. The room rent waiver can be provided for absolutely any room you choose without any capping on the maximum room rent amount. 

This offers you complete leverage to choose the best room for a comfortable and convenient recovery process. 

5. Hospital Cash Rider

The Hospital Cash Rider offers a daily cash benefit in the event of hospitalisation. You will receive the sum insured under this benefit in a trickled form on a daily basis. The calculation is simple. For example, if the sum insured is ₹60,000 which will be disbursed to you over a period of 1 month, it would mean that you are entitled to receive ₹2,000 per day. 

You can use this daily cash to pay hospital bills, medication bills and fulfil other medical needs during hospitalisation. If you have been hospitalised for a minimum duration of 24 hours, you can claim the daily cash benefit.  

Health Insurance Jargon Decoded

Here are a few health insurance terminologies that most people are not entirely familiar with. You can use this glossary to understand the very crux of health insurance terms that are commonly used. 

1. No-claim Bonus

You can get a no-claim bonus as a remunerative benefit. This could be given to you by your insurer for a claim-free year.

2. Dependents

The family members that are financially dependent on you are referred to as dependents. This could include your spouse, children, parents, etc.

3. Grace Period

This is the duration through which you are given a second chance to pay the renewal premium and continue to keep your Health Insurance policy active. 

4. Premium

The premium is the amount you pay to purchase a Health Insurance policy. This transaction can give you access to the benefits and coverage promised through a Medical Insurance plan. 

5. Pre-existing Diseases

If you have an ailment that manifested 2 years to 4 years prior to the purchase date of your Health Insurance plan, it is considered a pre-existing disease. This ailment could remain dormant yet asymptomatic for a long while, and hence, it may show signs after the policy period begins. 

6. Portability

Porting your policy is the act of switching insurers. This could be due to dissatisfaction with the insurer or other reasons. Either way, you get to maintain the same insurance policy while simultaneously changing your insurer. 

7. Waiting Period

The waiting period is a fixed duration that begins post-purchase date during which the insurer is not liable to provide you with coverage. Any claims made during this period will not be approved. Waiting periods can vary depending on various factors such as pre-existing health conditions and terms of the policy. 

8. Exclusions

Exclusions mainly refers to that which is not covered under your Health Insurance policy. Some common exclusions include injuries inflicted during adventure sports, war-like conditions, self-harm, etc. Exclusions vary from insurer to insurer and hence, reading through the policy document carefully is a prerequisite. 

9. Insurer

The insurer is the company that provides you with the Health Insurance plan you purchase. This is the entity that pays you your sum insured, offers you network hospital access and provides you with other cashless benefits.

10. Network Hospital

Insurance companies form affiliations with various hospitals in order to help their insured acquire special cashless services or discounts on medical expenses. The costs incurred at network hospitals are directly settled between the hospital and the insurer, and you may not have to pay a single penny for those medical bills.

11. Sum Insured

The sum insured the basic amount that the insurer promises you as coverage through your Health Insurance plan. The sum insured could be anywhere between ₹2 Lakhs up to ₹5 Crores. However, if you do cross the threshold of  the maximum sum insured, the additional expenses will have to be paid by you. 

12. Free Look Period

This is a period of time, generally 30 days, offered to you to gauge your brand new Health Insurance plan and everything that it offers. If you are not satisfied with your plan, you have the complete right to cancel the policy with zero cancellation charges. 

Health Insurance Claim Process

Claims for Health Insurance work in two ways: reimbursement claims and cashless claims. The process of claiming each benefit is given below. 

Reimbursement Claims

• Step 1: Submit original medical documents, bills, and a complete insurance claim form to the insurer

• Step 2: You may be asked for additional information after evaluation of the previous documents

• Step 3: Once all your documents have been submitted to the insurer, the claim decision will be made

• Step 4: Once approved, the claim amount will be reimbursed to you

Cashless Claims

• Step 1: Submit policy details and pre-authorisation form at the partner hospital or medical facility

• Step 2: The facility will be notified once the insurer verifies the form and send details of the policy

• Step 3: The insurer will receive the bill and subsequent medical documents from the hospital upon discharge. 

• Step 4: The bills are then directly settled by the insurer and the hospital.

Documents Required for Reimbursement and Cashless Claims

You may be required to submit the following documents during your claim process. However, please note that additional documents could be asked from you by the insurer as and when required. 

• Complete claim form

• Medical certificate

• Hospital discharge summary or discharge card (original)

• Prescription and invoices from hospital or pharmacy

• Investigation report from a certified doctor

• First Information Report (FIR) or Medico Legal Certificate (MLC) in case of an accident

How to Get Health Insurance Using the Bajaj Markets App

You can apply for your Health Insurance from the comfort of your home with just a few clicks. The steps of this seamless process are given below.

• Step 1: Enter your personal information into the required fields

• Step 2: Get a quote on the basis of the various options of Health Insurance plans

• Step 3: Select a plan that best suits your needs and opt for add-ons if you’d like to further customise the plan

• Step 4: Submit the documents as requested and pay the premium amount through your preferred online payment method. 

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Health Insurance Plans Available at Bajaj Markets