What is a ₹1 Lakh Health Insurance Plan?

In today's world, having health insurance is essential. In the event of a medical emergency, a health insurance plan can provide you with financial protection so that you can get the best care available. Additionally, medical insurance provides you with advantages like routine checkups to help you stay healthy and identify illnesses earlier. Even with a modest budget, you can opt for options such as ₹1 Lakh health insurance. By paying a premium to the insurance company, you can get coverage for up to ₹1 Lakh for your hospitalisation expenses. Read on to learn more about health insurance ₹1 Lakh cover. 

Premiums for ₹1 Lakh Health Insurance Plan

The  ₹1 Lakh Health Insurance Plan comes with an extremely affordable premium that can be paid in monthly or annual instalments. While the coverage and premium for 1 ₹Lakh health insurance may differ from plan to plan and company to company, it can start at as low as ₹172/ month.

Features of ₹1 Lakh Health Insurance

The ₹1 Lakh Health Insurance offers you certain features. Those are as follows- 

  • Lump Sum Payout:

If you have opted for a fixed benefit health insurance plan, then upon the diagnosis of any of the listed diseases, a lump sum amount is paid out. This enables you to cover treatment charges and other expenses without worrying about money.

  • No Need to Worry about Sub limits: 

Many health insurance policies have sub limits for things like room rent and hospitalisation expenditures. When a specific condition is diagnosed under a fixed benefit health insurance plan, you receive a lump sum payment without having to worry about sub limits or other restrictions.

  • Get Treated Anywhere in the country:

Most health insurance companies offer treatment at a wide network of hospitals. Even if you opt for a non-network hospital, you can get a reimbursement. You can thus receive good quality treatment no matter which part of the country you are in.

  • Affordable Premiums:

Medical inflation and high-cost treatments can make good quality treatments out of reach for the common man. Affordable health insurance schemes can be a very useful tool to get the right treatment without worrying about hefty bills. 

Benefits of ₹1 Lakh Health Insurance Plans

A ₹1 Lakh health insurance plan in India comes with a lot of different advantages. 

  • Cashless Network Hospitals:

Hospitals and chains of hospitals have a collaboration with your health insurance company, allowing you to use cashless services in the event of a claim. You can avoid the hassle of paying the bills since the insurance company would pay on your behalf.

  • Pre & Post Hospitalisation:

The expenses incurred before and after hospitalisation are typically covered for up to 30 to 60 days respectively, helping you deal with the added expenditure.

  • Tax Benefits:

According to Section 80D of the Income Tax Act, premiums for health insurance plans are tax deductible. Individuals may deduct tax payments for premiums for parent health insurance plans in addition to premiums paid for their own coverage.

Who Needs a ₹1 Lakh Health Insurance Plan?

Every person needs a health insurance policy for emergencies and since ₹1 Lakh Health Insurance Plan is an affordable plan that offers a wide range of benefits. If you have recently started working, are a stay-at-home mom or dad, or are self-employed, having a health insurance plan is the best way to protect yourself against spending your hard-earned money on hospital bills. 

Eligibility & Documents Required to Buy ₹1 Lakh Health Insurance

When you decide to buy a health insurance policy, it is important to keep a few documents ready. The list of those documents is as follows-

 

1. Proof of Identity- Aadhaar Card, Voter ID Card, Passport, Driving Licence

 

2. Proof of Age- Aadhaar Card, Passport, Pan Card, Voter ID Card, Driving Licence, Birth certificate

 

3. Proof of Address- Driving licence, Ration Card, Aadhar Card, PAN Card, Passport, Rent agreement(if applicable), Utility bills like electricity bill or telephone bill

 

4. Passport size photographs

 

5. Other important documents- Medical reports, Proposal form (filled up and signed)

What's Covered Under ₹1 Lakh Health Insurance

₹1 Lakh Health Insurance policy covers the following-

 

  • Nursing Allowance for a few days, at the attending doctor's recommendation

  • Costs of domestic road ambulance service to the nearest hospital

  • Expenses for an accompanying person in the hospital for up to certain days

What's Not Covered Under ₹1 Lakh Health Insurance

Given below are the exclusions of ₹1 Lakh Health Insurance policy-

 

  • Any pre-existing condition for the first two or four years of the policy, depending on the selected plan
  • Specific illnesses for the first year

  • Specific illnesses in the event of in-home hospitalisation

  • HIV/AIDS-related medical care

  • Treatment for alcohol or drug abuse

  • Immunisation and vaccination

  • War risks and nuclear threats

  • Maternity cover.

How to Buy a ₹1 Lakh Health Insurance Policy?

To buy a ₹1 Lakh Health Insurance Policy, please follow the steps given below-

 

  • Step 1- Visit the Bajaj Markets home page, click on ‘Health Insurance’ and click on “Check Plans”

  • Step 2- You will need to provide personal information like Name, DOB, age, etc., so that they can share with you a personalised quote.

  • Step 3- Choose whether the plan is for self, spouse or anyone else.

  • Step 4- Click on ‘Confirm’ to proceed with the plan.

  • Step 5- Enter the required details

  • Step 6- Browse through the various plan, and select the one you prefer the most

  • Step 7- Pay the required premium and an executive will be in touch with you soon.

How Much Sum Health Insurance Coverage Works for You?

As a general rule, it is suggested to have at least 50% of your basic annual income as the sum insured. If you have a family history of critical illnesses then you may look for a plan that offers wide coverage, however, be sure that the budget of the policy stays in line with your income.

Which Type of Health Plan Will Work for You?

Broadly, there are three types of health plans and each with a different objective-

 

  • Individual health insurance plan

    If you’re looking to cover only one person, then this plan is perfect for you.

  • Family health insurance plan

    If you wish to cover your complete family under one plan, this is the one.

  • Parent/Senior citizen health insurance plans

    This plan provides coverage to seniors, generally over sixty.

Conclusion

Choosing a ₹1 Lakh Health Insurance Policy could prove to be a great decision for you if you’re really in search of affordable health insurance. However, always ensure to check out policy terms before signing up.

Best Health Insurance Plans Available at Bajaj Markets

Insurance Policy Features
Arogya Sanjeevani Policy
  • Provides extensive coverage

  • Lifetime renewal available

  • No pre-policy check-up till 45

Saral Suraksha Personal Accident Insurance
  • The policy provides basic coverage for death, total or partial disablement

  • Cumulative bonus available

Bajaj Allianz Health Infinity Plan
  • Zero limit on sum insured

  • Offers daycare services

  • Offers preventive health check-up

Bajaj Allianz Criti Care Policy 
  • Wide range of critical illnesses are covered

  • 4% discount available after 2 policy years 

Bajaj Allianz Global Personal Guard Health Insurance
  • The insurance covers for both accident and death

  • Offers cumulative bonus

  • EMI payment cover is available

FAQs on ₹1 lakh health insurance policy

  • ✔️Are there any 1 lakh health insurance plans?

    Yes, there are quite a few ₹1 Lakh Health Insurance policies available in the market.

  • ✔️Will I get tax benefits if I buy ₹1 Lakh health insurance plans?

    Sure, under section 80D of Tax Benefits, any person paying for his/her insurance premium is subject to tax benefits.

  • ✔️Will I get any discounts for not making a claim in my ₹1 Lakh health insurance plans?

    Most companies offer No Claim/ Cumulative bonus for not making a claim however, it varies from company to company.