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.
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.
The ₹1 Lakh Health Insurance offers you certain features. Those are as follows-
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.
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.
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.
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.
A ₹1 Lakh health insurance plan in India comes with a lot of different advantages.
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.
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.
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.
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.
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-
Proof of Identity- Aadhaar Card, Voter ID Card, Passport, Driving Licence
Proof of Age- Aadhaar Card, Passport, Pan Card, Voter ID Card, Driving Licence, Birth certificate
Proof of Address- Driving licence, Ration Card, Aadhar Card, PAN Card, Passport, Rent agreement(if applicable), Utility bills like electricity bill or telephone bill
Passport size photographs
Other important documents- Medical reports, Proposal form (filled up and signed)
₹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
Given below are the exclusions of ₹1 Lakh Health Insurance policy-
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
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.
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.
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.
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.
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Yes, there are quite a few ₹1 Lakh Health Insurance policies available in the market.
Sure, under section 80D of Tax Benefits, any person paying for his/her insurance premium is subject to tax benefits.
Most companies offer No Claim/ Cumulative bonus for not making a claim however, it varies from company to company.