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What is a ₹3 Lakh Health Insurance Plan?

Although you might already know what health insurance is. You might learn a few additional features about it here. A ₹3 Lakhs Health Insurance Plan is a cost-effective, all-inclusive policy that enables you to take care of your health, which is the most significant aspect of your life.

Premiums for ₹3 Lakh Health Insurance Plan

The ₹3 Lakhs Health Insurance premium can start from as low as ₹237/month which makes it even easier to take care of your health. However, it should be kept in mind that the premium for ₹3 Lakh health insurance depends largely on your age, lifestyle habits, your place of residence, medical history etc. and may vary from insurer to insurer. 

Features of ₹3 Lakh Health Insurance

The ₹3 Lakh Health Insurance policy offers a wide range of features. Some of them are as follows-

  • Cashless Benefit

One of the key elements to consider when purchasing a health insurance coverage is cashless benefit. The cashless option is only available if your insurance provider is connected with network hospitals that accept cashless payments. When choosing a health plan, you can make sure that your insurance is supported by a broad network of hospitals that accept cashless benefits.

  • Pre and Post Hospitalisation

The pre and post-hospitalization expenses incurred up to at least 30 to 60 days prior to and after the hospitalisation are usually covered by this feature. Pre-hospitalization costs cover aspects like check-ups, medical visits, and medicine expenses, whereas post-hospitalization costs include expenses like recovery or rehab.

  • Lifetime Renewability

Medical insurance's lifetime renewability feature enables the you to renew your ₹3 Lakh medical insurance without any age restrictions. In normal circumstances, the policy would expire, but thanks to the health insurance benefit of lifetime renewability, you can continue to receive renewals for the rest of your life. Lifetime renewability also relieves the financial burden of a medical emergency for senior citizens by allowing them to keep renewing their health insurance.

  • Free Health Check Up

While selecting a ₹3 Lakh health insurance for a family go through the details to see if you’re allowed for one free health check every year or not.

Benefits of ₹3 Lakh Health Insurance Plans

The list of ₹3 Lakh medical insurance plan benefits are as follows- 

  • Room rent & ICU charges

    Health insurance plans for ₹3 Lakhs would include ICU and room rent costs. A patient may be admitted to a general ward, an ICU, or an ICCU as well, depending on their disease. The total room rent that is usually covered by the insurance policy is limited. 
  • Ambulance Charge For Transportation

Ambulance charges are also covered under health insurance policies. Any cost for the patient's ambulance transportation is reimbursed by the health insurance policy.

  • Cumulative Bonus

Not all policy terms include claims from the policyholder. In these cases, the insurance company passes on the benefit of not filing a claim by increasing the sum assured on your policy at renewal.

  • Tax Benefits

Section 80D of Income Tax suggests that you’re eligible for tax benefits when you make a contribution towards the premium for ₹3 Lakh health insurance.

Who Needs a ₹3 Lakh Health Insurance Plan?

A health insurance policy is important in every individual’s life. It helps to keep them safe against any unforeseen situations. Thus, anybody planning to sign up for a health insurance plan can go for a ₹3 Lakhs Health Insurance Plan. It offers all the benefits just like other plans but at a much affordable premium rate.

Eligibility & Documents Required to Buy ₹3 Lakh Health Insurance

To be eligible for ₹3 Lakh Health Insurance plan, you must be between 18 to 65 years old. In case of dependent minors, they should be between 3 months to 25 years of age.

 

To smoothly complete the purchasing process of a health insurance, you need to keep a few documents ready. Those are as follows-

 

  • Proof of Identity

  • Proof of Address

  • Age Proof

  • Passport-size Photographs

  • Medical Reports

What's Covered Under ₹3 Lakh Health Insurance?

It is important to be mindful of the inclusions under a health insurance policy. Let’s take a look at the following-

 

  • Pre and post hospitalisation expenses.

  • All ambulance-related charges are covered.

  • Room rent and in-patient expenses are also covered under the policy.

  • Daycare procedures are also covered.

What's Not Covered Under ₹3 Lakh Health Insurance?

Although most policies have similar inclusions and exclusions, it is still important to check the policy papers. Go through the policy to be sure of the exclusions. They generally include-

 

  • Pre-existing diseases are not covered for a period of 24 months to 48 months.

  • Treatment related to drug abuse and alcoholism are not covered.

  • Maternity cover is not provided.

  • Infertility treatments and birth control are not covered.

How to Buy a ₹3 Lakh Health Insurance Policy?

A health insurance plan with a sum assured of ₹3 Lakh provides coverage up to ₹3 Lakhs for hospitalisation expenses. You can buy a ₹3 Lakh mediclaim policy online in a few simple steps,

 

  • Visit the Bajaj Markets home page

  • Go to health insurance and click on ‘Check Plans’

  • Input your contact details such as name, phone number, email id, etc

  • A variety of quotes will be shared with you

  • Select the type of plan

  • Input details like whether the plan are for you, your family, or someone else

  • Once you are sure about the plan, choose the sum assured, policy terms and conditions

  • Make the premium payment online

  • An email will be sent to your mentioned email address regarding the details of your policy. Here you go with your ₹3 Lakh health insurance plan 

How Much Sum Insured Coverage Works for You?

The maximum amount your insurance provider can pay for your hospitalisation expenses in a particular year against your chosen policy is the sum insured. Sum insured is an indemnity-based  claim. The higher the sum insured the better the coverage.

 

The basic thumb rule of an efficient sum insured is that you should choose a plan that offers coverage with a sum insured value of 50% of your annual income. Suppose, your annual income is ₹5 Lakh then your health insurance policy’s sum assured value has to be ₹2.5 Lakh or above. 

Which Type of Health Plan Will Work for You?

A variety of health insurance plans for 3 Lakhs are available in the market such as individual health insurance plans, family floaters, critical illnesses, daily hospital cash, etc. The major objective of these policies is to make health insurance more public and accessible. However, the best health insurance for 3 Lakhs which will work most effectively for you is totally dependent on your financial abilities and other relevant factors. If a policy falls under the following categories, it will work best for you

 

  • Health insurance that offers a wide range of coverage including pre and post hospitalisation, daycare costs, illness, transport services, etc

  • A plan that covers all your requirements and is affordable is the best plan to choose

  • If you have a family dependency, then always go for a family health plan and not an individual plan

  • A plan that has lifelong renewal should be preferred first

  • A plan that offers high-quality hospital network coverage

  • Before you choose a plan, you must verify your insurance provider, and check their claim settlement ratio, the higher the ratio the better your coverage and services

Conclusion

If you are looking for an affordable and efficient health plan, you can consider a ₹3 Lakh health insurance plan. You will be able to maintain a healthy lifestyle and manage your finances without stress.

Best Health Insurance Plans Available at Bajaj Markets

Check out the top listed health insurance plans at Bajaj Markets for you and your family

Plans

Features

Aarogya Sanjeevani

  • A comprehensive health insurance for you and your family

  • Sum insured of ₹25 lakhs

  • Modern treatment

  • Ayush treatment

Bajaj Allianz Health Guard 

  • You can choose a Sum Insured value up to ₹1 Crore

  • Lifelong renewability

  • Maternity coverage

  • Covers expenses related organ implants requirement

Bajaj Allianz Health Infinity

  • Affordable premiums

  • Daycare expenses covered

  • Ambulance facility cover

  • Coverage for prosthetic expenses

FAQs on ₹3 Lakh health insurance policy

  • ✔️Do ₹3 Lakh health insurance policies offer much coverage?

    Yes, many health insurance providers offer multiple health insurance coverage benefits with ₹3 Lakh health insurance policies. You should also keep in mind that the coverage increases with increased sum insured.

  • ✔️Do you get tax exemption with ₹3 Lakh health insurance policies?

    Yes, under section 80D of the Income Tax Act, you get tax advantages.

  • ✔️Is there the option to include riders in my ₹3 Lakh health insurance policy?

    Yes, most health insurance companies offer rider/ add-ons at the time of policy purchase as well as renewal. However, the type of riders may differ from company to company.