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Understanding ₹50 Lakhs Health Insurance ?

Given the ever-burgeoning costs of medical care in the country, it is essential to opt for a health insurance plan – one that covers your hospitalisation and treatment expenses. Health insurance of ₹ 50 Lakhs is a sizable sum to cover most of your medical expenses. This health insurance policy will prove to be your best bet, offering you a wide range of services and protection.

Premiums for ₹50 Lakh Health Insurance Plan

The premium for ₹ 50 Lakhs health insurance is decided based on a number of factors. These include your area of residence, your age, your lifestyle habits, and your medical history, to name a few. In addition to this, it is essential to note that the ₹ 50 Lakhs health insurance premium also varies from insurer to insurer. For health insurance of ₹ 50 Lakhs, the premium works out to roughly ₹ 20,000 per year (with there being variation among insurance companies).

Features and Benefits of ₹ 50 Lakh Health Insurance

When you opt for a ₹ 50 Lakhs Mediclaim policy, you stand to benefit from the following:

 

  • Large Sum Assured: When you opt for such a health insurance policy and are up to the task of paying the said premium per year, you stand to benefit from receiving a large sum of money to meet your medical expenses. 

  • Flexible Policy Tenure: When you opt for health insurance of ₹ 50 Lakhs, you stand to benefit from a flexible policy tenure that can range between 1 and 3 years. This then saves you from the hassle of renewing your health insurance policy on a yearly basis.

  • Additional Covers: At the time of opting for health insurance of ₹ 50 Lakhs, you can be rest assured that all medical-related costs will be covered. These include surgery fees, ICU fees, consultation fees, and the cost of medicines.

  • Additional Benefits: In addition to your healthcare plan covering all your medical expenses, certain health insurance of ₹ 50 Lakhs also offers you compensation pertaining to Wellness Coaches, Chronic Pain Management Programs, and so on.

  • Free Health Check-Up: Whenever you opt for a health insurance policy, you are eligible for one free health check-up per year.

  • Tax Benefits: Under Section 80D of the Income Tax Act, all contributions made towards your health insurance policy are subject to tax benefits.

Who Needs a ₹50 Lakh Health Insurance Plan?

Given today’s economy, and the rate at which medical inflation is rising steeply, it is essential to opt for health insurance. This safeguards you and your loved ones in the case of a medical emergency, while also helping you plan your finances better. In addition to this, with an ever-burgeoning rise in critical illnesses such as cancer, tumours, cardiac arrests and so on, having a ₹ 50 Lakhs Mediclaim policy in place is the essence of the hour.

Eligibility & Documents Required to Buy ₹50 Lakh Health Insurance

If you are looking to secure a ₹ 50 Lakhs Mediclaim policy, you must be at least 18 years of age, and not more than 65 years of age. In addition to this, in the case of dependent minors, they must be between 3 months and 25 years of age.

 

In order to ensure a smooth onboarding process, you must necessarily furnish the following documents:

 

  • Identity Proof

  • Age Proof

  • Address Proof

  • Passport-size photographs

  • Medical Reports

What's Covered Under ₹50 Lakhs Health Insurance?

When opting for health insurance plans for ₹ 50 Lakhs, keep in mind the following inclusions:

 

  • Expenses pertaining to the rental charges of the hospital room.

  • All in-patient expenses, such as costs pertaining to tests, surgery, medication, and practitioner’s fees.

  • Pre and post-hospitalisation costs.

  • All ambulance-related expenses are covered.

  • If in case of an emergency request for an air ambulance, the cost will be incurred by the insurer, at no extra premium.

What's Not Covered Under ₹50 Lakhs Health Insurance?

When opting for health insurance plans for ₹ 50 Lakhs, keep in mind the following exclusions:

 

  • In most cases, pre-existing illnesses are not covered (if not disclosed at the time of purchasing the policy).

  • Generally, expenses pertaining to infertility treatments and birth control are out of the ambit of the insurance policy.

  • Pregnancy-related hospitalisation charges are not covered by the ₹ 50 Lakhs Mediclaim policy.

  • Dental expenses cannot be claimed under the health insurance policy.

  • If there is a case of a suicide attempt, hospitalisation charges pertaining to the same are not covered by the health insurance policy.

How to Buy a ₹50 Lakhs Health Insurance Policy?

Follow the steps mentioned below if you wish to purchase health insurance of ₹ 50 Lakhs:

 

  • Step 1: First, start by visiting the official website of the insurer from whom you wish to purchase a policy.

  • Step 2: Next, proceed by entering the requisite details such as name, age, gender, and other such details.

  • Step 3: Go through the various policies listed, and choose a plan that best suits your needs.

  • Step 4: Proceed by choosing any add-on covers you wish to add.

  • Step 5: Finally, make the payment.

How Much Sum Insured Coverage Works for You?

When choosing the type of insurance plan that best suits your needs, take the following into consideration:

  • Family history pertaining to critical illnesses.

  • Your work environment (whether or not you work in hazardous conditions).

  • Your desire to secure your investments and finances in the case of a medical emergency.

Which Type of Health Plan Will Work for You?

If you wish to further consolidate your health insurance of ₹ 50 Lakhs, you can also opt for critical illness coverage, or choose a standalone critical illness plan. If, for some unforeseen reason, you are detected to have a major illness, you can then proceed to opt for a lump sum benefit, so you may avail the best treatment possible.

Conclusion

Given the rising rate of medical inflation in India, coupled with a steep rise in critical illnesses, having a comprehensive health insurance policy is a must. By choosing health insurance of ₹ 50 Lakhs, you can safeguard your finances, and avoid paying through your nose in the case of a medical emergency. 

Best Health Insurance Plans Available at Bajaj Markets

FAQs on ₹50 Lakhs Health Insurance Policy

  • ✔️If I am a smoker, can I purchase a health insurance policy?

    Yes, you can do so even if you are a smoker. However, note that the insurance premium you have to pay will be higher.

  • ✔️What is meant by the cashless settlement?

    In the event of cashless settlement, the insurance company will directly settle your bills with the hospital.

  • ✔️Can I purchase health insurance of ₹ 50 Lakhs online?

    Yes, you can purchase health insurance of ₹ 50 Lakhs online.

  • ✔️Do I necessarily have to undergo a medical test when I purchase a health insurance policy?

    No, this does not always hold true and varies based on the policy, and the insurer, in question.

  • ✔️Is it possible for me to purchase a critical illness cover along with my policy?

    Yes, you can always do so.