The cost of good healthcare has skyrocketed over the past few years in India. For good healthcare, patients have to spend a large amount of money, even for minor treatments. Throughout the pandemic, many families all over the country lost their life savings by paying hospital bills for COVID-19 affected patients. Moreover, the public healthcare infrastructure is underfunded, underdeveloped and overstressed and the majority of the rural Indian population does not have access to health insurance.
An average citizen cannot depend on government hospitals for emergency treatments. In such a situation, the best solution is to preemptively buy a health insurance policy for yourself to get financial protection against hefty hospital bills. In this article, we’ll take a look at individual health insurance and the inclusions and exclusions under the plan.
Health insurance renewal plays a critical role in securing your health as it helps you enjoy continuity benefits and be prepared for medical emergencies. All you need to do is keep the relevant details ready, which includes your policy number, while you are renewing your individual health insurance online, and you are good to go.
Bajaj MARKETS presents the 'Health Combo Plan', a unique health insurance policy that combines the features of two products, the Health Insurance Base Plan & the Health Insurance Top-up plan.
There are a ton of varied health insurance plans available in India like senior citizen health plans, family floater plans, and many more. One of the most popular forms of health insurance is medical insurance plans for individuals, where only one person benefits from the coverage. Individual insurance plans have a fixed sum insured which the policyholder/insured can use to pay off their eligible medical bills till the value of the sum insured gets exhausted.
Insurance companies calculate the premiums for individual insurance plans based on the applicant’s age, the coverage required, medical history, pre-existing conditions, and some other factors. You will have to disclose any pre-existing conditions to the insurance company at the time of buying a policy. It’s a good idea to get a health insurance cover early in your life so that your premium amount is less. Here are some of the things you should look for when buying a personal health insurance plan:
Minimum entry age and renewability clause
Room rent limit
Inclusion and exclusion of diseases and expenses
Type of No Claim Bonus
Other additional benefits
Medical insurance plans for individuals comes with many benefits. Here’s a look at them:
One of the main benefits of individual medical insurance is the cheaper premiums that you can take advantage of. Family insurance plans usually have higher premiums as they cover multiple people. In contrast, personal health insurance plans have cheaper premiums as they only cover a single person. Your premiums can also go down if you are a young person in good health.
Another advantage of health insurance plans is the cashless benefit. You just need to inform your health insurance provider before or immediately after hospitalisation, fill the authorisation form with the third-party administrator (within the hospital premises) and you are done. You don’t pay anything unless your hospitalisation costs exceed the sum insured limit. To enjoy cashless hospitalisation, you must be undergoing treatment in a hospital or nursing home that is part of the insurance provider’s network.
Depending upon the insurance provider, you can also get coverage on medical expenses that you have incurred before or after hospitalisation, up to 60 days. However, different insurance companies may have different periods of pre and post coverage, depending on their plans.
Some insurance providers offer discounts on premiums of your health insurance policy for every claim-free year. Others offer a facility called cumulative benefit, which increases your sum insured by a certain percentage for every year that goes without a claim.
You can get yearly tax deductions up to an amount of ₹25,000 if you are below 60 years, and ₹50,000, if you are above 60 years on health insurance premiums. These deductions are available under Section 80D of the Income Tax Act, 1961.
The individual medical insurance covers expenses incurred on hospitalisation for more than 24 hours.
Covers expenses incurred during pre and post hospitalisation.
Coverage for treatments or procedures that do not require hospitalisation for more than 24 hours.
In case of a medical emergency, the plan covers the expenses resulting from transportation to the hospital via an ambulance.
Individual medical insurance covers the expenses incurred due to organ donor treatment and the costs of organ harvesting.
Includes coverage for alternative treatment such as AYUSH for better care.
You are covered for getting treatment at home, in case you are unable to get a hospital bed or get transferred to a medical facility.
With us, you can get access to the best individual health insurance plan in no time, so let’s understand why Bajaj MARKETS is the ultimate choice!
We are an entrusted financial partner for more than 100 million customers all over the country. You can enjoy our services as well and get value for your money with the best of facilities!
No third party involved, no long-waits and zero hassles - these are only more reasons to choose us.
Make the most of your health insurance plan and get a reinstatement benefit on exhausting your sum insured.
Personalised Insurance Plans
Choose a personalised policy that is tailor-made to meet your insurance requirements and you shall have nothing to worry about!
Avail extensive personal health insurance coverage with the best facilities at over 6000+ network hospitals across India.
Individual insurance plans are ideal for most people who do not have any dependents. Here are the types of people who should opt for individual insurance:
People who are not married should go for individual insurance plans as they do not have any dependents, so they only need coverage for themselves.
Younger people who do not have dependent parents can opt for the best insurance plans for individuals and take advantage of cheaper premiums.
Senior citizens who are single or widowed should get individual health insurance as there are specific senior citizen plans available under individual health insurance that people of or above 60 years can benefit from.
Just 5 simple steps and you can secure your health with ease!
Here are some key factors that you must keep in mind to purchase the best personal health insurance plan:
Your Insurance Needs
It is crucial to know your insurance requirements before proceeding to buy personal medical insurance. Depending on your health condition and medical services that you may want for the future, create a list of required coverage facilities. You can also keep an ideal sum insured amount in mind to help you get a sufficient cover.
One of the essential individual health insurance benefits is the add-on cover that enhances your plan. The add-on options may vary from insurer to insurer. Thus, ensure to check the add-on covers available with various insurance providers.
Network hospitals enable you to enjoy cashless facilities while seeking medical treatment. Therefore, it is vital to know the list of network hospitals and opt for an insurance company that has a wide network chain across the country.
Speedy Claim Settlement
The most important part of health insurance is the claim settlement process. Be it a cashless claim or a reimbursement claim, the process should be simple and hassle-free. To learn more about the claim settlement services offered by an insurer, you can easily check online.
Filing claims with Bajaj MARKETS is a cakewalk. Just follow these steps, and you are done!
Health insurance has become a necessity in today’s world as medical infrastructure has become exorbitantly expensive. If you are a single person looking for financial protection in case of medical emergencies, it is recommended that you buy individual health insurance for the best possible protection. You can take a look at the best individual health insurance plans available at Bajaj MARKETS and choose a plan that fits your needs.
Before that, you can estimate how much you need to pay for a policy with our easy-to-use health insurance premium calculator!
Individual health insurance is generally cheaper than family floater insurance plans. The cost of the insurance also depends on the sum assured.
You can get a good insurance plan by browsing through all available insurance policies online and choosing one that fits your budget while providing good benefits.
Insurance provided by employers is generally cheap, as they buy group insurance for a large number of employees. However, the sum assured and benefits may be lower than individual insurance.
You can make as many claims as required till your sum assured gets depleted. Following this, you won’t be able to get compensation.
You can pay your health insurance premiums in monthly, quarterly or yearly installments. If you choose to pay your premiums yearly, you may get a discount from the insurance company.
I have taken an individual health insurance policy to cover myself. The online application process was quite smooth. It is one is the best investment I have made in my career.
I applied for an individual health insurance policy, it is quite suitable for an individual like me who has just started working. I was satisfied with the inclusions and exclusions and bought a 3 lakh cover for myself. Thank you for your great services.
I purchased a Bajaj Allianz individual health insurance plan for myself. The policies are good and completely apt for my needs. Was overwhelmed with their service and with the fact that all key hospitals in my locality are covered under their network.
After a friend recommended, I got an individual health insurance policy from Bajaj Allianz health insurance. I had a really good experience while purchasing the plan on the online platform. The process was explained in detail & the claim process is also very smooth.
During my recent hospitalization for a minor surgery, I experienced the quick and hassle-free claim settlement process of the Bajaj Allianz individual health insurance policy. My claim request was approved within very less time & I did not have to worry about the hospital bills. Great plan!