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✓No Medical Check-up upto 55yrs ✓Cashless Facility at 6500+ Hospitals | Pay Health Insurance Premiums in EMIs Starting at ₹198/month*

Health Insurance Meaning and Definition

Medical emergencies can arise without any warnings. While you cannot avoid them, you certainly can keep yourself, and your family prepared to face it financially. A health insurance plan ensures that you and your loved ones are protected financially in case of any sudden medical contingencies and surgical treatments.

The hospitalisation and treatment expenses incurred by the patient are compensated by the insurer, either to the hospital directly (in case of cashless claim settlements) or to the insured (in case of reimbursement claim settlement).

In this section, we have discussed in detail everything you need to know about health insurance. Let us begin by understanding why health insurance is necessary.

Why Do You Need Health Insurance?

Many people find it challenging to have a healthy work-life balance. With the never-ending working hours and poor eating habits, you are most likely to develop health issues over time. Moreover, the medical and treatment costs in India are increasing by the day. Inflation in Medicare is relatively higher than inflation in food and other basic facilities.

Also, you cannot completely rely on your life savings to take care of the medical expenses. And even if you do plan to utilise your savings, you wouldn’t be left with much capital for your days ahead. Thus, to take care of sudden medical emergencies and treatment costs, a health insurance plan is a must-have.

It is highly recommended for senior citizens to have health insurance as they need it the most. However, a health insurance plan can also be purchased in the early 20s, as it will cost you less. That way, you do not have to compromise on your medical necessities during the need of the hour.

How Does Health Insurance Work?

Let us take an example to understand the working of a health insurance plan.

Ms Devika recently purchased an individual health insurance plan with a coverage of Rs. 5 Lakhs from a reliable provider. Although Devika did not find the need to claim on her health insurance plan in the first year, she religiously renewed the policy for the next year. Unfortunately, she had to be admitted in the hospital due to a mishap. 

Now, let us further assume that her treatment and hospitalisation bills rounded up to Rs. 3.5 Lakhs. In such a case, the health insurance plan under her name will cover the cost (that is Rs. 3.5 Lakhs) from the coverage amount. After the claim is settled, Devika will have Rs. 1.5 Lakhs worth of coverage remaining. 

Further, to enhance the sum insured amount of her primary health insurance plan, Devika should opt for top-ups available with her insurer. That way, in the future, she won’t fall short on the coverage in times of need.

Types of Health Insurance

In India, health insurance plans are broadly categorised in two types –

Indemnity Plans: These are basic health insurance plans that cover the medical and hospitalisation cost of the insured. Indemnity plans are further classified in the following –

  1. Individual Health Insurance Plan
  2. Family Health Insurance Plan
  3. Senior Citizen Health Insurance Plan
  4. Mediclaim Plan
  5. Unit Linked Health Insurance Plan

Definite Benefit Plans: These act as add-on benefits over and above your existing indemnity plans. Some insurers offer definite benefits plans as standalone plans as well. So, make sure that you check with your insurer before buying the policy. Definite benefit plans are further classable into –

  1. Critical Illness Plan
  2. Personal Accident Plan
  3. Hospitalisation Cash Benefit Plan

Importance of Health Insurance

The reasons why health insurance is important are listed below –

  • Secures Yours and Your Family’s Health and Financial Future:

The health insurance meaning is the policy ensures that any medical contingency is managed without you having to dig into your savings. The insurer will compensate for the hospitalisation and treatment expenses incurred by the patient. Furthermore, health insurance benefits can be extended to your family members. That way, none of your loved ones has to worry about the medical bills and can lead a healthy and financially stable life.

  • Takes Care of the High Medical Costs:

 As we know, medical costs in India and across the world are rising by the day. As a middle-class individual, you may not be able to avail top-quality healthcare services because they are expensive. In such a situation, a health insurance plan ensures that you get access to best-in-class healthcare facilities at an affordable price.

  • Takes Care of your Lifestyle Changes:

 The way you lead your life is bound to change with the evolving times. There will be times of extreme work stress and possible indulgence in smoking and drinking. Some lifestyle habits lead to affect your health over the time with life-threatening diseases. In these situations, a health insurance plan will cover the treatment expenses incurred during the recovery.

Features and Benefits of Health Insurance

The following are a few features and benefits of health insurance plans available in India -

  • Financial Security: 

As explained earlier, a comprehensive health insurance plan will cover the medical expenses of you and your loved ones. Because of this, you no longer have to rely on your life savings to cover the medical bills incurred in the treatment and hospitalisation of the patient. Furthermore, health insurance acts as a financial security net around you and your family that comes in handy during medical contingencies.

  • Free Health Checkups:

Most insurers in India offer free health checkups on health insurance plans. It is advisable to avail free health checkups as it helps you (the insured) keep track of your health conditions and seek necessary assistance at an early stage.

  • Tax Benefits:

You can avail health insurance tax benefit on the premium paid and claim deduction under Section 80D of the Income Tax Act, 1961. The following table gives an overview of the health insurance tax benefits –


Deduction for Self and Family

Deduction for Parents

For people below 60 years of age

INR 25,000 per year

INR 25,000

For senior citizens

INR 50,000 per year

INR 50,000

How To Buy Health Insurance Online

With the kind of life we lead, everything is readily available on the Internet. It is the same with health insurance plans. You can now purchase a health plan from the comfort of your home. However, before you choose a plan, make sure that you are comparing different policies first and then choosing one that fulfils your needs. You can also use the health insurance calculator to determine the premiums charged on your selected coverage and add-on benefits.

Things to Keep in Mind While Buying Health Insurance

A comprehensive health insurance plan is meant to cover the medical expenses of the insured. However, to understand the working of the policy, look at the following pointers –

  • Select The Right Cover

When buying health insurance in India, you must evaluate your medical needs. Understand your preferences based on your necessities- whether you want to invest in an individual health insurance plan or a family health insurance plan for yourself and your family members. The need for a health insurance plan varies from person to person, so buy a policy accordingly.

  • Sum Insured

Typically, you should take into consideration yours and your family’s medical conditions before deciding upon the coverage amount. The sum insured you choose should be sufficient to cover the medical expenses incurred by the patient. So, look for a policy that offers a high sum insured at a nominal rate.

  • Claim Process

Insurers in India offer two claim settlement facilities – cashless claim settlement and reimbursement settlement. The cashless claim settlement facility can be availed at the network hospitals wherein the insurer will settle the claim directly with the hospital.

In the reimbursement process, the insured has to submit a claim application along with the supporting documents. Upon verification and approval, the insurer will credit the claim amount into the bank account.

  • Policy Renewal and Lapse

Most health insurance plans require annual renewals. In case you forget to renew your health policy, it will lapse. Insurers usually offer 30-90 days to the policyholders to renew the plan. Ideally, the policyholder has to pay the outstanding premium amount to revive the lapsed health insurance plan.

  • No Claim Bonus

Insurers in India offer rewards to the policyholders for every claim-free year. It is known as the No Claim Bonus (NCB). The NCB benefit can be used to avail health insurance premium discounts at the time of renewal of the policy.

How to Choose Health Insurance?

If you have a health insurance plan, then rest assured as it is one of the smartest financial decisions ever made. But if you don’t have one yet, don’t worry. We understand that choosing an appropriate health insurance plan can be an overwhelming task.

To help you choose a good health plan, here’s a list of benefits that it should offer –

  • Have financial protection against several critical illnesses
  • You should have the flexibility to choose your health coverage
  • There should be no increase in the premiums charged, even if your health condition changes
  • Long term health coverage
  • Access to medical treatments in several network hospitals

So, if you are looking to buy the policy online, consider the health insurance plans at Finserv MARKETS. You can benefit from features like cashless claim settlements, reinstatement benefits, tax benefits, bespoke insurance plans that fit your needs, extensive coverage, and more. Besides, you can buy/renew your health policy using the Finserv MARKETS App.

Read more about health insurance benefits by visiting Finserv MARKETS online.

Best Health Insurance Plans Available at Finserv MARKETS

FAQs on Health Insurance

  • ✔️Can I buy health insurance at Finserv MARKETS?

    Yes. You can buy health insurance online at Finserv MARKETS. Just follow the steps below –

    1. Visit the health insurance calculator page on the Finserv MARKETS.

    2. Provide the necessary details about the people whom you wish to insurer along with your personal information.

    3. Pick the ideal plan for you.

    4. You can also wish to enhance your coverage by selecting the add-on covers to enhance your medical coverage.

    5. Make your health insurance premium payment.

    That’s it! Your policy will reach you shortly.

  • ✔️Is it possible to raise a claim request on my health insurance plan at Finserv MARKETS?

    Yes. You can raise claims on your health insurance plans bought at Finserv MARKETS. All you have to do is register your claim, provide personal and policy details, upload the supporting documents, and wait for the insurer to assess the claim application.

  • ✔️What are the types of claims that Finserv MARKETS offer?

    There are two types of claims –

    1. Cashless Claim Settlement - With cashless claims,the insurer will settle the claim amount directly with the network hospital.
    2. Reimbursement Claim Settlement - Here, you have to submit a claim application along with the necessary documents to the insurer. Upon verification, the approved claim amount will be credited to your bank account.

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