Health Insurance Plans

Health Insurance Plans


The relevance of having health insurance in today’s times becomes crucial, especially when we are finding it difficult to balance our work-life with healthy lifestyle choices. On top of that, medical emergencies may arise without any intimation. While you may not predict the outcome in this case, what you can do is prepare beforehand against emergencies with health insurance plans.

Having health insurance safeguards you and your family from the substantial financial burden of paying the treatment costs. Furthermore, a health insurance policy also helps you cope with the work-pay loss while undergoing treatment, which may otherwise cause imbalances in your family finances. 

What Are Health Insurance Plans?

Health insurance plans in India are basic indemnity-based insurance products, which are specifically designed to provide financial assistance against medical expenses incurred in case of hospitalization or critical illnesses. Health insurance covers medical expenses, which includes hospitalization expenses, treatment expenses, surgeries or any other medical cost.

In other words, having health insurance coverage will enable you to opt for the best possible medical treatment. On your behalf, the insurance company will either provide cashless treatment or reimburse the hospital expenses. 

Types of Health Insurance Plans

There are many types of health insurance plans in India, such as:

  • Cancer insurance plans
  • Critical Illness benefit
  • Individual health insurance plan
  • Family Floater Health Plan
  • Group Health Cover
     

Let us take a closer look at these plans in detail: 

Health Insurance

Types of Health Insurance Plans

There are many types of health insurance plans in India, such as:

  • Cancer insurance plans
  • Critical Illness benefit
  • Individual health insurance plan
  • Family Floater Health Plan
  • Group Health Cover
     

Let us take a closer look at these plans in detail: goals of your spouse and children.

Health Insurance

a)  Cancer Insurance Plans

Cancer Insurance plans help tackle the medical treatment expenses in case you are diagnosed with cancer. These plans provide comprehensive protection against all stages of Cancer. You receive a portion of the cover paid upfront upon diagnosis of cancer at an early stage, while all the future premiums are waived. If cancer is detected at a major stage, you may receive the full cover amount with an additional income for a specific period.

b) Critical Illness Benefit

Critical Illness benefit helps avail of comprehensive financial protection in the form of payouts upon diagnosis of any life threatening ailments. Max Life Insurance offers Critical Illness Benefit as an add-on feature with its term plan variants - Max Life Smart Term Plan (UIN: 104N113V03)* and Max Life Online Term Plan Plus  (UIN: 104N092V04)*.

Under Max Life Smart Term Plan, critical illness cover is an in-built feature known as Accelerated Critical Illness (ACI) Benefit.  The ACI benefit provides coverage against 40 life threatening ailments including such as stroke, Open Chest CABG (Coronary Artery Bypass Graft), kidney failures, permanent paralysis, and muscle sclerosis.

* A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan

c) Individual Health Insurance Plan

An Individual Health Insurance Plan provides financial protection against health expenses incurred by an insured individual. These health insurance plans cover for surgical and hospitalisation expenses (for up to the cover limit as per the plan). The premium payable for an individual health insurance plan is decided based on the age and medical history of the individual purchasing the plan.

d) Family Floater Health Insurance Plan

If you wish to purchase health insurance coverage for your entire family (including spouse, children and parents) under a single plan, then you may choose a Family Floater Health Policy. The family members are covered against hospitalisation and surgical expenses under the family floater health insurance plan. The premium payable for a family floater health plan is calculated based on the age of the eldest family member.

e) Group Health Cover

Group Health Insurance policies are purchased by employers for their employees. The premium payable under a group health insurance plan are usually standardized and offer the same set of benefits to all the employees covered under the plan.

Benefits of Health Insurance Plans in India

Health insurance plans provide comprehensive coverage against the medical costs associated with the treatment of life-threatening ailments such as cancer and other medical emergencies. With comprehensive health insurance coverage, you can protect your finances while your medical insurance plan takes care of the high medical bills, hospitalization, and other treatment expenses.

Here are a few benefits of investing in a health insurance policy:

1. Comprehensive Coverage Against Medical Treatment Expenses

Having health insurance enables you to receive the best possible care in case of a medical emergency, without putting any strain on your savings. In other words, health insurance plans offer comprehensive protection against medical costs, which may increase rapidly depending upon the situation.

In a nutshell, a health insurance policy provides coverage against hospitalization expenses, domiciliary expenses, day-care procedures, and ambulance charges, among other costs. Subsequently, you can focus on a speedy recovery while your loved ones can support their regular expenses.

2. Additional Financial Protection Against Critical Illnesses

Reputable health insurance providers offer critical illness insurance protection, either as a rider add-on or as a standalone health insurance policy. Having health insurance coverage, together with critical illness cover, provides financial protection against several life-threatening ailments such as kidney failures, cardiovascular issues, bone marrow transplants, stroke, and accidental dismemberment. Common critical illnesses covered under Max Life Insurance health plans include:

  • Cancer of Specified Severity (malignant tumour)
  • Angioplasty
  • First Heart Attack – of Specified Severity
  • Open Heart Replacement or Repair of Heart Valves
  • Surgery to Aorta
  • Cardiomyopathy
  • Primary Pulmonary Hypertension
  • Open Chest CABG
  • Blindness
  • Chronic Liver disease

In case you are diagnosed with a critical illness included under the predetermined list of your health insurance policy, you are eligible to receive a significant amount as a lump sum. 

Health Insurance

  • Cancer of Specified Severity (malignant tumour)
  • Angioplasty
  • First Heart Attack – of Specified Severity
  • Open Heart Replacement or Repair of Heart Valves
  • Surgery to Aorta
  • Cardiomyopathy
  • Primary Pulmonary Hypertension
  • Open Chest CABG
  • Blindness
  • Chronic Liver disease

In case you are diagnosed with a critical illness included under the predetermined list of your health insurance policy, you are eligible to receive a significant amount as a lump sum. 

Health Insurance

In case you are diagnosed with a critical illness included under the predetermined list of your health insurance policy, you are eligible to receive a significant amount as a lump sum. You can utilize this amount to meet your daily expenses, illness-related treatment costs, and any other requirements.

3. Avail of Cashless Treatment Across Leading Network Hospitals

Health insurance plans in India, nowadays, also offer cashless claim facilities across any of the leading hospitals in the country. In cashless treatment, you do not have to take care of treatment costs out of your pocket. Instead, your health insurance provider directly settles the hospitalization expenses with the hospital on your behalf.

To avail of cashless treatment benefits, however, you have to seek admittance at any of the network hospitals as prescribed under your health insurance policy. Furthermore, you may have to fill out a pre-authorization form and provide your health insurance card to avail of the cashless treatment facility.

4. Significant Tax Saving Benefits

To promote awareness and access to comprehensive health insurance plans to the masses, the government offers significant tax-deductions on the premium paid towards the health insurance policy.

Accordingly, the premium paid towards your health insurance policy is eligible for tax deduction under Section 80D. The quantum of tax deductions under your medical insurance plan is as below:

a) If you purchase health insurance coverage for your spouse, children and yourself, you can save up to Rs 25,000 as tax deductions.

b) By including your parents (below 60 years of age) under your health insurance coverage, you can avail of additional tax deductions up to Rs. 25,000, to take your total tax savings up to Rs. 50,000

c) In case your parents are ageing 60 years or above, the total amount of tax savings may increase up to Rs. 75,000

d) You can also avail of a deduction of Rs. 5000 towards payment of preventive health check-up of your spouse, dependent children, parents and yourself. 

Covered Individuals

Exemption Limit

Health Check up Exemption Limit

Total Deduction under Section 80D

Self, spouse and dependent children

Rs 25,000

Rs.5,000

Rs. 25,000

For self and family including parents (all under 60 years of age)

Rs. 25,000 + Rs. 25,000

Rs.5,000

Rs. 50,000

For self, family including senior citizen parents

Rs. 25,000 + Rs.  50,000

Rs. 50,00

Rs. 75,000

For self and family members including parents (all above 60 years of age)

Rs 50,000 + Rs. 50,000

Rs. 50,000

 Rs. 1 Lakh

*Note: The maximum deduction for preventive health check-ups, of up to Rs 5,000 shall be allowed for payment made towards such health check-up of your spouse, dependent children, parents and self, under Section 80D.

Why Do You Need Medical Insurance?

A comprehensive health insurance policy or medical insurance not only helps take care of the medical bills but can also provide coverage for other medical tests, treatments and procedures as per your need. With the right health insurance policy in your kitty, you can avail of sufficient financial coverage in any dangerous situation.

Having health insurance is a crucial decision for several reasons. In the absence of health insurance coverage:

  • You are likely to utilize all of your savings while undergoing medical treatment and end up with a fiscal burden
  • You may have to opt for a sub-optimal treatment in case you do not have sufficient savings to take of the expenses
     

On the other hand, health insurance plans in India provide:

  • Comprehensive coverage benefits that outweigh the costs of buying health insurance
  • Tax savings under Section 80D on the premium payable for health insurance coverage
  • Financial assistance to cover treatment, pre-and post-hospitalization expenses within the coverage tenure
     

Certain health insurance plans such as Max Life Cancer Insurance Plan (UIN: 104N093V03)] * help provide comprehensive financial protection against all stages of cancer, by giving you an option to increase the sum assured under the policy by 10% for the first five claim-free years, at no extra cost.

*  A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan

How to Buy an Online Health Insurance Plan?

The primary purpose of health insurance plans in India is to provide comprehensive financial coverage to you and your family members. Thus, you need to make sure that you are choosing a health insurance policy with sufficient coverage and cost-effective premiums payable.

Here is how you can purchase the right health insurance coverage:

  • Fill in your details for a life insurance plan/ cancer plan

  • Add the amount of critical insurance/ cancer insurance coverage (or sum insured) that you need

  • Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age

Health Insurance

The primary purpose of health insurance plans in India is to provide comprehensive financial coverage to you and your family members. Thus, you need to make sure that you are choosing a health insurance policy with sufficient coverage and cost-effective premiums payable.

Here is how you can purchase the right health insurance coverage:

  • Fill in your details for a life insurance plan/ cancer plan

  • Add the amount of critical insurance/ cancer insurance coverage (or sum insured) that you need

  • Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age

Health Insurance

  • Use an online health insurance policy calculator to arrive at the premium amount payable based on your age, gender, lifestyle preferences, chosen health insurance coverage (or Sum Insured) and Maximum Coverage Age
     

Who Should Buy Health Insurance Plans?

Buying a health insurance policy for yourself and your loved ones is a crucial financial decision. Availing of medical insurance has become a necessity because of how expensive medical care is, especially in today’s fast-paced lifestyle-driven world.

Therefore, if you are a salaried or self-employed individual who has dependents to take care of, you must invest in a health insurance policy. Furthermore, buying health insurance coverage becomes essential if:

  • Your age lies between 25 to 65 years

  • You want to make sure that your family remains protected during a medical crisis

  • You also want to maximize your tax savings beyond the limit offered under Section 80C of the Income Tax Act (health insurance premiums are tax-deductible under Section 80D of the Act)

  • You are a Resident Indian National [NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin), OCIs (Overseas Citizenship of India) or foreign nationals of Indian Origin cannot purchase health insurance plans in India]

Factors Affecting Health Insurance Premium

Following are some of the factors which might lead to an increase in health insurance premium in India:

  • Medical History: Health insurance companies take into consideration your medical history, which affect your health insurance premium as well. Health insurance plans premium vary on the basis of medical history and the lifestyle one maintains. For instance: medical insurance premium for smokers will be more than the non-smokers ones
  • Age & Gender: Age is one of the most important factors affecting the health insurance premium in India. As senior citizens or elderly people are at risk of being exposed to critical illness or diseases. This factor affects the health insurance premium and the premium amount is usually high for the elderly people in India. Other than this, the premium cost for health insurance plan for men is usually higher than women
  • Type of Health Insurance Plan: Your health insurance premium also depends on the type of health insurance policy you choose. You need to check the health insurance plan, its benefits, coverage, inclusions & exclusions and the premium amount before choosing best health insurance plan
  • Policy Term: The health insurance policy premium amount also varies depending upon the term you opt for. The premium amount for 1 year might differ if the policy term is 2 or 3 years
  • No Claim Bonus: During your health insurance policy term, if you have not filed any claim, you are eligible to claim or avail “No Claim Bonus”, which will help you reduce your health insurance plan premium

Health Insurance Plan Exclusions

Health Insurance Coverage varies from one insurer to another. But, there are few common things which are not covered by most of the health policies in India. Following are some of the most common health or medical insurance plan exclusions we should be aware of:

1. Coverage of critical illnesses are pre-existing diseases is subject to a waiting period which can vary from one insurance company to another

2. Treatment done in abroad or by an under-qualified medical professional

3. Pre-existing condition: Defined as a cancer condition (primary or metastatic); pre-cancerous condition or related condition(s) for which the insured had symptoms or was diagnosed earlier or got medical treatment prior to the date on which the policy was issued

4. Caused or contributed by (in whole or in part) Sexually Transmitted Diseases AIDS or HIV

5. Caused or contributed by (in whole or in part) any of the following:

  • Intoxication by alcohol or narcotics or drugs not prescribed by a Registered Medical Practitioner.
  • Nuclear, biological or chemical contamination (NBC)

Note: The Health Insurance exclusions mentioned above can vary from one insurer to another. It is recommended to check for all the health insurance inclusion and exclusion before buying any health insurance plan in India.

Documents Required to Buy Health Insurance Plan in India

Following are some of the documents that you might be asked to furnish while buying health insurance plan in India:

  • Age Proof
  • Identity Proof
  • Address Proof
  • Medical Reports
  • Passport size photo

Note: The list of documents required might vary from one health insurer to another.

Benefits of Max Life Cancer Insurance Plan

Max Life Cancer Insurance Plan (UIN- 104N093V03) is a Non-Linked Non-Participating Individual Pure Risk Health Insurance Plan. Benefits defined under the plan are payable only on the diagnosis of cancer as specified. There is no maturity or surrender benefit available under the health insurance coverage.

Max Life Cancer Insurance Plan offers the following benefits –

1. Coverage against All stages of Cancer

Max Life Cancer Insurance Plan provides coverage against all stages of cancer. In case, you are diagnosed with cancer at an early stage, you will receive 20% of the sum assured under the plan upfront, while the remaining amount is payable if the cancer develops into a major stage.

Health Insurance

Max Life Cancer Insurance Plan (UIN- 104N093V03) is a Non-Linked Non-Participating Individual Pure Risk Health Insurance Plan. Benefits defined under the plan are payable only on the diagnosis of cancer as specified. There is no maturity or surrender benefit available under the health insurance coverage.

Max Life Cancer Insurance Plan offers the following benefits –

1. Coverage against All stages of Cancer

Max Life Cancer Insurance Plan provides coverage against all stages of cancer. In case, you are diagnosed with cancer at an early stage, you will receive 20% of the sum assured under the plan upfront, while the remaining amount is payable if the cancer develops into a major stage.

Health Insurance

2. Dual Benefit of Lumpsum Payout and Income if Major Stage Cancer is Diagnosed

In case you are diagnosed with a major-stage cancer, you will receive the full sum assured amount with an additional 10% as income (annually) for the next five years.

3. Indexation of Sum Insured

Max Life Cancer Insurance Plan offers an inbuilt-indexation benefit. Herein the Sum Insured under the plan increases by 10% (simple rate) for the first five claim free years at no extra cost (up to a maximum of 150% of the basic sum assured).

4. Significant Tax Saving Benefits

Tax benefits apply to the premiums paid and benefits received by you as per Section 80D of the Income Tax Act 1961.

5. Waiver of Premium Upon Early Detection of Cancer

In case you are diagnosed with cancer at an early stage or a pre-cancer stage (carcinoma-in-situ), you will immediately receive a fixed percentage of the sum assured, while all future premiums payable are waived off.

6. Long Term Coverage

Max Life Cancer Insurance Plan allows you to avail health insurance coverage up to the age of 75 years.

What is the Difference between Health Insurance Plan, Cancer Insurance and Critical Illness Insurance?

In India, it is prudent to invest in Critical Illness (CI) and health insurance plans to avail of financial assistance against medical treatment costs for various health ailments and related hospitalization.

With the growing number of cancer patients in the country, however, it is advisable to consider buying a dedicated cancer insurance plan to help mitigate the financial burden related to cancer treatment expenses.

To help you understand, we are listing the key differences between health insurance, CI insurance and cancer insurance in the below table: 

Health Insurance

What is the Difference between Health Insurance Plan, Cancer Insurance and Critical Illness Insurance?

In India, it is prudent to invest in Critical Illness (CI) and health insurance plans to avail of financial assistance against medical treatment costs for various health ailments and related hospitalization.

With the growing number of cancer patients in the country, however, it is advisable to consider buying a dedicated cancer insurance plan to help mitigate the financial burden related to cancer treatment expenses.

To help you understand, we are listing the key differences between health insurance, CI insurance and cancer insurance in the below table: 

Health Insurance

 Type of Insurance

Cancer Insurance

Critical Illness Insurance

Health Insurance Plans

Reason to Purchase

• Covers cancer treatment expenses by payment of lump sum amount after diagnosis
• Benefit-based policy

• Payment of lump sum amount after diagnosis
• Benefit-based policy

• A basic indemnity-based plan for commonly occurring ailments

• Provides either reimbursement for the expenses or cashless treatment

What Does It Cover?

Provides financial coverage against all stages of Cancer

Common critical illnesses, as per the policy document

Covers the incurred medical and surgical expenses

Who Should Purchase?

• Ideal for those who wish to prepare against cancer

• Can purchase a cancer insurance with a health insurance policy.

• Ideal for those who wish to prepare against critical illnesses
• Can purchase health insurance with a critical illness policy

• Ideal for tackling the rising healthcare costs.

• Has precedence over the other two.

• Can always add cancer and critical illness cover later

Coverage Period

Extended periods such as 20 years (the premium payable remains the same throughout the policy tenure)

Extended periods such as 20 years (the premium payable remains the same throughout the policy tenure)

Needs renewal on an annual basis

 

Ensure Protection Against Medical Emergencies with Health Insurance

Nowadays, having health insurance coverage has become a resourceful weapon against the rising costs of medical treatment. Health insurance plans in India provide comprehensive financial assistance against the various in-patient hospitalisation and treatment expenses.

At the same time, you can enhance the health insurance coverage by augmenting your basic medical insurance policy with a Critical Illness (CI) and Cancer insurance plan. This way, you can avail of all-around financial protection against common and life-threatening ailments, including cancer.  

Max Life Cancer Insurance Plan (UIN-104N093V03) provides comprehensive coverage against all stages of cancer. You can also avail of the Max Life Group Critical Illness (Additional Benefit) Premier Rider (UIN: 104B031V02)* to secure yourself against up to 40 life threatening ailments such as kidney failures, stroke, Open Chest CABG (Coronary Artery Bypass Graft), muscle sclerosis and permanent paralysis.

The Critical Illness Benefit add-on is available with both Max Life Online Term Plan Plus  (UIN: 104N092V04) and Max Life Smart Term Plan (UIN: 104N113V03).

Frequently Asked Questions


✅ Is there any tax benefit with health insurance premiums?

You can claim a deduction under Section 80D of the Income Tax Act, 1961 against the health insurance premium paid in the financial year. Under Section 80D, you can avail a deduction up to Rs. 1,00,000 for the health insurance premium paid. To know more about the health insurance premium for family and parents, click here.

✅ What is waiting period in health insurance plans?

Waiting period or cooling period in health insurance is time period you need to wait at the start of your policy. In the waiting period, you will not be able to avail any health insurance benefits. No health insurance claim during this period is accepted by the insurer. Some of the Health insurers might accept claim during waiting period. You should connect with your health insurance provider to know more about waiting period of your health insurance policy.

✅ What is the right time to buy Health Insurance Plan?

While you might think that you are healthy and fit, falling ill and diseases are something that we cannot control, which makes it important for us to take the right things in place to feel more secure and buying a health insurance policy will help us feel more financially secure in case of any severe diseases. So, it is always advisable to buy health insurance plan as early as you can. Following are some of the benefits of health insurance if you buy health insurance policy at an early life stage:

  • Lower premiums
  • Healthy Lifestyle with Regular Health Check ups
  • No Financial Stress as it pays for medical treatment, doctor’s bills, medicines  

✅ How to Select the Best Health Insurance Plan in India?

You should consider the following factors to choose the best health insurance in India:

  • Sum Insured
  • Coverage Limit
  • Premium Amount
  • Entry Age
  • Inclusions and Exclusions
  • No Claim Bonus
  • Waiting Period

✅ How much Health Insurance cover do I need?

While there are multiple factors to determine the health insurance cover, you can choose your health insurance cover on the basis of your medical conditions, medical background of the family members, income, age, health risks and most importance the health insurance premium amount you can afford to pay.

You can opt for a health insurance cover at an early age. At an early age, there might be a low chance of you registering for a health insurance claim. This will also entitle you of No Claim Bonus as well.

Source: 

http://www.policyholder.gov.in/What_Health_Insurance_to_Buy.aspx

https://www.maxlifeinsurance.com/online-insurance-plans/cancer-insurance-plan

https://www.maxlifeinsurance.com/blog/cancer-insurance/difference-between-health-critical-illness-and-cancer-insurance

https://www.maxlifeinsurance.com/blog/cancer-insurance/why-is-cancer-insurance-important

ARN NO: PCP/HIP04

Our Health Insurance Plans

Our Health Insurance Plans

MAX LIFE CANCER INSURANCE PLAN

  • Multiple claims for early stage cancer detection
  • 100% cover amount is payable even during late stage cancer detection
  • Increase coverage upto 150% of original amount with every claim-free year
Tell me more

Related Articles

Related Articles

More resourceful articles

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

99.22%

99.22%

(Source : As per Annual Audited Financials, FY' 19-20)

Max Life Presence

269 Offices

269 Offices

(Source : As reported to IRDAI, FY19-20)

Sum Assured

₹9,13,660 Cr.

₹9,13,660 Cr.

In force (individual) (Source : Max Life Public disclosure, FY19-20)

Assets Under Management

₹68,471 Cr.

₹68,471 Cr.

(Source : Max Life Public disclosure, FY19-20)

More reasons why our customers choose us
See what people have to say about our Health Plans
See what people have to say about our Health Plans

Let’s Connect

Let’s Connect

Online Plus Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)

online@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
  Chat with us

Please write to us incase of any escalation/feedback/queries.

Write to us
NRI Helpdesk
0124 - 5098162; 0124 -  4905150
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com