Health Insurance
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.
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.
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:
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.
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: 104N113V02)* 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.
Why Do You Need Health Insurance?
A comprehensive health insurance policy 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 A 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
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
- 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
