Optional Add-Ons in Health Insurance
With the rise in life-threatening diseases that can put a significant dent in your finances, opting for add-ons over and above your base health insurance plans can come handy in managing health related emergencies. Some life-threatening diseases such as critical illnesses that include cardiovascular diseases, stroke, cancer, and kidney failure require a separate cover so that you can avail the best form of treatment for such ailments without stressing about the cost of getting treated.
A Critical Illness and Disability Rider(A Non-linked Non-participating Individual Pure Risk Premium Health Insurance Ride| UIN:104B033V01)is an important add-on in health insurance that offers a critical illness insurance for increased financial security and well-being as well as creating a pool of wealth for your future. Some extended benefits on this rider include:
- Covers 64 kinds of critical illnesses
- Offers permanent and temporary disability cover
- Provides comprehensive coverage for all kinds of health emergencies above your base health insurance plans
- Premiums paid for this rider are flexible
- Avail an extended coverage period up to 85 years for two variants of this rider
A wellness benefit that ensures a discounted renewal premium basis the number of steps you walk or run
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 best health insurance policy in India included in your financial plan, 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, some of the best 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 in India 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 an health insurance policy with sufficient coverage and cost-effective premiums payable.
Here is how you can purchase online health insurance coverage
- Fill in your details for a life/ health insurance plan/ cancer plan
- Add the amount of critical insurance/ cancer insurance coverage (or sum insured) that you need with your online health insurance
- Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age.
- Use an online health insurance premium 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.
Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with 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. Using a health insurance premium calculator will give you a better understanding how your profession may impact the health insurance coverage required. Furthermore, buying the health insurance plan 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 Your Health Insurance Premium
The fast-paced lifestyle that we live today, with so many stressors around us, some unhealthy habits that we adopt might become a roadblock in availing a good health insurance policy. The cost of health insurance plans and the premium amount paid varies significantly for insurers and the insured based on a number of factors:
1. Smoking Status
Your smoking status forms a huge factor for setting your premium amount as regular smokers are more prone to health diseases and conditions like lung cancer, heart diseases, respiratory disease and more. This vulnerability to a range of ailments affects your health insurance premium amount and you are required to pay a higher price.
2. Alcoholism
Individuals with regular and extreme drinking habits may have to pay higher premiums to get financial security. This is because excessive drinking has been linked to cases of renal and liver disease, high blood pressure, and other serious health issues.
3. Gender Impact
Gender is another factor that can impact premium rates for insurance policies. Typically, women have a longer lifespan than men which makes the premium rates comparatively lower for them.
4. Age
As an individual reaches a certain age, they become susceptible to age-related diseases and medical supervision that adds up to the cost of your health insurance plan.
5. Family Medical History
Some people have a medical history of certain diseases that are passed on to new generations. Such predisposition that puts some people at a greater risk for diseases is also a factor that affects your health insurance premiums.
6. Occupation
Individuals exposed to a stressful or dangerous working environment have higher chances of developing a disease or illness. In case your occupation makes you susceptible to accidents, it can affect your premium rates.
7. Pre-Existing Diseases
Before purchasing a health insurance policy, if you are diagnosed with an ailment, your premium amounts will be higher and requires a set waiting period to avail claims against treatment of such diseases.
Health Insurance Plan Exclusions
Health Insurance policy in India offer coverage which varies from one insurer to another. But, there are few common things which are not covered by some of the best health policy 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 choosing the best health insurance plan in India.