Benefits Of Health Insurance In India 2024

Updated On: 2023-03-30

Author : Team Policybachat

Health insurance is an agreement where the insurance company agrees to take a guarantee of compensation for medical expenses in case you, as an insured, fall ill or meet with an accident, that leads to hospitalisation.

In today’s times, health insurance has become a necessity. It is important for you and your family to be covered under a reliable health insurance policy mainly because of expensive medical care, especially in the private sector. So, a health insurance policy can prove to be savior in case of an emergency, especially if the breadwinner of the family is on the bed. It would reduce your stress in case of medical emergencies.

A health insurance policy covers expenses incurred due to doctor visits, consultation fees, cost incurred due to medical tests, hospitalisation expenses, etc. To learn about health insurance benefits in detail, read below:

Comprehensive Coverage: Buying a policy online will help you tackle health-related issues and avail the best possible medical treatment without worrying about expenses. Mostly, health insurance plans cover you for the following healthcare expenses:

  • In-Patient Hospitalisation Expenses: These are the expenses incurred during hospitalisation of at least 24 hours. Most health insurance plans cover you for in-ptient hospitalisation expenses which includes room rent, nursing, boarding expenses, cost of medicines, ICU/ICCU expenses, etc.
  • Pre-Hospitalisation and Post-Hospitalisation Expenses: Pre-hospitalisation and post-hospitalisation expenses are the expenses incurred a specific number of days before and after the hospitalisation. These generally include expenses related to doctor’s visits, x-rays, medical reports, etc.
  • Ambulance Expenses: Health insurance plans often cover you for ambulance expenses arising due to transportation of the patient to the nearest hospital. Generally, there is a limit on cover for ambulance expenses, which can be checked with the insurance company.
  • Daycare Expenses: Daycare expenses are those which do not require hospitalisation of at least 24 hours. These include chemotherapy, radiotherapy, cataract, dialysis, sinuplasty, etc. health insurance plans cover you for a specific number of daycare procedures, as mentioned in the policy document.

  • Domiciliary Hospitalisation Expenses: Domiciliary hospitalisation expenses are the expenses that incur due to treatment of an illness availed at home, which otherwise would have required hospitalisation. Most health insurance plans cover you for these expenses, the terms and conditions for which can be found in the policy document.

Cashless Treatment: Generally insurance companies have tie-ups with hospitals, known as network hospitals that offer cashless treatment to the insured in case of hospitalisation. These hospitals reimburse the expenses related to treatment availed by the insured. This means, you can avail treatment at these hospitals without paying anything for the medical expenses incurred, and the insurance company will reimburse you for the same later when you make a claim. Note that the claim will be approved if it is made in accordance to the terms and conditions mentioned under the policy.

Portability Benefits: Health insurance portability allows the policyholders to transfer their existing health insurance policy to a new health insurance provider. It safeguards customers from being taken for granted by the insurance companies, thereby giving them flexibility and offering them better options in case they are not satisfied with their existing health insurance plans.

Financial Security Against Rising Medical Costs: Considering the rising medical expenses in India, it becomes imperative to get a reliable health insurance policy on time. The policy not only offers you wide coverage, but also protects you from hospitalisation expenses in case of emergency even during inflation. It not only keeps you stress free, but also takes care of your health.

Tax Benefits Under Section 80D of the Income Tax Act, 1961: The government promotes health insurance by offering tax deductions on the premium paid for them, under Section 80D of the Income Tax Act, 1961. To know more about tax benefits under health insurance plans, refer to the table below:

No Claim Bonus: Insurance companies offer No Claim Bonus (NCB) as a reward to the policyholders for not making any claim during the policy year. Also known as a cumulative bonus, No Claim Bonus is applicable to both individual health insurance plans as well as family floater health insurance plans. However, note that there is a limit of coverage that you can extend through the No Claim Bonus.

Lifetime Renewability Benefit: Lifetime renewability benefit allows the policyholder to renew their health insurance policy without any age limit or upper restriction. Especially for senior citizens and parents, the lifetime renewability benefit takes off the financial pressure in case of a medical emergency. The Insurance Regulatory and Development Authority of India (IRDAI) has given guidelines to the insurance providers to offer this benefit under the health insurance plans that they offer.

Coverages of Health Insurance Policy:

Many of us have misread the benefits of India health insurance policy by limiting its coverages to only hospitalization. Quoting the same, one can’t get sufficient health insurance policy coverage when he doesn’t know how to use it. Now, Health insurance India policy coverages are changing for better, thanks to the new health insurance companies adopting new coverage options. IRDA brought around some changes in issuing medical insurance policy. Now the insurers are required to adopt the terms and generate best health insurance policy that is benefitting the customer.

You should note these extended coverages and benefits within the best health insurance policy:

  • Lifelong policy renewability
  • Your new India health insurance policy now comes with life-long renewability. However this extension will not apply for existing policy holders.

  • No Sub-limits
  • India health insurance policy holders are now set free from incorporated payments like sub-limits, sum insured restrictions, room rents and any other hospitalization charges. Your premium will only be calculated purely based on your previous health and future necessities.

  • No premium hikes
  • Your claims with health insurance policy will not affect the premiums that you are going to pay. Your new and best health insurance policy has modified their premium structure to benefit their consumers.

  • Premiums
  • If you are going to buy a best insurance policy you need to consider your locality too. Now, the premiums are calculated based on your location.

  • Cover Restoration
  • Your India health insurance policy benefits most with this upgraded feature. This addition enables the sum insured replenishment when your sum insured is totally cleared within the policy period. Your medical insurance India policy gives you the best health insurance coverage.

    By now you know what India health insurance policy benefits you. So, why wait! Act quickly and call us for purchasing best health insurance policy or medical insurance India policies from prominent health insurance companies. Dial 1800-123-4003 and quote for best health insurance policy or logon to to chat directly with our medical insurance specialist.

    India Health insurance policy not only benefits you or your wife and children but it also offers coverage to your parents along with your in-laws. There are some medical insurance India plans that add advantage in more than one way.

  • Allowance on Daily hospital cash
  • As you know best health insurance policy covers your hospitalization expenses. But are you aware there are some health insurance India plans that cover the expenses which are incurred during your stay in hospital along for the food or refreshments. This is Daily Hospital cash. Now check for this plan within your best health insurance policy.

  • Recuperation benefits
  • While choosing a best insurance policy, go for the plan that covers you till your complete recovery. There are some health insurance companies that issue coverage till the recuperation of their policy holder.

  • Substitute treatment
  • Best health insurance policy now is providing coverage for any alternative of allopathic treatment. India Health insurance plans covers for your homeopathic or unani treatments.

  • In-house treatment
  • Your in-house treatment will also be covered with medical insurance. Medical insurance India offers coverage for the treatments done at the policy holder’s home.

  • Critical illnesses
  • Health insurance India, covers your regular hospitalization charges and also insures you for critical illness conditions, where your sum insured will be doubled and issues coverage till a specific period after the treatment.

To know more about the benefits of best health insurance policy logon to policybachat or call us on 1800-123-4003. We are here to help you effectively and immediately. To summarize, India health insurance policy benefits you in a long run with its efficient coverages and benefits. One should be clear with the terms of the health insurance policy to get benefitted from it. By now it is clear that Medical insurance India is a basic need in your tough times.

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