Health Insurance
A health insurance policy is an agreement between an insurance company and a policy holder. In this agreement, the policy provider offers financial assistance for medical expenses to the policy holder in return of a premium. The policy holder can get reimbursement for medical treatments, hospital bills, surgical bills, etc or choose the cashless claim feature. The cashless claim feature allows the policy holder to avail treatment on a network hospital without worrying about the payments. The insurance company and the network hospital have an association through which they settle the bills of the policyholders.
You can compare multiple health insurance plans online. Buying medical insurance online helps you to choose the one which best fits your requirements.
Why is Health Insurance Important?
A health emergency will not knock on your door before entering your life. Especially with physical fitness featuring low on our priority list, diseases are becoming more common. Medical treatments especially in private hospitals can lead to inflated bills. And if you find yourself in such a situation, it can completely drain your savings if you don’t plan ahead. A health insurance plan will offer you a cushion in times of medical emergencies. It provides you and your family with financial assistance that will cover you and your family’s urgent medical needs. Apart from this, buying a health insurance policy can also offer you tax benefits under Section 80D of the Income Tax Act. 1961.
Different Types of Health Insurance Plans in India
The several types of offline and online health insurance plans in India are:
- ✓ Individual Health Insurance Plans
- ✓ Family Health Insurance Plans
- ✓ Senior Citizen Health Insurance Plans
- ✓ Personal Accident Insurance Cover
- ✓ Group Health Insurance Plan
- ✓ Maternity Health Insurance Plan
Two types of health insurance policies that have been introduced recently are
- ✓ Coronavirus Health Insurance Plans
- ✓ Unit Linked Health Insurances
Does a Health Insurance Policy Cover Coronavirus (COVID-19)?
If you have an existing health insurance policy, a coronavirus claim will be handled by the insurance company expeditiously. It will go through a thorough review by the claim review committee and decided if it will be accepted. If you want to buy a health insurance policy online, most of them now offer insurance against coronavirus. Certain insurance companies have also rolled out medical policies centred around COVID-19. The IRDAI has also launched two new policies for Coronavirus – Corona Kavach Policy and Corona Rakshak Policy.
Health Insurance Eligibility Criteria
A health insurance policy is extremely beneficial for individuals as well as families. These policies secure you against high medical bills across a network of hospitals. There are two basic types of insurance policies
- ✓ Individual Health Insurance Plan
- ✓ Family Floater Health Medical Insurance Plan
The essential eligibility criteria for both the plans are:
- ✓ Adults should be between 18 to 65 years of age (There are separate plans for 70 and above)
- ✓ Children should be between 90 days to 18 years of age
- ✓ The policy can be renewed for your entire lifespan and is subject to medical clearance.
Health Insurance Claim Procedures
You can file for a claim if the illness, injury or accident is covered by your health insurance policy. Here are the two ways to make claims:
- ✓ Reimbursement claim: If you incur any medical expenses, you can pay the amount to the hospital or the clinic. Once done, you can submit all the documents including medical bills and prescriptions to the insurance company. The company will review your claim and release the reimbursement amount if approved.
- ✓ Cashless Claim: You can avail this facility if you get a treatment in a network hospital of the insurance company. Network hospitals have an association with the insurance company where they settle your bills amongst themselves.
Eligibility
- Salaried Person
- Employees of Public and private limited companies
- Public and private limited companies
- Government sector employees including Public Sector Undertakings and central and local bodies
- Minimum age of 21 years
- Maximum age of 60 years at loan maturity
- Minimum net monthly income – Rs. 15,000
The Document Required
- 2 Recent Passport Size Photographs (Valid up to last six month captured)
- Last two month Pay Slip
- Address Proof
- I.D Proof
- Bank Statement of last Three month.
- Documents Valid as Address Proof :
- Ration Card
- Electricity Bill
- Mobile Bill
- Land Line Bill
- Passport
- Mool Niwas Patra
- House Tax Slip Water Bill
- Gas Bill etc