What do you Need to Know about Health Insurance?

April 18, 2023

It's true that to live a disease-free life, one needs to maintain a healthy lifestyle, but not everything is in our hands. Sometimes, life serves difficult things on a platter. Those challenging things come in the form of financial jeopardy on those surfaces due to medical expenses. To assure that medical expenses don't force you to empty your bank account, get a well-designed health insurance plan. It is not a herculean task particularly these days when you can get it online.

What exactly is Health Insurance?

Health insurance can be described as an annual health contract between an insurance corporation & you. By keeping this contract mind, the insurance company consents to settle your hospitalization expenses up to a certain limited amount annually. This amount is understood as health insurance cover. This amount can vary anywhere between 1 lakh to 1 Cr. For this cover amount, you need to pay an annual fee called premium that can differ anywhere between 5000/- to 50,000/- per year.

Why is it Paramount to get a Health Insurance Policy?

Let's discuss some prominent reasons to get a health insurance policy:

  • 1 CR Cover Amount: A policyholder will get up to Rs. 1 CR cover amount annually. It is possible to consume this cover amount for any type of hospitalization which will depend on your policy terms & conditions.
  • Pays 90% Hospital Bill: Health insurance usually manages approximately 90% of your hospitalization expenses. You can either acquire reimbursement or cashless services.
  • Accident Treatment Covered: It also includes paying for any accident related hospitalization expenses from the 1st day of your policy as per your policy terms & conditions.
  • Seasonal Illness Covered: Also incorporates paying for any hospital treatment that are associated with diseases like covid-19, fever, malaria, dengue, pneumonia, malaria & others just after 1 month of buying the policy.
  • Severe Illnesses Covered: If you aren’t diagnosed by any pre-existing disease before buying the health plan & if you suddenly get any serious illness, it is managed after 30 days. These diseases include heart, lung, liver, kidney, diabetes, blood pressure & many more.
  • General Surgery Covered: After a waiting period of 2-3 years, it pays for any general surgery. These include piles, fissures, gallbladder, kidney stone & any surgeries documented in your health plan.

Types of Health Insurance Plans

Individual Health Insurance:

  • It is a health insurance plan where an individual covers only himself by paying an annual premium. This plan doesn't cover his family members.

Family Health Insurance:

  • It is described as a plan where an individual and his near and dear ones such as spouse and dependent children are covered against hospital expenses. Some plans also present coverage to the extended family members.

Senior Citizen Health Insurance:

  • This plan is specially fabricated for senior citizens as their medical needs are more than youngsters. If you have elders in your house who have never got any coverage, then get this plan right away.

Group or Corporate insurance:

  • It is a health insurance policy that is presented to you by your employer that covers your immediate family & you without waiting period. Its only drawback is that once you resign the company, it becomes null.

Benefits of Health Insurance

  • Hospitalization expenses - Health insurance typically takes care of 80% of your hospitalization expenses.
  • Hassle-free cashless claims – By just displaying your health ID card you can get cashless treatment at any hospital. Mostly insurance companies ensure that you don't have to go through a tiring process to file a claim.
  • Tax savings - It is possible to save up to 25,000/- in taxes on your insurance premium. Some extraordinary cases may permit up to 50,000/- if you’re above 60.
  • Critical illness cover - Lifestyle diseases such as critical illnesses like heart, lung, liver, kidney, diabetes, blood pressure & so forth are also covered.
  • Added protection – You can even buy an additional add-on cover policy that helps you manage your doctor’s visit expenses.

Tax Benefits of Health Insurance

Under section 80D of the Income Tax Act 1961, on receiving or renewing a health insurance plan, the policyholder becomes eligible to enjoy tax aids. To acquire annual tax paybacks, it is strongly recommended to renew health policy on time.

At present, one cannot negate the fact about life that it can be quite demanding, right? From waking up in the morning to going to bed at night, we are always occupied with some or other task. Adulting is not always about partying, traveling; it’s also about fulfilling your responsibilities. In today's fast paced life, if you want to buy a perfect health insurance plan without stepping out, then browse online.  A plan that is curated after considering your requirements can be a lifesaver during difficult times.

How to Select a Good Health Insurance Plan?

  • Comprehensive Cover - It is suggested to pick an extensive cover amount in the beginning, for e.g. a minimum of 5 to 10 Lakhs. In case it’s a family plan, you can choose an amount of 15 lakhs.
  • Waiting Period – Make sure to check the waiting period. Once the waiting period is through, any critical illness or disease can be managed.
  • Don’t Delay - If you select a small cover earlier & later get diagnosed with a serious illness, you will never gain a large cover.
  • Customer Service - Select a plan that includes good claims, satisfactory customer service & cashless network hospitals.


Don't you think it's amazing to sit in your home or office and buy the plan through your desktop or laptop or even your cell phone? You don't need to visit the company’s office or wait for your agent to pay you a visit and explain all the insurance-related jargon. Buying the insurance plan online is easier and doesn't take much time.

Many people run away from getting an ideal insurance plan because they think it's just an added expense. But those people usually forget about medical costs that tend to quickly mount when either someone in their family falls ill? Get a perfect health insurance plan and welcome a better life.



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