Although health insurance is a significant tool for protecting your finances, the majority of the Indian population is still hesitant about buying it. However, the situation has altered to some extent with the worldwide outbreak of the Covid-19 pandemic.
Depending on the trend, the insurance companies have launched multiple plans, which can be termed the best health insurance in India. In this article, we will be highlighting some of the major benefits of possessing an active and befitting health plan:
- Hospitalisation benefits:
With a proper health plan, you can enjoy hospitalisation costs, offering coverage for in-patient treatment, domiciliary treatment, ambulance coverage, pre-and-post-hospitalisation costs, and many others. Most popular indemnity plans among the best health insurance in India would have end-to-end coverage for in-patient hospitalisation with extensive pre and post-hospitalization.
- Cashless claims:
Under such circumstances, the insurer will directly settle the claims with the hospital authorities without needing the insurance holder to pay for anything, depending on the policy terms. It is best to seek admission to one of the network hospitals to enjoy a cashless facility. Among all the benefits offered by the best health insurance in India, this is one of the most sought-after benefits.
- Alternative treatment cost:
Several insurance providers cover alternative treatment costs like homeopathy, Ayurveda, etc. Therefore, under such circumstances, you can easily resort to alternative treatment procedures without the hassle and enjoy insurance coverage.
- Convalescence benefit:
This is also termed recovery benefit or recuperating benefits. It covers the insured’s recovery processes, thus ensuring the replacement of the loss of income during the treatment process gets indemnified under such plans.
- Organ transplant costs:
Organ transplant costs are covered by several insurance plans in India. Some of them cover the total cost, while some require partial payment from your side. That is why it is essential to understand and clarify the necessary sub-limits, terms, and conditions mentioned in the plan concerned.
- Daily hospital cash:
This particular feature covers other hospitalisation expenses that are not covered under the basic plan. You can use it to meet your needs without any restrictions. However, not all health insurance plans offer this provision, and it may come as an additional add-on feature. The best health insurance in India offers this as an additional benefit.
- Attendant allowance:
Best health insurance in India offers an attendant allowance to those adult members who accompany the concerned policyholder for treatment. However, this is exclusively available only if the insured is a minor. Moreover, this attendant allowance is only available for a limited number of days.
- Dental treatment:
Most Indian health insurance providers offer coverage for occasional dental treatments taken every few years. This can prove to be helpful in the long run because of the high dental treatment costs.
- Free health check-up:
Several health insurance providers offer free health check-up facilities for a certain number of claim-free years. Moreover, you can even avail of cashless check-ups if you undergo the treatments in network healthcare facilities.
- Tax benefits:
Health insurance offers tax benefits under Section 80D of the IT Act for the premiums paid. Up to 60 years, you can claim a deduction of up to INR 25000, and if the age is above 60 years, then the deduction limit rises up to INR 50000.
Factors that affect health insurance premiums:
Before we understand the process for calculating premiums, we need to understand the factors that affect health insurance premium calculation:
- Age of all insured members
- Medical history of the person insured as well as the entire family
- Smoking habits
- Body mass index
- Geographical location
- The type of plan chosen along with add-on benefits
- The duration of the plan chosen
- Other policy factors, such as deductibles, co-payment, room rent sub-limits, etc., help lower the premium.
- Type of claims opted for cashless or reimbursement.
Premium calculation process
Calculating health insurance premiums is very simple in India. With digital exposure, it has been simplified even further. You need to follow certain simple steps to determine the payable premium:
- Enter all the relevant details of the policyholder(s)
- As you hit the “Get Quote”, you can view the relevant available plans
- Select the one that best suits your needs
- Depending on your choice, the digital health insurance premium calculator will display the necessary premium amount payable to avail of the necessary benefits.
- Depending on your choice of add-on covers, you can even customize your premium amount.
The above discussion highlights all the relevant benefits associated with purchasing the best health insurance in India and calculating premiums on the digital platform.
- Can I cancel my existing health plan and get a refund?
Most of the standard health insurance companies in India offer a free-look period of 15 to 30 days, during which you can easily cancel your plan. After deducting proportional risk charges and stamp duty, the company will ensure a full refund if the plan is cancelled during this term.
- What is the maximum number of claims allowed in a single year?
A policyholder can make an unlimited number of claims during a single year, provided your total claim amount remains within the maximum sum insured limit.