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Health Insurance is a type of insurance that covers the medical expenses of the insured due to an illness or accident in exchange for a premium amount. It enables the insurance company to provide medical coverage for hospitalization expenses, day care procedures, critical illnesses, etc.

A health plan also offers multiple benefits, including cashless hospitalization and free medical check-ups. It also provides tax savings on the premium paid to the insurance company under Section 80D of the Income Tax, 1961

Health Insurance at a Glance:

Categories Specifications
Sum Insured ₹50,000 to up to ₹3 crore
Maternity Cover Available
Pre & Post-hospitalization Expenses Covered
OPD Cover Available
ICU Charges Covered
Free Health Check-ups Available
Pre-existing Diseases Covered*
Ambulance Cover Available
Day Care Procedures Covered
Tax Benefits Up to ₹75,000 per financial year

*Pre-existing diseases are covered after the waiting period is over

Health Insurance buying checklist

Waiting Period

You should buy a health insurance policy with a minimal waiting period. The lower is the waiting period, the sooner you will be able to avail coverage.

Co-payment

You should opt for a health insurance plan with no co-payment. Without co-payment, you will not have to make any out-of-pocket expenses for each claim.

Preventive Health Check-up

You must choose a health insurance plan that offers free preventive health check-up facilities every year. With this benefit, you don’t need to pay for annual medical examinations.

Grace Period

You should buy a health insurance policy that offers the maximum grace period. A bigger grace period gives you more time to renew your policy after the due date has passed.

Restore benefit

You should purchase a health insurance plan that offers 100% restore benefits. With restore benefit, your sum insured amount will be fully restored as soon as it gets exhausted after a claim.

No Claim Bonus

You should pick a health insurance plan with the maximum No Claim Bonus/Cumulative Bonus for every claim-free year. The higher is your No Claim Bonus, the higher will be the increase in your sum insured.

Sub Limits

You should buy a health insurance policy that offers the maximum grace period. A bigger grace period gives you more time to renew your policy after the due date has passed.

Network Hospitals

You should choose a health insurance company with the largest network of hospitals in India. The more is the number of network hospitals, the more likely you are to avail cashless treatment in your locality