Health Insurance Plan

You have to pay a sum of money (Health insurance premium), to avail a health insurance policy. Your medical bills will be paid back to the extent you have insured yourself (premium you have paid). The health insurance plan pays your hospitalization expenses/bills, if you are hospitalized for at least 24 hours. You can also take a health insurance plan for your family under the family floater plan.

What are things to know before buying a Health Insurance Plan ?

  • Know the waiting period of your health insurance plan
  • A health insurance plan has a waiting period of 1 month after you avail it. The health insurance plan will not pay your medical bills for any disease you contract, within a month of taking up the health insurance plan.
  • You are hospitalized after a week of availing the health insurance plan .When the hospital bill is presented you get a nasty shock. Your bills are not settled by the health insurer as you are hospitalized within a week of availing your health insurance plan. You are covered by the health insurance plan only a month after availing it.


Why buy Health Insurance plan?

Cashless Hospitalization

All you have to do is show your health insurance card at the hospital. You get free treatment, at any of the network hospitals under the health plan.

Lifelong Renewability

Minimum Entry Age Health insurance plans offer first time buyers, the option to enter health insurance plans, even at 65 years of age.

Tax Benefits

Premiums on health plan, tax deductible up to INR 25,000 a year. If you are under 60 years. If you are over 60 years, it is INR 30,000.

Minimum Entry Age

Health insurance plans offer first time buyers, the option to enter health insurance plans, even at 65 years of age.


Key factors to consider for Accidental Insurance

Types of Accidental Insurance Plans

Individual Accidental Policies:

  • Individual Accidental Policies cover an individual in case of any accident.

Group Accident Policies:

  • A the term itself suggests, a Group Accident Policy is not meant for individuals. It is taken by employers for their employees. Depending on the group size, discount on premium may be offered. It is a good value added benefit for small organizations and is available at a low cost. However, this is very basic cover and may not offer benefits like that of individual accidental insurance plan.

How to make a claim on a Personal Accidental Insurance Plan?

Inform the insurer about the accident:

  • The insurer must be informed about the accident as soon as possible. The insurer may also be informed while the insured is on the way to the hospital. In order to show proof that the claim has been filed with the insurer, the policy number or reference number of the insurer should be communicated.

Inform the insurer at the time of hospitalization:

  • Fill the claim form.
  • Submit the FIR or police report if required.