Health insurance is a medical insurance policy(policybazaar health insurance) that offers financial coverage for medical expenses when the policyholder is hospitalized. A health insurance plan covers the insured with the ease of hospitalization without cash in a network hospital or provides reimbursement for expenses incurred.
In addition, the cost of health insurance is subsidized to the insured in the form of a tax exemption under section 80D of the Income Tax Act of 1961.
What is policybazaar health insurance?
Health insurance plans are insurance plans that reimburse the insured for their medical expenses that include surgeries, treatments, hospitalizations, and injuries, or direct payment of a predetermined amount to the insured. Health insurance plans also offer coverage for non-cash hospitalization facilities in-network hospitals during the term of the policy.
Medical expenses soar! Get health insurance policies for your medical outlay. With ease without cash, stay without tensions. Approved by IRDAI, PolicyBazaar helps you compare and find the best health plan.
- Individual health insurance plan of the main insurers
- Lower premium in health insurance
- Compare policies instantly
Importance of health insurance – Health insurance policy and its benefits
Health insurance in India is one of the fastest-growing industries. However, this wide margin of growth indicates the limited penetration of health insurance among the Indian population. According to the latest report published by the National Sample Survey Organization (NSSO) entitled “Key indicators of social consumption in India: health“, only 20 percent of the Indian population had health insurance coverage. In addition, only 18 percent of the total population residing in urban areas and 14 percent of the total population residing in rural areas had some type of health insurance coverage.
Therefore, the importance of having insurance in a country like India, where medical expenses soar, is not debated. Everyone should buy a good health insurance policy that includes medical costs, hospitalization costs, medications and laboratory test costs, including critical illnesses. Do not be confused with questions such as: What health policy to buy? Does it cover all eventualities? What diseases are excluded from this coverage? PolicyBazaar is here to solve all those confusions.
The best policybazaar health insurance plans for the family
The health and well-being of our family always have priority over our own needs. That is the reason; Most of us prefer to buy a family float instead of individual covers. Getting a family float saves you substantial money. Suppose there is a family of four, consisting of two adults and two children.
The premium paid if all four members are covered by a family health plan is much lower compared to when four separate policies are purchased. There are other advantages for family floats in addition to the cost factor. In a family floating fleet, immediate family members, such as the newly married spouse and newborns, can be covered without problems simply by informing the insurer.
The only flaw with a family float is that the coverage is fixed and if it runs out in the treatment of a member during the policy period, any other member cannot take advantage of the plan’s benefits until the end of the period. Only when the policy is renewed, the insured amount is restored again.
Here are the best family health insurance plans, to protect you and your family from any financial contingency.
Religious attention plan
Religare Care Plan for the family allows a recharge benefit equal to 100 percent of the insured amount. It is a comprehensive health insurance policy, which pays all medical expenses incurred by you due to any illness, accident or injury.
Hospitalization expenses, daily allowance, vaccination coverage, ambulance expenses, medical expenses prior to hospitalization and post-hospitalization, annual health check-ups, unclaimed bonus, etc.
- Alternative Treatments
- Maternal coverage
- Global coverage
- Home hospitalization
- Care anywhere
- Personal accident
- OPD Care
- Cashless treatment in more than 4100 network hospitals
- Wide range of options for Insured Sum
- The plan has the function of reducing the waiting period for PED
- Feature to take advantage of Premium discounts by selecting the longest tenure options
Exclusions: Within 30 days after the start of the policy, any diagnosis of illness, surgery or occurrence of events, whose symptoms appear first. Use, abuse or misuse of alcohol or drugs, HIV treatment derived from traceable birth and pregnancy, congenital diseases, IVF, fertility treatment and hospitalization due to war, strike, riots or nuclear weapons.
Oriental Insurance Happy Family Floater
Happy Family Floater comes with such coverage and benefits that getting coverage under this plan really is a reason for any family to be happy. It comes in two variants, silver, and gold.
Hospitalization expenses for covered illnesses/accidents, including room, boarding and nursing expenses, ICU expenses, surgeon fees, anesthesiologist, doctor, consultants, specialist fees, costs incurred in anesthesiology, blood, oxygen, pacemakers, artificial limbs, etc.
- Ambulance service charges
- Home hospitalization
- Optional cover for personal accidents
- Built-in coverage: daily cash allowance and assistant assignment (Gold plan)
- Additional coverage: survival benefit for life difficulties (Gold plan)
- No medical exam for a person up to 60 years old.
- Discount on the OMP premium (Medicalaim Policy abroad) when the family float policy is taken
- Premium discount if TPA services were not opted for
- Flexible sum insured
- 5% discount on the premium in each year without a claim (up to a maximum of 20%)
- Waiting period: 4 years for pre-existing conditions
- Regular exclusions
- 5% charge on renewal
- 10% mandatory copayment (Silver plan)
Max Bupa Heartbeat
Max Bupa Heartbeat is a family-oriented health insurance plan. This plan is extinguished with unique characteristics, such as incorporated maternity and newborn benefits, with no upper or lower limit on the age of entry, and so on. It is offered in three variants, silver, gold and platinum.
Hospital hospitalization expenses covered, including surgical operations, nursing care, medical fees, operating room charges, ICU charges, pathology, x-rays, diagnostic tests, prosthetic implants, etc.
- Pre and post hospitalization expenses covered
- All childcare procedures covered
- Donors’ expenses of covered organs
- Home treatment
- Emergency ambulance expenses.
- Lifetime Renewal
- Maternity benefits (up to 2 births)
- Childcare Benefit
- Automatically covers a newborn
- Outpatient benefits (for the platinum plan)
- Increase in the amount insured in each year without a claim
- Covers up to 13 relationships under a single policy
- Free health check every two years
- No additional charge based on claims
- 24×7 health advice helpline
- Relationship manager assigned for claims facilitation (for the gold and platinum plan)
- Consultation and diagnostic tests (for the gold and platinum plan)
- Without TPA Fast and direct claims settlement
- Waiting periods: initial waiting period of 90 days, before which coverage is not provided (except in case of accident or emergency). A waiting period of 4 years for pre-existing diseases. 2 years of waiting for specific diseases such as cataracts, hernias, kidney stones, etc.
- Exclusions: addictive conditions and disorders, circumcision, dental/oral treatment, congenital conditions, convalescence and rehabilitation, cosmetic surgery, natural cure, HIV, AIDS, non-allopathic treatment, psychiatric and psychosomatic conditions, outpatient treatment, self-inflicted injuries, treatments received outside of India
- 20% copayment of the claim amount
More details: https://www.policybazaar.com/health-insurance/family-floater-health-insurance/articles/best-health-insurance-plans-for-family/
Benefits of comparing health insurance plans online
Due to the busy and hectic schedules these days, it has become quite impossible to visit different offices or branches of different health insurance companies to compare various health insurance policies.
Fortunately, Policybazaar understands the dilemma of customers and, therefore, has offered a platform where you can compare health insurance policies online. Which means, no more lines and no more lies. But there is more.
Listed below are some of the main advantages of buying an online health insurance plan:
Access to accurate information
It offers easy access to all insurance policies available in the market. It also prevents buyers from dealing with agents that are known to provide unreliable and biased information most of the time.
Efficient and convenient time
By comparing health insurance plans online, users can save their time as they do not have to continue meeting with agents to compare and choose the best plans. In addition, various tasks, such as paying premiums, renewing plans, etc., are also easier through the online mode.
If a customer purchases a health plan through an online channel, they can compare plans and choose the one that fits the budget. In addition, no brokerage or agent fees are charged and, therefore, the buyer ends up saving a significant amount of money.
Provider availability/plan reviews
Doing so will help you have a general idea of an insurer’s reputation, which will allow you to make an informed decision.
Tips for comparing health insurance plans in India
With more than 25 insurance companies and more than 200 health insurance products in the Indian health insurance market, comparing health plans and finding the best one is not an easy task. Here are some tips that can help make this process easier and more fluid.
One must follow these tips to make an informed decision:
Focus on the insured amount of your choice
The inflation of healthcare in the country is skyrocketing and increasing at a rate of 17% to 20% annually. To cover this inflation, it is important to look for the maximum amount available insured at the best possible rate.
Provide complete and correct details
Provide accurate information about your health on the proposal form, since any type of inaccurate or mismatched information may cause the insurer to reject your claim form.
Consider the factors that influence the premium
Some factors that influence the premium of a health plan include the life history of the proponent, family health history, lifestyle, smoking habits, etc. These are taken into account before determining the amount of the premium.
So friends, hope you liked this article and you got some new information. Please tell me in the comments.
For more details here: policybazaar.com