• Health is one of the most essential aspects of your life, and it is in your best interest to have insurance that can support you if you encounter any health-related challenges. Health insurance is one particular financial product that can manage the expenses if you or your family members experience a medical crisis. In today’s world, where medical expenses are escalating, and healthcare has become costly, health insurance is a vital investment.

• What is Health Insurance?

• Health insurance refers to a category of insurance that offers financial assistance for medical costs and treatments. It is an agreement between the insured individual and the insurance provider, wherein the insured pays a premium in return for the commitment of the insurance company to cover the medical costs incurred by the insured individual or individuals.

• Possessing a health insurance policy gives you reassurance during emergencies and ensures access to quality medical services.

• Now that you might be aware of what health insurance is, explore the features and coverages of health insurance provided by Bajaj Allianz: *

• Coverage for pre- and post-hospitalization expenses

• Coverage for in-hospital costs, room rent, and boarding fees

• Doctor’s consultation charges

Ambulance fees

• Cashless claim facility available at over 6000 network hospitals

• Various customized health insurance plans are available to meet diverse needs, such as for individuals, family members, senior citizens, pregnant women, patients with critical illnesses, and others.

• Types of Health Insurance

• Are you curious about the various types of health insurance policies and their characteristics? Here is a concise summary of the different health insurance policies available in the market, each accompanied by its features and benefits, enabling you to choose the one that best fits your needs.

1. Individual Health Insurance

• This category of health insurance policy protects one person and provides coverage for hospitalization, medical expenses, and treatments. * It covers individuals aged 18 years and above. It offers sum insured options from INR 1. 5 lakhs to INR 50 lakhs and includes a lifetime renewal option. The premium for an individual health insurance policy depends on the insured person’s age, health status, and medical history.

2. Health Guard Family Floater Plan

• This family floater health insurance includes the entire family under a single policy. The sum insured (SI) options range from INR 1. 5 lakhs to 50 lakhs with these family plans. Policy term options extend coverage for up to 3 years. The premium for a family floater health insurance policy is determined by the age, health status, and medical history of the family members included in the policy.

3. Critical Illness Insurance

• Critical illness insurance is a kind of health insurance policy that covers certain critical conditions such as cancer, heart attacks, strokes, and kidney failure. * The policy pays a lump sum upon the diagnosis of critical illness, which can be utilized to address medical expenses and loss of income.

• 4. Silver Health Insurance plan
• This insurance plan is specifically crafted to meet the requirements of the elderly. The age of entry for this insurance plan ranges from 46 years to 70 years, with a lifelong renewal option available. This plan offers the financial protection necessary for your later years by covering your medical treatments needed in old age. *

5. Extra Care Plus Policy

• This is an additional coverage option that you can take alongside your current cover. This is a top-up plan that can be advantageous in case you deplete your sum insured during treatment. *

• While these are some of the plans detailed here, numerous other plans and top-up covers can be found on our website. All the plans come with a defined set of features, inclusions, and exclusions. It is highly recommended that you carefully review the policy wording to prevent any misunderstandings when submitting a claim.

• Having learned about health insurance and the various types of plans available, let’s examine the benefits one can obtain from health insurance.

• Features of Health Insurance

1. Hospitalization Coverage

Health insurance covers medical costs incurred during hospitalization, including room rent, doctor’s fees, surgical expenses, and nursing charges. Certain policies also cover daycare procedures that do not necessitate 24-hour hospitalization.

2. Cashless Treatment

Numerous insurers provide a cashless treatment feature at network hospitals, enabling policyholders to receive medical treatment without making an upfront payment. The insurer settles the bill directly with the hospital.

3. Pre and Post-Hospitalization

Expenses incurred before and after hospitalization, such as diagnostic tests, consultations, and follow-up treatments, are covered for a specified duration, depending on the policy.

4. Ambulance Charges

Emergency ambulance services, including transportation fees to the nearest hospital, are covered under the majority of health insurance plans, ensuring prompt medical assistance.

5. No-Claim Bonus (NCB)

If no claims are made during a policy year, insurers grant a bonus in the form of an increased sum insured or a discount on the premium for the next renewal.

6. Critical Illness Cover

Some plans provide additional coverage for critical illnesses like cancer, heart disease, and stroke, offering a lump sum to manage treatment expenses and financial needs.

7. Tax Benefits

Policyholders can avail themselves of tax benefits under Section 80D of the Income Tax Act on premiums paid for themselves, spouses, children, and dependent parents. The deduction limit varies according to age.

8. Maternity and Newborn Cover

Certain policies provide maternity benefits, covering delivery expenses, prenatal and postnatal care, and newborn medical expenses, alleviating the financial burden on expecting parents.

9. Lifetime Renewability

Most health insurance plans offer lifetime renewability, allowing policyholders to maintain their coverage without age limitations, ensuring financial security in old age.

10. AYUSH Treatment

Alternative treatments such as Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH) are included in many policies, providing diverse healthcare options beyond allopathic treatments.