Health Insurance

Health insurance protects you against the financial implications of a wide variety of health-related expenses, ranging from those caused by minor illnesses and injuries to critical diseases.

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What Is Health Insurance

Health insurance is a contract that requires an insurer to pay some or all of a person's healthcare costs in exchange for a premium. More specifically, health insurance typically pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees, with premiums partially covered by the employer but often also deducted from employee paychecks.

With changing lifestyles, an increase in environmental pollution, and many such factors, an individual's health is severely affected. This could lead to various health conditions and diseases. Medical costs linked with the treatment of such sicknesses are accelerating rapidly. To reduce the financial damages caused by high medical bills, it is important to invest in good medical insurance policies.

Benefits of Health Insurance

Pre and Post Hospitalization

Private health care prices are extremely expensive and mostly not affordable. Health insurance policies not only pay for hospitalization but pre and posthospitalization costs as well.

Cashless Hospitality

All medical policies provide cashless hospitalization feature, so one can get hospitalized to a network hospital and get started with the necessary treatment.

Save Money

Private medical care costs are going through the roof. With an extensive health insurance plan in place, one can focus on getting the right treatment while the majority of the expenses will be taken care of by the insurer.

Annual Health Check-ups

Most insurers provide free annual health check-ups to woo the customers. These are held at the impaneled center and the insurer pays the charges to the center directly.

Types Of Health Insurance

Individual Health Insurance

An Individual Health Insurance plan is meant for a single person. As the name suggests, it can be bought by a single individual. The individual who gets himself insured with this plan is compensated for the expenses incurred for illness and medical expenses. Such types of medical insurance plan cover all the hospitalisation, surgical, pre and post medication expenditures till the insured limit is reached. The premium of the plan is decided on the basis of the buyer's age and medical history. Moreover, the insured individual can cover his spouse, his children, and parents, too by paying an extra premium under the same plan. However, if you get insured for any existing illness, there is a waiting period of 2-3 years for claiming the benefits.

Family Health Insurance

Popularly known as the Family Floater Plan, Family Health Insurance Policy secures your entire family under a single cover. Health insurance plans for family covers all the members of your family including your spouse, kids, and elders. Only one member of the family has to pay the premium, and the entire family gets insured in a single premium. In case two family members are getting simultaneous treatment, you can claim the insurance for both of them till the limit is reached. The premium is decided on the basis of the age of the eldest member to be covered up in the plan. So, try to avoid adding the members who are above 60 years in your family health insurance plan as they are more prone to illness, and thus, the premium will get impacted.

Critical Illness Insurance

The Critical Illness Insurance plan insures the person by offering a lump sum amount of money for life-threatening diseases. At the time of buying the insurance, the chosen health problems are included, and if you get affected by any of the pre-selected conditions, you can claim your insurance. Hospitalisation is not required to file a claim under this type of insurance policy. Only the diagnosis of the disease can make you avail the benefits of the critical illness insurance. The amount to be paid is pre-decided irrespective of pre and post-hospitalization expenses. Below is a list of all the critical diseases that are covered up in the Critical Illness Insurance.

Senior Citizen Health Insurance

As indicated by the name, such types of Health Insurance in India provides coverage to people who are 65 years and above. So if you are planning to buy an insurance policy for your parents or grandparents, then this is the best insurance policy for you. The Senior Citizen Health Insurance will offer you coverage for the cost of hospitalisation and medicines, whether it arises from a health issue or any accident. It covers hospitalisation expenses and post-treatment costs too. On top of this, some other benefits like Domiciliary Hospitalization and Psychiatric benefits are also being covered. The upper age limit has been marked at 70 years of age. Also, the insurer can ask for a complete body checkup before he sells the Senior Citizen Health Insurance. Moreover, the premium for this plan is comparatively higher as the senior citizens are more prone to illness.

Top Up Health Insurance

An individual can buy the Top Up Health Insurance plan if he seeks coverage for higher amounts. But there is a "Deductible Clause" added to this policy. Therefore, when the claim is made, the payment done is over and above the pre-defined limit that is mentioned in the policy. Moreover, there is also a Super Top-Up plan available for the individual. It provides additional coverage over the regular policy to increase the amount of sum insured. The Super Top-up plan can only be used once the insured sum of the regular policy gets exhausted.

Hospital Daily Cash

Another segment is the different types of health insurance policy providing an innovative solution is the Hospital Daily Cash. If you feel insecure about buying an insurance policy, then you should go further with this plan and learn about how these health insurance policies work. This plan can help you to protect yourself from unexpected expenses during your hospitalisation. Once a person gets hospitalised, the routine hospital expenses are not fixed, and they tend to change as per the condition. In such a situation, the Hospital Daily Cash works the best for an individual. In this plan, the individual gets a daily cash benefit of Rs. 500 to 10,000, as per the coverage amount selected at the time of insurance. Convalescence benefits are also offered in some of the plans if the individual gets hospitalised for more than seven days. Other add-ons include Parental accommodation and wellness coach.

Personal Accident Insurance

The number of road accident cases have increased over the years, and that is why today, there are dedicated types of health insurance in India to protect the citizens. Thus, people end up losing their life or getting disabled, and bearing the treatment expenses can be a bit traumatising. So, availing of the personal accident insurance policy is a wise idea. This policy provides a lump sum amount to the victim or his/her family as support. Some of the plans also offer education benefits and orphan benefits meant to cover the expenses of the children. Moreover, Bajaj Allianz also provides add-on coverage like temporary total disablement, assistance service, worldwide emergency, and accident in-patient hospitalisation with personal accident plans. Other than this, if the insured suffers from an accident and has any loan obligations, it will also be taken care of by the insurance provider.


Illnesses and accidents do not come with a pre-notification. The same goes for the expenses that one has to bear once the person gets hospitalised for any of these. Therefore, one should go for buying a Mediclaim Policy. The Mediclaim Policy ensures compensation for your hospitalisation expenses in case of any illness and accident. It provides coverage for the in-patient expenses that include surgery expenses, doctor's fees, nursing charges, oxygen, and anaesthesia. The Mediclaim Policy is available in the market as group mediclaim, individual medical insurance, overseas medical insurance, etc.

Group Health Insurance

Group Health is one of the up and coming types of health insurance plans trending these days. Many medium and large-scale enterprises are offering this insurance policy to the employees. This type of health insurance is bought by the employer of the company for its employees. The premium of this policy is comparatively lower than the Individual Health Insurance Policy. It is offered to the group of employees to meet the financial crisis and prudence in the company.

Disease-Specific (M-Care, Corona Kavach, etc.)

Nowadays, people are prone to get infected by an array of illnesses, and one of them is Covid-19. Thus, treatment for such infections can be a bit heavy on your pocket. Therefore, to make it easy for the people to avail treatment Bajaj Allianz has introduced some disease-specific insurance policies. Therefore, you must think of buying a health insurance policy that helps you in such severe health problems. Disease-Specific comes under the situation-oriented types of medical insurance policy that provides you coverage for specific diseases. One of the insurance policies is Corona Kavach that provides a fund of Rs. 50,000 to Rs. 5,00,000 to the person insured. The age limit is set between 18 to 65 years. It is a type of Family Floater Policy. If we talk about M-Care Health Insurance Policy, it provides insurance to the insured person against the diseases caused by mosquitoes. There are different types of mosquito-borne diseases that include Dengue Fever, Malaria, Chikungunya, Zika virus, etc. Thus, M-Care offers you coverage for these diseases.


ULIPs expands to Unit Linked Insurance Plans. In these plans, a part of your premium is invested, and the other remaining part is used for buying health covers. Therefore, this plan helps you earn a return besides providing you a safety net. Your savings can run short with the ever-rising cost of health facilities. So, it is always better to have more money at your disposal. ULIPs don't assure you a fixed amount as it is subjected to market risks. And the returns that are earned from ULIPs are paid to the buyer at the end of the policy term.

Health Insurance FAQ Guide

Health insurance is a contract that requires an insurer to pay some or all of a person's healthcare costs in exchange for a premium. More specifically, health insurance typically pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured.

All of us should buy health insurance and for all members of our family, according to our needs. Buying health insurance protects us from the sudden, unexpected costs of hospitalization (or other covered health events, like critical illnesses) which would otherwise make a major dent into household savings or even lead to indebtedness.Each of us is exposed to various health hazards and a medical emergency can strike anyone of us without any prior warning. Healthcare is increasingly expensive, with technological advances, new procedures and more effective medicines that have also driven up the costs of healthcare.

Insurance companies have tie-up arrangements with several hospitals all over the country as part of their network. Under a health insurance policy offering cashless facility, a policyholder can take treatment in any of the network hospitals without having to pay the hospital bills as the payment is made to the hospital directly by the Third Party Administrator, on behalf of the insurance company.

Yes. When you get a new policy, generally, there will be a 30 days waiting period starting from the policy inception date, during which period any hospitalization charges will not be payable by the insurance companies. However, this is not applicable to any emergency hospitalization occurring due to an accident. This waiting period will not be applicable for subsequent policies under renewal.

Documents Required For Health Insurance

  • Age Proof- Birth certificate, Passport, 10th or 12th mark sheet, Aadhaar card, PAN card, etc.(Any one)
  • Address Proof- Aadhaar card, Telephone bill, Electricity bill, Passport, Ration card, Driving license, Voter's ID
  • Identity Proof- For identity proof, you can provide your Aadhaar card, Voter ID, passport, PAN Card, and driving license.
  • Passport Size Photograph- Health insurance companies also ask for passport size photos of all the policy applicants.
  • Medical Reports- Some health insurance companies require their applicants to undergo medical tests. Customers also require submitting all the reports of these medical tests.

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