HEALTH INSURANCE
Health Insurance is an arrangement by which the insurance company would pay or repay the medical charges of the existent, for hospitalization caused due to certain ails or accidents. In return for this service, a certain quantum, called decoration, is paid by the policyholder to the insurance company.
Health Insurance: Need
Everyone aims to be fit and healthy all the time, but we noway know when a medical exigency or a medical need may arise in moment’s times. The rising cost of medical treatment shouldn’t be a interference in earning the stylish medical care that we can land for ourselves and our favored bones . furnishing the stylish possible medical care can beget a severe strain on our fiscal position, and hence on our quality of life. A health insurance policy helps us ensure against similar eventualities. By carrying a health insurance policy, we pay a certain decoration to the insurance company, in exchange for which, they assure us of covering our hospitalization and treatment charges up to a pre-agreed sum.
Types Of Health Insurance Policies
Individual Health Insurance policy – This policy covers the surgical and hospitalization charges of an individual, independently. Premium is paid grounded on the age, once medical records and pre-existing complaint( s) of the individual only.
Family Health Insurance policy – Popularly know as the family floater health insurance policy, this policy covers the surgical and hospitalization charges of the entire family. For the purpose of a family health insurance policy, a family is defined as the existent, their partner and their children only.
The decoration paid covers every family member and the insurance limit can be used for any of the family members in a given time. decorations are determined grounded on the age of the eldest member in the group, the health history of all members being covered andpre-existing conditions, if any, at the time of first taking the insurance policy.
Elderly Citizen Health Insurance– Companies frequently health insurance programs to elderly citizens as well. As people above a certain age are more susceptible to ails, the decoration being paid then’s generally advanced.
Critical Illness Insurance – Under this policy, the policyholder is handed with a large lump sum figure, in case of being diagnosed with a life- hanging complaint. The list of similar ails is participated at the time of purchase of the policy and is confined to the same. The ideal of this policy is to help the policyholder pay for precious treatments, which are generally linked to these critical ails and to replace their income during the long associated treatment ages.
Group Insurance programs – This type of health insurance is handed by organizations to their workers and may also be extended to the family members of the workers, depending upon the organization internal programs. This health insurance policy works in a analogous manner as an individual health insurance policy or a family health insurance policy( depending on who all are covered by the same) with the major difference being that the decoration is paid by the employer, and the policy benefits end in case the individual leaves the organization.
Benefits of buying a health insurance policy
Covers complete OPD conditions
ICICI Lombard’s Befit plan is acclimatized to cover the charges of all your minor and severe health enterprises, including teleconsultation with the croaker , drugstore, and routine diagnostics on a cashless base.
Provides cashless treatment
At the time of hospitalization, you don’t have to worry about arranging cash to pay your sanitarium bill. Your health insurance company will settle it directly with the sanitarium if it’s in their network.
Covers pre-existing conditions
A health plan covers you for a pre-existing complaint once you have completed the staying period mentioned in the policy instrument.
Covers pre and post hospitalization
One of the crucial benefits of a health insurance policy is that it covers your medical charges incurred just ahead and after hospitalization.
Claim tax benefit
You can claim a duty deduction on health insurance decoration under section 80D of the Income Tax Act, 1961.
Ensures new sum provision
Having good health has advantages of its own. According to the policy instrument of your health plan, you can take advantage of a fresh sum guaranteed for each claim-free period.
How to choose a good health insurance program
Total coverage/ Sum Insured
It is the most you can get reimbursed for hospital stays within a policy year. Arogya Sanjeevani Policy, ICICI Lombard, is a good choice if you’re searching for a policy with less coverage (less than ₹5 lakh sum insured). However, you should choose ICICI Lombard Health AdvantEdge, an all-inclusive health insurance policy, if you require broad coverage (beyond ₹5 lakh sum insured). If you would like to purchase our Health Booster policy if you currently have group health insurance and need a super top-up plan.
Additional sum insured
It is the bonus that is added to your total insurance amount for each year that you are claim-free. While ICICI Lombard Health AdvantEdge and Health Booster policies offer up to 10% additional sum insured, Arogya Sanjeevani policy offers up to 5% more sum insured. The maximum bonus that may be accrued from all of our health insurance products combined is 50%.
Add-ons
Our add-ons are available for a separate fee. Consider the ICICI Lombard Health AdvantEdge insurance if you would want to add our add-ons, which cover maternity, donor, and OPD fees, to your health plan. Additionally, you are able to add extras to our Health Booster policy, such as hospital daily cash, personal accident coverage, critical sickness coverage, etc.
