On account of medical inflation, healthcare expenses are continuing to rise. This makes it necessary for individuals to purchase a health insurance policy to safeguard their savings in case of a medical emergency. A health insurance plan offers coverage for your expensive medical treatments, such as dialysis, chemotherapy, and more.
However, it’s important to understand your health insurance sum insured before signing up for a health insurance plan. For instance, with Navi Health Insurance, you can get health cover of up to Rs.1 crore (subject to terms and conditions of the policy). But do you actually need a Rs.1 crore health insurance policy? Are there any additional benefits of Rs.1 crore health plan? Let’s dive in.
A Rs. 1 crore medical insurance policy can facilitate comprehensive healthcare coverage to Indian consumers at an affordable premium. These policies are constructed as an integration of a super top-up plan and a base plan that drastically cuts down the premium. For this reason, the number of individuals purchasing medical insurance policies with a high amount of sum insured has increased significantly over the past few years.
These plans are suitable for people with a family history of diabetes, cancer and heart disease. The coverage usually but not limited to includes organ donor expenses, ambulance expenses, post and pre hospitalisation expenses and hospitalisation costs. If you buy a Rs.1 crore insurance plan at a young age, your premium could be lower, considering most people have little to zero underlying conditions when they are young.
Go through the chart below to know about some of the health insurance policies that offer coverage of Rs. 1 crore:
|Insurer||Policy Name||Sum Insured||Monthly Premium|
|**Navi Health Insurance||Navi Health Insurance||Rs.1 crore||Starting @Rs.241/month|
|Future Generali Health Total Vital||Health Total Vital||Rs.1 crore (maximum)||[email protected]/month|
|Niva Bupa Health Insurance||Super Saver- Family Health Insurance||Rs. 1 crore||[email protected] Rs.767/month|
|Care Health Insurance||Care Advantage||Rs. 1 crore||Starting @ Rs.482/ month|
|Aditya Birla Health Insurance||Activ Assure Diamond Plan||Rs. 1 crore (maximum)||Starting @ Rs.2166/month|
If you’re interested in buying a comprehensive 1 crore health insurance policy, you can sign up for Navi Health Insurance. Navi facilitates cashless claim settlement across 10,000+ network hospitals in India. You can install the Navi app to finance the purchase of a health insurance policy through a comfortable EMI facility, starting at Rs. 241 per month.
The following are the advantages of a Rs. 1 crore health insurance policy:
|Sum insured||Rs. 1 crore|
|Additional coverage applicable||Compassionate visit, domestic evacuation, repatriation cover, global cover, second medical opinion, critical illness cover, cancer cover, etc.|
|No claim bonus||10% to 50%|
|Organ donor costs||Covered|
|Post and pre hospitalisation expenses||60 days and 30 days, respectively|
|In-patient hospitalisation||Applicable for minimum hospitalisation of 1 day (24 hours)|
Also Read: Should You Buy Health Insurance On EMI?
*Terms and Conditions Apply
A health insurance policy of Rs. 1 crore will cover costly medical treatments making sure that the insured doesn’t have to worry about hospital bills. Here are the reasons why you may consider opting for such a plan:
A Rs. 1 crore health insurance policy can safeguard your savings in these circumstances:
Over the years, there has been a gradual increase in lifestyle diseases. So, you must make a constant effort to maintain a healthy diet and lifestyle. Additionally, you must be financially prepared for any sudden medical emergency. For this, you might want to consider opting for a Rs. 1 crore comprehensive health insurance policy with multiple benefits.
Ans: Regardless of what habits a person has, he/she may purchase a medical insurance policy of Rs. 1 core. Such a policy covers major diseases and daycare procedures, such as muscle and tendon repair, gallbladder removal, and cataract.
Ans: Certain hospitals have tie-ups with insurance companies. If an insured individual avails treatment at any of the network hospitals, he/she need not pay the medical bills. The insurance provider via its TPA will make a direct payment to this hospital. This is what a cashless facility means.
Ans: Yes, you must always check an insurer’s claim settlement ratio before opting for a health insurance plan. A claim settlement ratio denotes the percentage of claims that an insurer settles out of the total claims during a year. It indicates an insurer’s credibility.
Ans: There is nothing to worry about if you have missed your medical insurance policy renewal date. Most of the insurance providers allow you to renew your policy within the succeeding 30 days. You can avail similar benefits as your previous policy. However, in these extra 30 days, you may not get any coverage for your claim.
Ans: Under Section 80D of the Income Tax Act, 1961, a tax deduction of up to Rs. 25,000 is applicable for you, your children and your spouse. However, all members must be below the age of 60 years.
Besides, an extra deduction of Rs. 25,000 is available for your parents if they are below 60 years of age. If they are above 60 years of age, a deduction of Rs. 50,000 is applicable.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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