Should You Consider Buying A Rs. 1 Crore Health Insurance Policy?
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8 April 2022On 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.
Table of contents
- Why Buy A Rs. 1 Crore Health Insurance Plan?
- Medical Insurance Policies with a Sum Insured of Rs. 1 Crore
- Key Benefits of Rs. 1 Crore Medical Insurance
- Key Benefits of Navi Health Insurance
- Reasons to Purchase a Rs. 1 Crore Health Insurance Plan
- How Rs. 1 Crore Health Insurance Policy Can Help
- Things to Consider before Buying a Rs.1 crore Health Insurance Policy
- Final Word
- FAQs on Rs.1 Crore Health Insurance Policy
Why Buy A Rs. 1 Crore Health Insurance Plan?
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.
Medical Insurance Policies with a Sum Insured of Rs. 1 Crore
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) | Starting@Rs.610/month |
| Niva Bupa Health Insurance | Super Saver- Family Health Insurance | Rs. 1 crore | Starting@ 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 |
**Terms & Conditions Apply
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.
Key Benefits of Rs. 1 Crore Medical Insurance
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. |
| Renewability | Lifelong |
| Automatic restoration | Provided |
| No claim bonus | 10% to 50% |
| Organ donor costs | Covered |
| Ambulance 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?
Key Benefits of Navi Health Insurance
- Sum insured: Rs.2 lakh – Rs.1 crore*
- 10,000+ network hospitals
- Zero cap on room rent*
- 97% claim settlement ratio*
- Unlimited free online doctor consultations*
- Premiums starting at Rs.241/month
*Terms and Conditions Apply
Reasons to Purchase a Rs. 1 Crore Health Insurance Plan
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:
- Avail health facilities abroad: With a high amount of sum insured, you can opt for health treatments outside India.
- Coverage for costly procedures: An organ transplantation may cost you nearly Rs. 50 lakh. A higher sum insured will cover the expenses associated with this medical procedure.
- Adequate coverage for a family: A family medical insurance policy of Rs. 1 crore will effectively protect your family members during a medical emergency.
How Rs. 1 Crore Health Insurance Policy Can Help
A Rs. 1 crore health insurance policy can safeguard your savings in these circumstances:
- If you work in an unhealthy or polluted environment, you may opt for a policy with a high coverage amount to get an added layer of financial protection.
- A person who is a family’s sole earner can purchase a Rs. 1 crore health insurance policy to protect his/her family during an emergency and avoid financial stress.
- Owing to hereditary factors and a sedentary lifestyle, many people above the age of 40 suffer from critical diseases. Opting for a policy with a high coverage amount will offer financial assistance to such individuals during any medical emergency.
- If you have a family history of life-threatening ailments, you can opt for a comprehensive health insurance plan as a precautionary measure.
Also Read: What To Keep In Mind While Buying Health Insurance Policy?
Things to Consider before Buying a Rs.1 crore Health Insurance Policy
- Cashless facility: Cashless facility mitigates the need to undergo the hassle of paying a huge sum first to the hospital, and then waiting for the reimbursement from your insurer.
- Co-pay factor: Co-pay means that the medical bill would be split between you and your insurer, and the insurer won’t be settling 100% of the entire medical bill. You might want to go for a policy that would settle 100% of your medical expenses.
- No Claim Bonus Facility: Let’s say you have bought a health insurance policy. You don’t fall ill during the first policy year. This is when the insurer provides you No Claim Bonus. This bonus simply means that in case of zero claims in a year, the insured person would get their insurance cover increased by a certain percentage for the next year.
- Auto Restoration Benefit: Restoration benefit means that once a cover is fully exhausted, the insurer would refill the entire cover without any additional cost for one time or more.
Final Word
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.
FAQs on Rs.1 Crore Health Insurance Policy
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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