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All About Health Insurance In India Benefits Of Health Insurance

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All About Health Insurance In India | Best Health Insurance In India

You may be familiar with a variety of insurance products, one of which is Health Insurance, which covers all medical expenses for an ill or injured individual. In health insurance, as with other types of insurance, the person chooses a plan and agrees to pay a set sum each month.

All About Health Insurance In India Benefits Of Health Insurance

Health insurance is essential nowadays, given the alarming rise in death rates, with the majority of deaths occurring due to a lack of funds, resulting in no treatment.

As a result, it is ideal for everyone to pay a small monthly premium for medical insurance and receive financial assistance when needed. People can get health insurance from a variety of private and government-run institutions.

Types of Health Insurance

Various types of Health Insurance are provided for you and your family members. Such as prescription drugs in which the expenses of the medication are reimbursed under the insurance policy plan. Then you have a life insurance policy, disability insurance, dental insurance, vision insurance, and much more.

Health Insurance Terms in Brief

Enlisted are some of the jargons that are used in the health insurance industry:

  • Survival Period: This term is majorly used in critical insurance plans. Most of the times the policyholder have to survive for at least 30 days after the diagnosis of the medical condition in order to avail the claim benefits.
  • Pre-Existing Illnesses: Pre-existing illnesses or diseases is the illness that you have before you have purchased the insurance plan. Most of the insurance providers do not offer coverage for pre-existing diseases before the completion of four years of the policy. If you have continued your health insurance policy with the same insurance provider for four contentious years, then the insurer may consider covering your pre-existing illnesses.
  • Network Hospitals: All the health insurance providers have tie-up with some hospitals; these hospitals are termed as network hospitals of the insurer.
  • Waiting Period: Every health insurance policy has a waiting period. It is a time after which you can avail the benefits of your health insurance plan. However, exceptions such as emergency hospitalization due to an accident are covered even before the waiting period is over. The tenure of waiting period may vary with the insurance provider and the plan you take, but for general health insurance policies, it is mostly 30 days.
  • Inclusions: All that is covered in your health insurance policy is considered as the inclusion of your plan. The inclusions are mentioned in the policy documents.
  • Exclusion: All that is not covered in your health insurance plan is known as its exclusion. The exclusions are mentioned in the policy documents. There are some exclusions that are common in most of the health insurance plans, such as treatment of AIDS, dental treatment, self-injury, etc. are a few standard exclusions.

Why do you need Health Insurance now?

Nobody expects to get sick or harmed, but serious sickness can strike at any time. The cost of treating the condition might put a significant strain on any funds you've built up over time. This means you may have to choose between providing your child with the best education possible and defaulting on your mortgage payments. The expense of medical treatment is steadily increasing today.

For example, a vial of 440 mg of Herceptin, a cancer drug, costs around $110,000. Over the course of a year, a patient normally consumes 17-19 bottles, depending on their weight. Just for the drug, that's between 18 and 20 lakhs. When you factor in hospitalization expenditures, medical consultation fees, chemotherapy costs, and other expenses, your total outlay might be in the millions of rupees. These prices, which are already very high, continue to rise year after year. 

The majority of intelligent people have taken the essential safeguards to protect their health as soon as possible. Health insurance is a living benefit that pays out if you need money in an emergency. One ailment can wipe out all of your savings for your children's education, marriage, home ownership, and even retirement.

You would not want your family's dreams to get shattered just because of an illness, especially when you could have protected yourself financially. It is beneficial to take a health insurance policy when you are young and healthy. As you get older, not only does your premium increase, but you also stand a chance of being denied health coverage by the insurance company.

Health Insurance Plans

Under a health insurance policy, you get two basic plans: Mediclaim plans and Critical Illness insurance plans.

Mediclaim plan

1. In the insurance company reimburses the cost of medical treatment when a person is admitted to the hospital. Under this insurance plan, all the expenses are taken care of once you submit the original bills given by the hospital. At the beginning the insurance land insurance company set a specific limit to which they will cover the reimbursement mentioned in the terms and conditions of the insurance plan. 

2. The second plan, which is the critical illness insurance plan, covers death and life-threatening diseases.  As the name suggests, under this plan, the insurance company covers the expenses of the prolonged critical illness that requires lengthy and expensive treatment. 

Critical illness insurance policy, the reimbursement does not happen based on the actual costs, and the insured can choose his or her reimbursement cover. 

People can also claim compensation under this plan even if they have not gone under medical treatment.  Because of the disease, they have to adapt themselves to a different kind of lifestyle, leaving the job for a few months and for which they’ll require money for a livelihood.

Which Health Insurance Plan is the Best?

Many people ask the question of which health insurance plan should they buy, the Mediclaim plan or critical illness plan? However, we believe that both of the plans are important because, with the Mediclaim plan, the insurance company will reimburse hospitalization expenses.

In critical illness insurance plans, they provide you with a lump sum of money that you can use as a substitute for your monthly income if you have to leave your job because of the disease. So in a way, both of the plans are the best, and a person having both of them can have a more significant level of health security.


Life is uncertain, and to keep yourself and your family safe, it is necessary that you have a good health insurance plan that can help you in tough times.

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