Best Health Insurance Policies in India (Features & Benefits):
About Health Insurance Policies:
Health Insurance helps protect an individual or family from financial loss for costs incurred because of sickness or injury. A health insurance covers comprehensive costs of hospitalization which include, Medical Tests, Doctor Fees, Blood tests etc., cost for ambulance, room charges, surgery charges, Medicines, Diagnostic tests etc.
As of 2016-2017 more than 80% of the Indian population did not have any sort of health insurance. People in rural and urban India depend upon the private sector for treatment. Most people apply for loans, sell their properties in case of medical emergencies. Medical emergencies are always unannounced, the best way to tackle them is through health insurance. The importance of health insurance is elaborated below :
Here , We have discussed one of the most trusted produts in the health insurance segment : MAX BUPA – Health Companion
In the year 2018 Max Bupa was ranked amongst top 8 family health insurance policies in the country.
Max Bupa Health insurance company limited is an Indian assurance firm which is a joint venture product of Max India limited and Bupa Finance plc UK, established for the purpose of carrying on health insurance in business in India, making it one of the most trusted products in the market in its segment. Max Bupa stand out because of their premium facilities like refill benefits, complimentary health checkups, Alternative medical cover, top-up facility and no-copayment at any age.
At Max Bupa customers get a no-claim bonus/multiplier benefit where there is 20% increase sum is insured and up to 100% base sum insured for every claim per year, the flexibility of covering up to 19 relationships and hospital accommodation without any limit.
Features of Max Bupa-Health Companion different from other insurance policy:
|FEATURES||MAX BUPA||OTHER INSURERS|
|Cashless Approvals||30 mins||4 Hours – 1 Day|
|Average Claim Settlement||15 Days||1 Month|
|Claims Handling||In House claim settlement||TPA|
|24X7 TeleMedical Assistance||Provided||Majority of others dont provide.|
|Sum Insured||2 lakh – 1 cr.||Majority of others dont provide.|
|Pre Medical Screening Cost||Sum insured up to 4 lakh, applicant need to bear 50% of expenses||Partially Borne|
|Value Added Services||Available||NA|
Other Advantages of Health Insurance Policies In India:
1.) Tax benefit: A major advantage for health insurance for the working class is tax benefit. Buy a health insurance plan/policy at a young age which will help you enjoy tax benefits for longer periods of time. The premium you pay is deductible from your total income under section 80D of the Income Tax Act, 1961. At MAX BUPA get benefits up to INR 60,000* on monetory investments and comprehensive health plan.
2.) Financial planning and Waiting Period: The policies have a waiting period of which ranges from 30-60 days, during which you cannot make any claims even if you have a medical emergency. Many illnesses in health insurance is covered after paying 2-3 years of premium, therefore buying it at a young age will give you greater coverage and help you plan your finances in a better way. At MAX BUPA- Health Cmpanion, you can get treatment if needed in case of an accident within 24 hours of buying a policy(W.E.F from 12 am midnight) so you can focus upon long term investments without having to worry about medical and health emergencies.
3.) Lifestyle and Rising Cost of Medical treatment: The sedentary lifestyle, genetics, pollution, long working hours, and lack of fitness regime lead are the major factors also lead lifestyle and other diseases. Over the last few years, the innovations and discoveries in medical technology has made it possible to cure incurable diseases. However, the treatment cost is so high, it is impossible for middle class families to afford them. Health insurance at a younger age will help you reap the benefits cover the rising medical costs of treatment. At MAX BUPA ,you can get up to 50% coverage on pre medical screening expenses for an amount of up to 4 lakhs*(only in case of prior intimation to the company)
4.) Cashless Benefit: With the emergence of several insurance companies such as MAX BUPA, ICICI Lombard, HDFC and others, the health insurance sector is on a rise in India. An important advantage of health insurance is the cashless benefits available with these insurance vendors, you do not need to carry large amounts of cash to the hospitals for medical treatments. The medical expense is incurred by the insurance company, and the holder will be able to avail the medical facility, at reduced costs. At MAX BUPA get cashless processing in 30 mins for thier policies.
5.) Lifelong renewal and No Claim Bonus (NCB): The policy holder can opt for life long renewal of health insurance plan. Thus, enabling them to avail extended coverage and other healthcare benefits for your entire life by opting for renewal of the policy. A No Claim Bonus to lure customers is offered by most health insurance companies. In the absence of any claims in the previous year of the policy term a no claim bonus ranging from 20%-100% of the sum insured is given to the holder. When you buy health insurance policy at MAX BUPA, you can avail cumulative bonuses as you renew your policy every year and enjoy no cost reduction in case of a claim.
So what are you waiting for?