Health insurance gives you coverage against hefty medical expenses that may arise due to sickness and accidental injury. In most of the cases, health insurance is offered to people in the age group of 5 to 80 years. In some cases, children under five years are covered if their parents are also covered.
Benefits of a health insurance plan
Due to skyrocketing inflation, quality healthcare, hospitalization is becoming very expensive. Large hospitalizations which cost lakhs of rupees can seriously burn a very big hole in one’s savings or worse, burden one with huge debt. Health Insurance plans help in spreading such a risk to larger no. of people, and hence bring the costs down per person.
How does a health insurance works?
Health Insurance is generally an annual Insurance policy, renewable every year. The policy covers Hospitalization due to Sickness and Accidental Injury, subject to certain exclusions and waiting periods, which are explicitly mentioned in the policy wordings. You can claim Health Insurance in 2 ways – Cashless or Reimbursement.
Some Top Health Insurance companies
|Insurance Company||Members||Waiting Period||Renewability||Branches||Claim Ratio|
|L & T||4 (2 Adults + 2 Children)||3 Yrs||Lifelong||2800||46.52%|
|HDFC EGRO||4 (2 Adults + 2 Children)||4 Yrs||Lifelong||5000||51.00%|
|SBI||4 (2 Adults + 2 Children)||To 4 Yrs||Lifelong||3000||54.41%|
|Max Bupa||4 (2 Adults + 2 Children)||4 Yrs||Lifelong||3500||59.53%|
|Bajaj Aliaz||6 (2 Adults + 4 Children)||4 Yrs||Lifelong||3700||74.94%|
|Bharti AXA||4 (2 Adults + 2 Children)||4 Yrs||Lifelong||5000||85.42%|
|Reliance||6 (2 Adults + 4 Children)||4 Yrs||Lifelong||4000||95.87%|
|National||6 (2 Adults + 4 Children)||4 Yrs||Lifelong||6000||110.40%|