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Health Insurnce

Ensure Financial Security For Your Family With  Life Term Insurance Plan + Critical Illness Rider…

 

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    What Is Health Insurance?

    All you need to know

    Health Insurance Plans

    Health insurance is meant to provide financial cover against hospitalization costs, prescription fees, medical bills, etc. With soaring medical bills and hospitalization costs, buying health insurance has become more than just an option; it has become a necessity if you seek the best medical care without worrying about the financial strain it might bring on your wallet. One can get health insurance against regular premium payments. These premiums depend on age, medical conditions, coverage, policy term, etc. Ensure that you find the best health insurance plans and additional riders that meet all your future medical requirements.

    What Is Health Insurance?

    Health insurance plans in India are basic indemnity-based insurance products, which are specifically designed to provide financial assistance against medical expenses incurred in case of hospitalization or critical illnesses.

    • Health insurance in India is a contract between an insurance provider and a customer which promises the insurer to pay for the medical bills if the policyholder is injured or sick in the future, resulting in hospitalization.
    • Health insurance covers medical expenses, which includes hospitalization & treatment charges along with surgeries or any other medical cost.
    • Generally, insurance companies who provide the best health insurance plan in India are associated with a vast network of hospitals, which ensures convenient cashless treatment for the policyholders.
    • Furthermore, a health insurance policy also helps you cope with the work-pay loss while undergoing treatment, which may otherwise cause imbalances in your family finances. In other words, having coverage with the best health insurance in India will enable you to opt quality medical treatment without burdening your savings.

    Family’s Financial Planning Starts Here;
    calculatorBannerTickIconTax exemptionup to Rs.54,600~#
    calculatorBannerTickIconHigh life cover at affordable premiums
    calculatorBannerTickIconClaim Paid Ratio^99.35%
    calculatorBannerTickIconCoverage against 64 critical illnesses@

    Types of Health Insurance Plans

    The best health insurance in India is the one that can adequately satisfy your specific financial needs. To be able to make an informed decision before purchasing, you must know the many types of health insurance plans in India, such as:

    • Cancer insurance plans
    • Critical Illness benefit
    • Individual health insurance plan
    • Family Floater Health Plan
    • Group Health Cover

    Let us take a closer look at these plans in detail:

    Cancer Insurance Plans

    Cancer Insurance plans  help tackle the medical treatment expenses in case you are diagnosed with cancer. These plans provide comprehensive protection against all stages of Cancer. You receive a portion of the cover paid upfront upon diagnosis of cancer at an early stage, while all the future premiums are waived. If cancer is detected at a major stage, you may receive the full cover amount with an additional income for a specific period.

    Critical Illness Plans

    Along with the best health insurance in India, you can get a critical Illness plan/benefit that helps you avail comprehensive financial protection in the form of payouts upon diagnosis of any life-threatening ailments. Unlike health insurance companies, Max Life Insurance offers Critical Illness Benefit as an add-on feature with its Max Life smart secure plus plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan UIN: 104N118V02) which is a term plan.

    Benefits of Health Insurance Plans in India

    Health insurance plans provide comprehensive coverage against the medical costs associated with the treatment of life-threatening ailments such as cancer and other medical emergencies. With comprehensive health insurance coverage, you can protect your finances while your medical insurance plan takes care of the high medical bills, hospitalization, and other treatment expenses. Here are a few benefits of investing in the best health insurance policy in India

    1. Comprehensive Coverage Against Medical Treatment Expenses

    Having health insurance enables you to receive the best possible care in case of a medical emergency, without putting any strain on your savings. In other words, the best health insurance company in India will offer comprehensive protection against medical costs, which may increase rapidly depending upon the situation. A helpful online health insurance tip

    2. Additional Financial Protection Against Critical Illnesses

    Some of the health insurance company in India offer critical illness insurance protection, either as a rider add-on or as a standalone health insurance policy. Having health insurance coverage, together with critical illness cover, provides financial protection against several life-threatening ailments such as kidney failures, cardiovascular issues, bone marrow transplants, stroke, and accidental dismemberment. Common critical illnesses covered under Max Critical Illness & Disability Rider include:

    • Cancer of Specified Severity (malignant tumor)
    • Angioplasty
    • First Heart Attack – of Specified Severity
    • Open Heart Replacement or Repair of Heart Valves
    • Surgery to Aorta
    • Cardiomyopathy
    • Primary Pulmonary Hypertension
    • Open Chest CABG
    • Blindness
    • Chronic Liver disease

    In case you are diagnosed with a critical illness included under the predetermined list of your health insurance policy, you are eligible to receive a significant amount as a lump sum.

    In case you are diagnosed with a critical illness included under the predetermined list of your health insurance policy, you are eligible to receive a significant amount as a lump sum. You can utilize this amount to meet your daily expenses, illness-related treatment costs, and any other requirements.

    3. Avail of Cashless Treatment Across Leading Network Hospitals

    The health insurance plans in India, also offer cashless claim facilities across any of the leading hospitals in the country. In cashless treatment, the treatment costs are borne by your health insurance provider as they directly settle the hospitalization expenses with on your behalf.

    To avail of cashless treatment benefits, however, you have to seek admittance at any of the network hospitals as prescribed under your health insurance policy. Furthermore, you may have to fill out a pre-authorization form and provide your health insurance card to avail of the cashless treatment facility

    4.Significant Tax Saving Benefits4

    To promote awareness and access to comprehensive health insurance plans to the masses, the government offers significant tax-deductions on the premium paid towards the health insurance policy.

    Accordingly, the premium paid towards your health insurance policy is eligible for tax deduction under Section 80D as per income tax act 1961 . The quantum of tax deductions under your medical insurance plan is as below:

    a) If you purchase health insurance coverage for your spouse, children and yourself, you can save up to Rs 25,000 as tax deductions.

    b) By including your parents (below 60 years of age) under your health insurance coverage, you can avail of additional tax deductions up to Rs. 25,000, to take your total tax savings up to Rs. 50,000

    c) In case your parents are ageing 60 years or above, the total amount of tax savings may increase up to Rs. 75,000

    d) You can also avail of a deduction of Rs. 5000 towards payment of preventive health check-up of your spouse, dependent children, parents and yourself

    Covered IndividualsExemption LimitHealth Check up Exemption LimitTotal Deduction under Section 80D
    Self, spouse and dependent childrenRs 25,000Rs.5,000Rs. 25,000
    For self and family including parents (all under 60 years of age)Rs. 25,000 + Rs. 25,000Rs.5,000Rs. 50,000
    For self, family including senior citizen parentsRs. 25,000 + Rs. 50,000Rs. 50,00Rs. 75,000
    For self and family members including parents (all above 60 years of age)Rs 50,000 + Rs. 50,000Rs. 50,000Rs. 1 Lakh

    *

    Note: The maximum deduction for preventive health check-ups, of up to Rs 5,000 shall be allowed for payment made towards such health check-up of your spouse, dependent children, parents and self, under Section 80D

    4Tax benefits as per prevailing tax laws, subject to change

    Optional Add-Ons in Health Insurance

    With the rise in life-threatening diseases that can put a significant dent in your finances, opting for add-ons over and above your base health insurance plans can come handy in managing health related emergencies. Some life-threatening diseases such as critical illnesses that include cardiovascular diseases, stroke, cancer, and kidney failure require a separate cover so that you can avail the best form of treatment for such ailments without stressing about the cost of getting treated.

    A Critical Illness and Disability Rider(A Non-linked Non-participating Individual Pure Risk Premium Health Insurance Ride| UIN:104B033V01)is an important add-on in health insurance that offers a critical illness insurance for increased financial security and well-being as well as creating a pool of wealth for your future. Some extended benefits on this rider include:

    • Covers 64 kinds of critical illnesses
    • Offers permanent and temporary disability cover
    • Provides comprehensive coverage for all kinds of health emergencies above your base health insurance plans
    • Premiums paid for this rider are flexible
    • Avail an extended coverage period up to 85 years for two variants of this rider

    A wellness benefit that ensures a discounted renewal premium basis the number of steps you walk or run

    Why Do You Need Medical Insurance?

    A comprehensive health insurance policy or medical insurance not only helps take care of the medical bills but can also provide coverage for other medical tests, treatments and procedures as per your need. With the best health insurance policy in India included in your financial plan, you can avail of sufficient financial coverage in any dangerous situation.

    Having health insurance is a crucial decision for several reasons. In the absence of health insurance coverage:

    • You are likely to utilize all of your savings while undergoing medical treatment and end up with a fiscal burden
    • You may have to opt for a sub-optimal treatment in case you do not have sufficient savings to take of the expenses

    On the other hand, some of the best health insurance plans in India provide:

    • Comprehensive coverage benefits that outweigh the costs of buying health insurance
    • Tax savings under Section 80D on the premium payable for health insurance coverage
    • Financial assistance to cover treatment, pre-and post-hospitalization expenses within the coverage tenure

    Certain health insurance plans in India such as Max Life Cancer Insurance Plan (UIN: 104N093V03)] * help provide comprehensive financial protection against all stages of cancer, by giving you an option to increase the sum assured under the policy by 10% for the first five claim-free years, at no extra cost.

    A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan

    How to Buy an Online Health Insurance Plan?

    The primary purpose of health insurance plans in India is to provide comprehensive financial coverage to you and your family members. Thus, you need to make sure that you are choosing a health insurance policy with sufficient coverage and cost-effective premiums payable.

    Here is how you can purchase online health insurance coverage

    • Fill in your details for a life/ health insurance plan/ cancer plan
    • Add the amount of critical insurance/ cancer insurance coverage (or sum insured) that you need with your online health insurance
    • Use an online health insurance premium calculator to arrive at the premium amount payable based on your age, gender, lifestyle preferences, chosen health insurance coverage (or Sum Insured) and Maximum Coverage Age.

    Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age.

    Who Should Buy Health Insurance Plans?

    Buying a health insurance policy for yourself and your loved ones is a crucial financial decision. Resorting to medical insurance has become a necessity because of how expensive medical care is, especially in today’s fast-paced lifestyle-driven world.

    Therefore, if you are a salaried or self-employed individual who has dependents to take care of, you must invest in a health insurance policy. Using a health insurance premium calculator will give you a better understanding how your profession may impact the health insurance coverage required. Furthermore, buying the health insurance plan becomes essential if:

    • Your age lies between 25 to 65 years
    • You want to make sure that your family remains protected during a medical crisis
    • You also want to maximize your tax savings beyond the limit offered under Section 80C of the Income Tax Act (health insurance premiums are tax-deductible under Section 80D of the Act),tax benefits as per prevailing tax laws, subject to change
    • You are a Resident Indian National [NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin), OCIs (Overseas Citizenship of India) or foreign nationals of Indian Origin cannot purchase health insurance plans in India]

    Factors Affecting Your Health Insurance Premium

    The fast-paced lifestyle that we live today, with so many stressors around us, some unhealthy habits that we adopt might become a roadblock in availing a good health insurance policy. The cost of health insurance plans and the premium amount paid varies significantly for insurers and the insured based on a number of factors:

    1. Smoking Status

    Your smoking status makes for a huge contributing factor that affects your premium amount as regular smokers are more prone to health diseases and conditions like lung cancer, heart diseases, respiratory disease and more. This vulnerability to a range of ailments affects your health insurance premium amount and you are required to pay a higher price.

    2. Alcoholism

    Individuals with regular and extreme drinking habits may have to pay higher premiums to get financial security. This is because excessive drinking has been linked to cases of renal and liver disease, high blood pressure, and other serious health issues.

    3. Gender Impact

    Gender is another factor that can impact premium rates for insurance policies. Typically, women have a longer lifespan than men which makes the premium rates comparatively lower for them.

    4. Age

    As an individual reaches a certain age, they become susceptible to age-related diseases and medical supervision that adds up to the cost of your health insurance plan.

    5. Family Medical History

    Some people have a medical history of certain diseases that are passed on to new generations. Such predispositions put some people at a greater risk for diseases. This is also a factor that affects your health insurance premiums.

    6. Occupation

    Individuals exposed to a stressful or dangerous working environment have higher chances of developing a disease or illness. In case your occupation makes you susceptible to accidents, it can affect your premium rates.

    7. Pre-Existing Diseases

    Before purchasing a health insurance policy, if you are diagnosed with an ailment, your premium amounts will be higher and requires a set waiting period to avail claims against treatment of such diseases.

    Health Insurance Plan Exclusions

    Health Insurance policy in India offer coverage which varies from one insurer to another. But, there are few common things which are not covered by some of the best health policy in India. Following are some of the most common health or medical insurance plan exclusions we should be aware of:

    • Critical illnesses coverage for pre-existing diseases is subject to a waiting period which can vary from one insurance company to another
    • Treatment in abroad or by an under-qualified medical professional
    • Pre-existing condition: Defined as a cancer condition (primary or metastatic); pre-cancerous condition or related condition(s) for which the insured had symptoms or was diagnosed earlier or got medical treatment prior to the date on which the policy was issued
    • Caused or contributed by (in whole or in part) Sexually Transmitted Diseases AIDS or HIV
    • Caused or contributed by (in whole or in part) any of the following:
    • Intoxication by alcohol or narcotics or drugs not prescribed by a Registered Medical Practitioner.
    • Nuclear, biological or chemical contamination (NBC)

    Note: The Health Insurance exclusions mentioned above can vary from one insurer to another. It is recommended to check for all the health insurance inclusion and exclusion before choosing the best health insurance plan in India.

    Does your Health Insurance cover COVID-19 claims?

    The coronavirus pandemic was a sort of eye-opener that emphasized the need of having a health insurance in place to fight against such unexpected medical emergencies. Insurance providers have assessed the need for a COVID-19 insurance that covers all medical expenses ranging from treatment costs to diagnostic tests.

    The two kinds of COVID-19 insurance offered as per the authorization of IRDAI are:

    Corona Kavach

    A short indemnity-based plan that pays up to the sum assured for hospital expenses.

    Corona Rakshak

    A benefit-based policy that offers lump sum payment equal to the sum assured if you are diagnosed by a government approved testing centre and requires hospitalization for 72 hours.

    These two corona health insurance plans are the need of the hour given the situation. Some insurers help you make claims against this policy in the form of an add-on rider while others provide a standalone insurance plan for COVID-19 related costs and treatments.

    When purchasing the best health insurance in India for themselves and their loved ones, one must ask this question – whether your plan allows you to make claims against COVID-19 as life is full of uncertainties and it is crucial to stay prepared for any such health adversities.

    Source: As per Press Release (irdai.gov.in)

    Health Insurance Plan Eligibility Criteria

    The need for buying a well-suited health insurance for you and your family is highlighted to ensure that you assess your requirements carefully and opt for a policy that offers maximum benefits at a reasonable cost. While it is essential for everyone to have the best health insurance policy in place to deal with expenditures linked to medical treatment, the criterion for eligibility is as follows:

    Entry Age

    Under a child health insurance plan, the minimum entry age is 16 days and goes up till 18 years. Whereas for an adult, the age of entry is 18 years and the individual enjoy all the benefits as per the policy terms and conditions.

    1. Pre-Existing Conditions

    If you are diagnosed with a disease before buying the health insurance plan, it is considered to be a pre-existing condition for which there is a specified waiting period. Only after the waiting period lapses, you are eligible to make claims against your health insurance plan for that particular illness.

    Why Buy a Health Insurance Plan at an Early Age

    It is always a good idea to buy the best health insurance policy from the best health insurance company in India at a young age as you do not have to stress about paying medical bills and exhausting hard-earned income on such hefty treatments. At an age where you would like to save up for your future, draining finances can affect your economic well-being and also affect you emotionally.

    The skyrocketing rate of inflation in the medical sector does not make it any easier, reason why buying a health insurance early in life comes handy in a number of ways.

    Check out some of the major benefits why youngsters should be investing in a health insurance plan:

    • Offers a comprehensive coverage for any health-related emergencies that may arise and put a strain on your financial security.
    • If there are any pre-existing conditions, you can wait out the specified waiting period early on without compromising too much on your health and become eligible for claims against it when you need it the most.
    • Since young people are healthy and less prone to diseases, the premium amounts are affordable and makes your health insurance cost worth the investment.
    • The tax benefits4 under section 80D are applicable which helps you save on your income and direct your fund towards a sound future planning.
    • You have wider coverage options with riders and add ons offering a comprehensive health insurance plan.

    When you are young, you are at your peak health. But today’s on-the-run lifestyle, increase in environmental pollution and rise in stressors have made young population the centre of a variety of health conditions which can hamper quality of living. Thus, on order to reduce such negative impacts, it is advisable to buy a health plan early.

    Documents Required to Buy Health Insurance Plan in India

    Following are some of the documents that you might be asked to furnish while buying health insurance plan in India:

    • Age Proof
    • Identity Proof
    • Address Proof
    • Medical Reports
    • Passport size photo

    Note: The list of documents required might vary from one health insurer to another.

    How to Choose Best Health Insurance Plan in 2022?

    Previous 2 years have been a year of learning when it comes to health and the uncertainties of life. It has also made us value health insurance plans and it’s significance. With so many insurance providers and types of health insurance out there, it may become a herculean task to decide which one is your best pick.

    Here are a few reasons why buying term insurance is worth it:

    Assessing Your Health Requirements

    Each individual has some specific health needs that they need to adhere to for availing the ideal plan for themselves

    Coverage Options

    Plans that offer comprehensive coverage with add on benefits with a coverage type suited for your needs are your best bet. As per your requirements, you might want to go for a family floater health insurance that offers higher sum assured at lower premiums that can be availed by all the members of the family a mentioned in the policy.

    Higher Sum Assured

    With the cost of treatment becoming unaffordable, you would want to compare plans online and opt for the one that offers a higher sum assured to ensure that all the expenses incurred are covered for.

    Renewal Benefits

    No-claim bonuses offered under a health insurance plan that are rewarded in the form of increased sum assured amount or a lower premium payment is the kind of flexibility that you should consider during policy renewals for choosing the best plan.

    Claim Settlement Ratio (CSR)

    CSR is the unit of measuring the total claims filed to the total successfully claims approved by an insurer to determine their success rate when it comes to settling health claims. It is essential to look for insurance providers who have a higher CSR rating as the higher the number the more chances you have at a smooth claim settlement process.

    Why Should You Compare Health insurance Plans Online?

    Purchasing a health insurance plan online has made our lives easier and what makes it even more convenient is the option to compare various plans online to help you get the best one. Here are some important benefits of comparing health insurance plans online:

    • Ease of access to a wide range of health insurance plans
    • As per your health requirements, income, and age, you can get free quotes online at the click of a button.
    • The flexibility of checking and comparing plans as per your convenience and time is unmatched. This means you can decide on which plan to buy from the comforts of your home and also buy including other family members in this decision.

    Tools such as health insurance premium calculator available readily online helps you figure out your ability to pay and factor in some other aspects to know if a particular premium plan works for you or not.

    How to Calculate Health Insurance Premium?

    To calculate your health insurance premium, you would need to assess your health requirements, income, age, gender and ability to pay based on your occupation. Once you are aware of all such factors, you need to take into account what payment type suits you. Whether it is monthly, quarterly, half yearly or annually. Having adequate knowledge of your needs and capabilities will ensure that you take up a plan with a premium payment that doesn’t seem like a burden.

    If you find yourself in a place where you need an expert to guide you better, you can always get in touch with us at Max Life Insurance with any queries or doubts you might have towards your health insurance plan.

    1. Coverage against All stages of Cancer

    Max Life Cancer Insurance Plan provides coverage against all stages of cancer. In case, you are diagnosed with cancer at an early stage, you will receive 20% of the sum assured under the plan upfront, while the remaining amount is payable if the cancer develops into a major stage.

    2. Dual Benefit of Lumpsum Payout

    In case you are diagnosed with a major-stage cancer, you will receive the full sum assured amount with an additional 10% as Income (annually) for the next five years.

    3. Indexation of Sum Insured

    Max Life Cancer Insurance Plan offers an inbuilt-indexation benefit. Herein the Sum Insured under the plan increases by 10% (simple rate) for the first five claim free years at no extra cost (up to a maximum of 150% of the basic sum assured).

    Tax benefits apply to the premiums paid and benefits received by you as per Section 80D of the Income Tax Act 1961. Tax benefit are as prevailing tax laws subject to change.

    5. Waiver of Premium Upon Early Detection of Cancer

    In case you are diagnosed with cancer at an early stage or a pre-cancer stage (carcinoma-in-situ), you will immediately receive a fixed percentage of the sum assured, while all future premiums payable are waived off.

    6. Long Term Coverage

    Max Life Cancer Insurance Plan allows you to avail health insurance coverage up to the age of 75 years, making it a great health insurance plan

    What is the Difference between Health Insurance Plan, Cancer Insurance and Critical Illness Insurance?

    In India, it is prudent to invest in Critical Illness (CI) and health insurance plans to avail of financial assistance against medical treatment costs for various health ailments and related hospitalization.

    With the growing number of cancer patients in the country, however, it is advisable to consider buying a dedicated cancer insurance plan to help mitigate the financial burden related to cancer treatment expenses.

    To help you understand, we are listing the key differences between health insurance, CI insurance and cancer insurance in the below table

    Type of InsuranceCancer InsuranceCritical Illness InsuranceHealth Insurance Plans
    Reason to Purchase

    • Covers cancer treatment expenses by payment of l ump sum amount after diagnosis

    • Benefit-based policy

    • Payment of lump sum amount after diagnosis

    • Benefit-based policy

    • A basic indemnity-based plan for commonly occurring ailments

    • Provides either reimbursement for the expenses or cashless treatment

    What Does It Cover?Provides financial coverage against all stages of CancerCommon critical illnesses, as per the policy documentCovers the incurred medical and surgical expenses
    Who Should Purchase?

    • Ideal for those who wish to prepare against cancer

    • Can purchase a cancer insurance with a health insurance policy.

    • Ideal for those who wish to prepare against critical illnesses

    • Can purchase health insurance with a critical illness policy

    • Ideal for tackling the rising healthcare costs.

    • Has precedence over the other two.

    • Can always add cancer and critical illness cover later

    Ensure Protection Against Medical Emergencies with Health Insurance

    Nowadays, having health insurance coverage has become a resourceful weapon against the rising costs of medical treatment. The Health insurance plans provide comprehensive financial assistance against the various in-patient hospitalisation and treatment expenses.

    At the same time, you can enhance the health insurance coverage by augmenting your basic medical insurance policy with a Critical Illness (CI) and Cancer insurance plan. This way, you can avail of all-around financial protection against common and life-threatening ailments, including cancer. Be sure to check the health insurance claim settlement ratio before making the purchase. Max Life Cancer Insurance Plan  provides comprehensive coverage against all stages of cancer. You can also avail of the Max Life Group Critical Illness (Additional Benefit) Premier Rider (UIN: 104B031V02)* to secure yourself against up to 40 life threatening ailments such as kidney failures, stroke, Open Chest CABG (Coronary Artery Bypass Graft), muscle sclerosis and permanent paralysis.

    about Health Insurance

    Awareness about health insurance is a good thing, but it also provides impetus for misconceptions and notions to spread around like wildfire. Some common false notions include:

    1. ‘I am healthy, so I don’t need health insurance’

    Well, that’s certainly not true. Even when you’re health and young, investing in a health insurance benefits in the long run. You’re covered for any unpredictable health mishaps that might arise and you can also stay worry-free

    2. ‘I am a smoker so I can’t buy a health insurance plan’

    Insurance providers may charge a higher premium and extended waiting period as your smoking habit can give rise to complicated health conditions like lung cancer or respiratory problems and put you at a potential risk of developing a pre-existing disease before you buy the policy. But rest assured, smoking is not the basis for denying health insurance altogether.

    3. ‘If I couldn’t renew my health policy, all my benefits lapse’

    All insurance renewals offer a grace period up to 30 days post-due date wherein you can renew your policy without losing on any of your benefits and bonuses. So, this is a complete   not a reality.

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