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Health Insurance

Health insurance plan is a contract between an insurer and the policyholder. The policyholder pays a premium to the insurance company, in return the insurer pays for the medical expenses incurred – like hospitalisation, day care, post and pre hospitalisation etc. – by the insured.

Who needs health insurance




 The answer is easy, everyone! No matter your age, gender or shoe size, you need health insurance. Just like you need car insurance, in case anything happens to your vehicle, health insurance will cover you if you become sick or suffer an injury.


Health insurance encompasses two types – Indemnity plans and Definite Benefit Plan. The indemnity plans are traditional health covers which cover hospitalization costs from the sum assured. Definite benefit plans offer lump sum payment on detection of illness.

Indemnity plans further include:

  • Individual
  • Family floater
  • Senior Citizen
  • Mediclaim
  • Unit linked health plans

Definite benefit plans include the following:

  • Critical Illness Plan
  • Personal Accident plan
  • Hospitalization cash benefit plan






Best Health Insurance Plans in India

Health Insurance Plans

Entry Age (Min-Max)

Network Hospitals

SBI Arogya Premier Policy

3 months – 65 years


Star Family Health Optima Plan

18-65 years


Tata AIG MediCare Plan




The health insurance policy covers the whole or a part of the hospital expenses. People often have questions regarding how insurance works. Take a look at the below pointers:

1. Choose the right cover

When you plan to buy a health insurance policy, make sure that assess your needs. If you have dependent family members including your spouse and children, you may opt for family floater insurance or if you have dependent parents aged above 60 years, then a Senior Citizen plan would an ideal choice. The needs vary from person to person, hence select the insurance type wisely

2. Sum assured

When an insurance company extends insurance coverage in the form of a sum assured, which a policyholder gets in exchange for the premium you pay. Choose the best health insurance cover, which offers sufficient coverage at affordable premium rates.


  1. Daily allowance

Some insurance cover offers daily allowance, wherein you get daily hospital cash to cover daily expenses for the number of days one is hospitalized.

4. Claim process

You can claim for health cover in two ways – cashless and reimbursement. The cashless process requires you to seek medicare only at network hospitals of the insurance company. Whether the hospitalization is planned or unplanned, the insurer directly settles expenses with the network hospital. However, in some cases where the cashless facility is not available, you can still claim for health coverage through the reimbursement process. Under this, you have to pay all the hospital bills, and later you need to submit the bills to the insurance to get the reimbursement transferred in your account directly.

5. Renewal & Policy lapse

The term period of health insurance depends on what type of plan you select. Usually, policies are active for a year. If you forget to renew, the policy will lapse. In case of a lapsed policy, the insurer gives you a time period of 6 months during which you need to pay the outstanding premiums and reinstatement costs.

6. No Claim Bonus

In case you do not claim in a particular year, you are entitled to receive no claim bonus. This can be either in the form of a premium discount or addition to the sum assured amount.



  1. Financial Security

With the passing of time, the medical costs are rising and lifestyle-related diseases such as diabetes, cancer, stroke, etc. are also surging. In such a case, having health insurance in the present time is of utmost importance as it can financially protect you against the unavoidable expenses. This way, your savings also remain protected.

2. Domiciliary treatment

Some health insurance companies provide cover for domiciliary treatment, wherein the treatment for certain diseases is provided at home under medical supervision. Note that there is a limitation on the amount and the number of days when availing insurance cover for domiciliary treatment.

3. Free health check-up

Health insurance understands that health is wealth; therefore, it needs consistent health monitoring. As a policyholder, you are eligible for a free preventive health check-up after an every 4 to 5 claim-free year. Some insurers also offer cashless treatments at their network hospital.

4. Tax benefits

You can avail tax benefits under Section 80D of the Income Tax Act. As part of the law, you can avail tax benefit for the expenses incurred on the preventive health check-up of parents above 60 years.

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