Why Health Insurance is Important?

“Healthy body equals a healthy mind,” said Dr Dregan, Isn’t it true. Hospital charges are not affordable for the common man. Some companies provide Health Insurance but that too not cover everything. Buy Health Insurance of your own choice, including your family, in your Budget. Policy Bazar.com helps you choose the best insurance in your budget with your requirements. During the time to a health emergency, you don’t need to pay the extra amount, if you had Insurance, just claim your Insurance company and they’ll provide their services.

What are its Benefits?

Insurance companies will provide you with benefits as given below:-

1.Waiting Period
Time – period for Issuance of Policy.

2.Pre-medical Checkup
Medical Check-up required by companies for Issuance of Policy.

3.Reload of Sum Insured
After taking claim, the company provides restoration of Sum
Insured with conditions.

4.Mandatory Co-Payment
Amount paid half or full by Customer as Company needs.

5.Bonus on the claim-free – year
If no claim bonus is made in any particular year, Benefits in terms of increase in sum insured is provided while renewing the policy.

6.Day Care Treatments
Medical or Surgical procedure which is undertaken in a hospital for less than 24 hours, which otherwise would have required hospitalization of more than 24 hours.

7.Hospital room eligibility
The types of the room covered by the insurance companies during the time of hospitalization.

8.Post Hospitalization Medical Expenses
Expenses incurred after the discharge of hospitalization.

9.Pre – Existing Diseases
Waiting period for existing illness.

10.Pre- Hospitalization Medical Expenses
Expenses incurred before hospitalization.

11.Reload of Sum Insured
Reinstatement of basic cover in case the cover is exhausted due to claim made in a policy year. Normally restoration works only for unrelated claims.

12.Ambulance Charges
In case of any medical emergency, ambulance charges listed in the policy document.

13.Domiciliary (Home) Specialization
Medical expenses incurred for medical treatment done at home due to the patient’s condition or unavailability of the hospital bed.

14.Health Checkup
Health Check-up facility provided by the Insurance company.

15.Second E-opinion on critical illness
The second opinion by a medical practitioner, for illness or critical illness suffered during a policy period.

16.Air Ambulance
Covers expenses for Ambulance transportation by air, only for once.

TerminologiesCompany XCompany YCompany Z
Sum Insured10,00,00010,00,0001,00,000
Waiting Period30 Days from Policy Insurance Details30 Days from Policy Insurance Details30 Days from Policy Insurance Details
Pre – Hospitalization Medical Expenses30 days60 days60 days
Post – Hospitalization Medical Expenses60 days90 days180 days
Pre – Existing DiseasesAfter completion of 4 years of policy term.
Ex :- If you start your policy in 2020 than after 4 years, you can claim your policy for existing disease in 2024.
After completion of 4 years of policy term.   Ex :- If you start your policy in 2020 than after 4 years, you can claim your policy for existing disease in 2024.After completion of 3 years of policy term.   Ex :- If you start your policy in 2020 than after 4 years, you can claim your policy for existing disease in 2023. *If you choose Ryder in your policy than you can cover your existing disease after 1 year (additional cost).
Bonus on claim free year10% of SI every claim free years, subject to maximum 50% of SI   Ex :- If you don’t claim  than your SI increased upto 10% = 11,00,000 for first year or maximum upto 50% = 15,00,000.  25% of SI after 1st claim free year, 10% of SI after 2nd claim free year.   Ex :- If you don’t claim for first year then your SI increased upto 25% = 12,50,000, 10% of SI after 2nd claim free year = 13,50,000.50% of SI for every claim free years; subject to maximum 100% of SI   Ex :- If you don’t claim than your SI increased upto 50% = 15,00,000, maximum 100% of SI upto = 20,00,000.
Reload of Sum InsuredUpto 150% of Sum Insured, Max up to 50 LacsRestoration Available – 100% of Basic SI, Recharge Available – 25% of SI for 3,4 & 5 Lacs 30% of Sum InsuredOnce in a policy year for unrelated illness in addition to the Sum Insured
Unlimited Restoration(Optional) on paying extra premiumNot Available
Day Care Treatments586 Day Care TreatmentsAll Day Care TreatmentsAll Day Care Treatments
Mandatory Co-paymentsMandatory 20% Co-Payment : For age of entry at 61 yrs and above   Ex :- At the age of 61, 20% amount will be paid by customer and 80% by company, not for below age 61.20% of claims by customer; if age is above 60 years at first policy   Ex :- At the age of 60, 20% amount will be paid by customer and 80% by company, not for below age 60No Co-payment required
Organ Donar CoverageCovered up to Sum InsuredCovered upto 10% of Sum Insured, subject to maximum of 1 Lac  Covered
Air AmbulanceAvailable, as per the terms in policyFor Sum Insured of 5 Lacs &  above: upto 10% of SIAvailable for  SI 10 Lacs & above, max 2.5 Lacs which will be reimbursed at the time of claim
Daily Hospitalization AllowanceFor Sum Insured up to 4 Lacs : Rs.500 per day up to max 5 daysFor  Sum Insured: 3 – 15 Lacs: Rs.800; SI: 20 & 25Lacs: Rs.1,000Sum Insured: upto 15 Lacs: Rs.800 per day, max Rs.4,800; Sl: 20 Lacs & above: Rs.1,000 per day, max Rs.6,000
Health CheckupOnce every year; starting first yearOnce every Year, For SI 3 Lacs: Rs.750, 4 Lacs: Rs.1,000; 5 Lacs: Rs.1,500; 10 Lacs: Rs.2,000; 15 Lacs: Rs.2,500; 20 Lacs: Rs.3,000; 25 Lacs: Rs.3,500Available for SI 5 Lacs: Once in 2 years; SI 10 Lacs & above: Once every year
Health Insurance comparison between companies (Companies name are not mentioned).

What are the types of health insurance?

1.Optima Restore
100% Restore Benefit
No claim bonus of up to 100%
Health check-up available

2.Enhanced
100% Restore Benefit
No claim bonus Benefit
Health check-up available

3.Premier
100% Restore Benefit
No claim bonus of up to 100%
Health check-up available

4.Health Vital
100% Restore Benefit
No claim bonus Benefit
Health check-up available under the wellness program

5.Prohealth Plus
Multiple Restore Benefits
No claim bonus of up to 200%
OPD Benefit available

4 thoughts on “Why Health Insurance is Important?

Add yours

  1. I never considered health insurance before this. Your article has prompted me to believe I should have my insurance right away!
    Wonderfully written as well! I really love your opinion and your writing style.
    I want to remain updated with your work, so I have followed you! 🙂

    Liked by 1 person

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