3 Lakh Health Insurance

Although you might already know what health insurance is. You might learn a few additional features about it here. A ₹3 Lakhs Health Insurance Plan is a cost-effective, all-inclusive policy that enables you to take care of your health, which is the most significant aspect of your life.

Important Update (Dated May 30, 2024) – Good news for Health Insurance policyholders! According to the Master Circular on Health Insurance Business 29052024 rolled out on May 29, 2024 by IRDAI, insurers are to decide on the request for cashless claims within 1 hour of receiving the request. Also, the final claim is to be granted within 3 hours after the policyholder’s discharge from the hospital. Insurers have been directed by IRDAI to establish necessary systems and procedures for this process by July 31, 2024.

 

The Master Circular on Health Insurance Business 29052024 circular is available here - https://irdai.gov.in/document-detail?documentId=4942918

The ₹3 Lakhs Health Insurance premium can start from as low as ₹237/month which makes it even easier to take care of your health. However, it should be kept in mind that the premium for ₹3 Lakh health insurance depends largely on your age, lifestyle habits, your place of residence, medical history etc. and may vary from insurer to insurer. 

Features of ₹3 Lakh Medical Insurance

The ₹3 Lakh Health Insurance policy offers a wide range of features. Some of them are as follows-

• Cashless Benefit

One of the key elements to consider when purchasing a health insurance coverage is cashless benefit. The cashless option is only available if your insurance provider is connected with network hospitals that accept cashless payments. When choosing a health plan, you can make sure that your insurance is supported by a broad network of hospitals that accept cashless benefits.

• Pre and Post Hospitalisation

The pre and post-hospitalization expenses incurred up to at least 30 to 60 days prior to and after the hospitalisation are usually covered by this feature. Pre-hospitalization costs cover aspects like check-ups, medical visits, and medicine expenses, whereas post-hospitalization costs include expenses like recovery or rehab.

• Lifetime Renewability

Medical insurance's lifetime renewability feature enables the you to renew your ₹3 Lakh medical insurance without any age restrictions. In normal circumstances, the policy would expire, but thanks to the health insurance benefit of lifetime renewability, you can continue to receive renewals for the rest of your life. Lifetime renewability also relieves the financial burden of a medical emergency for senior citizens by allowing them to keep renewing their health insurance.

• Free Health Check Up

While selecting a ₹3 Lakh health insurance for a family go through the details to see if you’re allowed for one free health check every year or not.

The list of ₹3 Lakh medical insurance plan benefits are as follows- 

• Room rent & ICU charges

  Health insurance plans for ₹3 Lakhs would include ICU and room rent costs. A patient may be admitted to a general ward, an ICU, or an ICCU as well, depending on their disease. The total room rent that is usually covered by the insurance policy is limited. 

• Ambulance Charge For Transportation

Ambulance charges are also covered under health insurance policies. Any cost for the patient's ambulance transportation is reimbursed by the health insurance policy.

• Cumulative Bonus

Not all policy terms include claims from the policyholder. In these cases, the insurance company passes on the benefit of not filing a claim by increasing the sum assured on your policy at renewal.

• Tax Benefits

Section 80D of Income Tax suggests that you’re eligible for tax benefits when you make a contribution towards the premium for ₹3 Lakh health insurance

A health insurance policy is important in every individual’s life. It helps to keep them safe against any unforeseen situations. Thus, anybody planning to sign up for a health insurance plan can go for a ₹3 Lakhs Health Insurance Plan. It offers all the benefits just like other plans but at a much affordable premium rate.

To be eligible for ₹3 Lakh Health Insurance plan, you must be between 18 to 65 years old. In case of dependent minors, they should be between 3 months to 25 years of age.

 

To smoothly complete the purchasing process of a health insurance, you need to keep a few documents ready. Those are as follows-

 

• Proof of Identity

• Proof of Address

• Age Proof

• Passport-size Photographs

• Medical Reports

It is important to be mindful of the inclusions under a health insurance policy. Let’s take a look at the following-

 

• Pre and post hospitalisation expenses.

• All ambulance-related charges are covered.

• Room rent and in-patient expenses are also covered under the policy.

• Daycare procedures are also covered.

Although most policies have similar inclusions and exclusions, it is still important to check the policy papers. Go through the policy to be sure of the exclusions. They generally include-

• Pre-existing diseases are not covered for a period of 24 months to 48 months.

• Treatment related to drug abuse and alcoholism are not covered.

• Maternity cover is not provided.

• Infertility treatments and birth control are not covered.

The maximum amount your insurance provider can pay for your hospitalisation expenses in a particular year against your chosen policy is the sum insured. Sum insured is an indemnity-based  claim. The higher the sum insured the better the coverage.

 

The basic thumb rule of an efficient sum insured is that you should choose a plan that offers coverage with a sum insured value of 50% of your annual income. Suppose, your annual income is ₹5 Lakh then your health insurance policy’s sum assured value has to be ₹2.5 Lakh or above. 

If you are looking for an affordable and efficient health plan, you can consider a ₹3 Lakh health insurance plan. You will be able to maintain a healthy lifestyle and manage your finances without stress.