Benefits Of Individual Health Insurance Plans

Health insurance is a plan that offers coverage to the policyholder in the case of a medical emergency or planned treatment. With health insurance, you can avail a cashless facility at network hospitals, coverage for hospitalisation expenses, alternative treatment, and more such features. Now, you can always rest assured when it comes to your health and get the best healthcare services with insurance!

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

Types of Health Insurance

The health insurance needs of every individual are different; thus, you can opt for a plan that fulfils your insurance requirements. Below are the types of health plans that you can purchase to financially secure yourself against medical emergencies:

 

• Individual health insurance

• Family health insurance

• Senior citizen health insurance

• Critical illness insurance

• Group health insurance

Individual Health Insurance Plan

An individual health plan provides medical coverage and offers various healthcare facilities. Unlike a family floater policy, which covers more than one person under the same plan, individual health insurance offers coverage for a single person only. This not only enables you to prioritise your health but also gives you access to the entire sum insured amount. One of the crucial benefits of individual health insurance is the dedicated coverage amount which isn’t shared with any other policyholder.

Benefits of Individual Health Insurance

Policyholders can enjoy dynamic coverage under an individual health insurance plan. The Individual Health Insurance plan available at bajajfinservmarkets.in offers the following benefits:

• High Sum Insured:

Policyholders can avail a high sum insured (up to ₹50 Lakhs) under an individual health plan. So, you shall never fall short of coverage and ensure your health is always taken care of!

• Reinstatement of Sum Insured:

A major advantage of individual health insurance policy at Bajaj Markets is the facility of reinstatement of the sum insured. You get 100% reinstatement of your sum insured post policy exhaustion in case of the recurrence of the same illness.

• Coverage for Alternative Treatment:

The individual health policy on Bajaj Markets also enables you to opt for ayurvedic or homeopathic treatment. Thus, the plan covers AYUSH for better medical care!

• Pre- and Post-Hospitalisation Coverage:

You can enjoy coverage for medical expenses incurred 60 days prior to hospitalisation and 90 days after hospitalisation. But it is recommended to go through the policy features as it may vary from one insurer to another.

• Ambulance Cover:

In case of a medical emergency, your individual health plan covers the expenses resulting from transportation to the hospital via an ambulance. So, you can be worry-free as Bajaj Markets has got your back during the time of need!

• Daily Cash Benefit:

In case of hospitalisation, a policyholder can enjoy the daily cash benefit and use the amount as per their liking. But this can differ based on the insurance policy you choose, so it is advised to read the fine print.

• Cumulative Bonus:

For every claim-free year, the insurance provider will either offer a discount on the premium rate or an increased sum insured. So, the year you do not make any claims under your individual health insurance, you can avail a cumulative bonus with plans on Bajaj Markets.

• Lucrative Add-on Covers:

A policyholder can also enjoy added coverage such as maternity benefits, critical illness cover, newborn cover, and more under the individual health plan. Though such covers might come at an additional price, the extensive coverage available shall be worth it!

Buy Health Insurance Online

Buying an individual health insurance plan on Bajaj Markets is extremely simple. All you have to do is follow these simple steps:

 

Step 1: Go to the ‘Health Insurance’ section on Bajaj Markets.

 

Step 2: Select ‘Individual Health Insurance’ under type of health insurance.

 

Step 3: Fill the application form and pay the premium online.

 

Step 4: Your individual health insurance policy will be issued in no time!

Health Insurance Calculator

Most insurance providers provide a health insurance calculator to calculate your premium amount. Factors such as your insurance term, medical background, familial medical history, and personal medical history are taken into consideration while calculating your premium amount.

Following are the steps to use an online health insurance calculator:

 

Step 1: Select your health plan.

 

Step 2: Select the tenor on your policy.

 

Step 3: Submit your health cover.

 

Step 4: Submit personal details such as age, gender, existing medical conditions, past medical history, etc.

 

Step 5: The health insurance premium shall be available on the screen with various health plans.

To Conclude

With this, you must have learned the benefits of individual health insurance and the features they offer. Health emergencies can strike at any time, which is why it is crucial to have a backup. Moreover, medical costs are only rising, making health insurance a must in today’s day and age.

So, avoid putting this off and head over to Bajaj Markets to purchase health insurance today! In case you already have a health plan without sufficient coverage, then you can explore the top-up health insurance on our platform!