Important things to look for in individual health insurance and the process to get it easily
No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to Rs.75,000 | Buy Health Insurance starting @ ₹160 pm
Unplanned medical expenses can strain your finances without warning, which makes individual health insurance an indispensable investment. By getting a plan on Bajaj Markets from some of the leading insurers, you can benefit from medical coverage of up to ₹2 Crores with monthly premiums starting at just ₹160.
The right policy allows you to fully focus on treatment and recovery. By signing up for such plans, you can save tax up to ₹75,000 and get other benefits, such as cashless settlement.
Health Insurance Plan |
Features |
Premium |
Check Plans |
Bajaj Allianz Extra Care Health Insurance |
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Starts at ₹2,104 |
CHECK PLANS |
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Aditya Birla Active Assure-Diamond Health Insurance |
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Starts at ₹3,887 |
CHECK PLANS |
|
Care Health Insurance Plan |
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Starts at ₹5,277 |
CHECK PLANS |
There are a ton of varied health insurance plans available in India like senior citizen health plans, family health insurance and many more. One of the most popular forms of health insurance is medical insurance plans for individuals, where only one person benefits from the coverage. Individual insurance plans have a fixed sum insured which the policyholder/insured can use to pay off their eligible medical bills till the value of the sum insured gets exhausted.
Insurance companies calculate the premiums for individual insurance plans based on the applicant’s age, the coverage required, medical history, pre-existing conditions, and some other factors. You will have to disclose any pre-existing conditions to the insurance company at the time of buying a policy. It’s a good idea to get health insurance coverage early in your life so that your premium amount is less. Here are some of the things you should look for when buying a personal health insurance plan:
Sum insured
Minimum entry age and renewability clause
Room rent limit
Inclusion and exclusion of diseases and expenses
Type of No Claim Bonus
Other additional benefits
Benefits of Individual Medical Insurance Policy
Cheaper Premiums
One of the main benefits of individual medical insurance is the cheaper premiums that you can take advantage of. Family insurance plans usually have higher premiums as they cover multiple people. In co Read Morentrast, personal health insurance plans have cheaper premiums as they only cover a single person. Your premiums can also go down if you are a young person in good health. Read Less
Cashless Benefits
Another advantage of health insurance plans is the cashless benefit. You just need to inform your health insurance provider before or immediately after hospitalisation, fill the authorisation form with Read More the third-party administrator (within the hospital premises) and you are done. You don’t pay anything unless your hospitalisation costs exceed the sum insured limit. To enjoy cashless hospitalisation, you must be undergoing treatment in a hospital or nursing home that is part of the insurance provider’s network. Read Less
Pre and Post Hospitalisation Cover
Depending upon the insurance provider, you can also get coverage on medical expenses that you have incurred before or after hospitalisation, up to 60 days. However, different insurance companies may ha Read Moreve different periods of pre and post coverage, depending on their plans. Read Less
No Claim Bonus
Some insurance providers offer discounts on premiums of your health insurance policy for every no claim bonus year. Others offer a facility called cumulative benefit, which increases your sum insured b Read Morey a certain percentage for every year that goes without a claim. Read Less
Tax Benefits
You can get yearly tax deductions up to an amount of ₹25,000 if you are below 60 years, and ₹50,000, if you are above 60 years on health insurance premiums. These deductions are available under Section 80D Read More of the Income Tax Act, 196 Read Less
Below are the details about the inclusions and exclusions of individual health insurance plan:
Inclusions |
Exclusions |
In-patient hospitalisation expenses |
Any medical costs incurred following the termination of individual health policies |
Pre and post-hospitalisation |
Any current medical condition you had before purchasing insurance |
Day care treatment |
Intentional self-inflicted harm, suicide attempt, an act of self-destruction, etc |
Road ambulance cover |
Diseases or impairments caused by any sexually transmitted or acquired disease |
Organ donor expenses |
Pregnancy-related illnesses and complications, as well as those connected to labour and pre-and postnatal care, are not covered |
Alternative treatment |
Cosmetic or cosmetic treatments, as well as any type of plastic surgery |
In order to apply for individual health insurance, you must follow the below-listed steps:
Step 1: Go to the ‘Health Insurance Premium Calculator’ page.
Step 2: Fill in the application form
Step 3: Your details will be verified by the organisation
Step 4: Make an online payment
Step 5: The policy will be issued to you in just a few minutes
With us, you can get access to the best individual health insurance plan in no time, so let’s understand why Bajaj Markets is the ultimate choice!
Trusted Companion
We are an entrusted financial partner for more than 100 million customers all over the country. You can enjoy our services as well and get value for your money with the best of facilities!
Quick Process
No third party involved, no long-waits and zero hassles - these are only more reasons to choose us.
Reinstatement Benefit
Make the most of your health insurance plan and get a reinstatement benefit on exhausting your sum insured.
Personalised Insurance Plans
Choose a personalised policy that is tailor-made to meet your insurance requirements and you shall have nothing to worry about!
Extensive Coverage
Avail extensive personal health insurance coverage with the best facilities at over 6000+ network hospitals across India.
Apart from other benefits, individual health insurance provides tax advantages as well. Here’s a closer look.
Tax Advantages for Single-premium Health Insurance Policies
According to the most recent tax rules, Section 80D allows for a tax deduction for health insurance premiums paid in one lump amount for a multi-year plan. Additionally, the total premium paid for the policy term will be used to determine the tax-deductible sum. This shall be restricted to amounts no greater than ₹25,000 or ₹50,000, as applicable.
Reimbursement for Routine Health Examinations
Expenses for diagnostic tests as well as out-of-patient department (OPD) consultation fees are also free from taxes in addition to hospitalisation costs. Tax benefits are also available for payments made in cash. Unlike other medical bills, which must be paid for using cash, cheques, or online banking in order to qualify for tax advantages.
Here are some key factors that you must keep in mind to purchase the best personal health insurance plan:
Your Insurance Needs
It is crucial to know your insurance requirements before proceeding to buy personal medical insurance. Depending on your health condition and medical services that you may want for the future, create a list of required coverage facilities. You can also keep an ideal sum insured amount in mind to help you get a sufficient cover.
Add-on Covers
One of the essential individual health insurance benefits is the add-on cover that enhances your plan. The add-on options may vary from insurer to insurer. Thus, ensure to check the add-on covers available with various insurance providers.
Network Hospitals
Network hospitals enable you to enjoy cashless facilities while seeking medical treatment. Therefore, it is vital to know the list of network hospitals and opt for an insurance company that has a wide network chain across the country.
Speedy Claim Settlement
The most important part of health insurance is the health insurance claim process. Be it a cashless claim or a reimbursement claim, the process should be simple and hassle-free. To learn more about the claim settlement services offered by an insurer, you can easily check online.
Here are the steps to follow for filing a claim for your individual health insurance.
Step 1: Visit the Bajaj Markets website
Step 2: Register your claim online
Step 3: Provide the supporting documents
Step 4: The insurer will verify your claim
Step 5: Your claim will be approved following the verification
Health Insurance Plans Available at Bajaj Markets
Frequently Asked Questions on Individual Health Insurance
Is individual health insurance cheap?
Individual health insurance is generally cheaper than family floater insurance plans. The cost of the insurance also depends on the sum assured.
Is it cheaper to get health insurance through your employer?
Insurance provided by employers is generally cheap, as they buy group insurance for a large number of employees. However, the sum assured and benefits may be lower than individual insurance.
Is cashless facility available under Individual Health Insurance?
Yes. Individual health insurance policies cover a cashless treatment facility. Your insurance provider pays your hospitalisation cost straight to the network hospital where you were receiving treatment under this option. You can use cashless hospitalisation at any of your insurance company's network hospitals.
Is there any waiting period under Individual Health Insurance policy?
Yes. All plans for individual health insurance include waiting periods. Initially, you are not permitted to file a non-accidental claim within the first 30 days of the policy's start date. After a waiting time of one to three years depending on the plan, certain illnesses and medical treatments including arthritis, joint replacement surgery, etc. are covered. Similar to this, you can submit a claim for pre-existing conditions following a 2 to 4 year waiting period in accordance with the terms of the policy.
If you chose to add on a critical illness add-on policy, you can file a claim 90 days after the policy's start date. Additionally, the claim will be approved provided that it survives for 30 days.
When can I enhance the sum insured on my individual health insurance plan?
You can enhance the sum insured of your Bajaj Allianz individual health insurance policy only at the time of renewals. The enhancement would be subject to underwriting approval based on the declaration on the application.
