Top 12 Benefits of Health Insurance in India

Health insurance is essential when planning your financial future. Many people in India are reluctant to buy health plans because of its complex rules and regulations. Moreover, many people have a misconception that medical insurance only pays for the expenses incurred due to hospitalisation.

However, this is not the complete picture. A health insurance plan has several advantages that you (the policyholder) can avail. However, before we dive deep into the benefits of health insurance in India, let us understand what it exactly is.

Health insurance plans will financially cover your medical and surgical expenses incurred over a lifetime. In simple terms, it is an agreement between you and your insurer – wherein after annual premium payment; the insurance provider will pay for your hospitalisation and other medical expenses as listed under your plan.

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

Health Insurance Benefits in India

1. Cashless Claim Benefits

Insurers in India provide the cashless claim settlement facility to the health insurance policyholders. With this facility, the insurer will compensate the claim amount directly with the hospital. However, note that the patient should be seeking treatment at one of the network hospitals enlisted by the insurer.

2. Alternative treatment

Many health insurance companies cover alternative therapies like Ayurveda and homoeopathy.

3. Convalescence benefit

This benefit is also known as recuperating/recovery benefit under which the insurance takes care of the ‘recovery expenses’ of the insured. Any supplementary costs that might arise due to an insured’s hospitalisation, like the replacement of loss of income of the insured.

4. Domiciliary treatment

It covers the treatment that is taken at home under medical supervision. However, there is a limit on the amount and the number of days for which the benefit is provided.

5. Expenses incurred in case of organ transplant

Coverage of expenses before an organ transplant is considered one of the best health insurance benefits. Some insurers cover the entire cost, while many others have a cap on these expenses.

6. The daily hospital cash allowance

This is an additional financial cover that is offered, which includes the cost of food and travel. It could be up to INR 2,000 a day and can even go up to INR 4,000 a day.

7. Attendant Allowance

Health insurance in India offers an attendant allowance to those adults who accompany the insured at a hospital. However, the insured must be a child, and the number of days for which an insurer will pay for the allowance is fixed.

8. Dental treatment

Many insurance companies also cover dental treatments once every few years. As the cost for dental treatment is high, we could avail of such advantages of a health policy.

9. Free health check-up

Many health insurance companies offer free health check-ups to policyholders after a certain number of claim-free years. Moreover, they provide cashless check-up if the check-up takes place at an empanelled hospital.

10. Weight loss / Bariatric Surgery

Bariatric surgery is a life-saving technique for obese patients who are battling with medical conditions caused due to heavyweight. Several insurers cover this surgery done for medical purposes.

11. Additional coverage

Finally, yet importantly, you also get many other health insurance benefits in your policy. These include air ambulance coverage, vaccination expenses cover, coverage for day-care surgeries, and cover for health check-ups, to name a few.

12. Additional Benefits for Younger Buyers

If the applicant is a young adult when buying the health insurance plan, he/she can avail additional benefits. Usually, buying the health plan at an early life stage is affordable. You can use the health insurance calculator to determine the premiums charged on the selected coverage and add-on benefits. Moreover, buying the policy early helps the applicant avoid dealing with a more extended waiting period, and the chances of claim rejection are low as well.

Unfortunate events can take place anytime and anywhere. Further, these incidents can take a financial toll on you. With a reliable medical insurance plan, the financial burden of medical expenses in case of emergencies is well taken care of by your
You are financially prepared to overcome uncertain medical emergencies well in advance. This is true despite the rising cost of medical treatments and hospitalisation charges.
You have financial protection against most of the expenses associated with health and medical
Many insurance providers offer cashless services in their network hospitals. This releases you from the hassle of making payments during
You no longer have to worry about the incurred expenses and fully concentrate on your speedy

Factors to Consider Before Buying Health Insurance in India

Here’s a list of things that you need to keep in mind when buying health insurance –

Coverage:

You should check the coverage offered under the medical insurance plan you have chosen. Even though all health plans provide primary coverage, there are a few with limitations on it. Hence, it is wise to choose a plan that best suits your medical requirements.

Waiting Period:

The waiting period is a period where exclusions of certain illnesses are applicable. So, make sure you check the waiting time before you buy health insurance.

Cashless Claim Facility:

Here, the hospital will receive a direct settlement from your insurer. This facility is offered by all health plans only when you are treated in one of their network hospitals.

Premiums:

The premium rates should also be taken into consideration when purchasing health insurance. The amount you pay, as premium should be justifiable when compared to other plans in the market.

Claim Settlement Ratio:

You should always pick a provider with a good claim settlement ratio. So, the higher the ratio, the more chances of successful claim settlement.

A Final Thought

It would be best if you compare different health insurance plans online before making a decision. We believe that with this article, you not only know the benefits of buying medical insurance in India but are also well-versed with different factors to consider before making the purchase.

Also, read in detail about the health insurance tax benefits you can avail with a variety of medical plans available on Bajaj Markets.

Read our top blogs to know more about health insurance in India: