What are Health Insurance Plans?

Health insurance is insurance which covers the cost of the policyholder's medical and surgical expenses. Depending on the type of health cover, the insurance company makes payments directly to the policyholder or the hospital. There is another option where the expenses are paid by the policyholder and is reimbursed by the insurance company on submission of relevant bills.

These insurance plans can help you secure your health against unforeseen eventualities. If you buy a health insurance plan, you pay a specific premium amount at fixed intervals during your policy or just once. During the policy term, if you detect any of the covered illnesses, then the insurance company pays you the claim amount according to the terms and conditions of the policy.

Why do you need Health Insurance now?

No one plans to get sick, but a serious illness can strike anyone. The cost of treating the illness can cause serious financial strain on your savings. Today, the cost of medical treatment is continuously rising. For eg. Herceptin, a cancer medicine costs approximately 1,10,000 for a vial of 440 mgs. Depending on the weight, a patient usually requires 17-19 bottles for treatment over a year. That's 18 - 20 lakh just for medicine. Then add hospitalisation costs, doctor consultation fees, chemotherapy costs, etc. and overall expenses could exceed 25 lakh1. These costs which are already very high are increasing every year. That is why most smart people have taken necessary precautions to insure their health.


health insurance

Get complete protection from Heart ailments and Cancer for you and your spouse.

  • Get the claim amount on detection*
  • No restrictions on your choice of hospital
  • Waiver of future premiums for Minor conditions of Cancer or Heart for full policy term**
  • Tax benefits under Section 80D***

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1Source: http://spicyip.com/2012/06/dealing-with-cost-of-cancer-treatment.html

*Lump sum is paid out on diagnosis of any of the listed conditions. Payout is based on the level of condition. Total payout in the policy cannot exceed 100% of Sum Assured of cover selected. Refer to the sales brochure to know about payouts at different level of condition.

**The Company shall waive all future premiums on a claim of Minor/Major condition under the chosen cover or on diagnosis of Permanent Disability (PD) of the person covered under the plan due to accident. If both Cancer cover and Heart cover are chosen, waiver is allowed on a minor/major condition claim under either Cancer cover or Heart cover; or on the diagnosis of PD. This benefit is available only if the policy is in force on the date of diagnosis of the condition/at the time of accident.

***Tax benefits under the policy are subject to conditions under Sec. 80C, 80D and Sec 10(10D) of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.


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