Why Should One Avail a Health Insurance Policy?

The rising incidences of deaths through non-communicable diseases (NCDs) such as cardiovascular ailments, lung problems, cancer, etc. in India are alarming. More than 38 million individuals in India die due to NCDs every year. More than 16 million such deaths occur among individuals below the age of 70 years. Cardiovascular diseases alone claim more than 1.6 million lives every year.

According to the World Health Organisation (WHO), India is one of the leading nations in terms of premature deaths due to non-communicable diseases. Approximately 61% of all deaths in India occur due to NCDs.

With rising medical costs of treatment for such complex diseases, health insurance have gained prominent traction in the past decade. It currently exhibits a growth rate higher than most insurance policies at 23% year-on-year.

Health insurance plans allow individuals to meet substantial treatment expenses for several NCDs such as cancer which costs upwards of Rs. 10 Lakh, not considering several associated fees.

Importance of a health insurance policy

  • Economical

Compared to the rising costs of medical treatments in India, the annual premium of an insurance policy are much inexpensive. You can pay a small portion of your yearly income towards premiums to afford expensive healthcare. It would allow you to effectively handle the financial aspect of treatments without compromising your financial standing.

  • Secure against inflation

Inflation in treatment costs is an ever-continuing occurrence. With the incorporation of state-of-the-art technologies and methods, the price of treatment is surging year-on-year; especially in case of critical ailments such as cancer, cardiovascular diseases, lung complications, etc.

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On that account, substantial coverage extended under the Critical Illness Health Insurance policy offered by Bajaj Finserv can help you to meet substantial emergency expenses without causing any financial strain.

  • Cashless treatment facility

Best health insurance plans come with cashless settlement policy. The feature facilitates payment of hospital dues directly using the plan instead of providing compensation for the same later. It allows you to avail prompt treatments without hassling over fund arrangement.

  • Comprehensive coverage

Health insurance policies provide financial coverage on a wide variety of medical expenses, alongside primary treatment costs. For instance, these policies cover pre and post hospitalisation expenses, ambulance costs, medicinal expenditure, etc.

Specific health insurance plans also provide coverage for treatments under Ayurveda, Unani, Homeopathy, etc.

Such widespread benefits are available on various types of health insurance, catering to individuals or specific diseases.

Types of health insurance policies

There are several types of insurance policies designed to address different varieties of health complications and also groups. These are –

  • Individual health insurance plan – It covers all medical expenses of an individual.
  • Employee/Group insurance policy – Usually purchased by employers for their employees, this policy covers the medical expenses of a group of individuals, each with a separate coverage amount.
  • Family insurance plan – Similar to a group health insurance cover, a Family Floater Health Insurance Policy addresses the medical expenses of a family.
  • Senior Citizen insurance policy – An individual above 60 years can avail financial coverage for all healthcare-related expenses under this insurance plan.
  • Personal accident insurance policy – As the name suggests, it can be availed on account of an accident.
  • Maternity insurance plan – Pregnant woman can avail this health insurance policy. The policy benefits are extended to the child until he/she is ten years old.
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You can buy health insurance policy online. Reputed insurance aggregator, Bajaj Finserv also provides top up health insurance plans which allow you to increase total coverage amount. Such insurance policies allow individuals to enjoy high coverage benefits diminishing their financial strain in case of severe medical complications.

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