To keep you protected against expenses caused due to medical illnesses – Health Insurance Plans become important to buy. From past 15 years the cost of medicines and hospitalization charges have increased along with increase in pollution and new types of diseases every year. Diseases such as dengue, rubella, hepatitis, mumps, anthrax have become widespread in recent years.
What is Health Insurance?
Health Insurance is a type of insurance which covers the costing of medical and surgical treatments of an individual caused by an illness or accident. It is an agreement wherein the insurer agrees to pay compensation for covered medical expenses when the policyholder is ill or meets with an accident. Treatment cost and healthcare such as hospitalisation expenses, medicine cost, etc are offered to the insured under a health insurance policy.
Type of Health Insurance Policies
- Family Policy
- Comprehensive Health Insurance which includes day to day medicine costs, OPD charges etc
List of Companies providing Health Insurance in India
- Apollo Munich Health Insurance
- Royal Sundaram General Insurance
- Star Health and Allied Insurance
- Cholamandalam MS General Insurance
- Bajaj Allianz General Insurance
- GIC Re
- HDFC ERGO General Insurance Company
- Bharti AXA General Insurance
- ICICI Lombard
- IFFCO Tokio
- Universal Sompo General Insurance Company
- Tata AIG General
- Cigna TTK
- Liberty Videocon General Insurance
- National Insurance Company
- Reliance General Insurance
- United India Insurance Company
- New India Assurance
- The Oriental Insurance Company
- L&T General Insurance
Health insurance premium calculator
There are multiple online health insurance premium calculators which help you assist you in finding the exact amount of premium payable for your health insurance policy.
Such calculators are offered by many health insurance companies where you can easily enter in your coverage details like your age, number of members to be covered, their age, sum insured, term, etc. and the calculator would display the premium payable.
The calculator also serves as a family health insurance premium calculator as the premium of a family floater plan can also be calculated using it.
If you opt to use insurance aggregator websites, you would be able to detect the health insurance premium of different health insurance policies at once and hence decide to invest in the most suitable policy without compromising on the coverage.
Eligibility criteria for buying health insurance in India
An Indian individual can invest in a health insurance policy either through an individual health plan or under a family floater plan. Even Senior Citizen is permitted to buy a health insurance plan.
Health Insurance plans offer coverage to a newly born baby also, from day one of its birth, only if a new born coverage is provided by the plan.
Babies can be covered from 91 days onwards and the plans are renewable lifelong. However, before initiating to buy a health insurance plan, it is mandatory to fulfill the eligibility criteria for health insurance plan.
Health Insurance plan should be bought by individuals who wish to protect themselves from suffering a financial instability during a medical contingency.