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What is Health Insurance?

Health insurance protects you from unexpected, high medical costs. In case you or any family members covered under the policy is hospitalized, Health Insurance company will pay for the hospital expenses up to the cover amount (called sum insured) you have selected.

The medical expenses include room rent charges, doctor's consultation fees, surgery fees, nursing fees, cost of medicines, X-rays, ECG, MRI, Blood, Oxygen, etc. incurred during hospitalization of 24 hours or more.

Health insurance benefits

  • Hospitalization bill cover

    Covers your hospital bills

    Get cashless claims in Network hospitals. Or reimburse hospitals bills incurred at non-network hospitals in times of health emergencies.

  • Tax savings

    Tax savings of up to ₹15,600

    Health care plans provide tax benefit. Save up to ₹15,600 by buying Health Insurance for Family as well as Parents.

  • Freehealth checkup

    Free Periodic health check-ups

    With Health Insurance Policy, save big on your preventive health check-up costs year on year.

  • Hospital expenses coverage

    Covers Pre & Post hospitalization expenses

    Apart from inpatient treatment costs, Health Insurance also pays for expenses upto 30-60 days, even before and after your hospital stay.

Did you know?

Best in class insurance providers

  • Religare logo
  • Hdfc Eergo logo
  • Icici Lombard logo
  • Digit Health logo
  • Niva Health logo

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Myths about Health Insurance

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Things to know

Insurers cover 100% room stay expenses only for the allowed room types or upto the limits specified.

If you opt for an upgraded room, the insurer will pay only a part of the actual amount. That's why it's always best to go for plans with no limits or that allow Single private room stays.

Check what is permanently excluded and which treatments are possibly covered after waiting for a certain period.

You can avail cashless hospitalization services only at the Network hospitals

Check what is included, not included and which treatments are possibly covered after waiting for a certain period

  • Accidents coverage starts from day 1
  • Hospital Coverage starts after 30 days: Includes hospitalization for treatments, day care surgeries & critical illnesses

Price should not be the primary concern as the cheapest plan is not always the most cost-effective one. Look if the cover amount and benefits are sufficient against the premium paid.

Frequently asked questions

Health insurance will cover all medical expenses you incur in case of hospitalization for more than 24 hours. That includes but not limited to room charges, cost of any surgery you might have to go through, doctor's fees and diagnostic tests. Additionally, expenses incurred before and after hospitalization for a specific period are also covered.

Types of Health Insurance plans include:

  • Individual health insurance plan: Individual health insurance or medical insurance policy is meant for individuals only and you get individual sum insured or cover amount for medical claims.
  • Family floater health insurance plan: A floater health policy allow you to cover your complete family - including you, your spouse and children if any under a single plan. The sum insured or cover amount is available on a collective basis and can be used equally among the members.
  • Group Health cover: Employers cover their employees for medical emergencies and financial aid for healthcare to ensure employee well-being and retention. However, such group policies generally come with limited benefits and does not offer a comprehensive coverage.
  • Senior Citizen health insurance:
  • Critical illness health plan: These plans are especially designed for coverage against the risk of specific critical illnesses like cancer, heart attack, etc. It pays a lump sum amount equal to the cover amount merely on the diagnosis of the disease thus providing monetary aid to pay for treatments.
  • Super Top-Up plans: Super top-up plans provide a way higher coverage typically ₹10-50 lakhs at a very affordable premium. If you already have an existing health insurance policy then you may opt for super top-up plans to enhance your coverage at low cost.

Health insurance premium paid offers tax deduction benefits under Section 80D of the income tax act, up to ₹25,000 each for family and parents and up to ₹50,000 for senior citizen parents. These 80D tax benefits are in addition to Section 80C tax deductions of ₹1.5 lakhs.

The premium payment receipt and policy copy which shows the name of the insured members, their relation and age is required to claim the deduction

ICICI Lombard's iHealth Complete Health Insurance plan is one of the best health insurance plans in India that provides protection against any major medical expenses that may create a financial burden. It is a comprehensive plan that is available for individuals as well as for families.

Also, apart from offering all the facilities offered by any other insurance company, ICICI Lombard health insurance plans have some unique features at competitive prices making them standalone.

However, features and premiums vary from plan to plan based on Sum Insured chosen and the age of the person buying the policy. Thus, it is best to compare various available plans and choose the one that best suits your needs and profile.

Cashless mediclaim is one of the advantages offered by most of the health insurance or medical insurance companies. Under a cashless Mediclaim, medical bills are directly settled by the insurance company, provided the total bill amount falls within the coverage limit and the hospital is a network hospital. Cashless hospitalization is extremely helpful in cases of emergency when you or your family may not be able to make last moment monetary arrangements for the treatment.

Most of the health insurance companies in India do not cover individuals above 65 years of age. However, few health insurers like Religare and HDFC Ergo have no limit on the policy buying age when you buy for yourself or senior citizen parents.

Health insurance coverage should ideally depend on one's residential city, history of family illnesses and individual lifestyle. For people living in metro cities, the cover amount should at least be ₹5 lakhs given the high cost of healthcare and medical treatments in metro cities.

A 2-3 day hospitalization bill usually costs up to ₹85,000 for common diseases like dengue and ₹2 to ₹3.5 lakhs for a major surgery.

With healthcare costs rising @6.5% every year, experts suggest to take a cover of at least ₹5-10 lakhs to be on the safe side.

Medical and Health Insurance are the same and the terms are used interchangeably. Health or Medical insurance cover the medical expenses in case one gets ill and needs a major surgery/treatment/hospitalization. Insurance companies use terms such as health, medical, mediclaim etc for the same category of products that cover the expenses in case of any medical emergency or diagnosis of an illness. These products may also include standalone policies like critical illness, daily cash, cancer and other such products.

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