India is one of the top-ranking nations in terms of premature deaths due to incidences of non-communicable diseases, according to a report released by the World Health Organisation. It also states that more than 60% of all deaths in India is on account of NCDs.
In 2016, nearly 28% of all deaths occurred due to cardiovascular diseases. While these statistics reflect the number of deceased individuals, many more remain afflicted with such health complications.
Regardless, India hosts the most extensive health sector in India, with treatments available for nearly all health-related issues including cancer. However, expenses involved in getting treatments from renowned medical institutions are considerably high. Consequently, 82% of all premature deaths due to NCDs can be noted in low to mid-income groups.
Therefore, health insurance plans have gained immense popularity in the past decade. Individuals realise the perks involved with health insurance cover and how it allows them to meet significant medical expenses without getting financially burdened.
Features of a health insurance policy
Although health insurance policies in India vary from one insurance provider to another, there are certain features which you should particularly look for when buying an insurance policy. These features are –
- Hospitalisation expenses –
Health insurance plans covers all hospital-related costs, which include doctor’s fees, room charges, etc. Nonetheless, the coverage extent depends on the total sum assured provided by your insurance policy. In case you want coverage for critical ailments such as cancer, treatment costs of which go upwards of Rs. 10 Lakh, you can opt for a Critical Illness Health Insurance plan provided by reputed NBFC, Bajaj Finserv.
- Pre and post hospitalisation costs –
Several health insurance in India also provide coverage for pre and post hospitalisation costs which include medicines, diagnosis charges, and other associated expenses. It allows you to focus on recovery without worrying about medical bills.
- Organ transplant –
Some of the best health insurance policies in India also facilitate financial coverage regarding organ transplant. You can claim compensation for medical expenses related to such treatments, which include hospitalisation charges, medicinal costs, diagnosis and doctor’s fees, etc.
- Maternity benefits –
Maternity health insurance policy provides widespread benefits during pregnancy. It allows you to claim compensation on expenses related to pregnancy, such as paediatrician fees, hospital fees, etc. Certain insurance aggregators also provide coverage for the child’s medical expenses until they reach ten years of age.
- Cashless settlement –
One of the most beneficial features of health insurance policies is the facility of cashless settlement. Insurance providers directly pay to the concerned medical institution, with which they have pre-established tie-ups. It eliminates the hassles of cash payments in case of medical emergencies.
- No claim bonus –
No-claim bonus is a reward facility provided on insurance policies. You can accumulate such bonus if you do not make any insurance claims in a single year. Every year you spend without making any claims, you earn a bonus on your insurance plan.
You can purchase a health insurance policy online to avail such benefits. There are several types of health insurance policies available in India – individual health insurance, employee/group health insurance plan, family insurance plan, personal accident insurance, senior citizen insurance plan, and maternity insurance policy.
A health insurance plan is an economical option for low and mid-income individuals. It involves expenses in the form of fixed annual premiums to obtain high-value financial coverage, thereby reducing significant financial strain.