Unfortunately, problematic events and health emergencies can come anytime. There is no way you can be emotionally or physically be prepared for the same. However, health insurance help you to be prepared financially for any health emergencies you or your family might face. health insurance also help you to be ready in case you or any of your family members suffer from a critical or terminal illness.
You should also have health insurance that covers your parents since senior citizens might need more frequent health check-ups and have more health-related requirements. Your children should also be covered under your health insurance to protect them under unforeseen circumstances. One can also have combined health insurance with your spouse if you have no children to have join coverage.
Health insurance is also an excellent investment plan. The premiums paid for health insurance are eligible for tax deductions and hence give better returns to the policyholders than several other saving plans. There are health insurance plans where the policyholder can opt to increase the risk of investment and have a part of the premiums invested in the market for better returns.
What is Health insurance?
Health insurance policies are contracts between the insurance companies and the policyholders where the insurance companies bear all the health expenses of the individual. This procedure takes place in several forms by insurance companies. The policies can have various covers to cover critical illnesses, family, and much more. Different covers provide you with more options to choose from according to your needs.
Health insurance covers several facilities like hospitalizations, day care procedures, surgeries, regular health check-ups, and several more health-related expenses. While buying health insurance, it is essential to make sure you have all the benefits, which is necessary for you and your family. Insurance companies have several advantages that can be added separately to policies as well.
Engage with an insurance advisor to make a well-informed decision. There are several factors that one needs to consider while choosing and understanding what is health insurance. Insurance advisors help you find the most suitable insurance plans as per your requirements. If you think all these factors before getting health insurance, there are better chances you get higher returns on the premiums you pay. Consider all options before making a decision.
Term Insurance Premium
Why do you need Health insurance?
Health insurance provides us with several benefits. However, if you are young or have a very healthy lifestyle, you might question the need for health insurance for you. Here are some reasons you should consider getting a health insurance policy:
health insurance cover a lot of illnesses and day care procedures. In several cases, the insurer provides cashless facilities in-network hospitals which reduce stress in times of emergency
all the premiums paid for health insurance are eligible for tax deductions. These premiums bring tax benefits to the policyholders who are an added benefit to the health insurance
All health insurance provide other riders that one can add to their policies. The most common additional rider is critical illness coverage.
Policyholders get several perks from health insurance in the form of bonuses, extra covers, lower premiums, and more
Triple Health Insurance Plan by Bharti AXA Life
The Triple Health insurance plan offered by Bharti AXA Life under the health plans is a comprehensive health insurance suitable for the general public. The triple health insurance plan allows you to make up to three claims for unrelated critical illnesses. This feature is very helpful for individuals to be financially prepared in case of an unexpected health condition. Another very important feature of the triple health insurance plan is that after the first claim all the future premiums of the insurance plan are waived off by the company and are paid for by them.
Features of the Bharti AXA Life Triple Health Insurance Plan
Here are some of the major features of the health plan which makes it unique:
- The triple health insurance plan covers over 13 critical illnesses
- The plan provides 100% sum assured for all three claims until all of them are from different groups.
Benefits of Health Insurance
Getting health insurance has several benefits. Some of the most common benefits of health insurance are:
health insurance provides the policyholders with tax benefits since all the premiums paid for the health insurance are eligible for tax deductions
health insurance policies have several options for critical illnesses coverage which provide the policyholders with all expenses paid treatments and cash advances
if you have health insurance that gives you a cashless clause, the insurance companies directly settle the hospital bills. The policyholders just need to submit a pre-authorization form and submit it to the TPA.
Every policyholder must make the most of these health plan benefits and considers the same while getting a health insurance plan.
Features of Health Insurance Plan
All health insurance plans have particular features one should lookout for a while looking for characteristics of health insurance plans. Here are some features of health insurance plans:
Pre & Post
Pre & Post Hospitalization Cover is present in all health insurance plans
Ambulance cover is an essential feature of health insurance
Maternity cover is a crucial feature for couples planning a family
Critical Illnesses also cover an important feature
All insurance companies provide cashless treatments for individual plans
These features are essential to keep in mind while choosing a health insurance plan for you and your family.
How to Calculate Health Insurance Premium?
The monthly premiums for your health insurance can be calculated with the help of health insurance calculators. Several factors are given below impact the premium amount for the policyholders:
- Savings part-The premium amount is higher when you have more savings part in the policy
- Medical history-Insurers provide lower premium amounts to individuals with a healthy medical history
- Personal history-The individual's history of regularity in paying premiums and other financial details influence the premium amount as well
- Community Rating-The geographical location and other demographic details of the individual impacts the premium amounts as well
Several other factors determine your premium amounts, such as your requirements, risk levels of investment, additional riders, and more.
Follow the steps given below to calculate your premium amount with the help of a health plan calculator:
- Go to health insurance premium calculator
- Enter your city name
- Choose the number of family members you want to cover in the policy
- Enter the age of the oldest family members
- Fill in the required personal details such as phone number, name, email id, and more
- Click enter, and the website will show you all the suitable plans tailored to your needs and the estimated premiums for the same.
These steps will help you get an estimate of the premium amounts. You can also consult our insurance advisors to get more information about the same.
Life Insurance Claim Process
The first step involves informing us about your intention to file the claim. Get a hold of the claims form which you can find both at our physical outlet as well as Bharti AXA’s online portal. The claims form will involve filling in details such as cause of death, name of the beneficiary, the location of the death, and personal details such as date of birth of the beneficiary, policy number and name of the beneficiary amongst other aspects.
The next step involves arranging all the necessary documents that you will need in order to ensure that your claim goes through successfully. Some of the main documents that you need to keep handy if you are looking to file a claim include the death certificate pertaining to the deceased registered under the policy, age of the deceased, original copies of the policy document, ID proof of the beneficiary, and any medical reports/records pertaining to the beneficiary’s demise.
Once the claims form and the necessary documents are submitted, the claim will be processed within a duration of 30 days. In some cases, additional steps will be undertaken by the insurer. This is especially true in cases where claims are made within a period of 3 years since the purchase of the policy, in lieu of which additional investigation is undertaken. This includes checking with the hospital where the deceased registered under the policy was admitted prior to his/her demise.
Who should buy a Health insurance policy?
Health insurance is must-have for all age groups, but the following age groups can make the most out of health insurance:
Senior Citizens :
Since senior citizens need more medical attention, it is practical to have health insurance, which covers these costs. Daycare procedures are included in health insurance plans so it will be adding more benefits for senior citizens.
Newly Married Couples :
Since many health insurance take from 9-36 months it makes sense to get health insurance with maternity cover at the time of marriage so the couple can avail maternity benefits by the time they plan a child.
New Parents :
Several health insurance covers the medical check-ups of the newborn baby. New parents can make use of these benefits for their baby and have all the expenses for these check-ups covered.
Young Adults :
Individuals under 30 should get health insurance so that their premiums can be paid off before they are senior citizens and have a whole life cover to pay for their health expenses even after retirement.
Even if a cover did not have health insurance when they got married, they get a plan to protect their child's health expenses for the future. There are several plans which facilitate this feature.
Everyone else from these groups can also opt for health insurance plans. Several benefits are exclusive of the groups mentioned above.
How to choose the best Health insurance plan?
One must consider several options while deciding health insurance plans for you and your family. Some for the factors to keep in mind are:
- The average age of the family-You must consider if you have more elder family members or more younger people. The premium amounts and the coverage will differ if you have more elder members in the family
- Employer Health insurance-If you have health insurance from your employer, you can opt for a basic plan so that you have coverage even when you leave the job or are in-between situations. If you are self-employed, you might have to opt for a most advance and comprehensive cover plan
- Dependent Parents- If your parents are dependent on you, you might either want to get the plan which includes benefits for senior citizens or get an idea for them which has a co-payment option for them
- Network Hospitals-You need to check if your desired hospital or doctors are there in the network hospitals of the insurance company.
- Cover Amount-While choosing the best health insurance plan, it is essential you decide the cover amount that works best for you. The ideal coverage amount should be five times your income at 40 years of age.
- Family Floater Plan-For individuals who want to have a cover for their family, family floater plan instead of individual plans for all members. Family floater plans have additional benefits for families
Keep these factors in mind while choosing the best health insurance for your family.
Health Insurance Guides
Health Insurance FAQs
- Individual health plans-these plans are the best options for individuals who just want a health cover for themselves.
- Family floater health insurance -here, the policyholders can get a health cover for their entire family where they have benefits for both their children and their parents.
- Employers take group health cover- these health insurance plans for their employees.
- Senior citizen health insurance plan-senior citizen plans are for older adults.
- Critical illness health insurance-some times this is a rider or people can opt for a critical illness health insurance to cover the medical expenses and have cash advances
- waiting period
- network of hospitals
- per illness limit
- list of daycare treatment incurred claim
- Monthly premium amount
- Cover amount
- Additional riders available
- Pre-existing medical conditions
- Cosmetic treatments
- Alternative therapies
- Pregnancy and childbirth
- Diagnostic expenses
- Lifestyle-related conditions
- Dental, hearing, & vision
- Injuries inflicted due to suicide attempts
- Intentional injuries
- Congenital diseases
*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time.
** Riders are not mandatory and are available for an additional cost
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale