Guide to Buy 1 Lakh Health Insurance Plan in India

Are you still the one who thinks medical insurance covers are expensive and only meant for the elite class? It is a myth among many middle-income groups. Now you can buy insurance coverage by paying an affordable premium with a 1 Lakh health insurance plan. It provides coverage of 1 lakh to the policyholder against any unfortunate event. Read on to know more about the 1 lakh health insurance plan.

Features of 1 Lakh Health Insurance Plans

To start with, you must understand the features of the 1 lakh health insurance plan and how it can be helpful to you. Here are some features of the same:

• Lum Sum Payout: If you choose a fixed benefit health plan, then after the diagnosis of any disease which is listed in the plan, a lump sum amount is paid out. This will help you bear the medical expenses in a better manner.
• Sub Limits: You need not worry about the sub-limit in the case of a fixed benefit insurance plan. You will receive a lump sum payment, no matter what restrictions are specified in other plans.
• Valid throughout the Country: Your location doesn’t affect the benefit you can avail from your plan. Even in the case of non-network hospitals, you get reimbursement easily.
• Affordable Premium: With a limited budget, you can not get the best treatment. By paying an affordable premium annually, you can get good medical facilities.

Benefits of Insurance

Premium paid on insurance is an investment for you. It is an investment for the future which will help you in tough times. Here are some benefits which you can get by buying an insurance plan:

• Cashless Network Hospitals: Health Insurance companies have tied up with hospitals to offer cashless treatment to the insured. If the hospital is under your network hospital, you can avail cashless benefits by producing a health card at the hospital issued by the insurer.
• Pre and Post-Hospitalisation: The expenses incurred before hospitalisation and after the hospitalisation are covered for up to 30 to 60 days.
• Tax Benefits: Premium paid for healthcare insurance is deductible under section 80D of the Income Tax Act. Therefore, you can easily save on your taxable income.

Document Requirements

Once the decision is made on which insurer and plan to choose. You should know the documents required to buy a policy. Mentioned below are the documents which are accepted by most of the insurers:

• Proof of Identity: Aadhar card, Voter ID card, Passport, etc.
• Proof of Age: Birth certificate, Aadhar card, Voter ID card, etc.
• Proof of Address: Driving licence, Ration card, PAN card, etc.
• Passport-size photographs, medical reports, proposal forms or any other document required by the insurer.

Major Types of Plans

Generally, there are three broad categories of plans meant for different needs. Discover what suits you by going through the below-mentioned points:

• Individual Plan: Such health insurance plans are meant for a single person looking for medical insurance. It provides coverage to just one person over a policy period.
• Family Floater Plan: If you are looking to cover your family under the umbrella of the insurance, then this plan is meant for you. Every member of the family is covered under one single policy.
• Senior Citizen Plan: People who are above the age of 60 years are considered senior citizens. You can buy such policies for your parents or any elder person in the family to protect them from heavy medical expenses.

After reading the blog, you must be relaxed and stress-free in terms of securing future medical expenditures. You must consider a health policy according to your requirements and financial responsibility. Niva Bupa offers a variety of plans keeping in mind the different needs of the population. It is a trusted brand in the healthcare insurance market and has served people with its services for years now. So what are you waiting for? Bring happiness to your home by securing yourself and your loved ones under medical insurance.