Individual Health Insurance FAQ's

Beyond saving on medical expenses, there are multiple reasons why you should get insured. In fact, it is advisable that you buy a policy while you are still healthy and young. The sooner you opt for a health insurance policy the better, as premiums and exclusions increase with age.

Here are four reasons why you should consider buying a health insurance policy for yourself and your family.

1) Increase in lifestyle-related illnesses

Although the human lifespan has grown over the years, stress levels have grown in parallel. Due to advancements in the field of medicine, people may live longer, but lifestyle-related habits can severely impact the quality of this ‘long’ life. Many people choose to live a sedentary lifestyle and opt for unhealthy meals to go with it. Pair this lifestyle with chronic stress and you have a recipe for early onset of conditions like hypertension and diabetes, which may lead to critical illnesses like stroke, heart attack and more. By choosing health insurance, one is choosing to mitigate the financial impact of being diagnosed with this kind of lifestyle ailment.

2) Group Health Cover is Usually Insufficient

According to a survey by Big Decisions, about 95% of Indians today are not sufficiently insured, with individuals above the age of 45 in the highest risk group. Many rely on their group health plan to cover their medical costs. However, a group plan may not cover your entire family’s medical expenses. Additionally, the total sum insured you get through a group plan most likely will not be sufficient to meet all your medical expenses. Do not put yourself at risk of being underinsured by relying solely on group health coverage. Opt for a comprehensive health insurance policy instead.

3) You Are Covered for More than Just Hospitalization

Health insurance provides coverage beyond your hospitalization costs. It covers medical bills, doctor’s consultations, ambulance charges, and more. Nowadays, there are pre and post-hospitalization expenses that are covered by traditional health insurance. This means you are getting more bang for your buck when you choose to invest in a comprehensive health insurance policy.

4) Inflation is leading to Out of Pocket Expenses Increasing

Not only is the cost of living on the rise, but healthcare expenses are likely to be sky-high in the next ten years. India’s healthcare industry is experiencing inflation in the double digits. Your out-of-pocket expenses are likely to grow over the years unless you have financial measures in place to mitigate the impact of inflation. One such measure is investing in a health insurance policy. Health insurance can fortify you with the emergency finances necessary if you are ever in need due to unforeseen medical emergencies.

You need to furnish a few essential documents when signing up for health insurance. 

Age proof

This is one of the most important documents at the time of purchasing a health insurance. Keep in mind that if you are buying insurance for your family members or purchasing a family floater plan, you must submit the age proof of all members to be insured. 

The following documents are accepted: 

• Passport

• Aadhaar card

• Driving license

• PAN card

• Voter’s ID

• Birth certificate

Identity proof

An identity proof document enables the insurer to verify your identity. 

You can submit any of the following documents:

• Passport

• Aadhaar card

• Driving license

• PAN card

• Voter’s ID

Address proof

This document is to confirm your place of residence. 

You can submit any of the following documents:

• Passport

• Aadhaar card

• Driving license

• Ration card

• Electricity bill

• Telephone bill

Additionally, you will also be required to submit:

• Passport size photographs

• Medical reports if the insurer needs to assess your health 

• Duly filled and signed insurance policy form

While these are few mandatory documents, based on the business model of the insurance company, some of them may request for additional documents.

The two main aspects that are considered when determining eligibility for health insurance are your age and current health. 

• The minimum age to get health insurance for your child is 15 days, going all the way up to 18 years. For adults, the entry age is 18 years, and the maximum limit is 65 years. Your premium heavily depends on your age. It is lesser when you are younger; hence, experts advise that people should get health insurance as soon as they are financially independent, i.e. in their early 20s.

• The second factor is your overall health. When you buy health insurance, there are chances that you may be asked to undergo a medical examination to determine your current health status. Normally, this is reserved for people above the age of 45. If you are under 45, you may just be asked to present a doctor’s certificate claiming a proof of good health.

However, people of all ages are required to declare pre-existing conditions, if they have any. These can include diabetes, hypertension, asthma, high blood pressure, thyroid, etc. Having a pre-existing condition does not mean that you are not eligible for health insurance. You most definitely are. This information is important to identify the best suited plan and coverage for the customer. It is imperative that you tell your provider of your pre-existing conditions to streamline the process when you make a claim and to avoid falling under non-disclosure.

There are many different types of health insurance plans available that vary in premium, coverage, add-ons, critical illnesses, etc. Comparing them online helps you make an informed decision and find the one that best suits your needs and finances. 

Additionally, it is extremely easy to compare policies online as the information is presented in a simple and clear manner. You can click here to compare any three Niva Bupa plans at a time and see for yourself which one suits your needs. 

You can even get an approximate quote for the premium you’ll have to pay for each plan which further saves your time. All you have to do is fill in a few details such as your name, age, etc.

Last and most importantly, it puts the power to choose in your hands. You can do your research and make your own health decisions, rather than simply going with what the agent tells you.

Everyone has different health insurance needs. Keeping in line with the dynamic needs of customers, Niva Bupa offers a wide range of insurance plans to fulfill the needs of every customer. 

Here are some specific requirements and the corresponding insurance plan that will fulfil the need: 

• Covid-19: Getting supplementary coverage against the global pandemic has become imperative, and Corona Kavach covers both hospitalisation and home treatment for COVID-19.

• Family Coverage: If you are looking for an affordable health insurance plan for your entire family, ReAssure and Health Companion are ideal options for you. It covers all family members, with lifetime renewability, refill benefits and more.

• Mental health: Though all our plans cover mental health, however, the GoActive goes one step ahead and covers various well-being features such as a health coach and consultations with an empanelled counsellor for mental health issues, stress management, pre-marital counselling etc.

• International coverage: If you frequently travel abroad, then Niva Bupa’s Health Premia or Heartbeat are the ones to consider. They offer cashless insurance coverage within and outside India, including planned treatment abroad for various critical illnesses.

• Alternative treatments: Looking to adopt a more holistic approach to health and well-being, our plans such as Health Companion, Health Premia, Heartbeat, ReAssure, and Corona Kavach will have you covered for a host of non-allopathic treatment options as well.

Health insurance comes with a dual benefit for any policyholder. You secure your health while reducing your tax liability. With health insurance, you can claim a considerable amount as tax-deductible premiums paid toward your health insurance policy in a single year under Section 80D of the Income Tax Act.

In several scenarios, you are entitled to a variety of tax deductions thanks to your health insurance policy. There are as follows:

Scenario 1- Maximum tax deduction of ₹50,000/year

Securing yourself, your spouse, and your dependent children with a health insurance policy, you can claim upto ₹25,000 annually as tax-deductible premiums paid towards your policy. This is in the scenario that nobody in your family is over the age of 60. If you opt for a separate policy for your parents, you can make additional tax savings. In case, neither of your parents is 60 years or older, you can claim a separate deduction of upto ₹25,000 as tax-deductible premiums paid towards the policy each year.

Scenario 2- Maximum tax deduction of ₹75,000/year

Assuming nobody in your family health policy is over the age of 60, you can claim a tax deduction of ₹25,000 paid towards your health insurance as premiums each year. In a separate policy, you pay the premiums for your parents, at least one of whom is over the age of 60. For this policy, you can claim a separate deduction of upto ₹50,000 annually.

Scenario 3- Maximum tax deduction of ₹1,00,000/year

In your family floater health plan, if any member is over 60 years old, you can claim a tax deduction on upto ₹50,000 annually paid as health insurance premiums. In the second policy, you have to cover your or your spouse’s parents, you can avail of a separate deduction upto ₹50,000 since one or both parents is over the age of 60.