1 Lakh Health Insurance

1  Lakh Health Insurance: Your Affordable Health Coverage

What is a 1 lakh health insurance policy?

A 1 lakh health insurance policy offers insurance coverage for medical expenses till ₹1,00,000. This means the health insurance company will provide coverage for your medical bills up to the limit in case of pre- and post-hospitalisation, injury, or illness, as per the terms and conditions of the policy.

Need for a 1 lakh Health Insurance Policy

A 1 lakh health insurance policy is important for financial safety against unexpected medical or health care expenses. This insurance helps to cover the costs like hospitalisation and other medical treatments; thus, it prevents you from reducing your money savings or going into debt at the time of a medical emergency.

Benefits of Buying a 1 Lakh Health Insurance Plan

There are several benefits of purchasing a 1 lakh health insurance plan. Let’s discuss the benefits of a 1 lakh health insurance plan. 

Lump Sum Payout

If you select a fixed benefit health policy, then after any disease diagnosis which is listed in the policy, a lump sum amount is paid out. This will help you meet the healthcare expenses in the right manner.

Valid throughout the whole Country

Your place and location don't impact the advantage you can get from your health insurance plan. Even in the case of non-network hospitals, the policyholder can easily avail themselves of reimbursement.

Sub Limits

You don't have to worry about the sub-limit in the case of a fixed benefit health insurance policy. The policyholder will get a lump sum payment, irrespective of the restrictions that are specified in other plans.

Affordable Premium

With a limited cost budget, a policyholder can make use of the best treatment. By paying an affordable premium yearly, you can get good medical facilities.

Cashless Network Hospitals

A number of network hospitals have a tie-up with your health insurance company, permitting you to use cashless services during a claim. You can avoid the stress of paying the bills as the health insurance company would pay on your behalf.

Pre & Post Hospitalisation

The expenses that have been incurred before and after hospitalisation are usually covered for up to 30 to 60 days, thus helping you cope with the extra expenditure.

Tax Advantages

As per the Income Tax Act, Section 80D, premiums for health insurance policies are tax-deductible. People might deduct payment of tax for premiums for parent health insurance plans in addition to premiums paid for their own coverage.

How to Choose 1 Lakh Health Insurance?

There are many things to be considered to choose the best 1 lakh health insurance. Here are the factors to consider when choosing the best 1 lakh health insurance:

Health Insurance Coverage Amount

Selecting the correct health insurance coverage involves evaluating your healthcare needs and choosing a plan that offers comprehensive benefits. Consider factors such as hospitalisation expenses, outpatient services, pre- and post-hospitalisation coverage, and critical illness coverage to make sure that you have enough security.

Family Floater Plans

Prefer family floater plans as they offer health insurance coverage for the whole family below a single policy, providing cost-effectiveness. Just assess the age and health status of your family members to choose a plan that covers everyone's healthcare needs while staying within your budget.

Sum Insured Amount

Choose a correct sum insured amount as it denotes the extent of coverage available to the policyholder. Assess your medical expenses, future healthcare needs and inflation rates to choose a sum insured that gives enough financial security at the time of medical emergencies.

Lifetime Renewability

Choose the health insurance policies that provide lifetime renewability to ensure continuous insurance coverage, particularly when you age and might need medical care more frequently. Check that the plan you choose provides the choice to renew without any age restrictions or extra premium loading.

Claim Settlement Process

A good claim Settlement Process implies the insurance company's reliability and efficiency in settling claims. Prioritise health insurance companies with a record of hassle-free claim settlements to avoid any difficulty during the claims process.

Lower PED Waiting Period

Pre-existing disease (PED) waiting periods could delay the health insurance coverage for existing health issues. See plans having shorter PED waiting periods or those that provide coverage for pre-existing diseases after a particular waiting period to have timely access to medical services.

Compare Multiple Health Plans

Thoroughly compare multiple health insurance policies to choose the one that best matches your healthcare requirements. Consider factors like coverage benefits, network hospitals, premium rates, and extra features to make an informed decision.

Reputation of the Insurance Company

Assess the reputation of the health insurance company before buying a health insurance plan. See customer reviews, feedback and ratings to assess the insurer's customer service quality, reliability, and claim settlement process, thus ensuring peace of mind throughout your health insurance policy tenure.

Inclusions in 1 Lakh Health Insurance

There are many features that are included in the 1 Lakh Health Insurance. We shall look at what is included in a 1 Lakh Health Insurance:

• Allowance for nursing for some days, at the attending doctor's recommendation.
• Expenses of the service of the domestic road ambulance to the nearby hospitals.
• Coverage for the expenses for an accompanying person in the hospital for up to some days. 
   

Exclusions in 1 Lakh Health Insurance

There are many features that are excluded(not included) in the 1 Lakh Health Insurance. Let's see what is excluded in a 1 Lakh Health Insurance:

• Specific illnesses coverage for the first year
• Coverage for any pre-existing condition for the first two or four years of the health insurance policy, based upon the selected plan
• Specific illnesses during the event of in-home hospitalisation
• HIV/AIDS associated medical care
• Treatment for alcohol or drug abuse
• Immunisation and vaccination
• War risks and nuclear threats