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Access timely medical care
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Enjoy income tax benefits1
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Get critical illness and cancer cover
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Protect your savings
Health Insurance Products
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Benefits of Health Insurance Plan
Income tax benefits on premium paid
The premium you pay qualifies for tax deduction under Section 80D of the Income Tax Act, 1961. Tax benefits are subject to changes in the tax laws. Please consult your tax advisor to know more.
Lump sum payment for critical diseases
Our health plans pay out a lump sum, regardless of actual treatment expenses. Use the funds to pay for any expensive medical procedures.
Option of regular monthly income
Our plans come with a monthly income option. If you need to skip work for treatment, the regular payments from your health plan are sure to come in handy.
Reimbursement of healthcare bills
Insurers can settle your bills directly when you visit their network hospitals. If you get treated at a non-network hospital, file a claim for reimbursement.
How to choose Health Insurance Plan?
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Get enough coverage
Funds should not be a roadblock when seeking medical treatment. Choose a health plan that provides a sufficiently large insurance cover. Focus on getting the treatment you need without worrying about the costs.
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Tailor the plan to your needs
Consider your liabilities and age before selecting the coverage amount. You may require less coverage in your 20s and 30s. But coverage needs are likely to rise in your 40s as financial responsibilities increase and various ailments begin to crop up.
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Add in critical illness cover
When buying health insurance, consider the worst-case scenario and plan accordingly. Critical illnesses like cancer are expensive to treat. If your health plan provides adequate coverage for critical illnesses, coping with the financial pressure will be easier.
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Consider the hospital network
Look for a health insurance provider that has tie-ups with several leading hospitals in your city and near your residence. A large network will make hospitalisation and claim settlement more seamless.
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Prioritise easy claim settlement
This is an essential consideration before buying a health insurance policy. Policyholders benefit when the claim settlement process is simple, quick, and hassle-free.
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Know the plan exclusions
These may include expenses relating to pre-existing diseases (subject to a waiting period), maternity, and diagnostic tests, for example. There may also be caps on room rent and doctors’ fees. Weigh the exclusions alongside the available coverage when comparing policies.
Frequently Asked Questions
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At what age should I buy a health insurance plan?
You should aim to buy health insurance plan as early as possible. If you buy a health insurance plan when you are young, the premiums are lower because you are fit and healthy. The premiums increase with age as the body becomes vulnerable to various diseases.
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Are there any tax benefits on health insurance premiums?
Tax benefits1 against health insurance plans can be claimed under Section 80D of the Income Tax Act, 1961. Benefits can be claimed in the following scenarios:
Self and family
Rs. 25,000 tax deduction + Rs. 5,000 health check-up exemption
Self, family, and parents
Rs. 50,000 tax deduction + Rs. 5,000 health check-up exemption
Self, family, and senior citizen parents
Rs. 75,000 tax deduction + Rs. 5,000 health check-up exemption
Self (senior citizen), family, and parents (senior citizen)
Rs. 1 lakh tax deduction + Rs. 5,000 health check-up exemption
1Tax benefits are subject to changes in the tax laws. Please consult your tax adviser for more details.
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Can I have more than one health policy?
Yes, you can. When you have more than one policy, the scope of coverage increases.
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What happens to my existing health plan if there are additions to the family?
In such a scenario, you will need to increase the coverage. Speak with your insurer to find out if there is scope to increase coverage in your existing plan. In some cases, you could purchase top-up plans by paying an additional premium.
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Can I buy a single health plan to offer coverage to the entire family?
Yes, you can. Such a plan is known as a floater policy. Here, the coverage is distributed among all members of your family. When you buy a family floater plan, the premium is computed as per the age of the oldest member of the family.
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What factors affect the health insurance premium?
Age, lifestyle habits, choice of profession, and existing health conditions are the factors that affect your health insurance premium.
- Age: When you are young and healthy, you need to pay less towards your health insurance plan. Health insurance premiums increase with age as the body becomes vulnerable to various diseases. So, buy health insurance when you are young to get the benefit of lower premiums.
- Pre-existing medical conditions: You might need to pay a higher premium if you suffer from any pre-existing medical condition. The charges are on the higher side because the insurer covers a greater risk on your behalf.
- Choice of profession: If you have a high-risk job or are exposed to an environment where the chances of injury are high, you may need to pay a higher premium towards your policy.
- Tobacco use: If you regularly consume tobacco in any form, your health insurance premium shoots up by several notches. Therefore, it is in your best interest to avoid consuming tobacco.
- Individual vs. family enrolment: When you buy a health insurance plan for yourself, the risk is limited to you. However, when you add your family members within the same policy, the risk widens. Therefore, you may need to pay higher premiums for plans that also cover your family members including your spouse, children, and aged parents.
- Location: Where you live has a big effect on the premiums. If you reside in a location where climatic conditions are harsh and there is a cultural dislike of exercise, your insurer may charge you more. Also, if your area of residence is in an accident-prone zone, you may end up paying higher premiums.
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What is the cost of health insurance for an individual?
The cost is not fixed. It depends on the type of policy and sum insured. It also depends on factors like your age, profession, pre-existing medical conditions, and lifestyle. However, if you buy a health insurance plan when you are young and healthy, the cost is pretty nominal.
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What things should you consider while choosing a health insurance plan?
The sum insured, the network of hospitals, the sub-limit and co-pay clauses, the waiting period for pre-existing diseases, and the claim settlement ratio of the insurer are some important things to look out for while choosing a health insurance plan.
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Does health insurance come with tax benefits?
Yes, it does. Premiums paid towards health insurance qualify for tax deduction under Section 80D of the Income Tax Act, 19611
1Tax benefits are subject to changes in the tax laws. Please consult your tax advisor for the same
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What documents are required to buy a health insurance plan?
Documentary proofs of age, identity, and address are required while buying health insurance. Your photographs are also needed. You may also need to furnish medical reports if demanded by the insurer.
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Can a person have more than one health policy?
Yes, he/she can. Having more than one policy further enhances the coverage.
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What do you mean by annual sum insured?
It is the maximum amount that your insurer would pay in a year in case you are hospitalised. You will need to bear any amount over and above this from your pocket.
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What are the important benefits of a health insurance plan?
A health insurance plan prevents out-of-pocket expenditure during a medical emergency and helps ensure that money is not a roadblock in receiving the best treatment. In addition, cashless treatment and peace of mind are some of the most important benefits of a health insurance plan.
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Can I apply for health insurance online?
Yes, you can. Depending on the plan, you can follow the steps outlined below:
- Visit the website of the insurer
- Fill up the form
- Make an online payment and you are done
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Is mediclaim different from health insurance?
Mediclaim is a type of health cover which offers coverage for expenses you incur during a medical emergency including hospitalisation expenses due to illness, surgery, or accident. On the other hand, health insurance offers comprehensive health cover. Depending on the type of health insurance plan, the expenses go beyond basic hospitalisation and can include ambulance costs, pre- and post-hospitalisation expenses, and expenses relating to the out-patient department (OPD), among others.
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1Tax benefits are subjected to changes in tax laws. You are advised to consult your tax advisor for the same
2Please refer to product brochure for details on exclusions.
Disclaimer
For more details on risk factors, terms & conditions, please refer to the sales brochure before concluding the sale.
Trade Logo "Aditya Birla Capital" displayed above is owned by ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) and used by ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the license.
Aditya Birla Sun Life Insurance Company Limited, Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company.
Registered Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. CIN: U99999MH2000PLC128110 Registration No. 109.
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