What is Health Insurance?
Health insurance, also known as Mediclaim, helps cover the cost of advanced medical treatments that often require overnight hospital stays. It also includes coverage for certain day-care procedures, like cataract surgery, which don’t require hospitalization but can still be costly. A health insurance policy reduces your medical expenses and provides financial relief. You can now easily Compare & Buy Insurance plans from Coverbox.
Why is health insurance policy important & why should you buy it?
Medical insurance helps cover the costs of treatment during medical emergencies, easing the financial burden of unexpected health issues. With illnesses and diseases on the rise today, having a health insurance plan has become more important than ever. While medical advancements have provided cures for many conditions, the treatments often come with high costs. For the average middle-class individual, these expenses can quickly become overwhelming. A health insurance plan alleviates this financial strain by covering these costs, particularly for recurring illnesses. Therefore, a health plan is essential for anyone looking to protect their finances from medical emergencies. Now, you can easily Compare & Buy insurance plans from Coverbox.
Types of Health Insurance
- Individual health insurance plans:
Individual health insurance plans which cover a single individual under the cover - Family floater health insurance plans:
Family floater health insurance plans which cover the entire family under the plan. A family consists of the policyholder, spouse, dependent children, and dependent parents. One plan covers the entire family on a floater basis. The sum insured is shared by the family members. Any member can make a claim up to the sum insured. - Critical illness health insurance plans: Critical illness health insurance plans which cover major critical illnesses. If the insured is diagnosed with any covered illness, the sum insured is paid. The policyholder can use the sum insured to meet the cost of advanced treatments or pay for any other financial obligations
- Top-up health insurance plans: Top-up health insurance plans which provide supplemental coverage at minimal rates of premiums. If individuals feel that their coverage is low, they can buy top-up plans to increase the coverage. There is a deductible limit under these plans. Any claim which is in excess of the deductible limit is paid.
- Super top-up health insurance: Super top-up health insurance plans which are also called aggregate health plans. These also help to enhance the sum insured at affordable premium rates. Super top-up plans are like top-up plans. They also have a deductible limit and claims exceeding the limit are only paid. However, while top-up plans consider each instance of claim separately, super top-up plans aggregate the total claims made in a policy year and then apply them against the deductible limit. If the aggregate claims exceed the deductible, the claim is paid
- Senior citizen health insurance plans: Senior citizen health insurance plans which are meant to cover individuals in their older ages. Individuals who are 61 years and above can be covered under senior citizen health insurance plans. The sum insured under these plans are limited and premiums are affordable.
- Hospital cash plans: Hospital cash plans which pay a fixed benefit for each day of hospitalisation. If the insured is hospitalised, a daily allowance would be paid every day up to a maximum period.
- Disease-specific health plans: These can be indemnity oriented or fixed benefit health insurance plans which cover specified illnesses like diabetes, cancer, heart-related ailments, dengue, etc.You should understand the types of medical insurance plans before choosing the best plan suiting your requirements. Now you can Compare & Buy insurance plans from Coverbox.
Documents Required for Health Insurance
Now you can Compare & Buy insurance plans from Coverbox. Take a look at the list of KYC documents that may be required to buy or renew health insurance in India:
Age Proof: One of the most important documents in health insurance is your age proof. You also need to provide the age proof of all the members to be insured under the health insurance policy that you have opted for. Mentioned below are some of the acceptable documents that you can provide:
- Birth certificate
- Passport
- 10th or 12th mark sheet
- Aadhaar card
- Driving license
- Voter’s ID
- PAN card etc.
Address Proof: Permanent address proof also needs to be submitted. Following documents can be submitted for the same:
- Aadhaar card
- Telephone bill
- Electricity bill
- Passport
- Ration card
- Driving license
- Voter’s ID
Identity Proof: For identity proof, you can provide your Aadhaar card, Voter ID, passport, PAN Card, and driving license.
Passport Size Photograph: Health insurance companies also ask for passport size photos of all the policy applicants.
Medical Reports: Some health insurance companies require their applicants to undergo medical tests. Customers also require submitting all the reports of these medical tests.
In addition to this, some health insurance companies may ask for additional documents based on their business model. Now you can Compare & Buy insurance plans from Coverbox.
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