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Posted by Royal Sundaram on 04 Sep 2020
A lot of people do not consider health insurance to be a principal part of their financial plan. Individuals who enjoy good health, strong immunity, and rarely ever fall sick often assume that medical insurance is a waste of money. However, health insurance is as crucial as saving for the future.
Irrespective of your age, medical history, or income, having health insurance is a must these days. If you understand the importance of insurance and would like to invest in a plan, you must know that health insurance can be differentiated based on several factors such as coverage, tenure, inclusions, premium amount, etc.
Keeping all these factors in mind, here are three comprehensive health insurance policies that you can choose from:
Individual and family floater plan
If you are looking for an all-inclusive health plan, the Royal Sundaram Lifeline plan is a great choice. Individual health insurance is ideal for people who need a plan that covers only a single person. The plan can be obtained by any individual who is 18 years of age or above. There is no cap on the maximum age.
The plan covers all hospitalization costs of a varied group of illnesses with no limits on the room rent. The policy also offers a 100% sum insured reload without any extra payment and a provision of doubling up the sum insured on the completion of 5 claim-free years.
In addition to this, you can take this policy as a family floater plan that covers you, your spouse, and up to four dependent children aged between the ages of 91 days and 25 years.
Comprehensive health insurance
A comprehensive health plan is one that provides extensive coverage across a wide network of hospitals with multiple inclusions. Unlike the basic plan, this also covers the inpatient and outpatient care and hospitalization charges. While buying a health plan, it is important to understand all your insurance needs. The plan must be holistic to provide substantial coverage for several diseases and critical illnesses. An ideal health insurance plan should cover the following aspects:
- Pre- and post-hospitalization charges
- Lifetime renewal
- Tax benefits under section 80 (D) of the Income Tax Act, 1961
- Maternity coverage
- Coverage for up to 200 day-care procedures
- Wide network of hospitals on the panel
- Cashless transactions
Extended family cover
Health insurance is crucial for everyone, but sometimes people are not able to purchase a plan due to monetary concerns. As an earning member, you can opt for a plan that covers your extended family with a range of useful insurance features.
The Royal Sundaram extended family cover, Arogya Sanjeevani Policy, covers the proposer of the policy, their legally wedded spouse, dependent children (naturally born or legally adopted aged between 3 months to 25 years), parents, and parents-in-law.
The extended family cover is beneficial in case your dependents are not able to cover themselves with health insurance. The plan can be bought through two different sum assured options – family floater basis and individual basis. In case you opt for a family floater basis, all the people covered under the policy will share a single sum assured. The individual basis plan, on the other hand, offers protection to only one member under a single sum assured.
This plan is valid for a term of one year which starts from the day of issuance of the policy. And the following treatments and procedures are covered under it:
- Ayush treatment
- Modern treatments
- Cataract treatment
- Pre- and post-hospitalization charges
- Other expenses
Along with the procedures mentioned above, a cumulative bonus is also included in this policy.
Important things to remember while buying a health insurance policy
While selecting the most suitable health insurance plan for yourself, there are a few things you must pay special attention to, such as:
- Waiting period: The waiting period is the trial time you get to make the final decision regarding your policy. Apart from accidents, no other treatment within the first 30 days is covered under the plan.
- Pre-existing diseases: The policy does not cover any pre-existing diseases before the completion of 48 continuous months from the time of policy issuance.
With so many unique health insurance plans, you can find a policy that fits your needs and safeguards your family easily. Make sure to keep the above factors in mind and pick a plan that offers you maximum benefits in the long run.
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