It is necessary to buy such health insurance which provides adequate cover.
Critical Illness Cover
Like life insurance policy, health insurance policy giving cover of more than 1 crore rupees is increasing in popularity. In order to reduce the burden on people due to increase in treatment expenses, insurance companies are increasing their cover size. Spending on health is increasing constantly and cases of diseases caused by people’s lifestyle are also increasing. Therefore, it has become necessary to buy health insurance in which adequate cover is available. Health insurance cover provides financial assistance to people at the time of medical emergency.
Choose health insurance policy carefully
Now health insurance is seen as a common requirement and discerning customers are focusing on getting better facilities from the policy. Generally, customers choose a basic health cover of Rs 7 to 10 lakh. However, some high-cost treatment such as organ transplant, severe heart disease or advanced stage cancer costs a total of Rs 40 to 60 lakhs. In such situations, a general health insurance cover is not good.
According to a survey, the number of cancer cases in 2017 was 1.5 million, while by the end of 2020 it is expected to reach 17.3 lakh. On the other hand, cases of heart-related diseases have also increased in almost every state of the country. Therefore, there are such health insurance plans available in the market which provide adequate cover to meet all these needs.
In the event of serious illnesses
People who are having serious illnesses in their family, need more expenses and long-term treatment, they can take big cover. In some diseases such as advanced stage cancer, it easily costs lakhs of rupees to get the person treated in a private hospital and for this only a large cover insurance cover is suitable. Apart from this, if a person wants to go abroad for better treatment, then an insurance policy giving short or mid-size cover will not be sufficient. In all these situations, the best option is to take a high-value health insurance policy.
One such health insurance plan is the active insurance diamond plan of Aditya Birla Health Insurance, which provides a cover of Rs 1 crore. This plan comes with a base cover of Rs 5 lakh and has a super health top up of Rs 95 lakh.
A top-up or super top-up plan has a deductible component and some insured component. A deductible component is a predetermined amount that a customer pays for his expenses or base health insurance or any other source of income. The higher the amount of deductible component, the lower the premium for top-up or super policy. New health insurance companies standing in the last two or three years are giving insurance cover of Rs 1 crore or more.
(By: Santosh Aggarwal, Chief Business Officer, Life Insurance, Policybazaar.com)