A health insurance policy acts as a safety net and safeguards against unexpected medical bills during times of emergency. Choosing a 2-lakh health insurance policy is beneficial in terms of providing basic medical coverage. It covers doctors’ fees, hospital bills during emergencies and other treatment costs. This plan is ideal for individuals with few healthcare needs.
It is essential to buy health insurance that will ensure peace of mind during accidents and sudden illness. Continue reading this blog to learn more about the 2-lakh health insurance plan, its features, benefits and more.
What is the Need for Health Insurance in India?
As India continues to face socio-economic changes, the need for health insurance has become more essential. Let us explore the reasons why you should choose health insurance:
- Rising Medical Costs
During recent years, medical treatment costs and hospitalisation have increased considerably. Thus, without any suitable health insurance policy, it might be challenging for individuals to incur medical expenses, which can cause financial strain.
- Rise of Critical Illnesses
In the medical sector in India, the number of critical illnesses such as heart disease and cancer is rising rapidly. Choosing the right health insurance plan provides comprehensive coverage for the treatment of critical illnesses.
- Financial Security during Emergencies
Medical emergencies can arise at times without warning. Health insurance provides financial security, allowing individuals to receive quality healthcare without further delay.
- Lifestyle Diseases
Lifestyle diseases, including diabetes and cardiovascular disorders, are increasing gradually. Health insurance provides comprehensive coverage for treating such diseases, ensuring intervention of on-time medical treatment.
What are the Features and Benefits of 2 Lakh Health Insurance?
Some of the distinguishing features and benefits of a 2-lakh health insurance policy include the following:
- Sum Insured
This health insurance plan is an individual plan that provides the insured a sum of Rs. 2 lakh. Choosing this plan denotes the maximum amount you can claim for meeting any medical expenses during the policy tenure. Under this policy, it also includes surgeries, costs of hospitalisation, general treatments, and other medical costs.
- Day Care Treatments
There were days when a patient needed to stay in the hospital for a prolonged period to undergo treatment and other medical issues. However, the advanced technology and medical science have reduced the days to hours. Choosing the 2-lakh health insurance plan also includes daycare treatments and procedures, reducing the financial burden.
- Cashless Hospitalisation
This is another major benefit you can avail of at respective network hospitals. By choosing the right medical insurance coverage provider, you can gain access to approximately 14,000 network hospitals across India. With a cashless facility, you need not worry about expenses, as the company arranges funds to pay the hospital.
- No Pre-Policy Medical Screening
There is no need for pre-policy medical screening for any individual with 2 lakh health insurance, aged 50 years or less. This enables people to gain easy access to the policy.
- Other Treatment Coverage
In the present-day world, only about 5% to 7% of people depend on alternative treatment options that include Unani, Ayurveda, and homoeopathy. However, choosing the 2-lakh health insurance policy ensures that it covers it all.
- Free Check-up of Health
Detection of any disease at an early stage creates a high chance of a cure. Similarly, a policyholder with 2 lakh health insurance coverage also gains access to free check-ups after a particular period.
- Tax Benefits
The premium amount in health insurance plans allows for the deduction of taxes under Section 80D of the Income Tax Act. This is another prime reason to purchase the 2-lakh health insurance plan.
- No Claim Bonus
If you do not claim the 2-lakh insurance during the policy tenure, it then calls for a no-claim bonus. When the insurance policy becomes eligible for a no-claim bonus, the insured sum amount increases without any premium.
What Does a 2 Lakh Health Insurance Cover?
A 2-lakh health insurance plan provides financial protection through effective costs of treatment, medical emergencies, and hospitalisation, making it easy to access for individuals with limited healthcare needs.
A BMI calculator is a useful tool when choosing a ₹2 lakh health insurance plan, as it helps assess your current health risk based on body weight and height. Knowing your BMI can guide you toward selecting coverage that aligns with potential medical needs and insurer risk evaluations.
Let us explore the coverage details of a 2-lakh health insurance plan:
- Hospitalisation Expenses
The hospitalisation costs are not the costs of treatment only. The fees of doctors, ICU charges, room rent, boarding expenses, and nursing all fall under the category of hospitalisation expenses. Choosing the right health provider enables covering all these expenses applicable for both general and intensive care units.
- Renewable
With renewable features, the 2 Lakh health insurance plan provides continuous coverage against medical expenses.
- Charges for Ambulance
During emergency cases, the first and foremost thing we look for is the ambulance service. An ambulance helps in the easy transportation of patients to the hospital. The ambulance charges are thus also included under the 2 Lakh health insurance plan for easy transportation of insured patients to healthcare safely.
Who Can Apply for a 2 Lakh Health Insurance Policy?
If you are aged between 18 and 65 years with a good medical history, you will be eligible for the 2 Lakh health insurance plan. Alongside this, the insurance provider also reviews the medical record for easy approval, considering the eligibility criteria.
Bottom Line
Overall, a 2-lakh health insurance policy is suitable for meeting basic medical expenses. This plan usually includes emergency care services, hospitalisation, and other treatments. However, with rising costs, it might not be sufficient to cover major health-related issues.
Choose a long-term health insurance plan if you want comprehensive medical coverage with a long tenure. In the long run, this kind of plan thereby provides better protection and a separate peace of mind for you and your family members.