In today’s time, having the right health insurance plan can make all the difference when it comes to preserving your physical and mental health. Investing in the right health insurance plan can make all the difference when it comes to preserving your physical and mental health. A 10-lakh health insurance coverage is a shield against life’s uncertainties.
A 10 lakh sum insured plan acts as a financial cushion, ensuring you and your loved ones get quality health care without worrying about hefty bills. Whether it is a sudden illness, planned surgery, or long-term treatment, this level of financial protection gives you mental peace and reduces stress on your family.
In this blog, let us discover the features and benefits of the 10 lakh Health Insurance plan.
What is a 10-lakh health insurance plan?
The 10-lakh health insurance plan provides coverage of up to 10 lakhs to the policyholders. In simple terms, it is a policy that offers a 10-lakh sum insured. The 10-lakh health insurance plan is well-structured to provide complete protection against a broad range of medical bills. It provides coverage for inpatient and outpatient treatments, surgeries, and other medical procedures.
This plan is especially beneficial for people with moderate to high health risks, middle-class families, and young professionals who are seeking to protect their overall well-being without going out of their budget or without paying a high premium. With coverage up to 10 lakhs, individuals are fully prepared to manage hospitalisation expenses (including room rent, doctor’s fees), treatment charges, and other related costs incurred due to sudden illness or injury.
Benefits of a 10-lakh health insurance plan
A 10-lakh health insurance coverage protects the beneficiary up to 10 lakh. Some of the rewards of having a 10-lakh health insurance coverage are as listed:
- Adequate Coverage: A 10-lakh health insurance plan offers adequate coverage, including hospitalisation costs, surgeries, doctors’ fees, nurse charges, ambulance charges, medicines, pre- and post-hospitalisation expenses, and more.
- Coverage for Critical Illness: Not all, but some 10 lakh health insurance plans provide coverage for critical illnesses such as cancer, heart illness, and kidney failure, offering mental peace when dealing with life-threatening situations.
- Affordable Premiums: A 10-lakh health insurance coverage is cost-effective, making it accessible for young professionals and families who want to maintain their well-being without a financial burden.
- Lifetime Renewability: These plans typically offer lifelong renewability, allowing you to renew the policy even after the age of 60 years.
- Financial Relief: A 10-lakh sum insured ensures you and your family are well prepared for major surgeries, long-term treatments, or critical illnesses.
- Tax Benefits Under Section 80D: The premiums paid for health insurance can qualify for tax deductions, adding another layer of financial protection.
- Peace of Mind: With coverage up to 10 lakhs, you can receive the best medical care, offering peace of mind and reducing stress.
- Coverage for Alternative Treatments: These plans also cover alternative treatments such as Ayurveda, Unani, and Homeopathy.
- Free Health Check-Up: It provides you with the facility of free health check-ups, which can help in early detection and prevention of potential health diseases.
Key features of a 10-lakh health insurance plan
- Daycare Procedures: The plan covers daycare procedures, which means it provides coverage for treatments that do not require hospitalisation for more than 24 hours, adding to the flexibility and utility of the coverage up to 10 lakhs.
- Ambulance Charges: Emergency ambulance services are usually covered, making sure the patient gets the treatment during unforeseen medical emergencies.
- Cashless Treatment: Many insurance companies provide cashless hospitalisation facilities to their beneficiaries. You can use a Health insurance premium Calculator to estimate costs. The insurance provider directly settles the medical expenses with the network hospital on your behalf under the medical expense’s coverage 10 lakh.
- Pre- and Post-Hospitalisation Cover: A robust 10 lakh sum insured plan generally includes expenses incurred 60 days before hospitalisation and 90 days after hospitalisation, including diagnostic tests, follow-up visits, and medications.
- No Claim Bonus (NCB): If you do not file a claim during the policy year, your 10 lakh sum insured amount could increase as a reward, offering you even greater financial protection 10 lakh without an extra amount.
Eligibility Criteria for a 10-lakh health insurance
To be eligible for the 10-lakh health insurance plan, you must be a resident of India. Below are a few factors that will help you determine the eligibility criteria to purchase 10 lakh health insurance coverage:
- Individuals aged between 18 and 65 years. Some policies also provide coverage for children aged 90 days and above.
- Medical History: Some insurance providers might require a medical check-up, especially for older adults.
- The policy can be extended to include other members of the family, like your spouse, children, and elderly parents. Here, it will require details of all the family members.
Documents Required to buy a 10-lakh health insurance
- Aadhaar card
- PAN Card
- Passport
- Identity Card (Voter ID or Driving License)
- Passport-size photographs
- Sometimes, even medical reports
What’s Covered?
- Inpatient Hospitalization Expenses
- Pre- and Post-Hospitalization Expenses
- Daycare treatments are included
- Ambulance Services are included in the coverage.
- Doctor’s Fees are part of the coverage
- Surgeries and Procedures
- Pre-existing diseases are covered
- Health Check-ups are included in the plan
What is not covered?
- Cosmetic surgeries and other non-essential medical procedures
- Experimental treatment
- Disposables
- Self-inflicted Injuries
- Rehabilitation expenses for substance abuse
- Maternity and childbirth expenses
- Weight management treatment
- Anti-HIV treatment
- The expenses of infertility solutions
Summing Up
The 10 Lakh health insurance coverage presents a good option for people living in Tier 2 and Tier 3 cities. The hospitalisation expenses in Tier 2 and Tier 3 cities are relatively lower compared to Tier 1 cities. With this plan, individuals can receive quality treatment without exceeding their budget.
Get a 10-lakh sum insured today and save your hard-earned money from unanticipated medical conditions.