Importance of Health Insurance

8 min read Posted on 30 Aug 2024

We live in an era where health threats are increasing daily. A serious medical emergency can leave a person with a huge financial hole and, most likely, cost more than their savings. In such situations, the importance of health insurance has become a necessity for everyone.

Health insurance provides financial protection to the policyholders against the costs arising out of any medical emergency. As we know, the inflation rate in our country is very high, due to which the medical treatment cost is skyrocketing.

Therefore, not buying a comprehensive health insurance plan can cost you financially in case of medical emergencies. So, we have made a list of a few points that will help you to understand the importance of a health insurance plan.

Importance of Health Insurance Plan In India

Below is some points that will explain the importance of health insurance plans in India:

Lifestyle Changes:
Our lifestyle has changed a lot in the last few decades. We now need to travel frequently, have little time to take care of our health, participate in less physical activity, and often ignore the early warning signs of health problems that could become serious health problems in the future. Hence, health plans have become important today as they cover a wide range of medical procedures and provide the best medical facilities in renowned hospitals and other essential health services.
Rising Healthcare Expenses:
Healthcare costs are already very high, and it is predicted that they will continue to climb in the future due to increased medical inflation. Therefore, buying a health insurance plan is important to safeguard your finances against the rising cost of health insurance.
Tax Benefits:
A policyholder can claim a tax deduction of up to INR 50K for the premium of a health plan purchased for their parents under Section 80D of the Income Tax Act (Senior Citizen).
Protect Your Savings:
Sudden illness can cause extreme physical and mental stress. In addition, if you cannot cover the cost of treatment, your burden will increase significantly. No one wants to be denied high-quality medical treatment due to a lack of resources. The opportunity to protect your savings and accelerate your recovery adds to the importance of health insurance.

Benefits of Health Insurance

Below mentioned is the list of coverage benefits offered under health insurance plans:

Cashless hospitalization
Offer Coverage to all the family members
In-patient hospitalization
Out-patient hospitalization
Domiciliary Hospitalization
AYUSH Treatment
Tax Benefits
No Claim Bonus
Free Medical Checkups
Coverage for Coronavirus
Daycare Treatment

Understand Health Insurance Terms in Detail

Best Health Insurance Plan In India

Many health insurance companies in India offer various health insurance plans, but finding the best health plan is a daunting task. Hence, RenewBuy has put together a list of the best health insurance in India in the table below:

Individual Health Insurance Plans

Individual Health Insurance Plans	Coverage Benefits	Network Hospitals
ManipalCigna LifeTime Health Plan	Restoration Coverage outside India Mental Care	6500+
HDFC Optima Restore Plan	Domiciliary Hospitalization Pre and Post Hospitalization Cataract	13000+
Care Plan	Organ Donor Cover Ambulance Cover Domiciliary Hospitalization	16500+
Care Advantage	Organ Donor Auto Recharge Daycare Treatment	16500+
Niva BUPA Health Reassure	Emergency Ambulance Accommodation Cash Benefit Day Care Treatment	7600+

*Disclaimer: We RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different health insurance companies.

Family Health Insurance Plans

Family Floater Health Plans	Coverage Benefits	Network Hospitals
ICICI Health Shield	Restoration Coverage outside India Mental Care	6500+
HDFC Optima Secure Plan	Emergency Air Ambulance All Daycare Treatment Organ Donor Expense	13000+
Care Plan	Organ Donor Cover Ambulance Cover Domiciliary Hospitalization	16500+
Care Advantage	Organ Donor Auto Recharge Daycare Treatment	16500+
ManipalCigna ProHealth Prime	Daycare Treatments Domiciliary Treatment Road Ambulance	6500+

Senior Citizen Health Insurance

Senior Citizen Health Insurance Plans	Plan Coverage Benefits	Network Hospitals
Niva Bupa Senior first Plan	Daycare Treatment AYUSH Treatment Organ Donor	7600+
Care Health Senior Plan	No pre-policy medical checkups Ambulance expenses Domiciliary expenses	16500+
Aditya Birla Activ Care Plan	Daycare expenses Ambulance expenses Health check-up	5700+
TATA AIG MediSenior	140 Daycare Treatments Pre and post hospitalization Organ Donor Expense	7000+
Star Health Senior Citizen Red Carpet	Daily Hospital Cash All Daycare Expenses Emergency Air Ambulance Domiciliary hospitalization	12000+

Critical Illness Health Insurance

Critical Illness Health Insurance Plans	Plan Coverage Benefits	Eligibility Criteria
Niva Bupa CritiCare Plan	20 Critical Illness Covered Hospital Daily Cash Lifetime Renewability	7600+
Care Critical Illness Plan	32 Critical Illness Covered Dialysis Cover Annual Health Checkup	16500+
Star Criticare Plus Plan	Daycare treatments Ambulance expenses Non-allopathic Treatment Covered	12000+
ManipalCigna Lifestyle Protection Critical Care	30 Critical Illness Covered Online Wellness Program Coverage for open Heart Surgery	6500+
HDFC Ergo Critical Illness Platinum Plan	15 Critical Illness Covered Lifetime Renewability Coverage for paralysis	13000+

Understand Health Insurance Terms in Detail

Conclusion

Today, having health insurance is a necessity and not a luxury for each of us. You can read the above-mentioned facts carefully, which clarifies the importance of health insurance plans in India. It will now become easier for you to understand the need to make a wise early-life investment in a health insurance plan.