It is not a big deal to take an insurance policy, but in India, in the last few decades, the names of insurance that have been fraudulent, this makes a middle class person think a thousand times before investing money. But still it is necessary to invest, because this can improve your future. Today I am going to talk about one such important insurance investment plan. What is health insurance definition and how can you select easy claim plans?

What is Health Insurance Definition

What is health insurance definition and what are the types of it? And how can a middle class person get medical insurance for their family? More details about this will be found in this post of c4computer. If you do a job somewhere or do some small or big business, then it becomes very important for you.

What is Health Insurance Definition?

There are mainly four types of insurance.

  • Life Insurance

  • Health Insurance

  • Disability Insurance

  • Auto Insurance

Health insurance is a kind of medical insurance, which the insurance companies give financial support, when the insured gets hospitalized due to a medical problem.

With this, if a person takes a health insurance plan, then he is also exempted from tax under section 80D of Income Tax Act 1961. No one knows when which medical problem comes with whom. In such a situation, medical insurance can be a boon for that person.

Not only this, if an interested person wants to get a health insurance plan for himself and the family, then everything is very easy and transparent for him, and he can also get many benefits from the government and the company.

Benefits of health insurance

Life, auto or health insurance is the benefit of all. And these are most important for the middle class person. If you want to get a health insurance plan then you can have many benefits. Some of these are :-

Right Know: Today technology has gone so far that you get accurate information about any plan & package and you can get information about insurance policy very easily.

Convenient: You can compare all health insurance policies online and can choose the right plan for yourself in a short time. For this you do not need to talk to agent of different companies. With everything being online, it is very convenient for us.

Cheaper and Better: Online When you compare all the plans, it is very easy for you to choose which medical insurance policy will be cheaper and better for you.

Advantage in tax: If you take any health insurance scheme, you will also get benefit in tax. Under Section 80D of the Income Tax Act 1961, if a person is under 60 years of age and he gets medical insurance, he will get a rebate of Rs 25,000 in tax, and also if he insures his wife, children. Then he will get a rebate of Rs 25,000 more. If your parents are above 60 years of age then you can claim for 30,000 tax exemption.

Types of health insurance

You all know how fast the population in India is increasing day by day, in such a situation, every person who is competent, they must get health insurance. Many medical benefits are available in it. There are many types of health insurance plans in India based on premium and policy.

Individual Insurance: It is an individual plan, in which a single person gets medical financial coverage. Facilities like cashless hospitalization, reimbursement, pre-hospitalization of coverage are available for an individual.

Family Health Plan: As its name implies, your family members are also with you in this and they also get health benefits. Its premium is also slightly higher and along with it fixed medical coverage is available, whether a family one member or all.

Senior Citizen Insurance: If the age of a person is 60 years or more, then he can apply for this plan. It provides all the benefits that are decided by the insurance regulatory and development authority of India.

Best Health Insurance Policies in India

Like life insurance, many companies offer health insurance in India, but not all of them are right for you. The terms of each companies are different, on the basis of which the policy bazaar has made a list of top companies, which offer the best service in India, and you can take the plans of any of these companies.

Insurance CompanyCoverageIncurred Claim RatioWaiting Period Renew-ability Network Hospitals
Max Bupa4 members of the family (2 adults + 2 children)50.19%4 yearsLifelongOver 3500
HDFC ERGO4 members of the family (2 adults + 2 children)52.58%4 yearsGuaranteed Lifelong RenewalOver 9000+
Bharti AXA4 members of the family (2 adults + 2 children)98.50%4 yearsLifelongOver 5000
SBI Health Insurance4 members of the family (2 adults + 2 children)52.93%1 to 4 yearsLifelongOver 3000
Bajaj Allianz6 members of the family (2 adults + 4 children)77.61%4 yearsLifelongOver 3700
Reliance6 members of the family (2 adults + 4 children)106.54%4 yearsLifelongOver 4000
Reliance6 members of the family (2 adults + 4 children)126.95%4 yearsLifelongOver 6000
TATA AIGIndividual/ Family Floater72.32%4 yearsLifelongOver 3000
Royal SundaramIndividual/ Family Floater78.13%4 yearsLifelongOver 3000
ManipalCignaIndividual/ Family Floater48.14%4 yearsLifelongOver 3000
IFFCO TokioIndividual/ Family Floater81.96%2 to 4 yearsLifelongOver 3000

How to check company credibility?

There are more than 20 companies in India that offer health insurance, so it is not easy for a person to choose the right company. It is a very difficult task that you can choose the right company, and you can get its benefits from time.

We have some tips which will help you to compare all the companies and choose the right one among them.

Incurred Claim Ratio (ICR) is the most important factor to compare insurance companies, and you can choose the right and credible company in this way.

Through ICR you can find out how much benefit you will get from which insurance company.

ICR = Amount settled as claims / Amount collected as premium

Guide to buying the best health insurance

We all often think that which person should get health insurance from his home? Get everyone together or choose different insurance plan for everyone. Perhaps such questions will also come in your mind when you make a health insurance plan. So I am going to share information about some of the best health insurance buying guides here.

    So that you can select a right health plan,

    1. Floater or Individual Plan

    Floater means family health insurance plan You can take a plan for the whole family together or individual plan means your own plan, then who should take both of them.

    There is a simple difference between the two. If you have taken a family plan of 20000 rupees per month, in which cover is getting 5 lakh rupees, then it will be 5 lakh for the whole family. That is, if there are 3 people in your house, then the total for them is 5 lakhs. If one person falls ill in the house and 5 lakh cover is used in it, then if someone else falls ill in the house then you will not get cover.

    The benefit in individual plans is that all three people will get separate cover independently. That is, if there are 5 lakh individual insurance cover, then three people will get a cover of 5-5 lakhs in the house.

    But the biggest thing is, when you have to take floater plan and when you have to take individual plan, you should take care for it. If there is a member in the house who is older or remains ill, then you should take an individual plan for them and floater plan for all the other members.

    2. High Claim Settlement Ratio

    There are many insurance companies that offer cheap premiums, but their claim settlement ratio is very low. That is, you can not easily claim your insurance when you need it.

    Therefore, you have to pay attention to select such plans and choose a company that has a better claim settlement ratio and give you easily money if needed.

    3. Right Insurance Company

    There are many companies that promise to give you 4 lakh or 5 lakh cover in a 3000 plan, but their terms & conditions are very complicated. Just like it promises you will get 5 lakh rupees, but then their condition starts, if you are in general ward then you will get 2000rs per day.

    Therefore, before choosing a company, you should get the details about it and get detailed information about each and every question related to the policy.

    4. Pre & Post Hospitalization Expenses

    Many times it happens that your treatment is being done at home, in which the test can be done or anything, then is the company giving cover for the treatment of that test or home, and if you get out of the hospital then at home Taking medicines, testing, all of them are getting covered in it. You should read all these things carefully and check in their policy.

    5. Restriction according to the diseases

    There are many policies that impose restriction according to the diseases, that is, they do not provide cover for many diseases. In such a situation, you have to take care that there is no such restriction in the insurance policy, due to which you have a problem later.

    6. Choose a plan with more cover

    Always try to choose a plan that covers more than 5 lakhs, and all their policies are better for you. For this, you should always take a plan of big companies, as I have listed above and together you can now compare about it online.

    Friends, I hope you have understood that what is health insurance definition and how many types of health insurance? And if you choose an insurance plan for yourself and your family, what will be its benefit? If you do a business or do a job, then you must take health insurance. It will always be beneficial for you and your family, and if you have any suggestion, then you must tell in the comment.