Features of New Age Health Insurance Plans in India

Health insurance is a must have even though you consider yourself to be healthy and leading a healthy lifestyle. It is because the cost of health care is escalating at a rapid pace that if all you have to be hospitalized at any time, the hospital bills would drain your bank balance at a rapid speed. The new age health insurance plan is the cushioning factor that you should opt for while you are still comfortable. The Bajaj Allianz health insurance plans are designed to provide financial support at the needy hour providing the cushioning effect you require. With them by your side, you could concentrate on getting well rather than thinking about how to arrange for the finances to meet the expenses.

New Age Health Insurance Plans

The new-age health insurance plans that come with modern features offer benefits that would provide you with adequate health cover. The new-age features have been adopted by the insurance providers. With almost all insurance providers making sure that their policy is designed to have features that attempt to gain your attention, it is difficult for you to make your choice. The insurance companies are also gearing up to meet the demand in the market diverse products that could cater to diverse customers.  This could surely help you get medical care and beat the inflation in medical costs. But you have got break your heads on deciding what would be the best cover that would meet your needs.

New Age Health Insurance Features

1. The Age Factor

One of the main new age features that have come into force due to the insurance regulatory and Development Authority is the age at which a person can buy an insurance policy. At present, it is possible for a person to buy an insurance policy up to the age of 65. This is being followed by the state-owned insurance companies.  But private insurance companies like Bajaj Allianz new age health insurance have tailored various plans in which you have tax gain plan for which the maximum entry age is 75 years and you also have a health care supreme plan where there is no limit in the entry age at all.

2. The Renewability Feature

It is again mandatory to offer lifetime renewability.   Earlier if you fail to renew, you would be losing even the existing benefits of the lapsed policy.  The new age policies ensure that you are eligible for lifelong renewability even if you have made a claim in the previous year. The renewability can be denied only on furnishing cogent reasons in writing which is a great boon for the policyholders.

3. Pre-existing Ailments

A new age health insurance feature that has been adopted considering the increase in people suffering from many ailments and the longevity of the persons owning to medical care, the new age policies are made available to persons with previous ailments too. But, only if they truly reveal their condition at the time of taking the policy. However,  health insurance coverage for pre-existing illness would be covered only after the waiting period that could vary between different private insurance companies like Bajaj Allianz insurance company, star Health etc, which is usually around 36-48 months. Since exclusion for pre-existing illness is quite common for most of the insurance companies and you have a clause for the waiting period that runs from 2-4 years, you should be careful when you port your insurance policy. Unless proper porting is done, the period will start from zero.

4. Sub-limit

The medical cost you are likely to incur when you fall sick includes

• Doctor’s fee
• Room rent
• Surgery fee
• Operation charges
• Cost of medicines

And other such costs, if your insurance policy fixes a sub-limit, which will limit the reimbursement under some or all heads, it might not give you the comprehensive coverage it should give.  Usually, the room rent allowed per day would be 1% of the of the sum insured if it is more than that you would have to pay out of your pocket. The Bajaj Allianz new age health insurance plans the hospitalization expenses are covered with no limit on room rent or any other expenses you might incur. You also stand to gain an advantage in the form of coverage for costs or expenses incurred 60 days prior to hospitalization as well as for a period of 90 days after hospitalization.

5. Daycare and OPD Expenses

Since certain treatments in modern times are expensive but do not need hospitalization even for a day the insurance companies have come up with plans that adequately cover these expenses. The daycare and OPD differ from each other in that, day care involves a considerably heavy cost such as for dialysis, chemotherapy, lithotripsy etc. while OPD refers to small-time expenses that neither can be categorized as daycare or hospitalization, like dental treatment.

6. No Medical Test

The new age schemes make it possible for you to take insurance policy without medical tests up to the age of 45. The Bajaj Allianz new age health insurance plans also make it possible for you to avail free health-check ups. However, it would come into effect only after 3 claim free years. in case of a renewal of the age limit for coverage without medical tests is about 55.

Also read: Top 20 General Insurance Companies in India and Best 20 Life Insurance Companies in India