Life Goals Loading…

10 Blue cross

Notifications10

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get Life Cover worth Rs.1 Crore at Rs.21 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • Life Insurance Term Plan with Return Of Premium

    WATCH NOW
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for sharing your details, A Sales representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

Have Us Call You
X

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

Types of Health Insurance Plans offered in India today

Choose a suitable type of health insurance plan

4 Types of Health Insurance Plans Offered In India

Types of Health Insurance Plans offered in India today


calender-blue

December 25, 2018

By : Bajaj Allianz Life

It costs money to stay healthy, but it is even more expensive to get sick, goes a popular saying. With healthcare inflation outpacing the overall inflation by a fair margin, this is much closer to truth than we realize. The cost of healthcare services continues to grow at almost double the pace of other goods and services put together.

Given this scenario, it is now unviable to spend from out-of-pocket to take care of your medical expenses. However, in India, out-of-pocket expenditures account for 67% of the total healthcare expenditure, according to National Health Account Estimates 2014-15. This needs to change and private health Insurance, which accounts for just 3.7% of the healthcare expenses, has to share a more significant burden of the mounting healthcare cost.

There are 4 different types of health insurance plans available today. It is no longer limited to just an indemnity plan that covers the hospitalization expenses. Here’s a lowdown on the different types of health insurance plans available:

1. Indemnity or Mediclaim Policy: This is a basic type of health insurance product. An indemnity plan covers the cost of hospitalization. The basic requirement for a claim is 24-hour hospitalization. Some of the expenses pre- and post-hospitalisation are also covered. An indemnity plan either reimburses your hospitalization cost or makes it free through its cashless feature.

2. Hospital cash benefit: While an indemnity plan covers only hospitalization expenses, you need to have additional cash to attend to many other expenses not directly linked to hospitalization. This is the time when a hospital cash benefit plan comes in handy. A hospital cash benefit plan gives a fixed daily cash payout, typically in the range of Rs 1,000 to 3,000 each day of the hospitalization, depending on the premium paid.

3. Critical Illness Cover: The prevalence of critical illnesses like cancer and heart diseases are on the rise. Given the high incidence of critical illnesses, the limited coverage provided by indemnity plans, which covers only hospitalization expenses, is not sufficient if you or anyone from your family is diagnosed with a severe disease, like cancer. A critical illness health insurance plan, which gives a one-time lump sum amount in case of detection of any specified critical illness, can be the right cover for you. The lump sum amount depends on the sum assured opted under the plan. A critical illness cover is offered as a rider with a life insurance policy or as a stand-alone cover. Typically, they cover 20-30 critical illnesses. Bajaj Allianz Life has recently launched a critical illness cover which provides covers for as many as 36 illnesses and depending on the variant that you opt for can provide cover to six family members.

4. The Combo Approach: As you can see, each of these products serves a specific purpose and one-size-fits-all approach is going to be counterproductive. The key is to go for a combination of two or more types of healthcare insurance products since no one product will be able to cover all your medical and healthcare needs. While health insurance can take care of your hospitalization expenses, critical illness cover is crucial to help you fight long term treatment of Non Communicable Diseases (NCDs), where the treatment is spread over a long duration. Hospitalization is a very small component of the entire treatment and it is the ancillary costs like therapy, transportation, medicines, change in lifestyle, which increase your expense. Critical illness can also result in loss of income of the policyholder. A lump sum amount is then crucial to handle the expenses and face the disease head-on.

By using all the above plans in combination, one can effectively cover most of the healthcare expenses. This should also enhance the credibility of and dependability on health insurance in the long run.

The plain vanilla approach of purchasing a health insurance plan is passé. There are various options available and one should evaluate one’s requirement before making this crucial decision. It is best to for a combination of two or more types of health insurance to be able to get a comprehensive cover, which will ensure that we spend our savings to move closer to our life goals and not on medical bills.

You also have an option to opt for a critical illness rider with our smart term insurance plans. Buy term insurance today to secure the life goals of your loved ones.

Bajaj Allianz Life Videos

Video Icon

Dancing Uncle Is Back | Special Bonus | Bajaj Allianz Life

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Customer Care Helpline:

1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91 20 67688888 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

33% Discount is available for regular premium and limited premium payment frequency under all variants of Bajaj Allianz Life Smart Protect Goal - A Non Linked, Non-Participating, Pure Life Term Insurance Plan

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.