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Health insurance can help you save tax under section 80D
In achieving our short term goals, we often tend to ignore aspects of our life which might affect it adversely in the long term. Due attention to health has to be paid, and we are here to help you plan for any future expenses pertaining to healthcare. Having a proper Health Insurance Plan will ensure you do so comfortably without undue stress and minimum financial liability.
Before we look at why we need a Health Insurance, it is prudent to understand what Health Insurance is and what is the importance of health insurance? Health insurance covers any kind of medical and/or surgical expenses of an individual.
Accidents and illnesses cannot be predicted. They can happen to anyone, any time. With modern lifestyle, more and more people are leading a stressful and sedentary lifestyle. The reasons for which include workloads, improper food habits and irregular sleep patterns, resulting in a dramatic increase in lifestyle diseases. These diseases may lead to serious complications if left untreated. Health Insurance is a buffer that can protect you in such cases of medical emergencies. With the rising cost of healthcare in the country, having a good health Insurance in India is a wise decision to ensure you and your loved ones are taken care of, be it a small emergency like fever or a much bigger illness that needs prolonged hospitalisation or even an accident. Having a plan like Religare Health Insurance is a prudent way to ensure you and your family are taken care of, should the need for hospitalisation arise. Hospitalisation, without a good health insurance plan, can put a major dent in your finances with soaring hospital bills, tests and medicines, lost wages and other incidental expenses. Even a nuclear family of four can incur major healthcare costs in the form of health checkups, medicines and injury and illness treatments. An untimely health emergency can put your family finances in a tailspin. Your search for the best health insurance plans ends here.
Zeroing in on a health insurance plan for your family is a tricky choice, given the number of insurers in the market who offer similar policies. It is not wise to simply choose the policy with the lowest amount of premium. You need to compare different policies, their features and benefits. You also have to carefully examine the fine print to compare coverage and understand exclusions. Religare offers a distinct set of benefits giving a clear choice for providing you with the best possible health insurance.
Our products are designed keeping your convenience in mind. From the quick settlement of Mediclaim policies to availing treatment anywhere in the world, you ask for it, we deliver.
With over a decade of experience in various fields of health care, Religare provides overall excellence in health plans, making it easy for you to make the right choice.
We offer a host of Health insurance plans and services for your specific needs. To pick a plan that is most convenient for you, compare different plans, their features, benefits and premium and make your choice. The different health insurance plans offered by Religare are
A family floater health insurance is the best-suited health insurance plan for the family. As the name indicates, one single policy covers the entire family (Usually, You, spouse and children and in some cases parents and parents-in-law too). A floater medical policy for the family has many advantages over having individual policies for each member of your family. In addition to the convenience of not keeping a tab on all the individual policies, as it is one single policy with umbrella cover for the entire family, you get higher sum insured at an affordable premium. In a policy year, the entire sum insured amount can be utilised by one or more members of the family.
Religare Care is one of the best family health insurance plans in India. It is a comprehensive health insurance plan that offers coverage for you and your family. The plan comes with auto-renewal feature and free check-up facility making it one of the most sought after health insurance plans in India for the family.
It provides coverage that ranges from between Rs.3 Lakhs to Rs.6 Crores
Religare health insurance has 5 different budget options for family health insurance Policy popularly called Religare Care plans. Depending upon the coverage, their family health plan is divided into 5 categories.
Apart from the sum assured, these plans vary with respect to Max cap allowed in categories like alternate treatments, Domiciliary hospitalisation, ICU charges and Room rent.
The joy of a new addition to the family is wonderful. It is a dream come true that brings an immense amount of happiness to us. But in today’s world, the cost involved during the entire journey of around 9 months of pregnancy to delivery is very high. It will be wise to obtain health insurance that covers pregnancy. While obtaining health insurance, if you are going to expect a baby in the house, shop for an insurance plan that offers pregnancy insurance too. Religare Health Insurance presents Religare Joy, a comprehensive insurance plan that covers maternity health insurance.
Religare Joy is a maternity insurance policy that provides coverage for maternity and newborn babies.
The following is the eligibility criteria for Religare Joy:
Your family may consist of your kids and your parents. While it is easy to procure insurance for your spouse and kids, it is relatively challenging to procure health insurance for parents. Health insurance for Senior citizens has different terms and premium once they cross the regular insurance age limit. Religare Health insurance offers Religare Care freedom plan, a premium medical insurance for senior citizens.
It provides coverage between Rs.3 Lakhs to Rs.10 Lakhs for the policy term of one, two, and three years.
You can get Mediclaim policy for parents with varied coverage. The Religare Care Freedom is available for coverage of 3 lakhs, 5 lakhs, 7/10 lakhs. The various sub-limits of coverage are mentioned in the below table:
|Sum Insured||3 Lac||5 Lac||7 Lac / 10 Lac|
|Room Charges/Room Category||Twin Sharing Room can be availed subject to a maximum of 1% of Sum Insured per day||Twin Sharing Room can be availed||Eligible Single Private Room|
|ICU Charges||Up to 2% of Sum Insured per day||No upper limit||No upper limit|
|Co-pay||20% or 30% per claim||20% or 30% per claim||20%
If the insured individual is beyond 70 years of age the co-pay is increased by 10% per claim(optional, but mandatory for new entrants at the age)
|Cataract Treatment||Up to 20,000 per eye can be availed||Up to 30,000 per eye can be availed.||Up to 30,000 per eye can be availed.|
|Treatment of Total Knee Replacement||Up to 80,000 per knee can be availed||Up to 1,00,000 per knee can be availed||Up to 1,20,000 per knee can be availed|
Surgery for treatment of all types of Hernia
Surgeries/treatment for Benign Prostate Hypertrophy (BPH)
Surgical treatment of renal stones.
|Up to 50,000||Up to 65,000||Up to 80,000|
Treatment of Cerebral-vascular and Cardiovascular conditions
Treatment/Surgeries for Cancer
Treatment of other renal complications and disorders
Treatment for breakage of bones
|Up to 2,00,000||Up to 2,50,000||Up to 3,00.000|
Religare provides one of the best health insurance for senior citizens.
Religare Health Insurance also offers customised Group health insurance coverage that is tailor-made to suit the individual requirements of your organisation or group. The group insurance policy from Religare - Group Care, facilitates to safeguard the most important asset for your company and you – the employees/Customers. The key factors of the group insurance scheme are as follows:
In addition to all of the above, you can get a bouquet of health and wellness top- when you take up a group health insurance policy. The top-ups will include health assessment clinics, health maintenance programs, and priority access to wellness providers for insured employees as well as their families. You can opt for a flexible policy or go for a comprehensive policy. Religare offers in-house claim management services too. You being our prime priority, we partner with preferred TPA’s all well.
Any insurance policy will have specific procedures when it comes to insurances claims.
The Religare health insurance company claim policy requires you to report within 24 hours in case of immediate hospitalisation and 48 hours before in case of planned hospitalisation.
In case you want to avail cashless hospitalisation, you can collect the Religare Health Insurance claim form from the insurance desk available at the hospital and submit the filled form to us through fax or email. The outcome can be one of the following – You will get an approval letter by the claim management team, or you can get a query raised by the claim management team, or if at all your cashless hospitalisation request gets rejected you can continue your treatment and later file for expense reimbursement.
If your mode of claim is reimbursement for hospitalisations, submit policy forms along with required documents as per the policy terms and conditions. The outcome can be one of the following – Approval letter sent by the claim management team or a query with regards to the claim, or rejection of claim with reason clearly communicated. You can also avail your insurance claims for everyday Care card and for OPD care.
Religare health insurance renewal: The process for Religare health insurance renewal is very simple and quick. It can be done from the comfort of your home computer. All you have to do is enter the existing policy details, make renewal payment online and you are done. You have a grace period of 30 days to renew your health insurance.
There are some usual terms and clauses that are common along most of the policies by Religare health insurance like in-patient care, Post and pre-hospitalisation coverage, individual and family floater insurance plans, domiciliary coverage, Daily allowance, Ambulance cover, Organ donor cover, lifelong renewability, annual health checkup, no claim bonus, second opinion and health insurance tax benefit.
Religare health insurance offers the best competitive plans in the industry. However, misuse of the plan is prohibited, and there are certain exclusions from the plan coverage, which is standard across most of the insurance providers.
The standard policy exclusions specific to Religare are:
A set of rules and criteria with regards to your age and medical history must be met to be eligible for obtaining health insurance. Medical history plays the main role in determining the amount of your health insurance premium. If you are over a certain age or if you are opting for coverage greater than a certain amount, you may be required to undergo medical tests before issuing the policy. People with a history of medical conditions, diabetes, hypertension and smokers are usually charged higher health insurance premiums. Entry age also determines the amount of your health insurance premium. Older people are at a greater risk of falling sick or developing critical illnesses. Therefore health insurance premiums will be high for older people.
One can buy an Individual health insurance plan for self or Family floater health insurance policy for the self, spouse and children. In some cases, dependent parents and parents-in-law can also be included in your Family floater health insurance policy.
Minimum entry age is 91 days, and there is no bar on maximum entry age for health insurance plans offered by Religare. There is no upper age entry limit for all policies offered by Religare. Once you start your journey with Religare, you can be assured of continuous coverage throughout your life as long as your policy is renewed on time every year. Lifelong renewability is applicable to these policies, and the policy can be renewed under the then prevailing Health Insurance product or its closest substitute product.
It is a common misconception that health insurance is for the elderly and can be obtained when you are above 50 years and above. Nothing can be farther from the truth. It is true that older people are more susceptible to cardiovascular disease and other critical illnesses. But health insurance policy offers much more. Health insurance plans cover all hospitalisations that result from any illness or accident, maternity benefits, newborn coverage and many other treatments that younger people also need.
Entry age is the major determinant in calculating your health policy premium. The premium varies based on the age of the person insured in case of individual health plans. Age of the oldest member is taken into consideration while calculating the premium for Family floater health insurance plans.
Best time for taking health insurance policy is when you are young and healthy and when the premiums are low. As a student or a young professional when you are starting your career, it is important for young people to be covered under health policy. Once a child attains an age which disqualifies him/her for Family floater policy, an individual health insurance policy must be taken for him/her. It is particularly more important for students who go abroad for studies. There are student insurance plans that offer health coverage for students studying abroad. For those young couples that are planning to start a family, health care expenses pertaining to pregnancy, childbirth and newborn care can be daunting, and they must ensure that their health insurance policy covers maternity and childbirth.
Health care costs are steadily rising, and lifestyle diseases are more prevalent now, it is critical to have health insurance from a young age. Given the long waiting time before pre-existing diseases are covered, it is certainly prudent to start out early when you are young and healthy.
With the rising cost of healthcare, Health insurance is a prudent way to ensure you and your loved ones are taken care of should the hospitalisation need arises. Hospitalisation either due to illness or due to an accident can put a major dent in your finances with hospital bills, cost of diagnostic tests and medicines, lost wages and other incidental expenses.
Accidents and illness can happen anytime. With the modern lifestyle, more and more people are leading a lifestyle of stressful workloads, improper food habits and irregular sleep patterns, which has resulted in a dramatic increase in so-called lifestyle diseases. These diseases require regular monitoring with the help of health checkups and can lead to life-threatening situations if left untreated. Even a nuclear family of four can incur major healthcare costs in the form of health checkups, medicines and injury and illness treatments. An untimely health emergency can put your family finances in a tailspin, and taking a health insurance policy is a must to address these concerns. Now, let us consider a few scenarios to illustrate the benefits and importance of having adequate health insurance policy.
From these scenarios, it is clear that you should consider these aspects including medical inflation and choose a health policy that has an adequate sum insured and coverage of treatments.
There are basically two types of insurance plans.
In some cases, you can opt for coverage of siblings, dependent parents and parents-in-law with an additional premium. Family floater health insurance policies allow the flexibility of adding or removing a family member from the policy and the premium will be accordingly adjusted. The premium for the family floater policy is determined by the oldest member of the family and the number of people in the family.
Everyone must have a reimbursement based health plan in the form of either individual or family floater as basic protection and eventually depending on life stage and prior family medical history, critical care cover can be added.
There are a number of insurance companies offering health insurance policies in India and choosing the health insurance plan that is right for you and your family is tricky. Most of these health insurance plans from different companies look very similar at a high level, but you must compare the features and benefits, take time to read the fine print to understand what is covered and what is excluded etc. Let us now understand various factors that you should consider when buying a health insurance policy online.
When choosing your family health insurance, you must keep the above factors in mind.
Filing your health insurance claim is often a very simple step as most insurance companies have tie-ups with all the important hospitals across India. Insurance claims can either be cashless settlement claims or reimbursement claims.
Cashless claims: Insurance claim process is a breeze if you opt for planned hospitalisation in a network hospital. All insurance companies maintain a list of network hospitals with whom they have tie-ups to process direct settlement of claims. If you get your treatment in one of the network hospitals, you can avail of cashless settlement. If your hospitalisation is planned, then you can inform your insurer in advance to seek authorisation for your treatment, and cashless, direct settlement can be done directly with the hospital. If your hospitalisation is unplanned either due to an emergency or accident, you can inform within 24 hours of hospitalisation usually.
Reimbursement claims: Insurance claim process is a bit more cumbersome if you are seeking reimbursement. If you get treatment in a non-network hospital or if you fail to inform your insurance company in time to get a cashless claim, you will be required to first pay the hospital bill from your pocket and then submit a claim with the insurance company for reimbursement. You must fill out a health insurance claim form and attach all the documentation pertaining to your treatment such as bills, prescriptions, test reports, discharge summary etc. Claim settlement team from your insurer will work with you to process your insurance claim, and insurance claims are usually settled within 30 days.
It is important to ensure that all major hospitals in your area are included in the list of network hospitals of your prospective insurance company. You should understand claim settlement record and health insurance claim settlement ratio of different insurance companies in India and choose the one with the best record.
Your health insurance plan premium is a monthly or annual fee you pay to your insurance company to provide coverage for your health care and hospitalisation expenses. Health insurance premium varies from person to person and is dependent on several factors such as sum insured, age, gender, health condition, history of diseases, family size, profession and your city as well.
Similarly, insurance companies offer different health insurance plans tailored to people with different needs. Factor such as which treatments are covered, waiting times for pre-existing diseases, exclusions etc. can vary from plan to plan, and health insurance premiums are accordingly adjusted.
Religare offers several different health insurance plans aimed at people with different stages of life and different needs of health insurance. You can go to Religare health insurance website and use Religare health insurance premium calculator to obtain a free quote on your health insurance premium for different plan options. You will need to enter your age, your family composition and indicate the quantum of sum insured and tenure to get premium for different plan options.
There are several factors which have a bearing on how much health insurance premium you will pay. Now, let us a take a brief look at the main factors which affect the health insurance premium.
Age: Age is the main determinant of the health insurance premium that you will pay. There is a significant amount of difference between premium for a 25-year-old and a 45-year-old. Health insurance premiums are significantly lower for younger people, and they go up as you get old.
Medical History: Your medical history such as your pre-existing diseases, any hospitalisations and surgeries you may have done will play a role in determining your health insurance premium. You must declare any pre-existing diseases that you may have, and your premium may go up as a result. But after a waiting period of 24 to 48 months, your insurance will start covering those pre-existing diseases.
Occupation: Your occupation can also play a role in deciding how much premium you will pay on your health insurance policy. If you are in a high-risk profession, you may end up paying a higher premium.
Smoking and alcohol consumption habits will also have an impact on your health insurance premium. Smokers tend to pay significantly higher premiums compared to non-smokers. Finally, taxes on insurance premium will determine the final outgo from your pocket. Currently, GST on insurance premium stands at 18%.
As already discussed above, health insurance premium varies from person to person and can depend on various factors. Knowing how much insurance premium you will need to pay is useful when deciding upon the plan and sum insured. Religare Health insurance premium calculator is a very useful tool and lets you do exactly that. You can provide very little information about yourself and your family and can get free quotes on medical insurance premiums for different insurance policies. Here's how you can get free quotes for health insurance premiums using Religare Health insurance premium calculator.
There are income tax benefits when you buy a health insurance policy. You can save tax by claiming deduction under section 80 D of the Income Tax Act on the amount of health insurance premium paid towards your health insurance policy subject to certain limitations. Now, let us take a look at how you can qualify to save tax and the limits under section 80 D of the Income Tax Act.
You should consult your tax consultant or auditor for determining the actual eligibility and deduction amount under section 80D of the Income Tax Act.
As pre-existing conditions are covered after a certain waiting period, health insurance portability is very critical. Health insurance portability means that your seniority, waiting period you have served will remain intact even if you switch the health insurance plan or even insurance provider itself. IRDA has provided certain guidelines regarding the portability of health insurance policies across different providers to safeguard the interests of the policyholders.
When you buy a health insurance policy for the first time, there is a certain waiting period before insurance coverage kicks in for different treatments. It is important to understand these waiting periods and how they affect the coverage and plan accordingly.
In case if you get your treatment in a hospital that is not listed under the list of network hospitals maintained by the insurance company, then you will be required to pay the hospital bill yourself and file a claim for the reimbursement later. A member of either in-house claim settlement team or third party administrator(TPA) will work with you to process your insurance claim. We take a look at the list of important documents that must be submitted for speedy processing of your insurance claim.
All health insurance companies offer cashless health insurance claim facility to their customers subject to some conditions. Insurance companies maintain a list of hospitals across the country with whom they have a tie-up for cashless claim settlement. You are eligible to get cashless insurance if you get your treatment in a network hospital.
You and other members of your family who are on the policy are issued separate cashless health cards by the insurance company. You can simply approach the insurance desk in the hospital along with your cashless health card, investigative reports and doctors treatment recommendation. The hospital will then contact the insurance company to seek authorisation for the treatment.
Health insurance claim settlement ratio is an important metric that must be considered before choosing the best insurance company. Claim settlement ratio indicates a number of insurance claims settled by an insurance company over the total number of claims received in a period of time. Higher claim settlement ration indicates a better track record of the company in settling the claims.
|Claim settlement ratio =
Number of claims settled in a year
----------------------------------------- X 100
Number of claims received in a year
It does help to choose a company with the best claim settlement ratio in health insurance. However, higher claim settlement ratio does not guarantee that your insurance claim is automatically settled. Your insurance claim will be settled subject to the terms and conditions of your health insurance policy such as sum insured, waiting period, inclusions and exclusions.
If you manage your insurance online, you can simply enter your policy number and download the policy. Alternately you can ask us to email a copy of your health insurance plan.
Co-payment or co-pay is a cost insurance requirement under a health insurance policy that requires policyholder/insured to pay a certain percentage of the admissible claim amount. It usually varies from 0 to 30%.
The deductible is a cost-sharing requirement under a health insurance policy that states insurer will not be liable for a certain amount of the policy.
Both Co-pay and Deductibles will not reduce the total sum insured.
Disclaimer: For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
UIN: IRDAI/HLT/RHI/P-H/V.II/253/16-17. UAN2: 18032484.
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