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What Is Global Health Insurance Cover?


If you enjoy travelling or have a job that requires you to make frequent trips to different countries, you probably are well-versed with various cultures, cuisines and may even know a couple of foreign languages. And there is very little that can actually hold back someone who loves travelling. Take the pandemic, for example; no sooner were the vaccines introduced than the foreign borders started welcoming foreign visitors – with stringent safety COVID-19 protocols in place, of course!


But despite all of the precautions and planning, a trip cannot always go the way intended. This is why you will always need a health insurance plan that will offer you adequate coverage when you are travelling to another country. You may already be familiar enough with medical insurance that takes care of your medical emergencies or hospitalisation bills within India; however, have you thought about how it can be possible to tackle the expenses of getting medical treatment abroad?


What is the Global/Worldwide Cover?

A global/worldwide cover in your health insurance plan offers coverage for medical treatment that you choose to get abroad. Hence, if you are diagnosed with a disease, ailment or condition in India but opt for medical treatment and healthcare services in another country, these costs will be covered by the global cover. The global health insurance coverage ensures that you can avail of quality healthcare facilities in another country and do not have to foot expensive bills that you may incur as a result of this.



Features of a Global Health Insurance Cover

Choosing the best international health insurance in India can be a tough choice, considering that the cost of getting medical treatment abroad needs adequate health insurance coverage. There can be several problems arising from the lack of sufficient global health insurance coverage, which can either lead you to spend a lot of money from your own pocket or settle for mediocre healthcare services. Since both the situations are equally unappealing, here’s a look at what a typical health insurance plan with a worldwide cover should offer:



  • •  Adequate coverage The purpose of having a global health insurance cover is to ensure that you do not have to compromise on getting access to good or even private healthcare facilities or hospitalisation when abroad. Hence, consider an affordable health insurance plan that offers sufficient coverage.



  • •  Pre-existing diseases cover – If you have previously suffered from chronic illnesses, diabetes or a heart condition, ensure that your global health insurance coverage can secure you against the high costs of emergency treatment in a foreign country if the need arises.


  • • Medical evacuation coverage – The cost of transportation by ambulance or a rescue helicopter, in case of a severe accident, can be quite expensive when you are in another country due to the currency exchange rates. Therefore, your health plan with a global cover should be able to take care of these costs.


  • • Repatriation or Evacuation – Travelling to and from a foreign country to India for a series of medical procedures can be as expensive as the medical treatment itself. However, if your global health cover secures these costs, then the necessary travel between the two countries can be covered under the plan


  • • Emergency room charges – A global health cover should be comprehensive enough to cover a range of medical situations, subject to certain exclusions. However, if there is a sudden emergency while you’re travelling abroad, the cost of medical emergency care should be covered in your policy.


  • • OPD charges – When abroad on a short holiday or trip, you may suffer an accidental but minor injury at some point. In this case, hospitalisation may not be necessary. But even the smallest procedure or the visiting charges in foreign hospitals can be costly. Therefore, your policy should be able to cover that.


  • • Diagnostics – Running diagnostic tests for a second medical opinion or other medical purposes can get very expensive. If you are being treated in a country that offers advanced and hi-tech medical equipment, you should be aware that the costs of these tests can be unexpectedly high. Therefore, check if your global health insurance coverage can cover the costs of these tests.


  • • Other medical requirements – The global cover you choose for your health insurance plan should have some provisions for maternity benefit or dental benefitcoverage needs or even access to mental healthcare services. When choosing a worldwide cover with your health insurance plan, be sure to look into these details and explore the coverage in depth.


How to Choose Global Health Insurance in India?

When choosing the best medical insurance policy for yourself, always ensure that your health insurance plan has a provision for covering overseas treatment. Or you can also avail of the Tata AIG Worldwide Cover on your health insurance plan if you want to be able to cover the cost of medical treatment in a foreign country. Since an international health insurance plan can get quite expensive, the addition of this simple cover can ensure that you can avail yourself of medical treatments both inside and outside of India.


With this cover, you need not worry about the rising expenses of medical care and hospitalisation if you are diagnosed with an ailment or condition in India but choose to receive medical care abroad.


However, these few points you will need to keep in mind when choosing an affordable health insurance plan that offers a global cover.



  • • Ensure that your global health insurance cover offers cashless benefits where your insurance company can settle the bills with the hospital. The Tata AIG Global Cover offers reimbursement for medical facilities availed; however, the cashless benefit may be considered in some cases.


  • • You can also get health insurance tax benefits with your global health insurance plan. Under Section 80D, you can claim a deduction of up to ₹25,000 if you are below the age of 60 years.


  • • Most of the major expenses in global healthcare come from inpatient and daycare hospitalisation. Our Global Cover ensures that you are covered for these huge expenses if you have to be hospitalised during your treatment.


  • • You can avail of the cumulative bonus on your health insurance global cover if you do not file any claims. Hence, when there is a need for you to utilise the worldwide cover, the basic sum insured of the global cover, along with the cumulative bonus of up to a maximum of 100% of the coverage, can be used.


  • • Look out for a hassle-free claim settlement process from your insurance provider. Even though you will have received treatment abroad, back home, we will ensure that our quick and convenient online claim settlement process will help you out.


With this basic but essential checklist, you should be able to find a suitable health insurance plan that enables you to add a global cover.


International medical insurance can be very expensive, but if you compare health insurance plans, you will be able to find the right amount of health coverage at affordable rates. Moreover, the Worldwide Cover add-on in your health insurance policy ensures that while you can avail of healthcare facilities inside India, you can also opt for medical care in another country if needed


Source: Tata AIG


Is Health Insurance Premium a waste of Money?


A lot of people think that paying health insurance premiums is a waste of money.


After all, why pay the premiums for years and years, and what if nothing happens? After all, our grandparents never had any health insurance and they are in perfect health. Why pay for something which is an imaginary risk? These health insurance companies are here to just make money, fool customers with their fancy presentations and brochures, and reject claims finally.


Why not just save that money or enjoy life!.. Some people also give a nice example of how they can save up the premiums each year and if after 10 yrs, there is some hospitalization, they can use the money to pay the bills.


This is exactly how millions of investors feel and that’s one reason why insurance penetration is so low in our country. I am sure you must have met someone in your office or in your family who just reject the idea of taking the health insurance, because “Company ka cover to hai na” types of remarks


I see two big reasons why many people think this way!


Reason #1 – Transactional Benefit Mentality


A lot of people have a transactional benefit mentality, where they want to get some tangible benefit the moment they pay.


• Like you pay for a movie, and you watch it.
• You pay for apples, and you get it.
• You buy a TV on Amazon, and it gets delivered!


What do you get when you pay your health insurance premium? What do you get?




That’s all, a promise that your medical bills will be taken care of in the future, only if it arises?


It’s very hard for these people to see benefits in terms of probabilities and future possibilities. It’s all about a short-term mindset and no ability to visualize the future.


This is even true for many investors who buy health insurance premiums, but eventually, they let expire the policy because they feel frustrated looking at their premiums go waste!


Reason #2 – Fake confidence of “Nothing will happen to me”


I don’t know how some people have this super confidence in themselves that “nothing will happen to me”


People don’t say it, but many people truly believe that there are fewer chances of anything bad happening to THEM.. It all happens to others.


I have lost one of my close friends and one more known person to COVID in the last 12 months, both below 40 yrs!. I was also admitted to the hospital in Nov 2020 as I was having cough and breathing issues. Both the people who died in Covid got admitted the same way with minor issues at first, and then it got worse and finally, they died.


I survived.


Remember that a person who dies in an accident or gets cancer has the same “Nothing will happen to me” kind of confidence 5 min before the event happens. We are all like that.


I feel it’s nothing but a lack of maturity and a bit idiotic to think that nothing will happen to me or my family because “we are careful”.


If you are careful, it’s just that the chances of something bad happening to you reduces a bit. That’s all, it does not get eliminated. Don’t live in the imaginary world.


Premiums are wasted if nothing happens?


It’s foolish to think that premiums get wasted if nothing happens to you.


• When you wear a mask, is it a waste if you didn’t catch COVID?

• Was the helmet a waste if you didn’t meet the accident?


What about the protection it provided you and you had that peace of mind?


In fact, the best thing is that your health insurance goes WASTE!.. I have tweeted the same some time back


3 levels of risks


In any area of life, you have various levels of risk.


You either accept the risk, reduce the risk or transfer the risk!


Health insurance is all about transferring the risk of very big hospital bills to insurers by choosing to pay a premium each year. If someone does not want to pay the premium, it means that they are accepting the risk that someday they may have to shell out a big sum of money for medical reasons.


And sometimes it can run into such a big amount that it can wipe out your years of effort. Sometimes you may get a disease that may require multiple or regular hospitalizations and it can really be crippling to your financial life.


So it’s up to you to decide if you want to accept these big risks or transfer them to the insurer (The cost part)



Is company cover enough?


I have already said this multiple times.


A company cover many times is not a full replacement for full-fledged health insurance which you buy yourself. At best you shall see the employer cover as a complimentary benefit because it can go away anytime. You also don’t know if it’s sufficient for you or not? And the worst, you cant depend on it after retirement, when you will need it the most!


Source: Jagoinvestor

Benefits of Porting Health Insurance Policy

Recently there was a boon for customers of telecom industry, when the new policy permitted the mobile number portability from one service provider to another. It was no less than a revolution that had a double sided benefit. One, a customer no more needed to change their cell number while quitting their current service provider.


Two, the service provider became more stringent towards quality services for the customers. Predominantly, the bonuses were all for the customers. That’s what the facility of portability comes with. If you are aware, the good news is that you have a similar luxury with your health insurance too. That means you can transfer your policy to another insurer keeping about all the benefits of your policy intact.


Some key benefits of health insurance portability are:


• Mostly, all the clauses for pre-existing diseases will be considered as is with the new insurer – including the time spent before all the diseases are covered


• The new insurer may waive off the minimum initial waiting period until no cover is provided


• By and large, there will be no change in other bonuses and the minimum sum insured, when you switch to a new insurer. In addition, you can choose to hike up your sum assured


• The new insurer may provide you with additional benefits for switching


• Introduction to new products and enhanced coverage that may be better than the existing one


• While the premium can be high, there is a possibility it can be low too. So it’s a plus



However, there are a few conditions in transferring your health insurance policy from your current insurer to another.


• You should be regular with paying your premiums – failing which your portability may be rejected


• The new insurer may charge you a higher premium than your current insurer


• The portability request must be placed at least 45 days prior to the policy renewal date


• The policy will be transferred only at the time of policy renewal


An exception you must know of


During the insurance period, the customer gains credit for the waiting period of pre-existing diseases. It has been mandated by Regulatory and Development Authority (IRDA) that the new insurer must consider the credit gain and the waiting period for the policy portability – only if the policy has been in continuation with timely premium payments and no defaults.


Minor limitations


If you are covered under a high risk category, regardless of your policy duration and regular premium payments, the new insurer has all the authority to charge a higher premium as part of their underwriting rules. Also if you are eligible for a no-claim bonus from your current insurer, the insurer may not consider paying you for that. In addition, the new insurer will have its own terms and conditions which may exclude expected benefits. So don’t forget to do a detailed research before you switch.


Source: Policybazaar

All you need to know about porting your health insurance policy

Most of us purchase health insurance policies as a financial backup to afford medical treatments at any point in our life. Moreover, our sedentary and changing lifestyle has led to a rise in several diseases like diabetes, cancer, heart attack, etc which requires long-term treatment and hence a regular drain to our financial resources at a time when medical treatments are becoming more and more expensive due to medical inflation.


Health insurance not only protects your hard-earned savings by covering the expenses but also enables you to avail best medical treatment and care with peace of mind as we don’t have to worry about hefty hospital bills. But are you satisfied with the health insurance policy you are currently having? Sometimes a big no, when we find that the current insurer is charging more premium and providing less services than its competitor. So can we port our health insurance policy to that competitor without being in any disadvantage just like we port our mobile numbers?


Yes. The Insurance Regulatory and Development Authority (IRDA) provisions, introduced in 2011, allow you to port your individual/family floater health insurance policies, and you don’t have to lose the benefits you have accumulated like in past when such a move resulted in your losing benefits like the waiting period for covering “pre-existing diseases.”


The insurance regulator protects you by giving you the right to port your policy to any other insurer of your choice. It not only “allows for credit gained by the insured for pre-existing condition(s) in terms of waiting period” but also protects your credit when you move from one plan to another with the same insurer. Please keep in mind that the new insurer is not duty-bound to insure you, this totally depends on his underwriting criteria.


What can you port?


The IRDA provisions say you can port credits on time-bound exclusions and no-claim bonus. The new insurer is bound to give you the credit relating to the waiting period for pre-existing conditions that you have gained with the old insurer, if he accepts your proposal. Do keep in mind that the features of your existing policy are not portable.


You can port only to the extent of the sum insured (including no-claim bonus) with the previous insurer. He will have to insure you at least up to the sum insured under the old policy. For example, if you have medical insurance of ₹5 lakh, but while porting to a new insurer, you want to enhance the sum insured to ₹10 lakh, the porting benefits will apply for only ₹5 lakh plus bonuses, if any.


How to port the policy


Notifying the insurer. You will have to apply for portability at least 45 days before the expiry of the current policy (and not before 60 days).


Specify the insurer (company) to which you want to shift the policy.


Fill up the portability form with existing insurance details, including the name and age of the insured.


Fill up the proposal form with complete details for the new insurer.


Submit the essential documents.


The essential data will be furnished on the IRDAI web portal. The new insurer will have to inform you within 15 days so that if he rejects your proposal, you still have time to renew your existing policy (there is a 30 day grace period if porting is under process). If the new insurer fails to inform you within time, he will be bound to accept the application.


Source: LiveMint

Commonly Used Health Insurance Terms and its Meaning

Understanding the terms and conditions of a health insurance policy seems like rocket science to many out there. However, it is always wise to have a knowledge of all the jargons your agent uses at the time of discussing health insurance plans. Here is our list of commonly used health insurance terminology:


Certificate of Insurance

This is the description of all important factors of the health insurance plans like coverage, cash limit and including benefits.



It is the number of hospital expenses that the policyholders agree to pay above the reimbursement cost that an insurer pays. The option of co-payment comes an advantage of a lesser premium.


Cumulative Bonus

The increase in the amount of Capital Sum by a certain percentage for each claimless year is a cumulative bonus. It never exceeds more than 50% of the Capital Sum. They increase the coverage amount and offer better protection to the health insurance holder.



It is the amount of money that the insured must pay every year before consuming the benefits of their respective health insurance policies.


Grace Period

It is the time policyholder get for premium payment to the insurance company even after the due date.


Free Look Period

It is like a window given to the policyholder to review the benefits of the policy. In case of dissatisfaction, the insured can cancel the policy to get money back. It generally lasts for 15 days from the purchase of the policy.


Long-Term Care Policies

They differ from traditional health insurance plans as they are designed to provide a long term cover for services and support to individuals above age 65 for activities like custody care, nursing care or home health care services. They reimburse the holders a daily amount for such services. They are more flexible with more options than other policy programs.


Long Term Disability Insurance

They are designed to protect the future of the holder in case he/she loses his ability to work due to physical disability. They replace the portion of the individual’s income.


Maternity expenses

With a certain waiting period, some health insurance plans provide coverage for maternity expenses. One can reduce the waiting period by paying more premium.



If the policyholders discontinue paying a premium when they switch to another insurer or a fresh plan with the same insurer after encountering an issue with the current policy, they may lose certain benefits of the policy. The portability protects the policyholders from this loss. This is the right rendered to the policyholder (including family cover) to transfer credit acquired from pre-existing terms and time-bound exclusions. It works only when the previous policy is preserved without break in the premium.


Reasonable Charges

These are the charges mentioned on the hospital bills. Generally, insurers prefer paying reasonable charges and not the additional expensive services the insured get from the hospital.


Sum Insured

It is an annual maximum amount that the insurance company pay in case of hospitalisation.


Source: Reliancegeneral

Should You Buy Health Insurance At A Younger Age?

Yes. You should definitely buy a health insurance policy at a younger age. If you can afford it, you should buy health insurance as soon as you turn 18 years old. Take a look at some of the reasons why buying health insurance at a younger age is a great idea:


1. Lower Premiums– Your age is one of the most important factors that determine your health insurance premium. Insurance companies consider younger people healthier and so, are a lower liability for them. On the contrary, older people are more vulnerable to ailments and thus, are a greater liability to the insurance provider. As a result, the lower is your age, the lower will be your premium amount.


2. No Pre-policy Medical Check-up– If you apply for a health insurance policy at a younger age, you will not be required to undergo a medical check-up before buying the policy. This prevents the insurance company from discovering any disease/ medical condition that may increase your premium. But this option is mostly not available for people above 45 years of age and their premium amount is determined based on their medical check-up report.


3. Easier to Get Over Waiting Period– Every health insurance policy comes with an initial waiting period of 30 days. Younger people are less likely to raise a claim during this period as their probability of having any serious medical condition is very low. Therefore, they can wait out the initial waiting period with ease. The same cannot be said for elderly people as they may face a medical emergency within days of buying the policy but will be unable to raise a claim during the waiting period.


4. Earning Cumulative Bonus– Most health insurance plans provide a cumulative bonus for every claim-free year. This bonus can be used to enhance your sum insured amount for no additional cost. A younger person is more likely to be fit and may not need to raise a claim during the policy year. This way they can easily earn cumulative bonus over the years. But older people may need to raise a claim owing to their age-related medical conditions making it difficult for them to earn a cumulative bonus.


5. Financial Freedom– The basic purpose of health insurance is to pay your medical expenses. With a health policy, you end up saving a lot of money on medical expenditures, especially those arising due to a sedentary lifestyle. Otherwise, you would have to pay for these expenses from your own pocket. Thus, the sooner you buy the policy, the more financial freedom you can enjoy.


When Is The Right Time to Buy A Health Insurance Policy?

The right age to buy a health insurance policy is in your mid-twenties and early thirties. At this age, you will most likely be in your best health and will be free of any financial responsibilities of your family. Let’s take a look at the outcome of buying a health insurance policy at different ages below:


Buying Health Insurance in Your Twenties:

If you buy a health insurance policy in your mid-twenties, you will be able to pay its premium easily as you won’t have any financial pressure. Your premiums will be affordable, which will allow you to opt for the best coverage as per your insurance needs. You will be able to afford additional coverage such as maternity insurance and get over its waiting period in case you plan to start a family in the coming years. Moreover, you can get a lifetime renewal facility and earn a cumulative bonus with ease.


Buying Health Insurance in Your Thirties:

If you decide to buy a health insurance policy in your thirties, you are most likely to opt for a family health plan. You may be planning to settle down and start a family at this age if you haven’t already and would want coverage for your spouse & children as well. Further, you may want to buy additional covers for diseases, such as heart ailments, whose symptoms are known to start showing at this age. Thus, the likelihood of your health insurance premium increasing and raising a claim is greater in your thirties.


Buying Health Insurance in Your Forties And Fifties:

If you are thinking of buying a health insurance policy in your forties and fifties, you would need to opt for higher coverage. Your financial responsibilities will be the highest at this age and you may have developed certain ailments like diabetes, high blood pressure, cancer, etc. As a result, you may have to opt for wider coverage with critical illness and sum insured enhancement benefits. Your premium will no doubt be very high at this time. You may opt for a family floater coverage to reduce your premium to some extent but it will still be pretty high.


Buying Health Insurance after Turning 60 Years Of Age:

If you are buying a health insurance policy after turning 60 years old, you will have to pay a hefty premium amount. You are most likely to face severe health ailments during this age, which may need long-term treatment and hospitalization. A basic health policy will not be sufficient at this stage of life and you may require a senior citizen health insurance policy. They will come with a higher sum insured and provide coverage for AYUSH treatment, domiciliary hospitalization, organ donor expenses, etc.


In A Nutshell


The right time to buy a health insurance policy is as soon as possible. The sooner you buy, the better it is for your pockets. Make sure to compare different health insurance plans online on to choose the best policy within your budget.


Source: Policybazaar

How To Choose A Health Insurance Plan For Your Family

An individual health insurance coverage is designed to protect only one person. The insurance coverage is limited to one person under such programmes.

If you marry and have children, your current insurance will no longer cover them. In this instance, you will need to get a family health insurance plan to cover your dependents. Individual health insurance policies are often best suited for teenagers who do not have any dependent family members. However, as you become older and have additional obligations, you may realize that such a plan is insufficient. This is where family insurance policies come into play.

A family health insurance policy covers the entire family on an individual amount insured or floater basis, with the same sum insured shared by all family members. Family is the most essential thing in everyone’s life, and individuals will go to any length to defend it. Aside from meeting their material requirements, it is critical to protect them from medical problems with the help of a decent health insurance policy. Coverfox provides a variety of health policies to keep your family protected in the case of an emergency. Our rapid disbursement and a large network of cashless hospitals ensure that you receive the best care whenever you require it.

What Will Be the Cost of Rs 10 lakh Health Insurance Policy for a Family of 4?
If you are unable to afford a large health insurance policy for all of your family members, Family Floater policies are an option. A Family floater plan allows any member of the family to use the sum insured (coverage) after paying a single premium amount. The premium is usually calculated based on the age of the oldest family member. Such programmes are ideal for young families, particularly millennials with young children.
Hospitalization costs have skyrocketed since the pandemic, so acquiring comprehensive health insurance is critical to protecting the family. If the children are young, a health insurance plan of ten lakh rupees may suffice. The premium may vary depending on the insurer’s terms and circumstances. You may use a premium calculator to calculate your premium online and find out your policy premium in minutes.

How to Use a Family Health Insurance Premium Calculator?
Getting a health insurance policy online is becoming more popular since it is convenient, and calculating the premium payable is also quite simple with the health insurance premium calculator. Follow the steps outlined below to receive the premium amount in a matter of minutes!

• Go to the insurance provider’s website and select the Health option.

• Fill in the essential information such as name, age, gender, city, pin code, insured members, mobile number, and e-mail address.

• Select an Individual or Family Floater plan.

• Select the ‘Get Quote’ option.

• You will be transported to the sum insured page, where you may view several plans and their features like coverage, add-ons, and premiums.

• When you select the appropriate plan, you will be given a preliminary premium figure that must be paid to obtain insurance coverage.

Factors Affecting the Family Health Insurance Premium
The health insurance premium is the amount you must pay to the insurer regularly to continue receiving medical treatment and to keep the policy valid. The cost of the premium varies from policy to policy, however, some elements are considered while calculating the premium, such as:

1. Age of the Applicant
The premium rises with age. This is since as we age, we become more susceptible to illnesses such as heart disease, kidney disorders, and so on, and the likelihood of filing claims due to a health issue increases.

2. Sum Insured
The premium will be lower if you have no prior medical history. However, if you have any pre-existing conditions, your premium will be greater because you may require ongoing medical attention.

3. Medical History
When calculating the premium, a person’s medical history is taken into account. If you or a member of your family has a pre-existing ailment, you will have to pay a higher premium.

4. Policy Tenure
The premium is also affected by the length of the policy. A one-year health insurance coverage will cost more than one with a longer-term.

5. Type of Policy
A critical illness health insurance coverage will have a higher premium than a typical policy. Similarly, the premium for an individual policy will differ from the premium for a family floater.

6. No Claim Bonus
NCB is a discount on your insurance premium that you will receive at the time of renewal if you do not make any claims throughout the tenure.

7. Riders
Riders are purchased on payment of additional health insurance premiums. The more riders you include in your policy, the higher will be the premium.

Family health insurance policies are perfect for people who want to ensure their complete family without having to purchase individual plans for each member. If you are a family of four and want to get a health policy with Rs 10 lakh coverage, you must utilize a family health insurance premium calculator to figure out how much it would cost. Just keep in mind that before purchasing a policy, you should compare several family health insurance policies online.

Source: Coverfox

Complete Guide to Health Insurance in India

Complete Guide to Health Insurance in India

  • Health insurance is a safety net that takes care of your financial wellbeing in case of a medical emergency. A health insurance policy covers medical expenses you might incur due to accidents, illness or injury.

Technically, it is a contract between you and your health insurance company. It means the insurer will bear some or all medical expenses you incur against a certain fee (premium) you will pay.  There are generally two ways through which the insurer pays for your medical expenses:

  1. Take a cashless treatment where you don’t have to pay. The insurance company pays the hospital directly.
  2. You can pay your medical expenses first and then later ask for reimbursement from the insurance company.

Why You Need Health Insurance

Buying a health insurance policy is not something that most people willingly do, until it is too late. While the awareness and intent to buy health insurance has increased, it is still not seen as a priority. There is still a big lag between the intent and actual buying.

A medical emergency can come knocking anytime. If you are young, chances of falling ill are low but not zero and accidents can also happen. The medical expenses associated with such situations could make a big hole in your pocket. A good health insurance plan can protect you from this financial blow to your savings and provide you the much-needed cushion to bear the costs towards doctor’s visits, tests, medicines and other procedures.

Healthcare expenses are increasing at a rate higher than medical inflation; health insurance helps you to get the required treatment without cutting any corners for the lack of funds.

And to top it all, the premiums paid are tax deductible upto specified limits!

When To Buy a Policy: Now or Later?

The sooner, the better. Let’s take a look at buying a health policy at different life stages:

In the 20s

The best age to buy a policy. You are likely to be in good health with limited financial responsibilities and pressures. Investing in a health insurance plan at a younger age certainly has its own advantages like better sum insurance for a lower premium amount, no medical tests required and so on.

In the 30s

This is the settling down phase. You will most likely be married, planning to start a family, invest in a home, etc. Add to it, lifestyle diseases that are increasingly affecting the younger population. Buying a policy at this stage will need you to factor in all these aspects. Be prepared for a higher premium and higher chances of a claim.

40s until 60

A stage where your financial responsibility is likely to be at its peak. You will need a higher sum insured resulting in higher premiums. If you have fallen prey to diabetes, hypertension, etc. then expect longer waiting periods. You will also need to consider add-on benefits to ensure the additional protection needed is taken care of. Also, be prepared for a medical screening prior to getting the policy. Usually, for anyone above 50, medical screening is a prerequisite.

Senior citizens

You will need a high sum insured that comes at a hefty premium. A life stage where you anticipate long term treatment for critical illnesses and hospitalisation, etc. Opt for senior citizen health policies. Research, compare and choose the best one. Typically at this stage, policies come with a co-pay condition which mean that you have to bear part of the medical cost.

Types of Health Insurance Policies Available

There are basically two types of health insurance plans you can choose from — individual plan and family floater plan. Both policies can be described in a few words: a family floater as “one plan to cover them all” and Individual cover as “different strokes for different folks”. Your choice will depend entirely on factors such as your age, your kids’ ages, medical history, and budget.

It is important for you to thoroughly understand both types and make a smart decision that works best for you and your family.

Individual cover

An individual health insurance policy is issued in the name of a single person. This means the sum insured is dedicated to the insured in its entirety. For example, if you are the policyholder and find yourself in need of hospitalisation, the insurer will cover your expenses up to the sum insured. Any leftover amount will remain available for use during the rest of the policy period.

Family floater cover 
This plan covers the entire family under one umbrella policy. As opposed to individual health insurance, floaters require all the insured members to share the sum insured.

For example, if you purchase a plan for yourself, your spouse and child, for a sum insured sum of INR 4 lakh, all three of you will be covered by the insurer within that sum, regardless of who is hospitalised. The age of only the most senior family member is considered when the premium is calculated. If you’re a young parent with small children, this could work in your favour. You’ll be able to get cover for your loved ones for a very affordable price.


  1. If you’re looking to insure your elderly parents, instead of buying a family floater, choose separate plans for yourself and your parents as it will prove more affordable. Under the family floater option, the premium usually gets pegged to the oldest person in the family and therefore with your parents in the same plan, the premium for all of you will likely be higher.

  2. Also, if you have a family member who is unwell and likely to claim for a significant chunk of your sum insured, an individual policy might be the smarter option.

Points to Consider While Choosing Your Health Insurance Policy
Here are some important parameters for you to consider while choosing your health insurance plan. Remember to invest in a health insurance plan that is comprehensive and best suited for you and your family.
  1. Comprehensiveness of Cover
    Choose the amount of coverage or ‘Sum Insured’ keeping in mind the cost of medical treatments today, the inflation rate and your current requirements. Re-evaluate the cover needed every year while renewing.

  2. Premium
    The premium you pay depends on multiple factors such as the amount of cover opted for (sum insured), your age, your medical history, the type of plan you have picked, etc. While evaluating options, look for an insurance provider who offers you most of the features and benefits you are looking for at the best possible rate. While premium is important to consider, it should not be the primary decision-making factor.

  3. Know what’s included and what’s not
    While choosing a policy, remember to check what all is included in the policy, and what are the conditions under which a claim cannot be made. Having clarity saves the hassle and pain of claim rejections later.

  4. Room rent sub-limits 

    The room rent limit specifies the maximum room rent coverage allowed under your health policy. Different health insurance companies have their own rules for room rent and capping, which will be clearly mentioned in the policy document. Before buying a health insurance policy, make sure that you understand how the room rent limit works and make an informed choice. Consider this factor depending upon the type of room and kind of hospital you may want to go to.

  5. Network of hospitals 

    Check for the list of hospitals available under the policy that provide cashless facility. Try choosing a policy that has a wide network of hospitals. In case you travel frequently, please also check global hospital networks.

  6. Co-pay 

    This clause allows you to reduce your premium while buying a health policy by offering to pay a fixed percentage of the total claims made during the policy year. In case you opt for co-pay, you can select the percentage you wish to commit, right at the beginning.

  7. Waiting period 

    This is the time period during which claims will not be accepted. Different policies have different waiting periods. For claims related to pre-existing illness, the waiting period is longer. Look for the policy that has the least possible waiting period.

  8. Critical Illness 

    Incidence of critical illnesses like heart attacks, strokes, cancer, etc. is on the rise. Treatment cost of these life-threatening illnesses is also very high. It is advisable that you choose a health plan that can take care of these expenses if they occur. It comes at an additional cost, so please evaluate your needs, and buy it if you can afford it.

  9. No Claim Bonus (NCB) 

    This is the reward you get from your insurance provider for not making any claims during a policy year. The bonus can either be given as a discount on your insurance premium for the following year, or it could be a higher sum insured for the same premium. Make your choice wisely!

  10. Day care procedures 

    Certain medical procedures like cataract are completed within a day and do not require hospitalisation. It is therefore important to know if such treatments are covered in your plan.

  11. Alternative treatments 

    AYUSH (ayurveda, yoga, unani, siddha and homoeopathy) treatments are gaining importance and becoming preferred modes of treatment for a lot of people. Most health plans these days provide coverage for such alternative treatments.  If you prefer AYUSH over allopathic medicine, ensure your policy covers the same.

  12. Reputation of the insurance company 

    Consider factors like claim settlement ratio, solvency ratio, customer service, product portfolio, etc.

What Your Policy Will Not Cover: Exclusions
Here are some common exclusions for health policies. But before making your choice, check and understand the exclusions since they differ from policy to policy.
  • • Cosmetic procedures
  • • Dental procedures
  • • Some pre-existing conditions 
  • • Congenital diseases
  • • Non-prescription drugs 
  • • Injuries incurred from war, terrorism and suicide 
How To Buy Your Policy
In today’s digital age, the simplest way is to go online and purchase your policy:

  1. Get detailed information about different health policies that are available according to your requirement. Research and compare policies at your convenient place and time
  2. A 100% do-it-yourself (DIY) process. Even if you need an agent, you can avail services in a few clicks online itself
  3. It can be super-fast to buy the policy online, if you are looking for a basic health insurance cover – in this time starved era, time is money right.
  4. No paper required or physical signatures.
Bottom Line
You may have heard that health is wealth but given the unpredictability of life, beyond good habits and lifestyle, you also need some wealth or money to ensure good health. And health insurance can make it a lot easier to access that money when you need it most. 

Source: Forbes

Will health insurance policies cover the Omicron variant

Will health insurance policies cover the Omicron variant?

The instances of Covid-19 and its new variant Omicron have been increasing at an alarming rate across the country. Face masks, hand sanitisers, social distancing apart, getting a health insurance policy has become more crucial now.


A comprehensive health insurance policy covers hospitalisation expenses incurred for all illnesses and injuries, including Covid-19 and its variants. This policy is renewable for a lifetime, and hence, will take care of your healthcare needs both in the short and long term. There, however, might be some restrictions that come with comprehensive health insurance, such as – waiting period for pre-existing and other conditions, sub-limit or eligibility cap on rent limit, etc. You must be aware of these conditions before making the purchase.

Insurance regulator Irdai says health insurance policies that cover COVID treatment costs will also cover expenses for treating infections due to Omicron.

“All health insurance policies issued by all general and health insurance companies that cover treatment costs of COVID-19 also cover the costs of treatment towards Omicron variant of COVID-19 as per terms and conditions of policy contract,” the Insurance Regulatory and Development Authority of India (IRDAI) said in a release.


The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant.


The regulator has also asked insurance companies to put in place an effective coordination mechanism with all their network providers and hospitals to make available seamless cashless facilities to all policyholders in case of hospitalization and render speedy services to all policyholders.

In April 2020 also, Irdai had clarified that all the indemnity based health insurance products that cover the treatment costs of hospitalisation offered by all general and health insurance companies cover the costs of hospitalisation treatment on account of COVID-19.


Health insurance options that cover Omicron
Introduced in March 2020 by IRDAI, Corona Kavach and Corona Rakshak are short-term health plans designed specifically for Covid-19. Both these policies will cover treatment costs of COVID-19 and all its variants including Omicron.

Corona Rakshak is a fixed cash benefit policy that will pay up to INR 2.5 Lakhs if you’re infected with Covid-19 or any of its variants and are hospitalized for 72 hours or more. Corona Kavach, on the other hand, will reimburse the actual expenses incurred if you undergo hospitalization for Covid-19 or its variants for more than 24 hours.

These plans are not a substitute for comprehensive health insurance. They are just short-term health insurance plans that cover Covid-19 and its variants. It is important that you and your family have a comprehensive health insurance policy that will cover hospitalization expenses of all kinds of ailments, infections, and injuries – and not just Covid-19. And it is important that you get it NOW.

Protect Yourself From The New Strain of Covid-19 Variant-Omicron!

Amidst the spread of COVID-19 across the country, people are facing a lot of issues related to health & other life-related issues. The Indian Government is leaving no stones unturned & taking all precautionary measures to curb the spread of the virus and its variants including the Omicron.

Experts are still learning about this variant & its deadly effects. It has around 50 mutations, which potentially makes the variant more transmissible & deadly. There are almost 50 mutations & 32 are in spike proteins. The virus uses them to enter the human cells. 10 are mutations of exceptionally high relevance.

This deadly virus is surely a “Variant of Concern”, placing the new strain into the most troubling category of Covid variants, along with Delta, and its less strong rivals Alpha, Beta, and Gamma.

The WHO had expressed its concern & said that it is not yet explicit whether infection with Omicron causes more serious disease compared to other variants, including Delta. The known mutations that may withhold immune escape potential and possibly transmissibility advantage. The likelihood of potential further expansion of Omicron at the global level is soaring.

The likelihood of potential further expansion of Omicron at the global level is soaring. The total global risk associated with the new VoC (a variant of concern) Omicron is estimated as very high.

Omicron Variant Safety Precautions

The oncoming of the new deadly Covid-19 variant shows once again that the pandemic is far from over — and Covid-norms to be followed strictly for breaking the chain of transmission:

Following are the preventive measures that you must take in order to protect yourself and your loved ones from the Omicron variant:

  1. Mask yourselves while venturing out of your house
  2. Be in good ventilation in all shared spaces
  3. Maintain social distancing practices when in public places
  4. Wash your hands regularly with soap and water for around 20 seconds and carry a sanitiser with you
  5. As per Govt guidelines, get your shot of Covid vaccine at the earliest

In these Covid times with growing medical needs and rising inflation, we must secure ourselves with a medical health plan. A simple outpatient procedure can make your wallet considerably lighter.

An insurance policy will help you get the best medical care and you don’t have to worry about expenses. A good insurance plan ensures you don’t have to dig into your savings in the time of a medical emergency.

It also helps cut down the cost of medical expenses in cases such as day-care procedures & routine check-ups. At the cost of a small premium every year, you can protect yourself and your family from huge financial losses in the time of a medical emergency.

Health insurance comes with a plethora of benefits that are not just limited to offering financial cover during medical emergencies but also offers you peace of mind.

Even though you are in good health at the moment, health insurance covers more than only illnesses and diseases. Accidents can happen at any time, regardless of one’s age or level of physical ability.

In such a situation, having health insurance could be beneficial. has tied up with multiple insurers to provide the best health plans including Covid-19 health plans. If you wish to get comprehensive protection we would recommend going for comprehensive health insurance else there are COVID 19 specific policies such as Corona Kavach and Corona Rakshak you can opt for.

Corona Kavach Policy (Corona Health Insurance)

This plan grants you a cover against hospitalization due to Covid-19. Although, one needs to get hospitalized for a minimum of 24 hours/full day. This Corona Kavach Policy covers your covid-19 hospitalization cost, bills related to AYUSH treatment that go up to Rs. 5 Lakh & expenses related to home treatment as well.

The expenses of items that are consumable are also covered in this policy. These items include PPE kits, oxygen cylinders, ventilators, masks, gloves, etc. The advantages of the policy under the terms and conditions of the Corona Kavach policy remain the same regardless of the insurance provider.

Age of Entry18-65 years
Types of CoverageFamily Floater or Individual
Sum Insured AmountRs 50k – 5lakhs
Discount % on Premium5% for doctors & health workers
Corona Rakshak Policy (Coronavirus Health Insurance)

If you are found covid positive & if it’s diagnosed in the policy term period, you receive a lump sum amount on your hospitalization. However, the hospitalization needs to be for a minimum of 72 hours/3 Days. The timeline of this policy is minimum 3.5 months & maximum 9.5 months.

Age of Entry18-65 years
Types of CoverageIndividual
Sum Insured AmountRs 50k – 2.5lakhs
Discount % on Premium5% for doctors & health workers

Key Takeaways- During these unprecedented times, you must focus on protecting your as well as your family’s interest & health. This is why it is recommended to own a reliable health insurance plan with COVID-19 cover to avoid any uncertainties. You can select either COVID-19 specific health insurance plans or regular health insurance plans to get the required cover. All you need to do is connect with the customer care executives at and share your budget and other requirements. The representatives will help you buy the most suitable policy within a few minutes.