Question 1

What is the eligible age to buy health insurance?

Accepted Answer

While the eligibility age for health insurance policies differs, the general eligibility age for adults ranges between 18 years up to 65 years. The eligibility age for children lies between 90 days up to 18 years.

Question 2

What are the types of health insurance plans I can apply for?

Accepted Answer

Broadly you can apply from several categories of health insurance plans including Individual Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan and Personal Accident Insurance Plan.

Question 3

Why should I buy health insurance?

Accepted Answer

You should purchase health insurance so that you don’t lose your lifelong savings while paying for medical bills in a critical situation.

Question 4

I have been recently diagnosed with a medical condition. Will I be allowed  health insurance?

Accepted Answer

If you have already been diagnosed with a medical condition, it will be considered a pre existing disease. In this case, you may have to wait for a specific period (waiting period) until allowed coverage. You may be required to pay a higher premium or face policy denial.

Question 5

What is Health Insurance?

Accepted Answer

Health insurance is a financial safety net that supports you and your family during medical emergencies. By paying a regular premium, you get the assurance that your insurer will cover hospital bills, treatments, and other healthcare expenses when needed.

Question 6

Will I be allowed to buy more than one health insurance plan?

Accepted Answer

Yes, you are free to buy another plan based on your specific medical needs.

Question 7

Will I be eligible for tax benefits if I buy health insurance?

Accepted Answer

Yes. Buying health insurance will earn you the eligibility to claim tax benefits under Section 80D of the Income Tax Act, 1961.

Question 8

What are the benefits of buying a critical illness insurance policy?

Accepted Answer

Critical illness policies provide coverage for life-threatening illnesses such as Cancer, Stroke, Heart Attack, Kidney Failure, and others. If buying a critical illness plan, you can expect wide cover for critical illnesses (number of illnesses covered depends on plan), lump-sum amount payment on diagnosis, tax benefits, and more.

Question 9

What if I already have a health insurance policy, but I just want to increase my  sum insured?

Accepted Answer

If you already have an insurance policy but want to extend your cover, you can do so at the time of policy renewal.

Question 10

What documents do I need if I want to buy health insurance?

Accepted Answer

If you want to buy health insurance, you need to submit the documents like Aadhaar card, voter ID, driving license, and pre-medical check-up report (in some cases). The documents are required for age proof, identity proof, address proof, and medical check-up.

Question 11

Will I gain more benefits by buying health insurance at an early age?

Accepted Answer

Yes, buying health insurance in the early years of life comes with many benefits. Upon doing so, you may gain a lower premium amount, no waiting period, better options, accumulate bonus, lower rejection rates, and others.

Question 12

What are the things I should consider before buying my health insurance  policy?

Accepted Answer

Before making a health insurance policy purchase, it is advisable for you to consider your medical needs, the type of plan you want to invest in, features of the plan, sum insured options, network hospital list, exclusions, premium, and customer reviews.

Question 13

Is maternity covered in standard health insurance policies?

Accepted Answer

Most standard health insurance policies do not include maternity and related expenses as part of their coverage.

Question 14

What is meant by donor expenses?

Accepted Answer

All the hospitalization expenses incurred by the donor in organ donation except the cost of the organ during an organ transplant are included under donor expenses.

Question 15

What is a pre-existing disease?

Accepted Answer

The pre-existing disease is an ailment, injury, or disease that the insured individual is already affected by when purchasing a health insurance policy. Conditions like depression, anxiety, sleep apnea, diabetes, etc. are considered as pre-existing diseases in health insurance.

Question 16

Can I transfer my health insurance policy from one health insurance company  to another?

Accepted Answer

Yes, you can transfer your health insurance policy from one health insurance company to another without losing any accumulated benefits like renewal credits for pre-existing diseases.

Question 17

Does my health insurance policy cover me for COVID-19 treatments?

Accepted Answer

Yes. As per the Insurance Regulatory and Development Authority of India (IRDAI), every indemnity-based health insurance policy will cover you for expenses related to treatment required due to positive diagnosis of COVID-19, as an in-patient.

Question 18

What are some common exclusions under health insurance plans?

Accepted Answer

Common exclusions under health insurance plans include cosmetic surgeries, dental treatments, treatments required due to participation in adventure sports like mountain climbing, paragliding, etc., treatments required due to self-harm like a suicide attempt, etc., therapies such as naturopathy, magnetic therapy, acupressure, and other alternative treatments.

Question 19

What is a network hospital?

Accepted Answer

We tie-up with several hospitals across India where you can avail of cashless treatment as covered under your health insurance policy. These hospitals are known as network hospitals.

Question 20

Will I be allowed to cover my family under my health insurance?

Accepted Answer

Yes! You can gain coverage for self, spouse, children, dependent parents, and multiple other relationships such as parents-in-law, siblings, and others if your plan allows.

Question 21

What are the common coverage benefits under my health insurance?

Accepted Answer

Health insurance benefits differ from policy to policy. However, basic health insurance benefits include cover for an inpatient hospitalization, pre & post hospitalization, daycare procedures, emergency ambulance expenses, organ donor expenses, domiciliary hospitalization, OPD expenses, and more.

Question 22

Will my health insurance cover begin from day one?

Accepted Answer

You will have to wait for a period of 30 days (waiting period) before your policy starts covering you. If you have a health insurance policy for accident cover, there will be no waiting period. Furthermore, in the case of a pre-existing disease or specific diseases, you will have to serve the waiting period (depending on the plan) before enjoying the coverage.

Question 23

What are the benefits of buying a critical illness insurance policy?

Accepted Answer

Critical illness policies provide coverage for life-threatening illnesses such as Cancer, Stroke, Heart Attack, Kidney Failure, and others. If buying a critical illness plan, you can expect wide cover for critical illnesses (number of illnesses covered depends on plan), lump-sum amount payment on diagnosis, tax benefits, and more.

Question 24

If I want to cancel my health insurance policy after purchasing?

Accepted Answer

If willing to cancel your health insurance policy after its purchase, you can do so within 15 days of receiving the policy documents. You will receive a refund only if you did not make any claims in the policy during that year.

Question 25

Is maternity covered in standard health insurance policies?

Accepted Answer

Most standard health insurance policies do not include maternity and related expenses as part of their coverage.

Question 26

Can I transfer my health insurance policy from one health insurance company  to another?

Accepted Answer

Yes, you can transfer your health insurance policy from one health insurance company to another without losing any accumulated benefits like renewal credits for pre-existing diseases.

Question 27

How will health insurance pay for my emergency medical expenses?

Accepted Answer

Your health insurance will either pay your hospital bills directly if opted for the cashless facility or it will reimburse any payment made by you towards medical expenses incurred due to an illness or injury.

Question 28

Is there a limit on the number of claims that I can avail in one year?

Accepted Answer

No, there is no limit to the number of claims in a year. However, it should be ensured from your end that your policy sum insured amount does not get exceeded.

Question 29

What is a cumulative bonus?

Accepted Answer

Cumulative bonus is an increase in the sum insured by a specific percentage for every year a claim is not made, up to a certain limit. It is offered by insurers on indemnity based health insurance plans and only when the policy is renewed without a break.

Question 30

What happens to the policy coverage once the claim is filed?

Accepted Answer

Suppose a health insurance policy is issued for a sum insured of Rs. 3 Lakh from January to December and the insured files a claim of Rs. 50,000 in the month of March. Then, once the claim is approved and settled, the amount of benefit availed will be deducted from the total sum insured amount. This means that the coverage will now be left of Rs. 2.5 Lakh for a period from March to December.

Question 31

What is the maximum number of claims allowed in a year?

Accepted Answer

There is no limit to the number of claims that can be made during a policy term. But the claim amount should not exceed the sum insured amount for which the insured had purchased the policy.

Question 32

Can I pay my health insurance premium in Installments?

Accepted Answer

Usually, the health insurance premium is paid on a yearly basis. But, you can pay your premium in Installments (monthly, quarterly or half-yearly basis) as well.

Question 33

What if I miss the premium renewal date?

Accepted Answer

In case of missed health insurance renewal due date, you will be given a grace period of 15-30 days. If you again miss making the premium payment during the grace period, you may be denied coverage, denied policy renewal, lose out on no claim bonus, or asked to serve with waiting periods from the start.

Question 34

Will my health insurance policy expire if not renewed on time?

Accepted Answer

Yes. Every policy comes with a validity like 1 year, 2 years, or 3 years, after which it needs to be renewed. The insurance companies provide you a grace period of 15 days from the date of expiry during which you can pay the premium and continue availing of policy benefits. If the premium is not paid even during the grace period, then the policy will lapse and you will lose the accumulated benefits such as waiting period benefits or No Claim Bonus and will have to buy a new policy to seek protection from healthcare expenses.

A quick introduction to health insurance.

All the basics you need to know about health insurance.