As per the National Sample Survey Office (NSSO) report, 37 out of every 1000 individuals residing in urban areas are hospitalised. As medical costs are on the rise, you can avail a health insurance policy to secure your financial interests in case of such adverse situations.
Nevertheless, such insurance plans only cover a chunk of the total expenses realised. Any surcharge above this amount has to be paid by the individual. To avoid this added burden, individuals can opt for top up health insurance policy along with a standard scheme, as it lowers the total amount payable by individuals out of their pocket.
A top up health insurance plan comes with the following benefits as well, such as:
- Easy application procedure
Opting for such health insurance policies is hassle-free as it can be done directly by visiting the official website of any significant non-banking financial corporation. Only KYC documents need to be submitted in this situation provided the individual availing such insurance is below 55 years of age.
Also, a 15 day trial period is provided during which no premium payments have to be made, and cancellation benefits are also available.
The claim process is cashless, minimising the burden on an individual of carrying hefty amounts of money.
- Low premium charges and tax benefits
You can avail Top-Up Health Insurance online at nominal premium payments offered by premier financial institutions such as Bajaj Finserv. Additionally, the premium payments are eligible for income tax exemptions under the Income Tax Act of 1961. A maximum of Rs. 25,000 can be exempted for individuals, while insurance policies for senior citizens can offer a deduction of up to Rs. 30,000.
- Comprehensive hospitalisation benefits
A top up health insurance online can be availed to cover a wide range of expenses pertaining to hospitalisation, which can be listed as –
- Room rent.
- Doctor’s fees.
- Diagnostic costs.
- Emergency ambulance expenses.
A high sum assured is hence guaranteed under this scheme. All forms of ailments can be treated under such health insurance policies, starting from general surgery to maternity medical care and organ transplants.
- Additional protection for family members
Single premium payment can ensure coverage for all family members (up to 6 members) in a household. Nevertheless, the sum assured remains constant, divided among total claims made.
For additional coverage, individuals can also avail a Family Health Insurance plan provided by major financial institutions such as Bajaj Finserv. Such policies are beneficial as any family member can be added to the existing plan at any point of time, without any additional burden on premium payments. No prior medical records have to be submitted for this purpose, provided an individual is below 45 years of age.
Any claims under a family health insurance policy can be made to pay for any form of medical expenses, such as significant surgeries, organ transplants, bariatric surgery, Ayurveda or homeopathy treatments, etc.
Individuals can also opt for super top-up insurance plans. Under such schemes, multiple claims can be made against one total sum assured. Unlike a standard top-up insurance policy, various claims can be raised until the entire sum assured is exhausted. Consequently, premium charges are relatively much higher than top up insurance policies, to cover all expenses.
As the medical inflation index continues to soar higher, opting for comprehensive insurance policies are vital. You can buy health insurance from any major NBFC to protect your financial interests in case of any such emergencies. As there are income tax benefits on such plans, it acts as an attractive investment option as well.