Policy Zone offers a range of health Insurance plans that provide quality cover and peace of mind.

What is Health Insurance?

Health insurance plans are policies that offer protection when the insured is ill or injured. Contractually, the insurer needs to pay for the medical expenses that arise out of hospitalisation, surgeries and other medical situations mentioned in the contract. This helps the insured get the best medical care without making a dent in savings.

What are the Types of Health Insurance?

Individual

An individual indemnity-based health insurance policy is one that reimburses the insured for the cost of medical expenses up to the sum insured in the policy. The insured is required to submit hospital bills with the details of expenses incurred during the stay.

Family Floater

A family floater health insurance plan is similar to individual health insurance plans, except it extends to and provides protection for the entire family. In case of multiple illnesses, the sum assured is divided between the family members to entertain multiple claims simultaneously.

Senior Citizen

For people above the age of 65, the senior citizen health insurance plan provides financial aid to cover medical treatments. They usually offer critical illness cover, cashless hospitalisation, pre-existing conditions cover and a higher sum assured, ensuring that they have the right coverage at the right time.

Critical Illness

Critical illness cover can be offered as a rider or as a stand-alone plan. It provides a lump sum amount in the case that the insured is diagnosed with a critical illness like cancer, heart disease, paralysis, renal failure, etc. There usually is a 30 day wait before claiming for the first diagnosis.

Individual

A top-up individual health insurance policy is an indemnity policy that offers coverage to people with an existing health insurance policy. This allows them to claim medical expenses even after the sum insured has been exhausted. It includes mandatory deductibles and provides coverage only once the deductibles have been paid.

Family Floater

A top-up family health insurance policy is an indemnity policy that offers coverage to a family with an existing health insurance policy. This allows them to claim medical expenses even after the sum insured has been exhausted.

Cardiac

With a global increase in the number of people with heart diseases, health insurance plans catering to cardiac patients provide coverage for tests, treatments and other medical expenses.

Cancer

These plans provide coverage for all medical treatment expenses that arise out of cancer, at any stage. A portion of the cover is received upon diagnosis of cancer at an early stage, waiving off all future premiums. If diagnosed at a later stage, the full cover amount is received with an additional income for a stipulated period of time.

Diabetes & Hypertension

Health insurance for those with diabetes and hypertension provides coverage for hospitalisation from the first day. Based on medical tests and health parameters such as BMI, blood pressure, HbA1c, cholesterol, etc. they even offer incentives.

Vector Borne Diseases

A fixed benefit health insurance policy, this usually pays a lump sum equal to the entire sum insured when a claim is made for hospitalisation for a minimum, continuous period of 72 hours when diagnosed with a vector borne disease. A vector borne disease is an infection transmitted by the bite of vectors such as mosquitoes and ticks.

International Travel

International travel doesn’t always go as planned. While travelling overseas, we do all the meticulous and extensive planning. However, travel insurance is often an overlooked investment until the unforeseen happens. Instances like an accident/sickness, loss of travel documents, trip delays owing to bad weather which could lead to a missed flight connection etc. Especially hospitalisation due to sickness/accident abroad can turn out to be quite disturbing and at the same time very expensive. This is where travel insurance comes to the rescue. There are many travel plans available in the marketplace today.

  • Single trip (Leisure) Plan: Designed for people planning holidays or leisure time abroad, be it solo or with family. It is useful for the travellers who usually travel once or twice a year.
  • Multi-trip Plan: Meant for frequent travellers, to provide extended coverage (usually a year) so that the travellers don’t have to go through the entire process of availing insurance every time they travel.
  • Students plan: Specially designed for students going abroad for further studies for an extended period up to 1 year. The coverage is renewable for the entire course duration. The plan usually cover study interruption, compassionate visits, sponsor protection etc.
  • Senior Citizen plans: These plans are directed at senior citizens usually without medical tests.

Personal Accident

A personal accident insurance covers you for an accident. Most insurance policies under life or health do not cover loss of life or loss of the ability to earn in the event of an accident. While personal accident policy offers coverage for the loss of life, loss of limbs, disablement, caused in commute or in workplace, and accidents of general nature.

Hospi Cash

A hospi-cash insurance plan is a daily cash plan that gives the insured a certain daily allowance for every day they are in the hospital. This amount is set when the policy is issued and will not be altered. This is a defined benefit plan.

Who Should Buy Health Insurance Policies?

With medical care becoming increasingly expensive, it is imperative for everyone and their loved ones to have health insurance. It is essential for the following people to have health insurance:

People in the age bracket of 25 to 65 years
People who want to protect themselves and their families in the time of a medical crisis.
People who want to maximise their tax savings
Resident Indian Nationals can avail of health insurance plans in India.

Why Buy Health Insurance at an Early Age?

When we are young, we seldom think about investing in a good health insurance plan while planning our financials. We often forget that because of our sedentary and stressful lifestyle our health is deteriorating at a much faster pace than ever before. Therefore, it is extremely important that for us to buy health insurance at a younger age when we are in the best of our health. There are many advantages of buying the health insurance at an early age:

insurance-policies-for-different-stages-of-life

Much lower premium: The health insurance premium is directly proportionate to the health status and age of the insured. The healthier a person is lower the premium is. So, people in their twenties and thirties will pay much lower premium for much comprehensive health coverage due to their age and health status than the people in later stages of life. As you grow older your health condition deteriorates and the premium goes up.

Minimal underwriting: Since, the younger population are supposed to be healthier and the chances of getting any immediate health issues are much less, the medical underwriting criteria are relaxed. Most of the times, it will be Straight Through Pass (STP) without any medical underwriting.

Larger coverage when you need it: Most health insurance plans offer ‘No Claim Bonus’ where the sum insured increases every claim free year. This feature of the policy is especially beneficial to younger people who do not have claims at their young age. Because they don’t claim, their sum insured increases every year allowing for a much higher sum insured at a later stage of life when they could need it without any extra premium

Waiting periods: Many health insurance plans have waiting periods before they can be covered under the policy. Since younger people are usually in a better state of health, the waiting periods are easily passed without claim during the initial years and have everything covered after the stipulated waiting period (usually 36/ 48 months) is over.

Income Tax benefit: The premium paid for health insurance is deducted under section 80D from the income. Hence, it reduces the income tax liability for the insured.

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