10 Lakh Health Insurance  

What Exactly Is a 10 Lakh Mediclaim Policy?

A 10-lakh Mediclaim Policy is a health insurance plan offering coverage of up to 10 lakh rupees. This health insurance policy covers all the medical expenses you would incur due to an illness or injury, as outlined in your insurance plan. It provides financial protection against the high costs of medical treatment, hospitalisation, and other healthcare expenses.

Benefits of 10 lakh health insurance

Having 10 lakh health insurance has many perks. It covers many medical expenses, such as before and after hospitalisation, surgeries, diagnostic tests, doctor’s consultations, and medications and has tax benefits. Let us understand all the perks in detail.

• Provides Comprehensive Protection

A 10-lakh health insurance coverage is comprehensive. It covers a range of expenses under the policy, such as hospitalisation expenses, which include room rent, intensive care unit (ICU) charges, doctor’s fees, surgery costs, and other medical treatment. 10 lakh health insurance covers pre- and post-hospitalisation expenses, such as diagnostic tests, doctor’s consultations, and follow-up care. Additionally, it covers expenses relating to daycare procedures, which are medical procedures that do not require overnight hospitalisation. The health insurance plan can also cover ambulance services, which cover ambulance transportation costs to and from the hospital.

• Offers Critical disease or Illness Coverage

Well, going through a critical illness or disease is a painful process. What is more painful is the burden on your savings during this time. So, getting 10 lakh health insurance ensures that all those medical procedures do not burn a hole in your hard-earned personal savings. Also, having the assurance that your medical expenses will be covered during emergencies helps alleviate mental stress. Knowing that emergencies won’t wipe out your savings gives you peace of mind.

• Access to Quality Healthcare Services and Tax Benefits

Another significant benefit is that a health insurance plan ensures access to quality healthcare services without worrying about financial constraints. With that, you get access to many tax benefits as well. Medical claims under 80D of the Income Tax Act can reduce your tax liability significantly. Moreover, the premium paid on the health insurance plan is eligible for a deduction under the same income tax section. Remember that the threshold limit for tax benefits in this section is ₹25000 on all the expenses covered by the policy, including the premium paid.

Reasons to Go For 10 Lakh Health Insurance in India

Now that we know about health insurance benefits let us understand why it is essential in India.

• Increasing Medical Expenses

Medical expenses have been increasing rapidly in India. A 10-lakh health insurance policy will provide comprehensive coverage to meet all these rising costs and protect against the financial burden on your savings.

• Increasing Lifestyle Disorders

The growing incidence of lifestyle diseases such as heart disease and diabetes is leading to higher healthcare expenses as they require long-term, ongoing treatment. Health insurance for 10 lakhs will cover all the costs of critical illnesses and reduce their financial impact.

• Government Healthcare Problems

Government healthcare facilities often need help with infrastructure and resources. So, a 10-lakh health insurance policy in India would allow people in need to access private healthcare services if needed without worrying about the costs.

Things Included and Not Included in a 10 Lakh Mediclaim

Claimable and non-claimable expenses differ from person to person, but some general expenses are implacable in all cases. The Following are the inclusions in a 10-lakh health insurance policy:

• Hospitalisation Expenses: Expenses related to hospitalisation, including room rent, doctor's fees, surgery costs, and other medical treatments.
• Pre- and Post-Hospitalisation Expenses: All expenses incurred before and after hospitalisation, such as diagnostic tests, doctor's consultations, and follow-up care, are part of the medical claim policy.
• Daycare Procedures: This typically covers expenses for medical procedures that do not require overnight hospitalisation, such as chemotherapy, dialysis, and cataract surgery.
• Ambulance Services: These expenses include transportation to and from the hospital and are also part of the medical compensation.
• Organ Donor Expenses: This covers expenses related to organ donation, including donor evaluation and surgery. It also includes post-operative care.
• Ayurveda, Unani, Siddha, and Homoeopathy Treatments: Coverage for alternative medicine treatments up to a specific limit.
• Emergency Medical Evacuation: Expenses for emergency medical evacuation in case of an accident or illness while travelling outside India.

Then come the exclusions, which are equally essential to know before signing up for a health insurance plan. Following are some of the general exclusions from health insurance coverage:

Who Needs a 10 Lakh Health Insurance Plan?

Everyone needs health insurance, but some need it more than others. Here are some of them:

1. People with Pre-Existing Medical Conditions: Individuals with pre-existing medical conditions, such as heart disease, diabetes, and other lifestyle diseases, may need a higher coverage amount to ensure that the scheme policy terms cover their medical expenses.
2. People with a Family History of Critical Illnesses: If you have a family history of critical illnesses, such as cancer or heart disease, a 10-lakh health insurance plan can provide you with peace of mind, knowing that you have adequate coverage for potential future medical expenses.
3. Senior Citizens: As you age, you become more prone to health issues. So, you may require frequent medical attention. A 10-lakh health insurance plan can provide financial protection against rising healthcare costs during your golden years.
4. Families with Young Children: A 10 lakh family floater plan can cover the entire family, including children, under a single policy. This ensures financial protection for all family members and ease of managing them under one policy.
5. People working in High-Risk Occupations: People face a greater risk of injuries or accidents in high-risk jobs, such as firefighters, police officers, or construction workers. A 10-lakh health insurance plan can also provide financial support in case of unexpected medical expenses resulting from work-related incidents.
6. Travel-savvy Planners: A 10-lakh health insurance plan can cover medical emergencies or accidents if you travel frequently. This plan covers accidents while travelling both domestically and internationally.
7. People with Low Savings: A 10 lakh health insurance plan can provide a financial safety net if you have limited savings or assets. It ensures they have access to quality healthcare without draining their savings in a medical emergency.

How To Pick the Best 10 Lakh Medical Insurance Policy?

To pick the best 10 lakh medical insurance policy, you must consider different aspects, such as the policy coverage details, inclusions and exclusions, premium costs, and claim settlement ratios.

A claim settlement ratio shows the percentage of claims the insurance company settled. A higher ratio means that the claim settlement performance is better. So, you must choose a plan whose high claim settlement ratio will ensure hassle-free claim processing. You must also ensure you know all the tax benefits attached to the policy.

Since everyone is different, so are their needs. Consider factors like age and lifestyle. Pre-existing medical conditions, potential future medical expenses, and family history are also necessary. If you have any pre-existing medical conditions, you must choose a health plan with a shorter waiting period.

How Does the 10 Lakh Health Insurance Plan Work?

Here’s how the 10-lakh health insurance plan works:

First, you purchase a health insurance plan from an insurance company and pay the agreed-upon premium amount. So, now you have a policy that provides coverage for medical expenses incurred due to illness or injury, up to a sum of ₹10 lakh. If you get hospitalised, you can also avail of cashless treatment if you are admitted to a network hospital. The insurance company settles the bills directly with the hospital. If you get your treatment done at a non-network hospital, you can pay the medical bill yourself. Later, you can file a claim with the insurance company for reimbursement.

You must submit the necessary documents to the insurance company, such as medical bills, discharge summaries, and other claim forms. Finally, after the insurance company reviews and settles your claim based on the policy terms and conditions, the claim amount is credited to your bank account.

How to Purchase a 10 Lakh Health Insurance Plan Through SBI General

Here’s how to purchase a 10-lakh health insurance plan at SBI General.

1. Go to the official website of SBI General Insurance.
2. Look for ‘Health Insurance’ on the website, then select your plan from the list of policy plans, such as ‘Individual Health Insurance’ or ‘Family Health Insurance.’
3. Click on the ‘Get a Quote’ button and provide your details, such as age, location, and sum insured (10 lakhs).
4. Select a health plan that suits your needs based on its benefits and coverage policies.
5. Fill out your detailed medical history and lifestyle habits.
6. Then, submit the completed medical form online or through an SBI General agent.
7. Finally, pay the premium to activate your policy.

Coverage of 10 Lakh Health Insurance

Our 10 Lakh Health Insurance plan provides extensive coverage to protect you and your family during medical emergencies. Here's what you can expect:

1. Hospitalisation Expenses: Covers room rent, ICU charges, doctor's fees, and nursing expenses.
2. Surgical Costs: Includes coverage for major and minor surgeries.
3. Pre and Post-Hospitalization: Medical expenses incurred before and after hospitalisation are covered for a specified period.
4. Daycare Procedures: Covers treatments that do not require overnight hospital stays.
5. Ambulance Charges: Provides coverage for emergency transportation to the hospital.
6. Critical Illness Cover: Option to include coverage for major critical illnesses.

Our 10 Lakh Health Insurance plan allows you to access quality healthcare without financial strain, ensuring peace of mind and comprehensive protection for you and your loved ones.

Why should you buy Rs. 10 lakhs medical insurance from SBI General

Choosing SBI General for your 10 lakhs medical insurance ensures you receive unmatched protection and service. Here’s why:

Choose SBI General for your Rs. 10 lakhs medical insurance and confidently secure your health and financial future.

Who all are eligible to buy a Rs. 10 lakhs health insurance policy?

Our Rs. 10 lakh health insurance policy is designed to cater to a diverse range of individuals, ensuring everyone can access quality healthcare coverage. Eligibility includes:

• Individuals of All Ages: Our policy welcomes individuals of all ages, from young adults embarking on their careers to seniors enjoying retirement.
• Families: Our family floater option protects your entire family, covering you, your spouse, and your dependent children under a single policy.
• Self-Employed Professionals: Our flexible policy options can safeguard the health and financial stability of freelancers, entrepreneurs, and self-employed individuals.
• Corporate Employees: Employers can provide comprehensive health coverage through our group health insurance plans.

Whether you're an individual seeking personal coverage or a business owner looking to protect your workforce, our Rs. 10 lakh health insurance policy has you covered.

Documents required to buy Rs. 10 lakhs medical insurance?

To acquire our Rs. 10 lakh medical insurance, ensure you have the following documents ready:

• Identity Proof: Provide a valid ID such as an Aadhaar Card, Passport, Voter ID, or Driving License.
• Address Proof: Submit documents like an Aadhaar Card, Passport, Voter ID, or recent utility bills.
• Age Proof: Furnish a Birth Certificate, Passport, Aadhaar Card, or Driving License for age verification.
• Income Proof (if applicable): Submit Salary Slips, Income Tax Returns (ITR), or Form 16 for income-based eligibility or tax benefits.
• Medical History: Details of pre-existing conditions or recent medical reports may be required for underwriting purposes.

Gather these documents to expedite your application process and secure comprehensive health coverage for you and your loved ones.

What is a 10 Lakh Health Insurance Premium Calculator?

A 10 Lakh Health Insurance Premium Calculator is a user-friendly online tool designed to provide personalised estimates of insurance premiums based on individual factors. By inputting details such as age, coverage requirements, medical history, and desired add-ons, users can quickly obtain an accurate premium quote tailored to their specific needs. This calculator helps individuals make informed decisions by comparing premiums across different insurers and policy options, ensuring they choose a plan that offers the best value for their investment. The 10 Lakh Health Insurance Premium Calculator makes securing comprehensive health coverage effortless, transparent, and hassle-free.

Information Required to Calculate Health Insurance Premium for 10 lakhs.

To calculate your health insurance premium for a 10 lakh coverage plan, you'll need to provide the following information:

• Age: Your age and the age of any family members to be covered.
• Medical History: Details of any pre-existing conditions or past medical treatments.
• Lifestyle Habits: Information on smoking, alcohol consumption, and other lifestyle factors.
• Coverage Details: Desired sum insured, including any add-ons or riders such as critical illness cover or maternity benefits.
• Location: Your residential area, as premiums can vary by region.
• Policy Term: The duration for which you want the coverage.

By inputting these details into the health insurance premium calculator, you can receive a precise estimate tailored to your needs, helping you make an informed decision for comprehensive health coverage.

Conclusion

Now that you know the details of the 10-lakh health insurance plan, its benefits, importance, and other things, you know that medical insurance plans are vital to leading a healthy and wealthy life. You can also use a medical insurance calculator and understand all the benefits before purchasing a health insurance plan for you and your loved ones.