10 Lakh Health Insurance

What Exactly Is a 10 Lakh Mediclaim Policy?

Benefits of 10 lakh health insurance

• 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 Section 126 of the Income Tax Act, 2025 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

• 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

• 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.

Who Needs a 10 Lakh Health Insurance Plan?

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?

How Does the 10 Lakh Health Insurance Plan Work?

How to Purchase a 10 Lakh Health Insurance Plan Through 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

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.

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

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

• 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?

• 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.

What is a 10 Lakh Health Insurance Premium Calculator?

Information Required to Calculate Health Insurance Premium for 10 lakhs.

• 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.

Conclusion