50 Lakh Health Insurance  

What Exactly Is A 50 Lakh Mediclaim Policy?

A 50 lakh health insurance plan covers up to ₹50 lakhs to the beneficiaries. You can claim various medical expenses, including hospitalisation for accidents, treatment for critical conditions, and certain surgeries.

With this policy, you can focus on your recovery in case of an injury or a chronic disease and avoid the weight of medical bills. Health insurance plans that offer coverage of up to ₹10 lakh, for example, may not be enough in today’s world. A 50-lakh medical insurance plan offers substantial coverage and ensures you can avail of quality healthcare facilities without worrying about your finances.

7 Perks of Having a 50 Lakh Medical Insurance Policy

Health insurance policies offer numerous benefits for you and your family, especially if they offer a high level of coverage, like 50 lakhs. The benefits of a 50-lakh health insurance plan are explained below:

• Comprehensive Coverage

A health insurance plan with coverage of up to 50 lakhs offers comprehensive protection against medical emergencies and several routine medical expenses.

• Cashless Hospitalisation

Many insurers provide cashless claim facilities to policyholders, which means you can avail of cashless hospitalisation at any network hospital just by sharing your policy details.

• Financial Security

One of the biggest perks of a 50-lakh health insurance policy is that it offers extensive financial protection to individuals and families. With a high sum insured, such as 50 lakhs, you can avail of advanced medical treatments without depleting your savings.

• Health Insurance Tax Advantages

Under the Income Tax Act, Section 80D, you can avail of tax deductions of a maximum ₹50000 for people under 60 and ₹1 lakh for senior citizens.

• Critical Illness Insurance Benefit

If you or any of your family member gets diagnosed with a critical illness, such as cancer, your health insurance coverage can quickly run out. With a 50-lakh insurance plan, you may be able to cover medical expenses for treating heart disease and kidney failure, among other things.

• Peace of Mind

The peace of mind you get from investing in a comprehensive insurance plan, especially with high coverage, is underrated. A 50-lakh health insurance plan provides a tremendous sense of security.

• Customisation

Policies with high coverage often come with add-on benefits like coverage for pre-existing diseases, maternity benefits, etc. This way, you can enjoy comprehensive coverage on your insurance plan.

Top 3 Reasons to Opt for 50 Lakh Health Insurance in India

Health insurance plans are an excellent financial tool; they help you navigate difficult times and provide numerous benefits, including tax deductions and peace of mind. Here are a few reasons why you should consider a 50-lakh health insurance policy:

• Increasing Medical Costs

As you may be aware, healthcare costs are rising alarmingly. Having an insurance policy that provides adequate coverage is essential to beating them.

• High Sum Insured

A health insurance policy with a high sum insured can easily cover significant chunks of your medical bills if not all. This ultimately lowers the financial burden on your personal finances.

• Coverage for Pre-Existing Medical Conditions

You may get coverage for pre-existing conditions in a 50-lakh health insurance plan as it is a comprehensive insurance policy; the coverage is subject to certain terms and conditions depending on your insurer.

Things Included and Not Included in a 50 Lakh Mediclaim Policy

The type of coverage for 50-lakh health insurance from two insurers can look different from each other. Still, there are certain general inclusions and exclusions that are usually part of high-sum insured insurance policies.

General inclusions of 50-lakh health insurance include the following:

• Pre- and post-hospitalisation expenses
• Doctor’s consultation fees
• Expenses for diagnostic tests, such as MRI, blood tests, and X-rays
• Expenses for outpatient procedures
• Charges for ambulance services
• Organ donor expenses
• Charges for room rent
• Maternity bills
• Expenses for the newborn
• Expenses for alternative treatments like Ayurveda, homoeopathy, and Unani
• Essential dental treatment expenses

Here is a list of common exclusions of a 50-lakh health insurance plan:

• Expenses for cosmetic treatments
• Expenses for disposables
• Bills for experimental and unproven treatments
• Rehabilitation expenses for substance abuse
• Medical expenses incurred in foreign countries
• Unsanctioned medical expenses

Who Needs a 50 Lakh Health Insurance Plan?

Anyone can benefit from an insurance policy with coverage of up to ₹50 lakh; here are some examples of who may need it:

• Families with a High Number of Dependents

A small family comprising a couple and their 2 children can also benefit from a 50-lakh insurance plan. Still, they may not need it as much as a family comprising a couple, their 2 children, and their parents, senior citizens.

• Individuals Who Have Pre-existing Conditions

People who have pre-existing conditions usually have high medical bills. Besides, many critical medical conditions get worse over time. Thus, such individuals are recommended to invest in a 50-lakh health insurance plan.

• Individuals with a High Net Worth

People with high net worth may require an insurance plan with extensive coverage to enjoy the best healthcare facilities and treatment from top doctors without burning their savings.

• Individuals with a Family History of Critical Illnesses

If you have a genetic predisposition to critical illnesses, such as heart problems and cancer, you are recommended to consider a health insurance plan that offers high-sum insurance.

• Individuals with a Risky Lifestyle

People who smoke regularly or those who have to deal with occupational hazards can benefit from a 50-lakh medical insurance plan. This is because they are high-risk individuals and are likely to develop medical problems.

How To Pick the Best 50 Lakh Medical Insurance Policy?

Here are some factors that you can consider while making an informed decision while buying 50 lakh health insurance:

• Policy Features

This is one of the first things to consider while purchasing health insurance. Check for the policy's inclusions and exclusions and look for other features, such as whether there is a room rent limit.

• Claim Settlement

There is no point in having a 50-lakh health insurance plan if you can’t claim it during a medical crisis. Looking for an insurance provider with a simplified claim settlement process, a high claim settlement ratio, and minimal restrictions is important.

• List of Network Hospitals

Look for a health insurance plan with your preferred hospital as a part of their network. This way, you can enjoy cashless claims whenever necessary without compromising healthcare or comfort.

Factors Determining the 50 Lakhs Health Insurance Premium

You can use a 50 lakh health insurance premium calculator to determine your desired plan's tentative premium. Several factors influence the premium of any health insurance plan; here is a list of crucial factors that can affect your policy premium:

• Age

Lower the age of the policyholder(s), lower the risk of medical conditions and claims. This is why an individual's age or the aggregate age of a family considering buying a 50-lakh health insurance policy matters because it is one of the most influential factors affecting your policy premium.

• Medical History and Current Health Status

It makes you a high-risk individual (someone likely to raise claims) if you have a history of several medical conditions or you currently have one. This translates to a higher premium.

• Geographical Location

Someone seeking an insurance plan in a tier 1 city like Mumbai may be charged a slightly higher premium than someone seeking the same insurance in a tier 2 or tier 3 city. This is because the cost of treatment in these cities will also vary.

• Lifestyle

If you lead a risky lifestyle, which includes substance abuse or hazardous occupations, you may have to pay a higher policy premium as these make you a high-risk individual.

How Does the 50 Lakh Health Insurance Plan Work?

The plan works similarly to any other insurance plan, where you pay the premium amount to your insurance provider and raise claims for covered medical expenses if and when they arise. The general working of a 50-lakh health insurance plan is explained further below:

1. You make the premium payment to the insurer monthly, quarterly, or annually, depending on your convenience and the policy’s terms and conditions.
2. If you need to raise a claim for valid medical expenses, inform the insurer in advance and follow the procedure.
3. If you opt for cashless claim settlement, you can visit a network hospital, share your policy details, and get cashless treatment. If you opt to raise a claim by the claim form, you will be required to submit all the supporting documents required, and the insurer will reimburse you partially or totally for your medical expenses after due diligence.

You can renew your policy by paying the premium and enjoying benefits like a no-claim bonus if you don’t make a claim in a financial year.

How to Purchase a 50 Lakh Health Insurance Plan Via SBI General

You can purchase the Arogya Top Up Health Insurance Policy, which offers coverage of up to ₹50 lakhs, either by going to the official website, contacting a customer support agent through the website (1800 102 1111), or by visiting a nearby branch office.

However, read the policy documents carefully before purchasing the policy to understand the policy terms and conditions and the claim settlement process.

Benefits of Obtaining an SBI General 50 Lakh Mediclaim Policy

Here is a list of the benefits of the Arogya Top Up Health Insurance Policy from SBI General:

• You can choose from a wide coverage range of ₹1 lakh to ₹50 lakhs.
• Individuals under 55 without medical history don’t require a medical check-up to purchase this policy.
• You enjoy coverage for maternity expenses and AYUSH treatments.
• It covers 60 days of pre-hospitalisation and 90 days of post-hospitalisation expenses.
• You can claim tax deductions under Section 80D of the Income Tax Act on the premiums paid for this plan.
• You get the option to reinstate your sum insured.

How much does Rs. 50 lakhs health insurance cost?

Securing a Rs. 50 lakhs health policy is more affordable than you might think! SBI General Insurance offers plans with wide-ranging coverage and premiums suited to your individual needs. The cost of a Rs. 50 lakhs health insurance policy may differ based on age, medical history, number of dependents, and location. Also, the type of coverage and optional add-ons you choose can influence the premium. At SBI General Insurance, we offer comprehensive coverage at competitive rates, ensuring you get the best value for your money. Our flexible payment options and transparent pricing make managing your health insurance needs easy and affordable.

To get an accurate, personalised premium quote for our Rs. For a 50 lakh health insurance plan, tell us a little about yourself and your coverage preferences. Request a quote today and see how affordable Rs. 50 lakh health insurance can be!

Why should you buy Rs. 50 lakhs medical insurance from SBI General?

Along with our extensive coverage options and features, here’s what makes SBI General Insurance a top choice for purchasing your Rs. 50 lakhs medical insurance:

• 6400+ Rural Banks: Extensive rural reach to provide support in even the most remote locations.
• 24000+ SBI Branches: Easily accessible branches for convenient service.
• 114 Locations: Wide network across the country for comprehensive support.
• 10000+ Agents: Many agents can assist you with your insurance needs.
• 350+ Brokers: Numerous brokers are available to help you find the best policy.

Why should I buy Rs. 50 lakhs medical insurance from SBI General?

Just like everything else these days, getting Rs. 50 lakh health insurance is a breeze online with SBI General.

Gone are the days of extensive paperwork and time-consuming agent consultations. Today, you can conveniently research, compare, and secure a suitable online plan at your own pace. Plus, if you buy insurance online, you will instantly receive your policy documents!

Who all are eligible to buy a Rs. 50 lakhs health insurance policy?

Our Rs. 50 lakh health insurance policy is designed to provide complete, comprehensive coverage to many people. We have no upper age limit and flexible age criteria, so no matter what health condition you are in, what stage of life you are at, or even if you’re perfectly healthy, you deserve a chance to live a life with peace of mind.

Anyone 18 or older can purchase SBI General Health Insurance’s Rs. 50 lakh health insurance policy.

Documents required to buy Rs. 50 lakhs medical insurance?

You need to provide some necessary documents to purchase a Rs. 50 lakhs medical insurance policy from SBI General Insurance:

• Proof of Identity: Aadhaar Card, Passport, Voter ID, or Driving License.
• Proof of Address: Aadhaar Card, Passport, Voter ID, or recent utility bills.
• Proof of Age: Birth Certificate, Passport, Aadhaar Card, or Driving License.
• Declaration of Medical History: Information about previous and current medical conditions.
• Proof of Income: Salary slips or income tax returns, if applicable.

We make the process simple with no unnecessary paperwork. Just provide your medical history, make the payment, and get insured.