How COVID Has Re-emphasised the Need for Medical Insurance

Bajaj Allianz General Insurance Company reminds us why we need a health insurance policy covering all the nooks and crannies to secure us from future pandemics.

There has been a lot of fear and panic regarding health in the last two years, as many of us were unprepared for the repercussions of the pandemic. Most people either didn't believe they needed health insurance or didn't understand how it would benefit them.

A health or medical insurance plan can be looked at as an investment you make to deal with an unexpected injury or ailment in your life. This plan charges you a certain amount of money, called a premium, every year, depending on the policy you choose.

For instance, if you purchase a health insurance policy with a sum assured of INR 5L, the entire amount will be available in case of an unfortunate illness, subject to its policy terms.*

* Standard T&C Apply

You can opt for different types of health insurance policies, depending on whether you live alone or with a family. There are also specific insurances for critical illnesses, senior citizens, and accidents, ensuring that you get the money required for your needs.

A typical health insurance policy is meant to cover a single individual. This can be helpful when the person insured faces a diagnosis that needs to be followed with an elaborate treatment, surgery, or hospitalisation.*

Mediclaim policies are one of the most popular health plans available today. Potential consumers often mistake them for regular health insurance policies. The most significant difference between the two is that health insurance policies are more comprehensive than Mediclaim plans. The latter covers only hospitalisations, whereas health plans cover more, such as pre-hospitalisation and post-hospitalisation charges.*

On the other end of the spectrum are group health insurance plans, offered by an organisation for its members, or by employers for their employees. The term duration of such plans usually does not extend beyond the individuals’ association with the organisation. Thus, it is ideal to have an individual plan alongside your corporate plan.*

Apart from this, there are also family health plans  which can be used to cover all members of your immediate family, such as your parents, spouse, and children. These plans tend to be a tad bit more expensive than individual policies.*

 

Critical illness insurance is another health insurance type that consumers ought to be aware of. These policies cover over 30 critical ailments. The number and type of ailments covered may vary across the board. Some of the commonly covered conditions are cardiovascular complications, cancer, liver failure, kidney failure, and strokes. For someone predisposed toward any such serious ailments, such a policy may prove helpful.*

* Standard T&C Apply

 

It is necessary to know what your plan entails before you take any action. A crucial mistake made by a lot of people is carrying out inadequate research before taking medical insurance. This was especially seen at the height of the COVID-19 pandemic when many supposedly insured individuals realized that their plan didn't cover situations arising out of a pandemic.

 

Before you buy a policy, ensure that you know what you are looking for. Buying a policy without due research may end up being a waste of your resources.

 

There are a lot of other benefits to buying medical insurance. You won't have to worry about having a separate fund for your medical expenses and can walk into a hospital cashless and carefree. You also get a significant tax deduction just by paying an insurance premium every year.*

 

‘Tax benefit is subject to change in tax laws’.

 

Some plans also provide you with annual health check-ups without any additional costs. This way, you can be on top of any unseen and unexpected ailments you may face in the future. Overall, health insurance will assure you a life without any unnecessary impedance.

 

Bajaj Allianz General Insurance Company provides some excellent plans for different health insurance needs. They offer affordable premiums and quick claim settlements of up to ₹20,000 directly through their app.* Bajaj Allianz General Insurance Company is also a trusted and reputed company and has a broad reach of hospitals around the country.

* Standard T&C Apply

 

To know more about insurance policies, check out the Bajaj Allianz General Insurance website, where they've described the types, benefits, and the need for a health insurance policy in detail.

 

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.‘

 

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