10 Lakh Health Insurance

As one lies on a hospital bed encircled by a team of medical professionals, the person’s thoughts revolve around the looming fear of accumulating medical bills. And this is the last thing an individual in such a state requires. That is where the 10 lakh health insurance comes in as a safety net, ready to catch individuals when they fall. With coverage of up to Rs. 10 lakhs, it provides the financial backing required to receive the best medical care possible.

What is 10 lakh health insurance?

A 10 lakh health insurance policy extends coverage for medical expenses up to Rs. 10 lakhs. In other words, if you suffer from an illness or injury and incur medical-related costs, your health insurance policy will cover up to Rs. 10 lakhs of those expenses.

For example, suppose you have a 10 lakh health insurance policy. You need to undergo surgery that costs Rs 5 lakh. Your health insurance policy will cover the entire surgery cost, up to Rs 5 lakhs. If you have any additional medical expenses, such as post-surgery care or follow-up doctor visits, your health insurance policy will cover them as well, up to the policy limit of Rs 10 lakh.

Benefits of 10 lakh health insurance

• No Claim Bonus

A Mediclaim policy for Rs. 10 lakhs offers a no-claim bonus to those who refrain from submitting any claims during the policy tenure. The earned incentive can be a premium discount or an increase in the sum insured.

• Cashless hospitalisation

A 10 lakh health insurance policy offers cashless hospitalisation, which means the policyholder doesn’t have to pay for any medical expenses upfront. The policyholder can receive medical care at any network hospital in or outside his/her city without spending any cash.

• Tax benefits

A 10 lakh health insurance plan offers tax advantages under the Income Tax Act’s Section 80D. Policyholders can lower their taxable earnings by up to Rs. 25,000 on the amount spent towards medical insurance policies.

Coverage of 10 lakh health insurance

• Hospitalisation expenses

A 10 lakh health insurance policy provides coverage for hospitalisation expenses, including room rent, ICU charges, and surgical fees. This policy covers pre- and post-hospitalisation medical care expenses for up to the given sum insured.

• Coverage for critical illness

These healthcare policies cover cancer, heart attack, kidney failure, and other ailments if you supplement your primary healthcare policy with a critical illness rider.

• Covers ambulance charges

A health insurance 10 lakh policy may extend coverage for ambulance charges that include transportation to the hospital in the event of an emergency.

• Coverage for daycare procedures

As a policyholder, you will receive coverage for expenses related to daycare procedures, including dialysis, chemotherapy, and other medical treatments.

• Alternative treatment coverage

Such policies extend coverage for alternative medical care, such as Ayurveda, Homeopathy, Unani, and others.

• Coverage for pre-existing diseases

A 10 lakh health insurance policy extends coverage for pre-existing diseases, including diabetes, hypertension, and others.

Why should you buy 10 lakh health insurance?

• Comprehensive coverage

These healthcare policies provide a substantial coverage amount that can help you meet various medical expenses, including hospitalisation, surgery, and critical illnesses.

• Protection against rising healthcare costs

Medical inflation in India is on the rise, and healthcare costs are increasing rapidly. A 10 lakh health insurance policy can adequately protect against these rising costs.

• Peace of mind

When you secure a 10 lakh health insurance policy, you can be confident that you and your family will have financial security during medical emergencies.

• Access to quality healthcare

Such policies can give you access to quality healthcare facilities and hospitals, which can help you receive timely and proper medical treatment.