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The Importance of Health Insurance


According to the WHO 70% Indians are spending their out-of-pocket income on medicines and healthcare services in comparison to 30-40% in other Asian countries like Sri Lanka. Given this, good treatment and hospital services costs are only going to make you poorer. Just mediclaim is not enough. Yes, we have comprehensive health insurance to cover rising healthcare costs but how many of us know the riders to maximize the benefits from a health insurance policy.

As customers most of us are unaware of the advantages of having additional riders which come in handy at the time of claiming the policy. Some key aspects to look into while purchasing a health policy are -

  • The right age to purchase the policy
  • The appropriate medical tests you need to go through prior to purchasing the policy
  • Ways to maximize the returns from your policy
  • The appropriate riders or add-ons that go hand in hand with the policy purchased
  • The ailments the policy covers
  • Family history of critical illnesses, when the customer is advised to go for a smart health critical illness cover

Right time and accurate information are key considerations while choosing the right insurance policy. The minimum age for a customer to buy a policy is usually between 5 years to 65 years with certain brackets on renewal period. For Eg:

  • 65 yrs (renewal up to 75 yrs)
  • 60 yrs (renewal up to 70 yrs)
  • 55 yrs (renewal up to 65 yrs)

The general awareness on health insurance products is abysmally low in our country. Agents and consumers should take active interest in well-versing themselves with the value added riders that can be bought along with their regular policy. This will enhance the advantage of having an insurance policy and in addition, cover quite a few of the expenses incurred during hospitalization. A lot of insurance companies in the market offer a number of value-added products. A few crucial ones are listed below:

  • Hospital cash allowance
  • Home nursing
  • Parent accommodation as a companion for children
  • Ambulance charges
  • In-patient physiotherapy charges
  • Accompanying person's expenses
  • Children's education fund

Bharti AXA General Insurance offers a comprehensive health insurance policy that covers 20 critical illnesses, which is the widest cover in the country. It offers two coverage options

  1. Re-imbursement of hospitalization expenses, which cover many incidental expenses as well
  2. Lump sum compensation - to use as required

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Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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