5 New-age Features of Health Insurance Plans in India

Over the years, the health insurance industry has evolved significantly. Today, there are many insurance companies that provide a variety of plans at competitive premium rates. Also, for the benefit of the policyholders, the insurers are adopting offering several customer-centric solutions and features.Let us look at some of the new-age feature that you must look for in your health insurance policy

In 2013, the Insurance Regulatory and Development Authority of India (IRDA) issued guidelines that clearly stated the health insurance plans can provide coverage against alternative treatments like Unani, Siddha, and Ayurveda. So, the coverage is not restricted to allopathic medicine alone. However, the majority of insurers have not implemented it on a vast scale.However, the policyholders are becoming more aware of the insurance policies and are looking for a feature that includes this coverage in their policy. So, while comparing the features of health insurance in India, you can keep an eye for a provision that says you can opt for alternative medicine, you must opt for it.

Many health insurance companies provide a free annual health check-up. However, such features were earlier associated with a group insurance plan. Today, however, the new health insurance plans provide 3-4 health check-ups, provided the policyholders meet certain requirements.The medical check-up is a win-win situation for both the policyholders and the insurers. As a policyholder, you can get your health check-up done and be aware of your health condition and take appropriate steps to get sufficient coverage. For insurers, assessing the policyholder’s condition allows them to determine the risk and they determine the premium accordingly.

In the purview of the COVID-19 infection as many people are opting for home quarantine and treatment, the newer medical plans are including coverage for domiciliary treatment . So, when you compare the features of health insurance in India, you must look for this benefit as it allows you to get compensation that you may incur for treatment.The most comforting thing about this benefit is that you feel a sense of belonging at home as you will have your family and well-wishers to take care of you round the clock and you may recover faster than by staying in the hospital.

Until a few years ago, getting coverage for maternity expenses meant paying a high premium. But, the new age health insurance plans include all kinds of maternity expenses, including C-section deliveries, labour pain, etc. And some insurance plans also cover the new-born baby for a specific period (as specified in the policy documents). Apart from the delivery expenses, the benefit also covers treatment related to infertility, and vaccination for the baby.

Since the onset of the COVID-19 infection, social distancing has become a norm. And, as healthcare experts are advising minimal human interactions (unless necessary), digital assistance and E-KYC is an excellent feature that allows you to buy, renew, file a complaint, request a claim from the comfort of your home and with just a click of a button.

Apart from the above-mentioned features, you can also look for other features like coverage against day care treatment, air-ambulance cover, waiver of premium, restoration of sum insured, etc. Make sure that you carefully compare the features of health insurance in India and choose a plan that suits your needs.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.