Health Insurance

Everyone should buy a health insurance plan. Healthcare costs are rising rapidly in India, and a health insurance plan can help you protect yourself from financial hardship in the event of a medical emergency.

There are no documents required as such for purchasing a health insurance plan in India. You may only have to undergo a pre-policy medical check-up if you are a senior citizen. However, you must have a valid proof of your identity, address, age, etc. when you need to file a claim with your insurer.

Any claims arising out of congenital disorders, venereal diseases, general debility, sexually transmitted disease, or dental treatment/surgery (unless required as a part of treatment) are excluded from Health Insurance coverage. But do check your policy wording to know more about the detailed list of exclusions in a Health Insurance plan.

Here are some of the most common myths about health insurance:

• Myth: Health insurance is expensive.

• Fact: The cost of health insurance varies depending on the plan you choose and your individual circumstances. However, there are many affordable health insurance plans available.

• Myth: I don't need health insurance because I'm young and healthy.

• Fact: Anyone can get sick or injured, regardless of their age or health status. Having health insurance can protect you from financial hardship in the event of a medical emergency.

• Myth: Health insurance is only for people with pre-existing conditions.

• Fact: Health insurance is for everyone, regardless of their health status. However, you may have to pay a higher premium or have a waiting period before certain services are covered if you have pre-existing conditions.

• Myth: Health insurance is too complicated to understand.

• Fact: Health insurance policies can be complex, but there are many resources available to help you understand your coverage. You can talk to your insurance agent, read your policy documents, or visit the website of your insurance company for more information.

• Myth: I can wait until I'm older to buy health insurance.

• Fact: It's best to buy health insurance when you're young and healthy. Premiums are typically lower for younger people, and you'll have less chance of being denied coverage due to a pre-existing condition.

Yes, a person can have more than one health insurance policy. This is known as dual coverage or excess coverage. Dual coverage can be beneficial in some cases, but it can also lead to higher out-of-pocket costs and potential coordination issues between the two insurers. 

Here are some specific situations where dual coverage may be beneficial:

• You have a high-deductible plan: If you have a high-deductible plan, you may want to consider adding a secondary policy with lower deductibles to help cover your out-of-pocket costs.

• You have pre-existing conditions: If you have pre-existing conditions, you may want to consider dual coverage to ensure that you have adequate coverage for those conditions.

Yes, most health insurance companies offer a grace period for health insurance renewal. This is a period of time after the premium due date during which you can still pay your premium and have your coverage reinstated without any penalties.

The length of the grace period varies depending on the insurance company and the type of policy. However, it is typically 30 days. This means that you have 30 days after your premium due date to pay your premium and avoid having your coverage lapse.

If you pay your premium during the grace period, your coverage will be reinstated as if you had never missed a payment. However, you will still be responsible for paying any late payment fees that may have been incurred.

If you do not pay your premium during the grace period, your coverage will lapse. This means that you will no longer be covered for any medical expenses you incur. You will also have to apply for reinstatement, which may result in higher premiums or denial of coverage for pre-existing conditions.

Individual health insurance covers only one person with a fixed sum insured, while a family floater plan covers the entire family under a shared sum insured, offering cost savings and flexibility.

Aditya Birla Capital currently offers 12 health and wellness plans:

• Activ Fit: Health Insurance + Health Benefits + Rewards

• Activ Health Platinum Enhanced: Health Insurance + Wellness Benefits + Chronic Care

• Activ Assure Diamond + Super Health Topup: Health Insurance + Affordable Comprehensive Health Cover

• Activ Assure Diamond: Budget-friendly health insurance with 360˚ protection

• Activ Care Classic: A comprehensive health insurance plan that provides 360˚ care for your parents

• Activ Health Platinum Essential: Health Insurance, Wellness Benefits + Chronic Care

• Activ Health Platinum Premiere: Health Insurance + Wellness Benefits + Chronic Care

• Activ Care Standard: A comprehensive health insurance plan that provides 360˚ care for your parents

• Activ Care Premier: A comprehensive health insurance plan that provides 360˚ care for your parents

• Aarogya Sanjeevani: Health insurance + All day care procedures covered + AYUSH in-patient treatment cover

• Corona Kavach: A comprehensive health insurance plan that provides 360˚ Covid-19 coverage

• Ekam Suraksha: Health insurance + AYUSH coverage + Cataract treatment cover up to ₹ 40,000 per eye