₹1 Crore Health Insurance

How to Choose the Right ₹1 Crore Health Cover

A ₹1 crore health cover provides a high sum insured, but the coverage offered under the policy is equally important. Factors such as exclusions, waiting periods, deductibles and room-rent limits may affect the benefits available. The policy should also match the healthcare needs of the people covered. Consider the following factors before choosing a ₹1 crore health insurance policy:

Assess your healthcare needs

Age, medical history and family size are some factors to consider when choosing health insurance. A family floater covers several family members under one shared sum insured, while an individual policy provides separate coverage for each person.

Check the coverage and exclusions

Consider the treatment and expenses covered by the plan. This may include hospitalisation, daycare procedures, pre- and post-hospitalisation expenses, and ambulance services. Exclusions and waiting periods are also essential to consider while selecting the policy.

Understand deductibles and co-payments

A deductible refers to an amount which is paid by the policyholder before the sum insured becomes applicable. A co-payment means that the policyholder pays a specific percentage of an admissible claim. Both deductible and co-payment impact on the amount the policyholder pays while making a claim.

Check sub-limits and room-rent restrictions

A ₹1 crore sum insured does not mean that every expense is covered up to ₹1 crore. A policy may have sub-limits for certain treatments or room-rent restrictions. The Customer Information Sheet provides key details about exclusions, sub-limits, deductibles and waiting periods.

Review the hospital network

Cashless treatment is available at network hospitals, subject to the policy conditions. Checking the insurer's hospital network helps identify whether commonly used hospitals are included.

Compare the premium and policy structure

The 1 crore health insurance premium may differ across policies. Premium should not be the only point of comparison. The coverage, exclusions, deductibles, co-payments, sub-limits and other benefits should also be considered.

Benefits of ₹1 Crore Health Insurance

A ₹1 crore health insurance policy provides a higher sum insured for eligible healthcare expenses. Some of its key benefits include:

Higher coverage for expensive treatment

Medical treatment, surgery and hospitalisation may involve substantial expenses. A ₹1 crore sum insured provides a higher coverage limit for eligible costs covered under the policy.

Support for family healthcare expenses 

A family floater allows multiple family members to use the same sum insured. This provides a shared pool of coverage for eligible medical expenses, subject to the policy terms.

Coverage for hospitalisation and daycare treatment

Health insurance may cover hospitalisation and certain daycare procedures. Depending on the policy, pre- and post-hospitalisation expenses and ambulance charges may also be included.

Cashless treatment at network hospitals 

Cashless treatment allows eligible medical expenses to be settled directly with a network hospital, subject to approval and the policy conditions. This reduces the need to arrange the entire eligible treatment cost upfront.

Scope for additional benefits

Some policies offer additional benefits for areas such as maternity or outpatient treatment. These benefits may come with separate conditions or an additional premium.

Potential tax deduction 

Premiums paid towards eligible health insurance policies may qualify for a deduction⁴ under Section 80D, subject to applicable tax provisions. The deduction available may depend on factors such as the age of the insured person and parents.

Steps to Buying a ₹1 Crore Medical Insurance Plan Online

A ₹1 crore medical insurance plan can generally be purchased online through a few basic steps. The process may vary between insurers.

Step 1: Assess the coverage requirement 

Start by considering the age, health profile and family members who need coverage. Existing health insurance and expected healthcare expenses may also be taken into account. 

Step 2: Compare available policies 

Compare 1 crore medical insurance plans based on their coverage and policy conditions. Waiting periods, exclusions, deductibles, co-payments, sub-limits and network hospitals are some factors to consider. 

Step 3: Check the premium 

An online premium calculator can be used to check the applicable premium. The 1 crore health insurance premium per month may vary based on age, health profile, family size and selected benefits. 

Step 4: Fill in the proposal form 

The proposal form requires details such as personal information, contact details and medical history. Health-related information should be provided accurately. 

Step 5: Complete medical requirements, if applicable 

Some applicants may need to undergo medical tests or provide medical records before the policy is issued. The requirement depends on the insurer and the applicant's profile. 

Step 6: Pay the premium online 

After checking the premium and policy details, the premium can be paid through the payment options provided by the insurer. 

Step 7: Review the issued policy 

Once the policy is issued, check the sum insured, insured members, coverage, exclusions and other conditions. The policy documents should be kept safely for future reference.

How to Save on Your ₹1 Crore Health Insurance Premium

The cost of a ₹1 crore health insurance policy depends on factors such as age, health profile, family size and selected benefits. The following points may help in managing the premium:

Compare policies with similar coverage

Two policies may have different premiums even when they offer the same sum insured. Compare the coverage, exclusions, deductibles, co-payments and sub-limits along with the premium.

Buy at an early age 

Age is a primary factor in calculating health insurance premiums. Purchasing a policy at a younger age may help keep the premium relatively manageable. The actual cost of your health insurance is, however, dependent on the company and policy you choose.

Choose the right policy structure

An individual policy and a family floater work differently. A combination of a base policy and top-up cover may also be considered depending on the coverage required.

Select add-ons carefully

Add-ons provide additional coverage but may increase the premium. Consider the benefits offered by each add-on before adding it to the policy. 

Consider the deductions carefully

A higher deductible may reduce the premium. However, it also means that the policyholder needs to pay a larger portion of eligible expenses before the insurer's coverage begins.

Review co-payment terms

A co-payment reduces the portion of the claim paid by the insurer. The premium and the policyholder's share of expenses should therefore be considered together.

Make use of applicable policy benefits 

Some policies provide cumulative bonuses or other benefits for claim-free periods. The policy wording explains how these benefits affect the available sum insured.

Review the policy at renewal

Healthcare needs may change with age and changes in family circumstances. Reviewing the policy at renewal helps determine whether the existing coverage continues to meet those needs.

Compare total out-of-pocket costs 

The premium does not represent the entire cost of a health insurance policy. Deductibles, co-payments and sub-limits may also affect the amount paid during a claim. These costs should be considered when comparing the 1 crore health insurance premium.
 

A ₹1 crore health cover may provide a higher sum insured. However, it is essential to look at the inclusions offered. The premium, exclusions, waiting periods, deductibles, co-payments and other terms and conditions will have an impact on how the policy works. Comparing these features will help you understand the coverage that will be provided under a policy before buying.