Learn: Health Insurance Basics
Health insurance is a type of insurance that covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.
The main purpose of medical insurance is to receive the best medical care without any strain on your finances. Health insurance plans offer protection against high medical costs. It covers hospitalization expenses, day care procedures, domiciliary expenses, and ambulance charges, besides many others.
This page is general awareness for education only. Money Grow does not sell insurance plans through these classes and does not advise on which policy to buy. Insurance is a subject matter of solicitation; read policy documents carefully.
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Common types include individual plans, family floater plans, senior citizen plans and group plans from an employer, as well as government-run schemes. Features and eligibility differ, so read the policy documents carefully.
Health insurance can be bought through insurers, licensed agents or online platforms. Compare coverage, exclusions, waiting periods and premiums before deciding, and read the policy wording carefully.
Check what is covered and excluded, waiting periods, sub-limits, co-payment, the insurer’s claim settlement process and network hospitals. Buy only from IRDAI-registered insurers.
A health insurance plan can offer you large financial coverage that can cover the costs of treatment in India as well as abroad. It also covers hospitalization costs, diagnosis costs, ambulance and medicine expenses, and provides the ease of instant payouts for greater financial flexibility.
Health insurance plan is a contract between an insurer and the policyholder. The policyholder pays a premium to the insurance company, in return the insurer pays for the medical expenses incurred – like hospitalisation, day care, post and pre hospitalisation etc. – by the insured.