That’s why we’d love to know what you feel would be the perfect health insurance cover amount for your needs, considering the rising medical costs.

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A health insurance cover is the primary medicare need for people. In these times for rapidly inflating costs for treatment, a health insurance policy acts as a lifeline when you fall ill.

Health insurance policies come in several forms, and each fulfills a different function of financial aid. A composite health cover will consist of one or more of these policies, so that you are protected thoroughly against financial risk caused by an illness or accident. It is important to know about types of health covers, so that you can choose the ones that best suit your needs and lifestyle.

Here, we describe the basic types of health insurance covers and how they can help you.

Hospitalization Cover

Hospitalization cover provides you a cover for all the expenses arising out of hospitalization on account of treatment required for illness or accident. This is an indemnity cover, which ensures, making good for the loss an insured suffers. All the expenses are paid based on the details mentioned on required bills and hospital documents. Each cover comes with its own coverage, exclusion and limitations.

For example, expenses incurred for hospitalization for maternity may or may not be covered; ambulance charges covered may be different under different company policy. This is a must have health insurance cover for everyone, especially with rising healthcare costs. It serves as a financial security against hospitalization expenses.

Hospital Cash Cover

Hospital cash cover takes care of those expenses which are not covered under a pure hospitalization cover. Though hospitalization cover takes care of medical expenses, there are also incidental expenses which are non-medical in nature. For example, expenses arising out of traveling to and from the hospital, attendants’ fees or stay, special dietary food expense which can also cause a hole in the pocket especially during extended period of hospitalization.

This cover however, is not to be substituted with a hospitalization cover. This cover supplements the hospitalization cover. One can choose a daily allowance from Rs. 500/- to Rs. 2500/- for a prefixed number of days and for a reasonable premium amount.

Critical Illness Cover

Critical illness policy covers you for any grave or critical illness (such as cancer, paralysis, major organ transplant etc.) for which hospitalization expenses may or may not be covered in a pure hospitalization cover. Some serious illnesses may require prolonged recovery which entails additional costs such as incidental expenses, possible loss of income, structural changes in the family, changes in lifestyle, depletion of savings etc.

In such cases, Critical illness cover is most suited, as this is a benefit cover, which means, a lump sum amount (the opted cover) is paid on diagnosis (if permissible) of the illness, even before the treatment starts. This is unlike Hospitalization cover (indemnity cover) – where one gets paid during or after the treatment.

Personal Accident Cover

Personal accident policy covers you for expenses incurred only on account of accident. This is a benefit plan, where the opted cover is paid as a lumpsum based on the degree of disability and/or death. Some major accidents may require prolonged recovery which entails additional costs such as incidental expenses, possible loss of income or job, changes in lifestyle, depletion of savings etc.

A personal accident cover is most suited for such cases.

Top-up Cover

A top up health is an extension over your existing Health/Hospitalization policy. This policy can be taken as an add on cover to your existing hospitalization policy. In case of higher expenses due to illness or accidents when the existing policy sum insured gets exhausted, a top-up cover takes care of the additional expenses.

This policy has a deductible which is usually the sum insured in the insured’s existing hospitalization policy. The top-up cover will be triggered once the deductible amount gets used up for hospitalization expense.

Those who do not have any existing hospitalization cover, can also opt for this policy; the expenses up to the deductible limit (per hospitalization) have to be borne by the member. This limit would be as per the plan you have opted in the top-up cover. For Example: you have a Health Insurance policy with 3 lakh sum insured, then 3 lakh would be the deductible limit. The top-up policy would be triggered when this 3 lakh would get exhausted.

Protect yourself from the financial pitfalls of an unforeseen illness. Choose from our range of health insurance covers here.

It’s not enough to just get a health insurance policy. It is also important to know what the different terms in the policy mean and what they do for you. Let’s start with some of the basic terms that you must know about:

• Sum Insured – Simply put, this is the amount of cover that one can opt for. This is the maximum amount up to which the insured can get benefits in the event of a claim during a single policy year. How this works: Let us suppose that you take a cover for 5 lakhs sum insured. At the time of making a claim, if you use only 2 lakhs of that cover, then the remaining 3 lakhs can still be used by you during the remaining policy period.
• Premium – This is the amount paid to insurance company when you purchase a health insurance policy. The premium to a great extent depends on the sum insured you have chosen, apart from other factors like your age, medical condition and physical fitness at the time of taking the policy.
• Pre and Post Hospitalization Expenses – Most health policies also compensate you for expenses that you would incur prior to getting hospitalized for a treatment, as well as for the recovery treatment post being discharged. These are for consultations, medicines, investigations, etc. related to the illness for which hospitalisation has occurred. The duration for which this cover is given should be checked while you are taking the policy.
• Deductible – This is a fixed amount which the insured needs to first bear for each claim. The insurance company’s liability starts over and above this amount.
• Ambulance Charges – This is an additional benefit offered by most health insurance policies. It compensates you for the charges that you incur when availing an ambulance service in case of an emergency to take the patient from home to hospital or from one hospital to another. The amount of cover provided differs from policy to policy.
• Day-Care procedures – Due to growing medical advancement, certain surgical procedures do not require 24 hours of hospitalisation (the basic requirement when one needs to avail a health insurance claim for treatment). These are called day-care procedures and these days health policies cover many such procedures as well, which is an added benefit.
• Network Hospitals – Most insurance companies empanel, or tie-up with hospitals across the country to provide better medical services to their customers during their time of need. These hospitals are referred to as network hospitals. The advantage of getting treatment in these hospitals is that one can avail cashless facility. It is necessary that the insurance company is informed of the hospitalisation so that they can authorize the hospital to not charge the customer.
• In-House Claims Team v/s TPA – The insurance company’s own claim settlement team is called an in-house claims team, while TPA refers to outsourced claims team. An in-house claims team enables the insurance company to directly deal with health insurance claims and provide the customer better service.

At Bajaj Allianz, we also provide additional benefits. These are called Value Added Services, and are generally meant to help customers enjoy a healthier lifestyle overall by providing discounts on OPDs, medicines, glasses and lenses, gym memberships, etc.

A health insurance cover is a necessity, not a luxury. Choose the right plan for your family from our range of health insurance covers here.

1. Check your overseas medical services: Any country you travel to, find out how the medicare system works and the procedure for getting a doctor’s appointment. In some countries, it is not as simple as walking into a doctor’s clinic.

2. Familiarize yourself with local conditions and laws: Every country has its own customs and social etiquette. In order to avoid unknowingly offending someone, it is always better to take out some time to learn about the etiquette of the country you are traveling to.

3. Rent a car: Most countries provide an option of renting a car to drive around and explore the cities. This is a preferred option especially if you are going to travel from one city to another. Hence, make sure you know international road signs.

4. Read up about the local language: It goes without saying that before you leave, find out a bit about the culture and customs of the land. Learning to say ‘hello’ and ‘thanks’in the native language of the country never fails to bring a smile on the locals’ faces.

5. Medical kit is important: Carry a basic medical kit with you – some meds for fever, cold, stomach ache, etc. You are generally allowed to carry some medicines if you have a doctor’s prescription from your home country. Many foreign countries do not approve of over the counter medicines unless you have a prescription from a local doctor.

6. Find out about Indian embassy: Know where the Indian embassy is in the country you are traveling to. In case of loss of passport or any such unfortunate event, you will know where to head to.

7. Keep soft copies of your important documents: Keep a scan of all your major documents – your tickets, passport, visa, id proof are just some essential documents. In case of any issue where you loose the physical copy, you have a ready reference stored in your email. This can save you a lot of unnecessary trouble.

8. Don’t leave your belongings unattended: Keep your bag on your lap or on a chair next to you. Make it a practice to take a quick check just before you leave to ensure you haven’t left your keys, wallet on the table or your jacket hanging on the chair.

9. Don’t keep all your money in one place: If you lose it, you lose it all. Split the money between you and others traveling with you. Always keep some in your luggage back at your hotel room all locked up as a backup.

10. Leave copies of itinerary and passport with friends: Leave copies of your itinerary, hotel contact details with family or some friend, so you can be contacted in case of an emergency.

Last, but not the least, make sure you get a good travel insurance cover before you go, as medicare expenses can be extremely high in other countries.

Based on your own travel experiences, if you have any useful travel tips, do share them with us in the comments below!

To have a truly hassle-free travel experience, choose form our range of travel insurance plans here.

A NOMINEE is the person who has been proposed by the policyholder for receiving the claim amount of the life insurance policy, upon his/her death. It is important that the nominee has an insurable interest in the life of the insured.

Thus, insurers insist on full details of the nominee and relationship with the policyholder. An important rule of nomination is that your nominee should preferably be a nearest relative who is expected to take care of the immediate needs of the family members of deceased life assured upon his/her death. In case of the nominee being a minor, the insured is required to appoint a custodian whom the claim amount would be discharged to till the appointed nominee turns 18. Importance of nomination: A nomination serves as an instruction for the insurer as to whom the claim amount needs to be settled in case of death of insured.

In absence of a nomination, the insurer would call for a succession certificate from the claimant, which is issued by the court of law. This tedious procedure can be avoided simply by ensuring nomination at the proposal stage or subsequent change of nomination in case of nominee’s death. Absence of a valid nomination defeats the very purpose of providing immediate relief to the family members in case of untimely death of insured.

Things to keep in mind:

1) Inform the nominee or any other member of your family about the policy and the nomination so that they can make the best use of the sum assured in your absence.

2) In the unfortunate event of the nominee’s death during the term of the policy, it is important that a new nominee is appointed, by informing the insurer.

3) Multiple nominations can generally be avoided as such a situation could end up as a legal dispute.

Since the insurer would prefer to hand over the entire claim amount to only one of the nominees on getting consent from other nominees for doing so, the dispute could come in terms of submission of such consent amongst the various nominees. When taking life insurance, it is important to appoint a nominee who would be the rightful person to receive the claim benefit on behalf of surviving dependents of life assured.

Nomination, thus, gives a legal discharge to the insurance company for settlement of claim. Since life insurance acts as a shield for your family upon your death, you must ensure that complete details concerning the nomination are provided at the proposal stage.

If you would like to view our range of life insurance policies, please click here.

1.     What is the minimum period of hospitalization required to be eligible for Claim Reimbursement?

The minimum period of hospitalization required is 24 hours

2.     In case of a claim for Renal Failure there would be multiple hospitalisations for Renal Dialysis, please confirm how would be the deductible calculated for such claims? Is the deductible applied afresh for each claim of Dialysis?

AS per the definition of “deductible amount” if the first hospitalization claim is paid under Extra Care policy, & the further claims are within 45 days after the discharge then they would be considered under the same claim. The deductible would not be applied afresh for the recurrent claims for the same illness if they are within 45 days of discharge from hospital.

3.     If a person has a Mediclaim policy of Sum Insured Rs 5 lacs, & he opts for a Extra Care policy of Sum insured 10 lacs with 3 lacs deductible. He is hospitalized for Cardiac illness; the claim amount is Rs5 lacs. He has claimed Rs 3 lacs from his mediclaim policy; please confirm if the remaining claim amount of Rs 2 lacs is paid under Extra Care?

The remaining claim amount would be paid on rateable proportion between both the policies.

In this case the remaining claim amount of Rs 2 lacs would be distributed in rateable proportion, Rs 66,666/ would be paid from the mediclaim policy & Rs 1,33,334/- would be paid from the Extra Care policy

4.     If a person has taken a plan of Rs10, 00,000/3, 00,000 and he lodges a claim of Rs13, 00,000/- then how much claim he will get?

The SI for this proposal will be 10Lacs.

5.     Where can I get the claim form?

Claim form can be obtained from the local office or can be downloaded from our website

6.     I have lost my membership card, what do I do?

If you lose your membership card, please call our Toll Free No. 1800-22-5858 and report the loss immediately. A duplicate card will be issued to you within 7 days of reporting the loss. Extra changes will be applicable to issue a duplicate card.

The information given above is indicative in nature, please refer the policy wordings, brochure for details.

7.     Where do I contact incase of a claim?

You may kindly call our 24 hrs Call Centre no on 1800-22-5858 or 020-30305858. Our executives would cater to your needs.

8.     What do terms Cashless Facility and Claim Reimbursement mean?

Cashless Facility
The cashless facility can be availed in case of admission in network hospitals. If the policy holder presents the heath card or cashless card at the network hospital, the hospital authorities contact us and provide the details of the hospitalization. If the illness is covered as per the policy terms and conditions Authorisation letter is issued to the hospital. The hospital sends all the bills and documents to us for settlement. The insured has to pay the non admissible expenses to the hospital.

Claim-Reimbursement
If the admission is in Non network hospital you need to settle the hospital bills & submit the hospitalization documents along with the claim form for reimbursement of hospitalization expenses.

9.     How do I avail the cashless facility?

• For cashless hospitalization, present the Health card at the network hospital and the hospital will contact our cashless department with all the details.
• As per the policy terms and conditions the admissibility is decided and the Authorisation letter or denial letter is sent to the hospital
• In case of denial the client can submit the claim documents for reimbursement
• The claim under cashless and reimbursement would be admissible in excess of the deductible limit, subject to terms, conditions, exclusions & definitions as per the policy wordings

10. What are the documents to be submitted in case of reimbursement?

We would require the following documents for easy processing of your Claim:

• A photocopy of your present policy document with Bajaj Allianz
• First Prescription from the Doctor
• The Claim Form duly signed by the claimant or family member.
• The Hospital Discharge Card
• All the bills & money receipts of Hospitalisation expenses, diagnostics, medicines etc.
• All original laboratory & diagnostic test report.

Only original documents need to be enclosed, duplicates or photocopies are not allowed , In case part of the claim settled by any other insurance co, attested Xerox copies to be attached . Also letter from that Co. mentioning the amount paid / deducted should be attached.

11. Pre & Post Hospital Expenses:

For Pre & Post Hospitalisation expenses please provide the following documents:

• Medicines: Please provide the doctor’s prescription advising medicines and the relevant chemist bill.
• Doctor’s Consultation Charges: Please provide the Doctor’s prescription and the doctor’s bill and receipt.

• Diagnostic Tests: Please provide the Doctor’s prescription advising tests, the actual test reports and the bill and receipt from the diagnostic centre. Once you have collected all the above documents, please send them to the following address

The Claims Manager,

Health Administration Team

Bajaj Allianz General Insurance Company Ltd.

Bajaj Finserv, 2nd floor, Survey # 208/1-B,

Behind Weikfield IT-Park

Viman Nagar, Pune – 411 014

Tel: (020)-30459200

For Part I of the FAQ, please click here.
For Part II, please click here.

If you would like to know more about this policy, please click here.
If you would like to view our entire range of health insurance products, please click here.

Continuing on from from our last post (Frequenty Asked Questions on Extra Care – I), here is part 2 of the most frequently asked questions on Extra Care:

1.     Can I cover my parents, brothers and sisters as dependants?

Parents, Sisters and brothers cannot be covered as dependants.

Family means self, spouse and children

Parents have to opt a separate policy for self & spouse

2.     Do I get a family discount?

Family discount is not applicable for Extra Care policy

3.     Is Cumulative Bonus available in this plan?

Cumulative bonus is not available in Extra Care product.

4.     I am covered under Health Guard policy since last 4 years; I want to opt Extra care policy as add on to the Health Guard policy. Please confirm what benefits would be given under Extra Care policy?

If you are covered under any hospitalization policy without any break the continuity benefits would be passed under Extra Care policy.

In case you are covered under our Health Guard policy since 5 years, continuity would be given for the 4 years waiting period of pre-existing illness & joint replacement surgery

5.     What would be continuity benefits if I am having health policy with other company?

In case of other company renewals also Continuity would be given for the 4 years waiting period of pre-existing illness & joint replacement surgery.

6.     What would be continuity benefits if I am covered under Group mediclaim policy of my Employer?

Continuity would be given for the 4 years waiting period of pre-existing illness & joint replacement surgery for group mediclaim policy also in case the insured is covered in Group mediclaim policy for more than 4 years .

7.     What are the exclusions under the policy?

• All diseases existing at the time of inception for 4 years
• Any diseases contracted within first 30 days of commencement of cover.
• Non Allopathic medicine.
• Congenital Diseases.
• All expenses arising out of AIDS & other related diseases.
• Cosmetic & Aesthetic Treatments. Use of intoxicants, drugs, alcohol.
• Joint Replacement Surgery (other than due to accidents shall have a waiting period of 4 years).

For detailed list of exclusions please refer policy wordings

8.     What are pre and post hospitalization expenses?

The relevant expenses (investigation expenses, medicines etc) incurred before and after the hospitalization period. Under Extra Care we cover 60 days pre-hospitalization expenses and 90 days post hospitalization expenses which are related to the hospitalization claim.

9.     What is the provision for rebate on Premium paid under Section 80-D of IT Act?

As per current IT rules you can get a rebate up to a maximum sum of Rs.15,000/- under Section 80-D.

10. Is maternity covered in Extra Care?

Maternity is not covered under the plan.

11. Are Day care procedures covered under the policy?

Day care procedures are not covered under the policy.

12. Does the policy covers the treatment expenses incurred out of India?

This medical cover is available only for events occurring and treatment taken in India as per policy terms and conditions.

13. Is Dental treatment covered?

Dental treatment or surgery of any kind unless requiring hospitalisation and as a result of accidental Bodily Injury to natural teeth.

14. Does Extra Care policy Cover OPD (Outdoor Patient Department) Charges?

OPD expenses are not covered, but if they are incurred during pre or post hospitalization, they can be covered under the pre-post expenses if the hospitalization claim is admissible.

15. I want to increase my coverage amount. What is the procedure?

During the policy period you cannot increase you Sum Assured. When you receive your renewal notice, you can send an application to the local Bajaj Allianz office for increasing your Sum Assured.  SI can be increased only up to 70 yrs.

16. Can I opt for a lower sum Insured from a higher Sum Insured?

Under the policy the plan can be changed only during renewal, the client can opt only a higher plan

If you would like to know more about this policy, please click here.
If you would like to view our entire range of health insurance products, please click here.

Learn all about how a top-up health insurance cover works, its benefits, and its ins-and-outs with this comprehensive list of frequently asked questions, and their answers.

1.      What is Extra Care Policy and what are its benefits?

It is a top up health cover over your existing Health/Hospitalization policy. This policy can be taken as add on cover to your existing hospitalization policy. In case of higher expenses due to illness or accidents when the existing policy sum insured gets exhausted Extra Care policy takes care of the additional expenses.

2.      Can I opt for this policy if I do not have any existing Health / Hospitalization policy?

Members who do not have any Health policy can also opt for this policy; the expenses up to the deductible limit (per hospitalization) have to be borne by the member.

3.      Please explain what is ‘deductible limit’?

In case you have an existing policy then the sum insured in this base policy is the deductible limit.

For Example: You have a Health Insurance policy with 3 Lac sum insured then 3 Lac would be the deductible limit. The extra care policy would be triggered when these 3 Lac would get exhausted.

In case you do not have a Health Insurance policy then the deductible limit would be as per the plan you have opted in Extra Care.

4.      What are the key features of this policy?   

• No Medical tests up to 55 years subject to clean proposal form
• Pre-existing diseases covered after 4 years continuous renewal with Bajaj Allianz
• Access to over 2400hospitals all over India for cashless facility
• The member can opt for hospitals besides the empanelled ones, in which the   expenses incurred by him shall be reimbursed within 14 working days from   submission of all the documents.
• Covers relevant medical expenses incurred 60 days prior to and 90 days after hospitalization.
• No Sub-limits applicable on room rent and other expenses.
• Hassle-free claim settlement due to In-house claim administration.
• Income tax benefit on the premium paid as per section 80-D of Income Tax Act This is a floater policy, single Sum Insured and single premium for the whole family
• Very Competitive premium rates
• The policy covers ambulance charges in case of emergency subject to a maximum of Rs 3000 /-

5.      What are the plans available under this product?

There are 3 plans under this policy; each plan has a specified deductible amount. Sum Insured & deductible amount given in the table below.

6.      What is entry age for this policy?

Entry Age for proposer 18 years to 70 years

Renewal till the age of 80years

Dependant children can be covered from 3 months to 25 yrs.

Children below 5 yrs can be covered if both the parents are insured with us.

7.      To enroll is it necessary for me to undergo any medical examination?

Medical tests are mandatory for the persons above 55 yrs, and for others based on the proposal form declarations. Tests would be arranged at our panel diagnostic centre.

8.      Please confirm if the medical test charges are paid by the insurance company?

If the proposal is accepted & the policy is issued the 50% of medical test charges would be reimbursed.

9.      What is the process of Medical examination?

• Fill the proposal form completely & submit along with the age/Identity proof
• If there are any health declarations, please attaché the relevant reports / discharge card / drs prescriptions if any.
• On scrutiny of the proposal form, if there is any further requirement the same to be fulfilled
• Once we receive the completely filled proposal form tests are advised
• Our team contacts the customer directly for the tests; appointment is fixed in our empanelled diagnostic centre.
• After the tests the reports are directly sent to us( at Health Administration Team)

The decision of the proposal is informed after the scrutiny of the reports.

If you would like to know more about this policy, please click here.
If you would like to view our entire range of health insurance products, please click here.

Consider this…

Amit’s father suddenly suffered a heart attack one day and it was advised by his family physician that his father should be hospitalized immediately. However, there was one problem… the cost involved in this sudden hospitalization.

Since Amit was the owner of a small startup business, his financial status was a matter of concern. Luckily, Amit’s father had health insurance with an insurer which gave him access to a good spread of network hospitals. As a result, he could avail the benefit of the cashless claim facility at any of these hospitals.

Explained below are details regarding the cashless facility, which is rapidly gaining popularity, owing to insurers’ efforts to expand their hospital network.

What is cashless claim facility?

Cashless claim facility is a benefit given by an insurance company to its health policyholders. This facility enables the insured to get hospitalized at any network hospital of the insurer, without having to pay the hospitalization charges. This relieves the policyholder of a major financial burden, especially with the rising cost of medical care these days. This facility is offered by virtue of the insurer’s tie-up with the hospital, and such hospitals are called network hospitals. The costs usually covered under the cashless claim facility are- hospital room rent, doctor’s charges, cost of medicines, treatment cost, which are referred to as admissible expenses.

Usually, in order to avail of the cashless facility, you would need to go through a Third Party Administrator (TPA), who is an intermediary between the insurer and the hospital. However, some insurers such as Bajaj Allianz have their own in-house team to handle all health insurance cashless claim procedures. You can contact the insurer directly on their toll-free number, who would guide you on the process to be followed with the hospital.

Availing of the Cashless Facility

The cashless facility can be availed by all health policyholders- whether it is an individual policy or a group policy- as long as they have a hospitalization plan. All that is required by the policyholder is that he/she flashes the health card at the concerned network hospital. Make sure that you are aware of the nearest network hospital, by checking with your insurer.

Since the cashless facility can be useful during both planned and emergency hospitalization, it is important to keep in mind that in case of a planned hospitalization, you must inform your insurer or TPA at least 3 days prior to hospitalization. In case of an emergency; the same must be done within 24 hours of hospitalisation. This step is important so that the pre-authorization approval can be done well in time. This pre-authorization procedure is necessary to ensure that you can avail of the cashless procedure. To ensure that this approval process is smooth, provide the hospital with all relevant details about the patient and the policy details, which the hospital would be sharing with the insurer alongwith the treatment details.

In order to avail of the cashless facility, the procedure that needs to be followed is as below.

1.       When the customer approaches the network hospital, the hospital verifies the customer details with the insurer by means of a pre-authorization letter.

2.       The insurer then verifies details such as policy number, benefits, etc., and sends it back to the hospital.

3.       If the insurer approves the cashless facility request, the hospital proceeds, with the treatment. However, in case of any denial, there could either be a query, or the customer may have to pay for the required treatment on his own. He/she can submit bills to the insurer for reimbursement. If the claim is admissible, it will be processed/settled as per policy terms conditions.

Benefits of the cashless facility

The cashless claim facility comes with several benefits. Some of them are:

Savings - The biggest advantage of the cashless facility is that you don’t have to make any major payments towards the hospitalization from your own pocket, except the non-admissible charges such as all non-medical expenses, service charges, administration charges, registration charges, private nurse expenses, telephone calls, laundry charges, etc.

In addition, availing the cashless facility will also help you save on the sum insured of your health insurance policy. This is because the insurers have negotiated rates for various treatments and services, as a result of the tie-up.

Quality treatment – Since most insurers are tied up with some of the best hospitals in their respective cities, policyholders can be assured of quality treatment. It is, therefore, recommended that you check with your insurer about your nearest network hospital by either calling on the toll free numbers provided by the company or visiting the company website.

Hassle-free procedures – Another advantage that the cashless facility comes with is that of hassle free procedures. Not only does the cashless facility provide you with financial relief, it also enables smooth functioning in terms of documentation, especially since all coordination takes place between the hospital and your insurer.

The days of men being the only earning member of a family are long gone. Today, not only do women contribute to household income, in some cases they are also the sole earning member.

Even if a woman is a homemaker, her falling ill can really upset the family’s finances. Thus, it is important for every woman to have her own health insurance plan.

Every woman should ask 5 key questions before buying health insurance for herself.

How much cover do I need?

The most important question is regarding how much insurance you need. This decision should be based on your age, the number of dependents you may be supporting, as well as the cost of medical care in the city you live in. With soaring medical costs, it is advisable to pick a cover that adequately supports these requirements. Furthermore, it is advisable to increase the sum insured by 10-15 per cent every year to match the medical inflation.

What should the policy cover be?

While health insurance will usually cover your hospitalisation expenses, you should look into a plan which also covers certain illnesses specific to you. Several insurers today offer covers which include women-specific illnesses such as cancers of the reproductive system, pregnancy-related complications and so on.

Covers for maternity and new born babies are also becoming common. As maternity benefits are often not covered by employers, it is a good idea to opt for such a plan.

It will also help in case you decide to quit or change jobs in course of time. It may be necessary to hold both a health cover and a critical illness cover. To illustrate, a health insurance plan from Bajaj Allianz for a 30-year-old woman would cost Rs 3,283 a year for a sum insured of Rs 2 lakh, and a woman-specific critical illness plan would come up to Rs 1,719 for the same sum insured.

Does it have any women-specific benefits?

In addition to covering specific ailments, some products also offer additional customised benefits for women. These include a loss of job bonus, as well as children’s education bonus. Some insurers offer up to Rs 25,000 for the education of one or more children. This amount can act as relief for their education in the future, especially in times of break or loss in income of a working woman.

In case the insured losses her job within a few months of being diagnosed with a critical illness, she would also be eligible for a certain amount towards this loss of employment.

However, any voluntary resignation from a job is usually not covered under an insurance policy of this type.

Do I get any tax benefits?

As a working woman, tax saving helps pep up your disposable income. According to current tax laws, the premium paid towards health insurance is eligible for tax deductions (See: Health Insurance Saves Tax Too!) under the section 80D of the Income Tax Act.

How do I select my insurer?

While choosing your insurer, there are a few key aspects that you may want to consider.

Network of hospitals: Consider the network of hospitals of the insurer as this would enable you to get the best treatment in your city, and perhaps close to your residence. Facility of cashless claims offered at network hospitals is an advantage that can lead to savings in many forms.

Claim settlement services and financial standing: Opting for an insurer with an in-house claim settlement team may help secure the benefits more easily. Lastly, you may also want to consider the financial standing of the insurer and their ability to honour claims.

Although the insurance industry is yet to come up with differential premiums and product features for women, it may soon become the norm.

Women are considered to be less susceptible to heart and other ailments which may work in their favour, especially in terms of a health insurance plan.