Health Insurance

When you buy a health insurance plan, you are assured a pre-determined coverage amount in case of sickness or injury. Some plans also provide cover for losses from accidents, medical expenses, disabilities, and even accidental death.

Have you been wondering what is health insurance and why you must opt for it? In simple terms, health insurance covers the whole or a part of the risk of a person incurring medical expenses in case of sickness or injury. Depending on your specific plan, you may also be covered for losses incurred from accidents, disabilities, and even accidental death.

A Health Insurance Plan is a contract between a policyholder and an insurer whereby the latter agrees to pay/reimburse the medical and hospitalization expenses incurred by the former. Such health insurance plans are available in 2 variants –

Yes, in March 2006, Pradhan Mantri medical insurance scheme was launched as Pradhan Mantri Swasthya Suraksha Yojana (PMSSY). The scheme was launched with the objective of providing affordable medical facilities to various parts of the country, especially rural India.

By getting yourself covered under Allianz Overseas Students’ Plan, you can avail the following benefits:

Under health insurance, there are generally two categories of deductibles: High deductibles and low deductibles. The deductible is the amount that the policyholder pays out of his/her own pocket before making a claim in the event of hospitalization. Let’s take a scenario to understand it better. The policyholder has chosen ₹1,000 as his/her deductible. Now in the event when the policyholder is hospitalized and the claim amount has come up to ₹10,000, s/he will first pay ₹1,000 and then make a claim.

Mediclaim is a financial protection to individuals in the event of medical emergency. The policy gives reimbursement against the cost incurred on any of the pre-specified illnesses and surgery. Any individual is eligible for a mediclaim policy. However, if the individual is not an earning member, s/he needs a proposer to purchase the policy on his/her behalf. An individual plan and a family floater plan are the two major categories of medical insurance.

Health Insurance has begun to gain a lot of importance in today's time. The awareness of buying a Health Insurance has increased between individuals due to the change in lifestyle and food habits that we follow, many individuals are prone to various diseases. Buying a Health Insurance or Mediclaim can protect you against the financial losses incurred due to a Hospitalization.