- Health Insurance in India
- Benefits of Buying Health Plan
- 2025 Insurance Trends
Why Is Health Insurance in India Important?
People have witnessed the benefits of health insurance in India post-COVID-19. Investing in health insurance secures your health and finances. With an annual 14% increase in healthcare costs in India, medical inflation is no joke.
A comprehensive health plan provides coverage for extensive medical care costs like OPD care, hospitalization, surgery, and more. If you are planning to buy health insurance anytime soon, you must be aware of its array of healthcare benefits.
traordinary Facts
The average health insurance claim size in India for FY24 rose by 11.35%, reaching Rs 70,558, up from Rs 62,548 in FY23 showcasing the benefits of health insurance to those who utilise their mediclaim policies.
What Are The Benefits of Health Insurance?
Securing your hard-earned savings along with other such benefits are mentioned below:
Protection Against Rising Inflation
As per the Acko India Health Insurance Index 2024, 23% of hospital bills are funded through borrowing money and 62% of bills are paid out-of-pocket. The rising inflation crushes families emotionally as well as financially.
Safety Net Against Medical Emergencies
One of the primary health insurance benefits is instant access to medical care without breaking the bank during emergencies. From minor OPD visits to major surgeries, your comprehensive health plan is going to cover it all.
Customised Healthcare
A notable medical insurance benefit is the ability to customise your health policy to include relevant features as per life stages and requirements.
Affordable Healthcare For Young Individuals
A common myth amongst younger working professionals is that they do not require health insurance. However, a major health insurance benefit of buying a policy at an early age guarantees you affordable premiums and comprehensive coverage.
Cashless Treatments
One of the many health insurance benefits is the availability of cashless treatments at any network hospital. Your health insurer will work with the hospital directly to settle all dues by contacting the TPA desk within 48 hours of unplanned and 72 hours of planned hospitalization.
Multiple Rider Benefits
One unsung benefit of purchasing health insurance is the availability of various riders/add-ons. Apart from the base coverage of a health insurance plan you can benefit from the multiple rider options available and enhance overall coverage as per your need.
Why Buy Health Insurance in 2025?
The health insurance sector in India is set to grow at a CAGR of 12.8% increasing from USD 1.51 billion in 2024 to USD 2.3 billion by 2028. As we enter 2025, customers are set to witness more health insurance benefits. Below are some compelling reasons to buy health insurance in 2025:
Customized Health Products
A major health insurance 2025 trend will be increased customizations in your health insurance products enhancing overall protection for individual and family coverage.
Preventive Healthcare
Indians are known to avoid preventive healthcare. As per reports, 59% admit to not undergoing an annual health check-up. Whereas, 90% do not visit doctors for regular health monitoring. Investing in a health insurance plan not only offers preventive healthcare but also incentivizes the same in the form of no-claim bonuses and rewards.
Protect Your Savings
When hit with a medical crisis, the emotional health of all family members is at stake. However, without a mediclaim policy, your financial health is also at risk. To protect your savings, buying a suitable health policy at the right time is a must.
Stress-free Lifestyle
You can not put a price tag on your mental health and peace of mind. Investing in a health insurance policy ensures you live a peaceful life without worrying about healthcare expenses.
How To Buy the Right Health Insurance?
Selecting a suitable health insurance policy is important to reap the full benefits of your health plan. Below are the key factors required to select the best health insurance for your requirements:
Assess Your Requirements
Assessing your health insurance needs is the first step towards reaping the full benefits of your health policy. You should assess your medical history, financial situation, number of family members to be covered, lifestyle, and more before investing in a health policy in India.
Flexibility To Customize
Rising medical inflation impacts the overall cost of different treatments. The flexibility to add riders/add-ons for critical illnesses, accident cover, etc can enhance overall coverage at minimal additional premiums.
Claim Settlement Ratio/ Incurred Claims Ratio
An insurer’s reliability is displayed with a high claim settlement ratio. It is the ratio between claims received and claims paid in a financial year. A higher claim settlement ratio signifies trust and reliability between the insurer and policyholders.
Consider Maximum Renewal Age
Most health insurers in India offer health insurance for up to 65 to 70 years. However, some health plans are offering lifelong renewals.
Buy Health Insurance Online
Having understood the benefits of health insurance and why it is important, now you can start making a purchase decision. Buying health insurance online is an easy and hassle-free process. Follow the steps below:
- Visit the official website of PolicyX.com
- Mention details like name, age, number of dependents, and cover amount
- Compare health insurance plans and premiums
- Add and customize riders and add-ons as per your requirements
- Click on ‘Buy’ and move ahead to pay your premiums
- Once payment is cleared, your policy documents will be sent to you over mail and WhatsApp
- Our insurance advisors will keep you updated about policy details, perks, free annual health checkups, renewals, etc.
Concluding Note
Health insurance benefits are manifold but most don’t understand the importance of investing in health insurance unless an unfortunate incident knocks on their door. The financial coverage ensures you and your family members are secure and do not have to stress in times of medical distress. Consider the factors mentioned in the article and make the best purchase decision.
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Benefits of Health Insurance: FAQs
1. What is the benefit of buying health insurance?
There are multiple benefits when buying a health insurance plan like hospitalization coverage, tax benefits, OPD care, active and healthy lifestyle rewards, etc. With a variety of health insurance plans available in the market, make the right choice for you and your family members.
2. Can I avail of health benefits for my family members through a health policy?
Yes, you can avail of health benefits by covering your spouse, dependant kids, parents, parents-in-law, etc. in your health plan.
3. Which health insurance is the best for me?
The decision to purchase the best health insurance plan depends on multiple factors like coverage amount, medical history, healthcare requirements, etc. Evaluate your needs to make the best decision.
4. Are there any exclusions in health insurance?
Yes, there are certain exclusions attached to a health insurance plan that are mentioned in your health policy terms and conditions.
5. What are cashless treatments in health insurance?
Cashless treatments are available to you when admitted in network hospitals wherein you do not have to pay any medical bills out-of-pocket. Your health insurance provider and TPA settle the bills directly.
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Written By: Simran Kaur Vij
Simran is an insurance expert with more than 4 years of experience in the industry. An expert with previous experience in BFSI, Ed-tech, and insurance, she proactively helps her readers stay on par with all the latest Insurance industry developments.
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