FAQs About Health Insurance

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Q: What are the discounts available in Policybazaar in a health insurance policy?

Ans: Health insurance plans available at Policybazaar offer various kinds of discounts to people. You can avail family discount, long-term discount, loyalty discount as well as online discount while buying a health insurance plan on Policybazaar, depending on the policy terms and conditions. Moreover, you can also avail no claim bonus during policy renewals at Policybazaar if you have not raised any claims in the last policy tenure.

Q: What is the right age to buy health insurance?
Ans: There is no right or wrong age to buy a health insurance policy. However, it is suggested to buy it as early as possible to keep your premium low. The earlier you buy health insurance, the lesser would be the premium. This is because you have a lesser risk of health issues at a young age as compared to someone who is in their mid-50s or 60s, as they are more prone to critical illnesses. Therefore, if you buy health insurance in your 30s, you will be able to avail maximum insurance benefits that too at a lower premium.
Q: Is a medical test mandatory to buy a health insurance policy?
Ans: Medical tests are not mandatory before buying a health insurance policy. However, most health insurance companies in India require medical test reports if the age of the applicants is above 45 years. The type of medical tests required can vary depending on the age of the applicant and the insurer’s requirement.
Q: What does cashless hospitalization mean in a health insurance policy?
Ans: Cashless hospitalization means that the in-patient treatment charges availed by the insured are paid by the insurance company directly to the hospital. All insurance companies in India have a tie-up with a large network of hospitals where the insured/policyholder can avail cashless treatment for an illness or accidental injury.
Q: At what age can I include my children in my health insurance plan?
Ans: You can include your children in a family floater policy from day 1, provided the child is at least 90 days old. In maternity insurance plans, newborn babies are covered from day 1 if the maternity claim was paid by the insurer. Nonetheless, you are advised to go through the terms and conditions of a health plan carefully to know about the entry age for children.
Q: What is a freelook period in health insurance?
Ans: A free-look period in health insurance refers to the period of the first 15 days of the policy commencement. During this period, you can review your health insurance policy features, coverage, etc. and decide if you want to continue with it or not. You can also opt for add-on covers during this period. If you decide to discontinue the policy during this period, you will not attract any cancellation fee.
Q: What is the sum insured in health insurance?
Ans: Sum insured refers to the maximum amount that the insurance company pays to the policyholder during a policy year in case a claim is raised due to an illness or accidental injury. It is also referred to as maximum coverage or coverage amount under health insurance.
Q: What are pre-existing diseases or conditions?
Ans: Any health problems or illnesses diagnosed prior to buying a health insurance policy are called pre-existing diseases. Insurance companies are reluctant to cover such diseases as it is a costlier affair for them. Therefore, pre-existing diseases are covered mostly after a waiting period of 2 to 4 years. Besides, every insurance company has its own terms & conditions regarding such illnesses. While some companies prefer to check a person’s entire medical history to know pre-existing condition status, other insurers look for medical records over the past four years.
Q: Can a person have more than one health insurance policy?
Ans: Yes, you can buy more than one health insurance policy in India. For example, if you are covered under a corporate health plan, then you can get an individual or family floater health insurance policy as well. Similarly, if you already have individual health insurance, you can get another top-up health plan or a senior citizen health insurance plan for your parents.
Q: I have my employer’s group policy; do I need to buy a separate health insurance plan?
Ans: Yes, you must buy a separate health insurance policy in addition to your employer’s health insurance policy for better coverage. The sum insured under an employer’s health insurance is usually between ₹2 lakh and ₹5 lakh, which might not be sufficient under the current medical inflation. To cover the various expensive treatment costs, it is important to have a separate health insurance plan of a minimum of ₹10 lakh.
Q: How to add my family members to my existing medical policy?
Ans: You can add your family members to your health insurance policy at the time of renewal or at the time of purchase. You, your spouse, dependent children, parents and parents-in-law can be covered in a family health insurance plan as per its terms & conditions.
Q: What are the documents required for purchasing a health insurance policy?
Ans: There are no documents required as such for purchasing a health insurance policy. You may only have to undergo a pre-policy medical check-up if you are a senior citizen. However, you must have a valid proof of your identity, address, age, etc., when you need to file a claim with your insurer.
Q: Can my friend buy a health insurance policy if he/she is not an Indian national but is living in India?
Ans: Yes, foreigners living in India can apply for a health insurance policy. However, the coverage will be applicable within India only.
Q: What if I already have a health insurance policy but just want to increase my sum insured?
Ans: If you want to increase the sum insured of your existing health insurance policy, you can do so at the time of policy renewal. In case sum insured enhancement under your ongoing policy is not possible, you can buy a top-up plan or another health policy to extend the scope of coverage.
Q: What are pre and post-hospitalization expenses in health insurance?
Ans: Pre-hospitalization expenses refer to the medical expenses incurred before getting admitted to a hospital. Post-hospitalization expenses refer to the cost of follow-up tests and consultation treatment charges incurred after getting discharged from the hospital. Health plans in India mostly cover pre-hospitalization expenses for up to 30 to 60 days and post-hospitalization expenses for up to 60 to 90 days, depending on the plan.