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GetMoving From ₹10 Lakh To A ₹1 Crore Health Insurance Cover
Dec 13, 2024
In today's unpredictable world, ensuring that you have adequate health insurance is more important than ever. Many individuals initially opt for a health insurance cover of ₹10 lakh, thinking it will suffice for their medical needs. However, as healthcare costs rise, you may find yourself contemplating a move to a ₹1 crore health insurance cover. This article explores the differences between these two options, the benefits of upgrading, and why you should consider SBI General for your health insurance needs.
What Is A Health Insurance Cover?
Health insurance is a contract between an insurer and a policyholder, wherein the insurer agrees to cover the medical expenses incurred by the policyholder in exchange for a premium. Health insurance coverage provides financial protection against high medical costs due to hospitalization, surgeries, and other healthcare services. The amount covered is known as the sum insured, and it can vary widely based on the chosen policy.
₹10 Lakh Vs. ₹1 Crore Health Insurance Cover
The primary difference between a ₹10 lakh cover and a ₹1 crore health insurance plan is the extent of financial protection provided. While a health insurance 10 lakh cover may be adequate for minor surgeries and short hospital stays, it may fall short in the case of severe medical conditions requiring extensive treatment. For instance, a single critical illness or a major accident can easily lead to medical expenses exceeding ₹10 lakh, leaving you to bear the remaining costs out-of-pocket.
On the other hand, a ₹1 crore medical insurance cover offers substantial financial security. This enhanced coverage means that you can access better healthcare facilities without worrying about the financial burden. Moreover, with advancements in medical technology and treatments, the costs of healthcare continue to escalate, making a ₹1 crore cover a more prudent choice for long-term security.
Should You Go for a ₹1 Crore Cover?
Deciding whether to upgrade to a ₹1 crore medical insurance plan depends on various factors, including your health status, family medical history, and financial capability. This comprehensive coverage can provide peace of mind, knowing that you are financially protected against unforeseen medical emergencies.
Additionally, if you live in a metropolitan area where healthcare costs are higher, a ₹1 crore cover ensures that you can afford quality treatment without compromising on the healthcare facilities available to you. It's essential to assess your needs carefully and understand that investing in a more extensive health insurance plan can be a wise financial decision in the long run.
Premiums for Health Insurance Policies with ₹1 Crore Sum Assured
One of the most common concerns regarding upgrading health insurance coverage is the cost of premiums. Moving from a ₹10 lakh cover to a ₹1 crore health insurance plan may seem expensive, but it is often more affordable than many expect. Insurance providers typically offer competitive premium rates for higher coverage amounts, making it accessible to a broader audience.
On average, the premium for ₹1 crore health insurance plans can range from ₹12,000 to ₹25,000 annually, depending on various factors such as age, health status, and specific policy features. When compared to the potential medical expenses you might incur, this premium is a small price to pay for financial security.
Differences Between A Top-Up Plan And Super Top-Up Plan
Feature | Top-Up Plan Health Insurance Plans | Super Top-Up Plan Health Insurance Plans |
Definition | Provides additional coverage after exhausting the base policy sum insured. | Offers additional coverage with limits after base policy. |
Deductible | Requires a deductible amount to be paid out-of-pocket before coverage begins. | Deductible applies only once during the policy period; subsequent claims are fully covered. |
Coverage Structure | Coverage kicks in after the base policy limit is reached and the deductible is met. | Once the deductible is met, all subsequent claims within the policy period are covered. |
Cost-Effectiveness | Typically less cost-effective for frequent healthcare needs due to the deductible on each claim. | More cost-effective for individuals with frequent medical needs due to cumulative coverage. |
Management | May require multiple out-of-pocket payments for different claims. | Easier to manage with fewer out-of-pocket payments after the deductible. |
Claim Process | Each claim requires the deductible to be met again. | Only needs the deductible to be met once for all claims in the policy period. |
Also Read: High Deductible vs Low Deductible: What You Need to Know?
Conclusion
Upgrading your health insurance from a ₹10 lakh cover to a ₹1 crore cover is a crucial decision that can offer significant financial security. The rising costs of healthcare make it imperative to consider a more extensive health insurance plan. If you're contemplating this transition, look no further than SBI General. With a range of health insurance plans tailored to your needs, competitive premiums, and excellent customer service, SBI General Insurance is well-equipped to help you secure your health and well-being.
Frequently Asked Questions
Q1. Is it expensive to move from a ₹10 lakh cover to a ₹1 crore cover?
While the transition may appear costly, the actual premium difference is often less than expected, especially when considering the potential medical expenses you may incur.
Q2. How much is an average ₹1 crore premium top-up?
The average premium for a ₹1 crore top-up plan generally ranges between ₹12,000 to ₹25,000 annually, depending on various factors.
Q3. Can I start availing of the top-up benefits immediately?
Typically, there is a waiting period associated with top-up plans. However, once the waiting period is over, you can avail yourself of the benefits as outlined in your policy.
This blog is intended solely for educational and informational purposes. The content may include outdated information regarding the topic discussed. Readers are encouraged to confirm the accuracy and relevance of the data before making any significant decisions. SBI General Insurance disclaims responsibility for any errors or consequences arising from the use of outdated information provided herein.
Recent Blogs
Health Insurance
All About Adding Spouse To Health Insurance After Marriage
Marriage brings a lot of changes in your life. Not only does it affect your lifestyle, but it also requires you to switch your investments in a way that are better suited for a family. You will now want to include your spouse to your financial world by adding them as a nominee in your banking accounts and other investment assets. Amidst all these personal and financial changes, do not forget to add your spouse to your health insurance plan. Adding spouse to health insurance after marriage is quite easy and can be done in three ways.
Buying a new family floater plan
If you do not have an existing health insurance plan, now would be a great time to invest your money in a family floater health insurance plan. Health insurance plans for family members cover your spouse, parents, and dependent children. The family floater plan allows you to pay a single premium to cover all named family members for medical expenses.
When buying a family floater plan, do ensure that it offers adequate coverage for you and your family. It is also important to keep in mind that the coverage amount is directly proportional to the health insurance premium you need to pay. This means that a family health insurance plan that offers a sum insured of Rs 10 lakh will require you to pay lower premium as compared to a family health insurance plan that offers coverage of Rs 20 lakh. However, it is advisable to opt for a higher sum insured if you have senior members in the plan.
Adding spouse to insurance after marriage
If you already have an existing health insurance policy, you can extend the cover to your spouse by adding their name to the policy after marriage. Upon adding you spouse, the individual health insurance plan will be transformed into a family floater plan. Since the coverage amount will increase, the premium of the policy will be recalculated. You can also add your spouse to your existing health insurance policy at the time of its renewal. You will need an application form and a few KYC documents like identity proof, residence proof, marriage certificate and photographs, to get this process started. You can easily get the application form from the insurer’s website.
Adding your spouse to the health insurance plan offered by your employer
There are many companies that offer health plans to their employees. These plans usually extend the coverage to the immediate family of the employee. However, this condition varies from one insurer to the other. Hence, it is better to check with your insurance company if they allow you to add your spouse to the existing health insurance plan that is issued by your employer. Here, it is important to remember that the health insurance policies offered by employers are group insurance plans and may, therefore, have certain limitations to coverage. Still, these plans offer a great option for coverage in case you don’t have health insurance of your own.
It is quite important to avail the health insurance cover for your spouse after marriage. This can help the both of you to securely plan your financial future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Steps of adding spouse to health insurance after marriage
Marriage is a huge step in everybody’s life. And personal finance has a big role to play for a successful married life. Therefore, it is important to update the financial records, including the health insurance plan, post-marriage.
In case you did not have an individual health insurance policy before the wedding, you can invest in a family floater plan for yourself and your spouse. In case you already have an individual health insurance policy at the time of wedlock, then you do not need to buy another one for your partner. Instead, you can add your spouse to the plan and convert it into a single policy. It is a feasible and simple way of ensuring that you and your partner are adequately covered.
Porting health insurance after marriage is also important. When one of the partners already owns a plan, you simply need to add another partner to the current policy as the spouse. There is no specific rule which specifies who can add the partner. The process of adding the spouse to health insurance after marriage is simple. The one who owns the policy can start this process with the submission of KYC documents such as identity proof, proof of age, photographs and marriage certificate.
The change will come into effect in the next policy renewal by just submitting the additional form and paperwork. Once you do this, the premium will be calculated and pro-rated. It will become a family floater insurance policy that covers all the members of the family for a single premium. You will not have to worry about paying separate premiums for each member of the family. It will cover the entire family at the lowest premium based on the age of the members in the family.
Let us take a look at the benefits of a family floater plan.
A major perk of the floater plan is that you can cover yourself and your entire family in one policy. The policy is easier to handle and you do not have to worry about handling separate individual plans
You enjoy additional benefits like a newborn cover, maternity benefits, etc. It will be highly effective for young married couples who are on the road to starting a family. You must ensure that you choose a plan that covers yourself and the spouse and invest in one right after marriage
You must also get maternity cover at the earliest. It has a waiting period between 0 to 4 years and if you buy the cover on time, you will be able to enjoy the maximum benefits
With a family floater plan, you enjoy the same tax benefits under Section 80D as you do on individual health insurance
Many plans come with a reinstatement feature where you enjoy the reinstatement of the entire coverage after it is exhausted in the policy period. This is only applicable to unrelated claims but it is very useful.
If you do not have a policy and are looking to buy one, consider a joint life policy. It will work on the same lines and will provide coverage to your children in future if anything unfortunate happens to the parents. The main reasons couples should think of joint life insurance are premium reduction and waiver benefits. In this case, if one partner dies due to an unfortunate event, the spouse will not only be entitled to enjoy the full sum assured on the cover but will also be absolved of the responsibility of the payment of premium. Alternatively, the spouse may have to pay premiums only applicable for their own cover for the remaining period of the policy.
After your marriage, it is your responsibility to ensure the safety and adequate coverage of your spouse. You must include your spouse in the decision and speak to them about the coverage you wish to buy. Only then proceed with the decision. The right health insurance plan will offer acomplete protection and peace for the future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Advantages of Group Health Insurance
As
the name suggests, group health insurance is aimed to offer health
insurance cover to a group of people, usually employees, and if
offered by an employer. It can also be offered to members of a
professional association or a society. As compared to individual
insurance, group insurance has many benefits for the employee as well
as the employer who offers the insurance.
Comprehensive
cover:
Group health insurance plans offer wide coverage and can be
customised by the employer. It comes with many benefits like
cashless healthcare services at network hospitals. There is no
waiting period which means the employee is covered from day one.
Besides personal accident cover, some group health insurance plans
offer cover to family members of the employee.
Guaranteed
cover: All
employees and in some cases their dependants are covered, even if
they have existing medical conditions. A group insurance policy
doesn't require a separate medical check-up. As long as an employee
is working for the organisation offering group health insurance, he
or she shall remain covered under the plan.
Low
premium:
As group health insurance plans are bought for a larger group of
people, they offer comprehensive cover at affordable rates. The
costs are much lower than individual health insurance plans. Group
health insurance plans can be customised as per the employer’s
budget and requirements.
Tax
incentive for the employer:
Besides safeguarding employees from health issues, group health
insurance plans also provide tax benefits to the employer. Under
Section 80D of the Income Tax Act, tax relief is offered to
businesses that give their employees the benefit of group health
insurance.
Happy
employees: When
companies offer health insurance plans to their employees, they help
retain and attract good talent. A Group Health Insurance plan is a
significant part of the employees’ total compensation. A group
health insurance plan provides employees with financial security
against accident and illness.
Rider
options:
With a nominal extra payment, employees can take advantage of other
additional benefits. The employee can also opt for a corporate plan
along with the base plan offered by the employer. The riders may
differ from one organisation to another.
Provide
your employees SBI
General Group Health Insurance
Group
health insurance is a very important benefit that makes employees
feel like a valued part of an organisation. It helps companies retain
as well as attract talent. SBI
General Group Health Insurance
plans offer multiple coverages: Individual, family floater. It offers
wide coverage from Rs 1 lakh to Rs 7.5 lakh. The group health
insurance plans offer pre- and post-hospitalisation expenses. With
SBI
General group health insurance plans keep your employees happy.
Disclaimer: SBI General Insurance
Company Limited I Corporate & Registered Office: 'Natraj', 301,
Junction of Western Express Highway & Andheri - Kurla Road,
Andheri (East), Mumbai - 400 069. | The information in the
advertisement is indicative in nature. For more details on the risk
factor, terms and conditions, please refer to the Sales Brochure and
Policy Wordings carefully before concluding a sale. * ‘Tax benefits
are subject to changes in tax laws’ I 'For SBI General Insurance
Company Limited IRDAI Reg. No. 144 dated 15/12/2009 | CIN:
U66000MH2009PLC190546 | SBI Logo displayed belongs to State Bank of
India and used by SBI General Insurance Co. Ltd. under license. |
Website : www.sbigeneral.in,Tollfree
18001021111 | UIN: SBIHLGP21330V022021 | ADDIG/20-21/AUG/652
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