A 5-lakh health insurance provides coverage of up to ₹5 lakh to the beneficiaries. The sum insured of ₹5 lakh can be used to claim expenses for diagnostic tests, surgeries, and treatment for pre-existing according to the terms and conditions of the policy.
You can protect yourself and your family (in the case of a family floater plan) by investing in 5-lakh health insurance offered by a trustworthy insurance provider like SBI General. You may also be able to enhance your coverage by opting for optional covers.
With a 5-lakh health insurance, you can enjoy the following benefits:
This policy offers a sum insured of ₹5 lakhs, decent coverage for a small family. Such a plan can be extremely beneficial in case of sudden illness or accidents, providing significant financial relief. A 5-lakh health insurance can help you combat the ever-increasing healthcare costs, relieving you from the anxiety of managing unexpected medical expenses.
If you get a health insurance plan from a leading insurer, like SBI General, you can avail of cashless hospitalisation at the network hospitals in India. All you have to do to avail yourself of this benefit is share your policy details with the network hospital of your choice and ask for cashless treatment.
A health insurance plan may not solve all your problems, but it can provide adequate financial coverage under challenging times when you or your family members fall ill. Without worrying about managing the finances, you can focus on the recovery journey and recover faster.
All Indian taxpayers can avail of a tax deduction of a maximum ₹1 lakh for the health insurance premium they pay for their family, including their parents over 60.
If you have been thinking of investing in a health insurance plan, here are the top 5 reasons to help you make an informed decision:
The cost of healthcare in India is increasing at an alarming rate. Although you can’t stop the inflation, you can invest in a 5-lakh health insurance scheme to secure your finances. If you fall ill, the treatment costs can quickly add up and become a massive burden on you and your family, especially if you are hospitalised for a few days. To avoid such situations, you are advised to invest in health insurance.
With a 5-lakh health insurance plan, you can enjoy well-rounded coverage for your medical expenses, including diagnostic procedures, ambulance charges, and surgical fees.
With a 5-lakh health insurance plan, you can select add-on covers to enhance your coverage. This unique feature allows you to customise your plan according to your requirements and pay strictly for what you want, allowing you to tailor your policy to your needs and budget.
Medical emergencies don’t usually announce themselves before impacting your family. A decent coverage plan can help you navigate such problems and secure your financial future.
You can get coverage for pre-existing conditions, such as diabetes, with a 5-lakh health insurance plan after the waiting period (if applicable).
Here is a list of common inclusions in 5-lakh health insurance:
Some health insurance plans offer add-on covers, like hospital cash benefits, no claim bonus protector, and major illness benefits, that you can utilise per your policy's terms and conditions.
You can consider investing in 5-lakh health insurance if you fall under any of the following categories:
Individuals who are just starting out in their careers or are relatively young and healthy can consider 5-lakh health insurance to secure their future and enjoy well-rounded coverage for low premium rates.
With a 5-lakh health insurance plan, you can enjoy well-rounded coverage for your medical expenses, including diagnostic procedures, ambulance charges, and surgical fees.
If you don’t have the responsibility of taking care of your family, investing in 5-lakh health insurance for your family makes financial sense.
A relatively healthy individual can enjoy the benefits of a 5-lakh medical insurance plan at a lower cost. If such an individual gets affected by any major illness after the waiting period, they can easily claim the incurred medical expenses after that.
If you are a part of a small family with relatively healthy people and no dependent parents to take care of, you may opt for 5-lakh health insurance for now. Enhancing your overall coverage is recommended as your children grow up, and your financial position improves.
Please note that these are general recommendations; you are advised to choose a health insurance plan only after carefully considering the pros and cons of the policy and analysing your requirements.
Here are some tips to help you choose the right 5 lakh insurance plan for yourself:
Purchasing a 5 Lakhs Health Insurance Policy online is seamless and straightforward. To ensure a smooth experience, having the right documents ready is crucial. Here’s a simple guide to what you’ll need.
Buying a health insurance policy online is not only convenient but also secure. It saves time, reduces paperwork, and allows you to complete the process from the comfort of your home. With everything done digitally, you can get your policy issued instantly without hassle.
Protect your health and secure your future by purchasing a 5 Lakhs Health Insurance Policy online. Have your documents ready and experience a quick, easy, and efficient process. Your health is your wealth—make the smart choice today.
Ensuring your health and well-being is paramount, and our 5 Lakhs Health Sum Insured Plan is designed to provide comprehensive coverage when needed. To be eligible for this plan, here are the simple criteria:
Individuals with pre-existing conditions may still be eligible, but coverage for those conditions may have specific terms and waiting periods.
The policy can be renewed annually, ensuring continuous coverage for your health needs.
Indian citizens, as well as NRIs (Non-Resident Indians) residing in India, are eligible for this plan.
Premiums are based on factors such as age, sum insured, and medical history.
By meeting these straightforward eligibility criteria, you can avail yourself of the benefits of a 5 Lakhs Health Sum Insured Plan. Prioritise your health and secure your future with comprehensive coverage.
Here is a list of the most important factors affecting your policy premium:
The first thing any insurance provider evaluates is your age when offering health insurance. The policy premium largely depends on your family's average age (in the case of a family floater plan) or your individual age. The higher the average age of the policyholder(s), the higher the policy premium.
Since people with pre-existing conditions are likely to raise claims, their policy premiums are usually higher than those of individuals without pre-existing conditions.
The policyholders’ geographical location makes a big difference in their claim requests. Someone who lives in a metro city will be charged more for treatment than someone who lives in a rural area.
Another factor which influences your policy premium is your lifestyle habits. People who have hazardous occupations, people who smoke, or people who consume alcohol are considered high-risk individuals; thus, their policy premiums are usually high.
The working of a 5-lakh health insurance plan is explained briefly below:
After purchasing a health insurance policy, you must ensure timely payment of the policy premium to enjoy continued coverage. You can pay the policy premium monthly or quarterly, for example.
You can raise claims in two ways:
You can usually renew your insurance policy by paying the premium after the expiry date or talking to an expert from the insurance provider’s team to discuss your plan's coverage.
Today, you can purchase a 5-lakh health insurance plan from SBI General Insurance, such as the Arogya Sanjeevani Health Insurance, by visiting the official website or downloading our mobile app. You may also visit the nearest branch office to discuss the policy details with an expert and choose the right policy for yourself. Before purchasing a health insurance policy, you should carefully read the policy wording and clarify your doubts.
Once you have purchased a policy, you will receive the policy documents and other relevant information in your email. A physical copy of the documents will be shared via mail with you at your registered address.
Some of their key benefits are mentioned below:
Claiming your 5 Lakhs Health Insurance Policy is quick and hassle-free with our online platform.
According to the law, health insurance premiums invite 18% GST.
It depends on your requirements. If you are relatively young and healthy and don’t have any dependents to take care of, a 5-lakh health insurance may be sufficient for you.
Generally, yes. However, a pre-defined waiting period exists to claim medical expenses for pre-existing conditions.
Now that you know the benefits of a 5-lakh health insurance plan, consider investing in securing your future. Health insurance plans that offer ₹5 lakh sum insured can provide adequate coverage for you or your family, especially if you don’t have any pre-existing medical conditions.
Some people don’t understand what is health insurance, which can often stop them from investing in their future. However, you can start by selecting suitable options since you understand health insurance's benefits, policy features, and more. Once you have shortlisted a policy worth considering, use the online health insurance calculator to calculate the tentative premium amount.
Disclaimer: The coverages/benefits and the extent of coverage may vary between plans. Please read the policy wordings carefully before making a purchase. SBI General Insurance and SBI are separate legal entities and SBI is working as Corporate Agent of the company for sourcing of insurance products. Tax benefits are subject to changes in tax laws.
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