Riders are additional covers that can be added to your health insurance policy. Some of the common riders are as follows:

Critical Illness rider: These cover critical ailments such as cancer, heart attack, paralysis, etc. for which medical expenses are otherwise very high to be covered under a regular health policy. Generally, a lump sum is paid to the insured under a critical illness rider.

Hospital Cash: Compensatory cash provided by the Insurer on a daily basis in case of loss of income and to meet petty expenses

Top-Ups: An additional cover over and above the basic cover and will operate once the thresh hold level is achieved which can be selected in accordance with the basic cover.

Attendant Allowance: Some insurers are giving attendant allowance on a daily basis to accompany the person who is being hospitalized.

Co-Payment: It is a portion of the claim that the policyholder agrees to bear himself in the event of a claim.

Deductible: Also termed excess, it is the portion of the claim that the policyholder has to compulsorily pay first before the insurance company steps in and pays the remaining amount of the claim.

There are two types of health insurance policies:

Indemnity Plans are traditional health insurance plans that cover hospitalization expenses up to the sum insured. These include individual Mediclaim Insurance, Family Mediclaim, Family Floater Coverage, Senior Citizen Coverage, Unit Linked Health Plans, and top-up/super top-up plans.

A Defined Benefit Plan compensates the insured with a lump sum amount upon the detection of an illness. Such plans include Critical Illness Plans, Personal Accident Plans, and Hospitalization Cash Benefit Plans.

This is the sum insured by the policy you take which should be calculated keeping your existing lifestyle, medical history, income, city of residence, and age in mind.

It is a medical condition/disease that existed before obtaining the Health Insurance policy. Insurance companies usually do not cover such pre-existing conditions, till the first 4 years of continuous insurance cover.

1, 2, or 3 years. Opting for two years or more makes you eligible for discounts.

Certain Health Insurance policies pay for specified expenses towards general health check-ups once in a few years. In most cases, this is available once in four years.

Pre-existing diseases (read the policy to understand what a pre-existing disease is defined as) are excluded under a Health Insurance policy.

Further, the policy would generally exclude certain diseases from the first year of coverage and also impose a waiting period.

There would also be certain standard exclusions such as the cost of spectacles, contact lenses, and hearing aids not being covered, dental treatment/surgery ( unless requiring hospitalization) not being covered, convalescence, general debility, congenital external defects, venereal disease, and intentional self-injury.

Use of intoxicating drugs/alcohol, AIDS, expenses for diagnosis, x-ray or laboratory tests not consistent with the disease requiring hospitalization;

Treatment relating to pregnancy or childbirth including cesarean section, and newborn child up to 90 days naturopathy treatment.

It is a Card that comes along with the health insurance policy which allows you to avail cashless hospitalization normally issued by your Third Party Administrator.

Third-Party Administrators (TPAs) are IRDA licensed entities who serve as intermediaries between the insurer and the insured to ensure smooth settlement of claims. Find the list of TPAs here.

Insurance companies, through their Third-Party Administrators (TPAs) or in-house arrangements, establish ties with various hospitals nationwide as part of their network. The cashless facility allows a policyholder to receive treatment in any of the network hospitals without paying the bills upfront, as the insurer/TPA settles the payment directly with the hospital on behalf of the insurance company. However, expenses exceeding the policy limits or sub-limits, or those not covered under the policy, must be settled directly by the policyholder with the hospital. It's important to note that the cashless facility is not available if treatment is sought in a hospital outside the network.

Yes, you can cancel a health insurance policy within the free look period, which is usually 15 days after purchasing the policy. You will receive a refund, but it may be subject to deductions for pre-acceptance medical screening and underwriting expenses.

Any number of claims is allowed during the policy period unless there is a specific cap prescribed in any policy. However, the sum insured is the maximum limit under the policy.

Yes, typically, when you acquire a new health insurance policy, there is a 30-day waiting period from the policy inception date. During this period, any hospitalization charges will not be payable by the insurance company. However, this waiting period does not apply to emergency hospitalization resulting from an accident. It's important to note that this waiting period may not be applicable for subsequent policies under renewal in continuation.

Age is a major factor that determines the premium, the older you are the premium cost will be higher because you are more prone to illnesses.

Previous medical history is another major factor that determines the premium. If no prior medical history exists, the premium will automatically be lower.

Claim-free years can also be a factor in determining the cost of the premium as it might benefit you with a certain percentage of the discount. This will automatically help you reduce your premium.

Family size in the case of floater policies will accordingly affect the amount of premium.

Sum Insured (individual or floater) is the biggest determinant for deciding the premium.

The following documents are generally required for purchasing a health insurance policy:

A duly filled and signed proposal form with a declaration of health wherein the insured may even need to undergo a medical checkup;

Legal identity documents

Health insurance offers attractive tax benefits under Section 80D of the Income Tax Act. Individuals who have purchased a health insurance policy through any payment mode other than cash can avail an annual deduction of Rs. 25,000 from their taxable income for the payment of health insurance premiums for self, spouse, and dependent children. This provides a tax-saving incentive for those investing in health insurance.

If an individual purchases health insurance for their parents, they can avail an annual deduction of Rs. 25,000 from their taxable income. Additionally, an extra annual deduction of Rs. 5,000 can be claimed if the parents are senior citizens, i.e., if the parents are above the age of 60 years at the time of policy purchase. This is in addition to the exemption for expenses incurred on preventive health check-ups. These provisions under Section 80D of the Income Tax Act provide tax benefits for individuals securing health coverage for their parents..