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Health Insurance

Health Insurance

Health insurance is a contract between a company and a consumer. The company agrees to pay all or some of the insured person's healthcare costs in return for payment of a monthly premium. The contract is usually a one-year agreement, during which the insurer will be responsible for paying specific expenses related to illness, injury, pregnancy, or preventative care.

    Health insurance agreements in the India generally come with exceptions to coverage including:
  • A deductible that requires the consumer to pay certain healthcare costs "out-of-pocket" up to a maximum amount before the company coverage begins
  • One or more co-payments that require the consumer to pay a set share of the cost for specific services or procedures


  • 1) Health insurance pays most medical and surgical expenses and preventative care costs incurred by the insured person in return for a monthly premium payment.
  • 2) Generally, the higher the monthly premium is the lower the out-of-pocket costs are to the insured.
  • 3) Virtually all insurance plans have deductibles and co-pays but these out-of-pocket expenses are now capped by federal law.
  • 4) Since 2010, the Affordable Care Act has prohibited insurance companies from denying coverage to patients with preexisting conditions and has allowed children to remain on their parents' insurance plan until they reach the age of 26.
  • 5) Medicare, Medicaid, and the Children's Health Insurance Program (CHIP) are federal health insurance plans that extend coverage to older, disabled, and low-income people.

How Do You Get Health Insurance?

  • If your employer offers health insurance as part of an employee benefits package, you will be covered, although you will probably have to pay a portion of the costs.
  • If you are self-employed, you can purchase health insurance through a federal or state Health Insurance Marketplace.
  • Seniors automatically qualify for federal Medicare insurance, although many of them supplement its coverage.
  • Low-income individuals and families qualify for subsidized coverage through the federal Medicaid or Medicare programs.

How Health Insurance Works

In India , health insurance is tricky to navigate. It is a business with a number of regional and national competitors whose coverage, pricing, and availability vary from state to state and even by county. About half of Indian have health insurance coverage as an employment benefit, with premiums partially covered by the employer. The cost to the employer is tax-deductible to the payer, and the benefits to the employee are tax-free, with certain exceptions for S corporation employees.

Health Insurance

Types of Insurance

Individual Health Insurance

An Individual Health Insurance plan is meant for a single person. As the name suggests, it can be bought by a single individual. The individual who gets himself insured with this plan is compensated for the expenses incurred for illness and medical expenses. Such types of medical insurance plan cover all the hospitalisation, surgical, pre and post medication expenditures till the insured limit is reached. The premium of the plan is decided on the basis of the buyer’s age and medical history. Moreover, the insured individual can cover his spouse, his children, and parents, too by paying an extra premium under the same plan. However, if you get insured for any existing illness, there is a waiting period of 2-3 years for claiming the benefits.

Family Health Insurance

Popularly known as the Family Floater Plan, Family Health Insurance Policy secures your entire family under a single cover. Health insurance plans for family covers all the members of your family including your spouse, kids, and elders. Only one member of the family has to pay the premium, and the entire family gets insured in a single premium. In case two family members are getting simultaneous treatment, you can claim the insurance for both of them till the limit is reached. The premium is decided on the basis of the age of the eldest member to be covered up in the plan. So, try to avoid adding the members who are above 60 years in your family health insurance plan as they are more prone to illness, and thus, the premium will get impacted.

Critical Illness Insurance

The Critical Illness Insurance plan insures the person by offering a lump sum amount of money for life-threatening diseases. At the time of buying the insurance, the chosen health problems are included, and if you get affected by any of the pre-selected conditions, you can claim your insurance. Hospitalisation is not required to file a claim under this type of insurance policy. Only the diagnosis of the disease can make you avail the benefits of the critical illness insurance. The amount to be paid is pre-decided irrespective of pre and post-hospitalization expenses. Below is a list of all the critical diseases that are covered up in the Critical Illness Insurance. Major organ transplant, Cancer, Aorta graft surgery, Kidney failure, Stroke,Multiple sclerosis, Paralysis, First heart attack, Coronary artery bypass surgery, Primary pulmonary arterial hypertension

Senior Citizen Health Insurance

As indicated by the name, such types of Health Insurance in India provides coverage to people who are 65 years and above. So if you are planning to buy an insurance policy for your parents or grandparents, then this is the best insurance policy for you. The Senior Citizen Health Insurance will offer you coverage for the cost of hospitalisation and medicines, whether it arises from a health issue or any accident. It covers hospitalisation expenses and post-treatment costs too. On top of this, some other benefits like Domiciliary Hospitalization and Psychiatric benefits are also being covered. The upper age limit has been marked at 70 years of age. Also, the insurer can ask for a complete body checkup before he sells the Senior Citizen Health Insurance. Moreover, the premium for this plan is comparatively higher as the senior citizens are more prone to illness. Top Up Health Insurance An individual can buy the Top Up Health Insurance plan if he seeks coverage for higher amounts. But there is a “Deductible Clause” added to this policy. Therefore, when the claim is made, the payment done is over and above the pre-defined limit that is mentioned in the policy. Moreover, there is also a Super Top-Up plan available for the individual. It provides additional coverage over the regular policy to increase the amount of sum insured. The Super Top-up plan can only be used once the insured sum of the regular policy gets exhausted.

Hospital Daily Cash

Another segment is the different types of health insurance policy providing an innovative solution is the Hospital Daily Cash. If you feel insecure about buying an insurance policy, then you should go further with this plan and learn about how these health insurance policies work. This plan can help you to protect yourself from unexpected expenses during your hospitalisation. Once a person gets hospitalised, the routine hospital expenses are not fixed, and they tend to change as per the condition. In such a situation, the Hospital Daily Cash works the best for an individual. In this plan, the individual gets a daily cash benefit of Rs. 500 to 10,000, as per the coverage amount selected at the time of insurance. Convalescence benefits are also offered in some of the plans if the individual gets hospitalised for more than seven days. Other add-ons include Parental accommodation and wellness coach.

Personal Accident Insurance

The number of road accident cases have increased over the years, and that is why today, there are dedicated types of health insurance in India to protect the citizens. Thus, people end up losing their life or getting disabled, and bearing the treatment expenses can be a bit traumatising. So, availing of the personal accident insurance policy is a wise idea. This policy provides a lump sum amount to the victim or his/her family as support. Some of the plans also offer education benefits and orphan benefits meant to cover the expenses of the children. Moreover, Bajaj Allianz also provides add-on coverage like temporary total disablement, assistance service, worldwide emergency, and accident in-patient hospitalisation with personal accident plans. Other than this, if the insured suffers from an accident and has any loan obligations, it will also be taken care of by the insurance provider.

  • Eligibility criteria
  • Documents required
  • How to apply

Are you Eligible for a Loan Magic Health Insurance?

Criteria for health insurance eligibility :

  • Age: The age limit for becoming a policyholder ranges from 18 to 65 years. The health insurance eligibility for children is from 90 days to 18 years. Depending on the type of policy, there are plans for senior citizens above 65 as well. With the increase in demand for health insurance, several custom-tailored plans have spiralled up. Thus, one can choose between individual and health insurance plans for family or group.
  • Medical tests: To cater to our healthcare needs in a better way, the health insurance companies call for a round of medical exams. The various diagnostic tests on urine, blood and major functional organs give them an idea about the possible health risks. According to the medical report, the insurer can certify a plan to the customer that gives optimum coverage. On the other hand, many policies do not require any medical tests. If the insured is aged 45 or less, he/she need not undergo medical procedures to qualify. Such cases require the person to submit a declaration about their good health. Many insurance companies even offer extra incentives and benefits to such healthy individuals.
  • Scanning pre-existing conditions: Most health insurance companies do not cover pre-existing medical conditions. When one does not undergo the round of medical exams, they must disclose their pre-existing conditions. This is mandatory as it enables the insurance company to serve you better. The insurer must have a definite knowledge of any physiological problem you may have. Also, when you opt for higher medical coverage, you need to undergo extra tests. Proper medical screening at the time of enrollment makes claim settlement easier in the future.

What are the Documents Required to Apply for a Health Insurance?

One of the most important documents in health insurance is your age proof. You also need to provide the age proof of all the members to be insured under the health insurance policy that you have opted for. Mentioned below are some of the acceptable documents that you can provide:

  • Birth certificate
  • Passport
  • 10th or 12th mark sheet
  • Aadhaar card
  • Driving license
  • Voter’s ID
  • PAN card etc.
  • Address Proof: Permanent address proof also needs to be submitted. Following documents can be submitted for the same:
  • Aadhaar card, Telephone bill, Electricity bill, Passport, Ration card, Driving license, Driving license,Voter’s ID
  • Identity Proof: For identity proof, you can provide your Aadhaar card, Voter ID, passport, PAN Card, and driving license.
  • Passport Size Photograph: Health insurance companies also ask for passport size photos of all the policy applicants.
  • Medical Reports: Some health insurance companies require their applicants to undergo medical tests. Customers also require submitting all the reports of these medical tests.

How to Apply for a Health Insurance?

With Loan Magic, you can apply for a housing loan in various ways:

  • Visiting our Branch

You can visit your nearest Loan Magic branch to apply for a Health Insurance offline. Our executives there will guide you through the entire process.

  • Through the phone

What are the Advantages of Getting a Health Insurance?

  • Buy or Construct a House

Owning a house is a dream for everyone. You can fulfil this dream of yours by getting a housing loan from Loan Magic. With Home Insurance finance of up to Rs. 5 crores, you can buy or construct a house for yourself and your family members. You can also avail of a Home Insurance to purchase a plot or land.

  • Invest for the Future

Real estate properties are one of the best investment avenues in India. The appreciating value of a housing property can fetch you good returns in the future. You can avail of a Home Insurance to invest in a housing property and secure your financial future.

  • Fix Anything That’s Broken

Even the best of houses suffers from wear and tear with time. You can avail of a housing loan finance to renovate or reconstruct your house and make it a beautiful place to live in. This may include repainting, carpentry, or masonry works.

  • Upgrade Your House

You want to upgrade your house to make it more eco-friendly and more liveable. For example, you may want to add more space to your living room or turn your children’s room into a fantasy playground for them. You can apply for a house loan to meet all these expenses.