A 20 Lakh health insurance policy is a policy in which the policyholder get a sum insured of ₹20 Lakh. So, this policy will cover medical expenses up to ₹20 Lakh for the policyholder. A ₹ 20 Lakh health insurance policy is suitable for you and your family as it protects against the financial burden of hospital bills incurred as a result of any illness, or other unforeseen events. A health insurance policy, as well as the amount covered, can support you in dealing with such an sudden event without having to worry about treatment costs.
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How to choose best Health insurance plan under 20 lakhs?
When considering the best health insurance options, there are several important points to keep in mind to ensure you are making
an informed decision:
Adequate Coverage:
The sum insured should be enough to cover multiple hospitalizations, especially in metropolitan areas where the cost of treatment is high. For individual policies, the sum insured should be between 10 and 20 lakhs, and
for family health insurance, at least 20 lakhs.
Affordability:
While a higher sum insured means a higher premium, opting for a co-payment clause can reduce the cost of the premium. In a co-payment policy, the insured person shares the healthcare expenses with the insurance company,
resulting in lower premiums.
Comprehensive Network:
Check the list of network hospitals that the insurance company has a tie-up with and make sure they include ones close to your residence. A comprehensive network of hospitals ensures that you have access to the care you
need, when you need it.
No Restrictions:
Avoid policies with sub-limits on hospital room rent or disease, as these can restrict your freedom of choice when it comes to healthcare. A policy without such restrictions allows you to choose a room that fits your comfort
level.
Short Waiting Periods:
our health insurance policy may not come into effect until the waiting period is complete. When choosing a policy, look for one with
shorter waiting periods for pre-existing conditions and maternity benefits.
Features and benefits of health insurance under 20 lakhs
Comprehensive Health Expenses Coverage:
A good health insurance policy should provide coverage for a variety of costs such as doctor visits, specialist visits, medical tests, ambulance fees, inpatient expenses, hospital room fees, surgeries, and post-hospitalization
expenses. This ensures financial peace of mind during emergencies.
Cashless Hospitalization:
A cashless treatment option enables you to receive treatment at a network hospital, with the insurance company settling the
bills directly. Most comprehensive insurance plans offer cashless treatment options and a wide network of hospitals.
Pre and Post-hospitalization Expenses:
Some health insurance policies provide coverage for expenses incurred before and after hospitalization, typically up to 60 days, as per policy terms.
Accumulative Discount:
For each year without making a claim, an insurance company will offer a discount on premium costs for the following year.
Tax Advantages:
Health insurance premiums are tax-deductible under section 80D of the Income Tax Act. Additionally,
premiums paid for parents' health insurance can also be claimed as tax deductions.
Alternative Treatment Costs:
Alternative treatments like Ayurveda, Siddha, Homeopathy, Yoga, Acupuncture, etc. have become more popular in recent years. Many health insurance policies offer coverage for alternative treatment expenses, within certain
limits as per policy terms.
Home Treatment Coverage:
Some health insurance plans now cover treatment costs incurred at home, with specific terms and conditions that vary by insurance company.
How To Select the Right health Insurance Plan under 20 lakhs?
Correct coverage
A medical insurance plan that safeguards you against a broad range of medical problems, and provides benefits like pre and post hospitalization, daycare expenses, etc, is ideal to purchase. In case you are purchasing a family health insurance plan, confirm if the policy meets the needs of each member of your family. List down your requirements, evaluate plans
on benefits and costs, and then choose a plan that serves your needs.
Practically priced
While you cannot equate money with care for your health, because people want to cure themselves and their loved ones at any cost, but it is important to buy a health plan thatis affordable for you. Budget plays a vital role
when buying health insurance. However, you should check the benefits stated in the mediclaim policy before the price of it. The best tip is to buy a practically priced health cover at the beginning to ensure you are covered
properly and the premiums are also affordable. Then going forward, you can assess your plan and raise the cover as per the increase in your income, family size, and requirements.
Type of plan
If you are single and don’t have to bear family responsibilities, it is practical to opt for individual health insurance plans.
But, if you are thinking of including your family members in your medical insurance policy, it is better to buy a family health plan to enjoy maximum benefits at a more affordable price.
Renewability for lifetime
At the time of buying a health insurance plan, make sure you check if you plan has lifetime renewability feature or not. It is practical and much more valuable to purchase a mediclaim policy which offers you the option of lifetime
renewability since you are most likely get be affected by health ailments as you age. Hence, choose health plans which offer lifetime renewability.
Network hospital coverage
When you buy a health insurance plan, it is extremely important to check their list of network hospitals. The best health insurance in India provides you with a large network hospital options. Also, check the number of network
hospitals which are nearby your residence. With HDFC ERGO health insurance plans, you can choose from nearly 12,000+ cashless networks where you can avail quick, convenient and cashless claims settlement!
Claim settlement ratio
The claim settlement ratio is the number of claims settled by the insurance provider over the total received claims. When choosing a health insurance plan, go for the insurance company that has a high claim settlement ratio.
The above points will help you gain maximum benefits when you look for a health insurance. Buying health insurance is basically an important investment that you are making to protect yourself from the financial load
of high healthcare costs. So, it is important that you invest in the right plan and with the right insurance company.
Who Needs a ₹20 Lakh Health Insurance Plan?
The cost of any medical treatment, today, is very expensive and it will further increase in the future. Treatment in the private sector has always been expensive and it will only rise with time. So, buying a health insurance for yourself and your
family is necessary. Hospitalization costs can cause a huge financial dent in your savings and make your life stressful. Further, if the sole earning member of the family falls ill, it causes even more mental and financial stress. All of this
can be avoided by purchasing and paying the premium for a health insurance that will cover your medical expenses in the event of an emergency. Whether you buy a ₹20 Lakh health insurance plan or of any amount, it all depends on your health
requirements.
Just like every other health insurance plan, we also cover your hospitalization expenses such as room rent, ICU, investigations, surgery, doctor consultations etc due to illnesses and injuries seamlessly.
Mental Healthcare
We believe mental healthcare is just as important as hospitalization due to physical illness or injury; hence, we cover hospitalization expenses incurred for treating mental illnesses.
Pre & Post Hospitalisation
It means all your pre-hospitalization expenses upto 60 days of admission and post-discharge expenses till 180 days get covered, like the costs for diagnostics, physiotherapy, consultations, etc.
Day Care Treatments
Medical advancements help in wrapping up important surgeries and treatments in less than 24 hours, and guess what? We cover you for that as well.
Home Healthcare
In case of hospital bed non-availability, if the Doctor approves treatment at home we cover you for that as well. So that, you get medical treatment right at the comfort of your home.
Sum Insured Rebound
This benefit acts like a magical backup, which recharges your exhausted health cover to treat the next hospitalization. Basically, we ensure uninterrupted medical coverage at the time of need.
Organ Donor Expenses
Organ donation is a noble cause and we cover the medical and surgical expenses of the organ donor while harvesting a major organ from the donor’s body.
Recovery Benefit
If you stay in a hospital for more than 10 days at a stretch, then we pay for other financial losses that might have happened due to your absence at home. It helps to take care of other expenses during your hospitalization.
AYUSH Benefits
Let your belief in alternate therapies like Ayurveda, Unani, Siddha, and Homeopathy stay intact as we cover hospitalization expenses for AYUSH treatment as well.
Free Renewal Health Check-up
Get a free health check-up within 60 days of renewing your policy with us.
Lifelong Renewability
Once you get yourself secured with, our health insurance plan there is no looking back. Our health plan continues to secure your medical expenses for your entire lifetime on break free renewals.
Multiplier Benefit
If there is no claim in the first year, in the next policy year, the sum insured will grow by 50%. It means, instead of ₹ 5 Lakh, your sum insured would now stand at ₹ 7.5 Lakh for the second year.
The above mentioned coverage may not be available in some of our Health plans. Please read the policy wordings, brochure and prospectus to know more about our health insurance plans.
Adventure Sport Injuries
Adventures can give you an adrenaline rush, but when coupled with accidents, it can be hazardous. Our health insurance plan does not cover accidents encountered while participating in adventure sports.
Self-inflicted Injuries
If you ever end up causing injury to your precious self, then unfortunately our health insurance plan will not cover for self imposed injuries.
War
War can be disastrous and unfortunate. However, our health insurance plan does not cover any claim that is caused due to wars.
Participation in Defence Operations
Our health insurance plan does not cover accidental injury while you are participating in defence (Army/Navy/Air Force) operations.
Venereal or Sexually Transmitted Diseases
We do understand the criticality of your disease. However, our health insurance plan does not cover venereal or sexually transmitted diseases.
Treatment of Obesity or Cosmetic Surgery
Treatment of obesity or cosmetic surgery is not eligible for coverage under your health insurance plan.
3 Sum Insured Rebound
This benefit acts like a magical backup, which recharges your exhausted health cover to treat the next hospitalization of a new illness or injury.
Cashless Home Health care**
If your Doctor recommends, you can get yourself treated at home and avail cashless medical facilities with utmost ease. This service is now available in 16 cities.
Hospitalization Expenses
Just like every other health insurance plan, we cover you for your medical hospitalization due to illnesses and injuries seamlessly.
Pre & Post Hospitalisation
It means all your pre-hospitalization expenses upto 60 days of admission and post-discharge expenses till 180 days get covered, like the costs for diagnostics, consultations, etc.
Daycare Procedures
Medical advancements help in wrapping up important surgeries and treatments in less than 24 hours, and guess what? We cover you for that as well.
AYUSH Benefits
Let your belief in alternate therapies like Ayurveda, Unani, Siddha, and Homeopathy stay intact as we cover hospitalization expenses for AYUSH treatment as well.
Organ Donor Expenses
Organ donation is a noble cause and we cover the medical and surgical expenses of the organ donor while harvesting a major organ from the donor’s body.
Recovery Benefit
If you stay in a hospital for more than 10 days at a stretch, then we pay for other financial losses that might have happened due to your absence at home. It helps to take care of other expenses during your hospitalization.
Mental Healthcare
We believe mental healthcare is just as important as hospitalization due to physical illness or injury; hence, we cover hospitalization expenses incurred for treating mental illnesses.
Free Renewal Health Check-up
Get a free health check-up within 60 days of renewing your policy with us.
Lifetime Renewability
Once you get yourself secured with, our health insurance plan there is no looking back. Our health plan continues to secure your medical expenses for your entire lifetime on break free renewals.
The above mentioned coverage may not be available in some of our Health plans. Please read the policy wordings, brochure and prospectus to know more about our health insurance plans.
Eligibility for health insurance plan under 20 lakhs sum insured from HDFC ERGO
Usually, most insurance companies have an age limit of 65 years. Beyond that age, it is a bit difficult to get a health insurance plan because the more you age, you are more prone to health risks and that increases the risks for health insurance
companies as well. For the eligibility criteria for buying health insurance plans, below are two of the most factors that decide it:
Medical history
You need to completely honest while buying a health insurance policy. Pre-existing illnesses, if any, need to be stated clearly. These do not mean common diseases like fever, flu, or headaches. But, if in past you have ever been diagnosed
with any disease, birth defects, undergone surgery, or cancer of any severity it is important to inform your medical insurance company. These need to be declared because many ailments are listed under permanentexclusion, few are covered
with a waiting period and few others are covered by charging additional premium with a waiting period.
Age
Any person who is 18 years or above can easily buy a health insurance plan. Health insrance plans also cover newborn babies but the parent needs to have a health insurance policy with the insurance company. Senior citizens can get themselves
insured upto the age of 65 years.
Who is this plan suited for?
Observing the current economic situation, and the rate at which medical inflation is increasing steeply, it is safe to say that health insurance has become a necessity. This protects you and your loved ones during health emergencies, while also
helping you plan your finances better. Now, the amount of health insurance you opt for depends on your health requirements and how much you can afford. For example, a young professional may opt for a health insurance plan for 10 lakhs. But
for a middle-aged person having two kids and dependent parents, a 20 lakh health insurance may not be sufficient. However, due to a sudden rise in critical illnesses such as cancer, tumours, cardiac arrests and so on, having a lumpsum amount
like 20 lakh health insurance or above is the need of the hour.
How this plan works
Firstly, you buy a health insurance of your choice. Usually, your medical insurance is offered on yearly basis and it has to be renewed each year after expiry. Now, during a policy year, in the event of hospitalization of an insured person,
it’s obvious that you will make a claim for your healthcare expenses. Now, the insurance company, in case of a claim, first checks whether the treatment that is required by the insured is covered under the insurance policy.
The next step is that the insurer finds out thethe hospital where the insured is getting his treatment is in its network or not. If you choose a network hospital to get treated, thenyou’re eligible for a cashless hospitalization and
the TPA (Third Party Administrators) are the ones responsible for settling your hospitalization bills.
TPA will verify the details of your medical insurance policy and if it has a deductible clause or if the total amount of your bills exceeds the amount of your sum insured, you just have to pay the balance. And if no such clause applies, you
need not worry about anything.
Now, in case, you wish to get treated at a non-network hospital, you have to pay to hospital first, but do remember to collect all your medical bills that also includes pre & post hospitalization bills. These bills need to be submitted
to your insurer. Again, the TPA will check the clauses of your policy and calculate the total amount to be reimbursed after deducting the co-pay amount (if any) or the amount that exceeds your insurance coverage. The balance or the entire
amount of your bills - whichever is applicable, will be directly reimbursed by the insurance company.
Other Factors Which Can Affect the Premium
Pre-existing illness- -
Medical history is a key factor that affects your insurance premium. While buying a health insurance policy it is absolutely compulsoryto submit your health records. If you have had certain health issues in the past then the insurance
company can either choose to allow it in or decide not to allow it in their policies. If the insurance company does not bear the cover of a certain disease then the policy holder usually bears the cost. This eventually increases or
affects the amount for premium.
Family health history -
Genetics do play a role in shaping up your personality and over all life structure. Even your physical and emotional health is greatly affected by your family history. In case your family history records illnesses like heart disease, diabetes
or cancer then insurance companies assume that the probability of you contracting these diseases are also pretty high. In that case the size or amount of your premium is going to be higher than the amount that you needed to pay in
case your family would not have any such problem.
Age -
One of the most vital factors that can affect your health insurance premium is your age. It is a matter of common sense that a younger person runs lower health risk in comparison to a person who is older. Eg: A 22-year-old woman falling
sick because of a heart condition is certainly less likely than a man of 65 years. However there may be exceptions. However, the general rule stays that people who are younger have lower chances of falling sick or visit doctors. Hence
health insurance premium payable for a younger person is lesser than an older man.
Profession
Your choice of profession can also affect your health insurance premium. People working in profession which expose them to hazardous environment like constructions, radiation, substances are at high risk of falling prey to various diseases
like cardiovascular and various other life threatening diseases.
Documents required for buying a 20 Lakhs health Insurance Policy Online:
Not just for a 20 lakh health insurance, but in general, when buying a mediclaim policy, the following documents need to be kept handy.
Age proof - You need to provide the age proof of all the members to be insured under the health insurance policy that you have chosen. A copy of any of the following documents is valid:
Voter ID Card
Pan Card
Aadhaar Card
Driving License
Passport
Birth certificate
10th or 12th mark sheet
Address Proof – There are various communications that the health insurance company will need to send to your postal address and they also need it for their records. Following documents for address proof can be submitted:
Ration card
Driving license
Passport
Rent agreement if applicable
PAN Card
Aadhaar Card
Utility bills like electricity bill or telephone bill
Voter’s ID
Passport-size photographs – You will also need Passport-size photographs of applicants and members of the insurance plan for insurer records.
Medical reports – Some insurers demand a medical report of the applicant and members as well depending upon the plan chosen along with the coverage.
Proposal form – To buy a health insurance plan every insurer will get a proposal form duly filled in and signed by the applicant. It is used for purpose of their future records.
How to Make a Claim for Your HDFC ERGO Health Insurance
The sole purpose of buying a health insurance plan is to get financial support at the time of medical emergency. Hence, it is important to read the below steps to know how Health Insurance claims process works differently for cashless claims and
reimbursement claim requests.
Health Insurance Cashless Claims get approved within 20*~ minutes
1
Intimation
Fill up the pre-auth form at the network hospital for cashless approval
2
Approval/Rejection
Once hospital intimates us, we send you the status update
3
Hospitalisation
Hospitalisation can be done on the basis of pre-auth approval
4
Claim settlement
At the time of discharge, we settle the claim directly with hospital
We settle reimbursement claimswithin 6~* hours
1
Hospitalisation at non network hospital
You need to pay the bills initially and preserve the original invoices
2
Register a claim
Post hospital discharge send us all your invoices and treatment documents
3
Verification
We verify your claim related invoices and treatment documents
4
Claim Settlement
We send the approved claim amount to your bank account.
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4X Coverage*
Wider Pre & Post Hospitalisation
Free preventive health-check ups
Key Features
Secure Benefit: Get 2X coverage from Day 1.
Restore Benefit: 100% restores your base coverage
No Cost Installment*^ Option: Credit and Debit card holders can now opt for the No cost instalment*^ option
Aggregate Deductible: You can enjoy up to 50% discount every year by choosing to pay a little bit more. You also have the super power to waive your opted deductible at renewal post completion of 5 years under
this Policy@
No Medical Test Upto 45 Years: It’s better to be safe than sorry! Secure your health when you are young to avoid medical tests.
Free preventive health-checkups: We offer free health check-ups so that you are healthier and happier always
Cumulative Bonus: Don’t think that your health insurance plan is of no use if you do not make a claim. It rewards you with additional 10% to 25% sum Insured upto a max of 200% depending on the plan
opted at the time of renewal.
50 Lacs & 1 crore cover options: Choose your health cover from two options of sum insured as per your needs.
No room rent capping^*: Get the freedom to choose any room upto a standard private AC Room.
Wider Pre & Post hospitalisation: We offer wider coverage of 60 days for pre-hospitalisation and 180 days for post hospitalisation expenses towards investigations, therapies and consultation charges.
Cumulative Bonus: Get an additional 10% of the sum insured on every claim-free renewal, which can go up to a maximum of 100%.
Works on Aggregate Deductible: This health plan comes in action once your all round total claim amount reaches the aggregate deductible in a year, it’s not necessary for a single claim to meet the deductible
unlike other top-up plans.
No health checkups upto Age 55 : It’s better to be safe than sorry! Secure your health when you are young to avoid medical tests.
Pay less, Get more: Opt for a long-term policy of 2 years and get a 5% discount.
As you can understand from the name itself, the 20 lakhs health plan is one of the best for those anticipating many health expenses. When we talk about the 20 lakh health plan, it implies that you have a total insured
of Rs. 20 lakhs and can get that amount of money back if you spend it on hospital bills and medical requirements. I understand that because the amount of money is so huge, you are asking this question now. However,
the rule is quite simple and to buy the 20 lakhs health plan, you have to be of a minimum age of 18. Not only for the 20 lakh health plan but this particular age limit is also set for you no matter which plans to
buy. Depending on the health care provider, they will ask you to submit your age details; you can purchase your 20 lakh health plan.
2. Is it useful to buy a health plan with 20 lakh sum insured?
The amount of money you are talking about is 20 lakh, which means you will be able to get health insurance coverage up to rupees 20 lakh. Now, if I don't have a good idea about your medical expenses, it isn't easy to
help you understand whether this insured amount is worth it. Although the amount seems to be very hefty and medical expenses that much are unlikely, it is possible that your family is big or, at the same time, you
have someone suffering from a terminal disease. Not only that, I don't know if there are enough options to allow you to buy health insurance which is that huge. If you need good options for a health plan and
with very high coverage, the best option I can share with you is HDFC ERGO. They do have the best ones, and it is trusted as well.
3. Is COVID-19 treatment covered under 20 lakhs Health Plan?
In this case, you must first understand that many different health insurance providers cover the 20 lakh health plan; hence, the intricacies tend to change based on the same. However, such are the complications nowadays
that irrespective of which option you choose, with such a high coverage plan like this, most providers will ensure that you can get coverage for covid 19 treatment. In this case, I suggest you get in touch with
someone professional who knows the field very well and can guide you before you make the insurance payment. Also, suppose you are looking for a COVID coverage system, particularly for the Treatment of COVID-19.
In that case, one of the better-known options is the Corona Kavach Policy from HDFC ERGO. It has all the required inclusions and is good for those who want to invest in this.
4. What is the grace period on 20 lakhs Health Plan?
The grace period is usually the time frame which is after the renewal date, and you can wait for that day to make the payment for your health plan. When you are talking about the 20 lakh health plan, I first need to
understand what company you are covered under. Nowadays, many health plan providers help you with a grace period; based on that, you can also stretch the payment period. However, it is also very important to mention
that this time frame is not stagnant and tends to differ from one provider to the other.
But, most of the health plan providers will provide you with a minimum 15 days period because the 20 lakh coverage premium is quite high. There are some providers who tend to give you more grace periods as
well. However, there is a penalty if you fail that time frame.
5. Does 20 lakhs Health Plan offer any value-added services?
When it comes to the 20 lakhs health plan, you first need to understand which value-added service you are looking forward to. When it comes to the 20 lakhs plan, the first thing you need to understand is the health
plan provider; hence, based on that, the value-added services tend to change as well. The first thing about the Health Plan is that this is a high-end insurance policy plan, which will ensure you can get good options.
In this case, you will get all the added assistance regarding the reimbursement of the same. One of the best options I can suggest to you in this case for the value-added services for the Health Plan is none
other than HDFC ERGO, and they do have some of the most amazing inclusions as well. The only thing that you need to do is get in touch with them.
6. Who should buy the 20 lakhs insurance plan?
When talking about the 20 lakhs insurance plan, the first thing you need to understand is that the premium is a bit high. Why so? One of the major reasons behind the same is that the coverage is extremely high, and
consequently, you will be able to understand that the implications are also high in that case. The expenses are also quite high for individuals who tend to have very high recurrent health costs. If you have a big
family and some extremely high expenses, then, in that case, the 20 lakhs insurance plan is a good choice. One of the best options to suggest to you, in this case, is none other than HDFC ERGO, and the only
thing you need to do is get in touch with us professionals. If you have any family member who is going through recurrent health problems, then the 20 lakhs insurance is vital.
7. If I buy 20 lakhs health insurance is there any limit on how much I can claim in one go?
When claiming the 20 lakh Health Insurance, there is no bar set for the same. One of the major reasons behind this is that you can have a medical emergency that will cost you this amount of money; however, you need
to make sure that there are no other claimants who have used the amount previously. For example, the 20 lakh health insurance policy might be family insurance, and consequently, there might be more than one person
using the insurance currently. If any of them have already used the 20 lakh bar, then you will only be able to use the health insurance for the year once you renew the same. Not only that, it can happen that
sometimes you use a percentage of the health insurance. In such cases, barring the amount you have already utilised, you will be able to use the remaining amount in your account.
Conclusion
In a nutshell, a 5 lakh health insurance policy may be sufficient for some and not be enough for some. You need to make a careful and calculated choice before deciding on the amount you are ready to invest on a health insurance policy. The
amount will also depend on you and your loved ones’s medical requirements. However, the most important thing is having a good health insurance plan. A healthcare emergency can occur any time and a mediclaim policy helps you to deal
with such situations. So, keep the above points in mind to make an informed decision.
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