Benefits of Buying Health Insurance Plans Online?

The most important benefit of buying health insurance plans online is saving time and effort. You can not only save precious hours required to visit your nearby insurance agent's office but you can also compare features, costs and range of policies from all the available options with comfort at your home.

Co-Payment

You can choose among thousands of different options available for sale right now by simply sitting at your desk or anywhere else you like, 24 hours a day, seven days a week.

Online Discounts

Product companies offer excellent discounts and special offers on online plans for the first-time buyers and returning customers.

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If you urgently need to buy health insurance, don't worry. You will receive an immediate response once you submit your quote request or application for insurance.

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Top Reasons to Buy a Health Insurance Plan Online

A health insurance plan is an extremely important part of your life as it can save you from any financial crisis arising out of unplanned health care needs. The only way to enjoy this protection is to buy a suitable insurance plan that fits into your budget and meets your needs as well as those of your family members.

Affordable Cost

Although health insurance is not a necessity in most parts of the world, it is truly a blessing in disguise if you know in advance how much can be spent on costly hospitalisation or treatment procedures.

Excellent Range

If you buy health insurance online, it allows you to compare features and costs of policies designed specifically for young adults, working professionals, retirees and senior citizens.

Instant Access

Buying an online health insurance policy gives you the chance to choose from a wide range of trusted and reliable insurance providers that have been offering superior quality healthcare plans from several years now.

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Types of Health Insurance Plans

The primary function of health insurance is to cover your hospitalization expenses if you become sick or injured. With this in mind, the different types of health insurance plans are built with two primary objectives: to protect you from loss of income due to an illness or injury and help you pay for hospitalisation, surgery, and medical expenses.

Family Health Insurance Plan

Family Health
Insurance Plan

In a family health insurance plan, each family member is covered. In addition to protecting individuals in your household, a family health insurance plan can also help prevent related medical costs from being spread among the entire family.

Individual Health Insurance Plans

Individual Health
Insurance Plans

An individual health insurance plan covers just one person, no matter how old an individual is. One advantage of a policy that covers just one person is that it usually has a lower monthly premium than a family health insurance plan. On the other hand, individual health insurance plans typically do not cover spouses or children. This can be more difficult to afford in the event of a serious illness or injury.

Health Insurance Plan for Senior Citizens

Health Insurance Plan
for Senior Citizens

A health insurance plan for seniors protects them from high medical costs associated with a serious illness or injury. To reduce the risk of financial strain, most senior citizens choose Medicare as their primary source of healthcare coverage. However, it is necessary to purchase a separate policy that covers only prescription drugs, dental work, and other expenses in some cases.

Critical illness Health Insurance Plans

Critical illness Health
Insurance Plans

Critical illness medical insurance is used to protect yourself and your family against the financial effects associated with a critical illness diagnosis. A critical illness plan can help you to pay for certain medical expenses, including cancer treatment, long-term nursing care and diagnostic equipment.

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Types of Plans

Individual Health
Insurance

Family Health
Insurance

Health Insurance for
Senior Citizen

Corporate
Health Insurance

Critical Illness Health Insurance Plans

Critical illness medical insurance is used to protect yourself and your family against the financial effects associated with a critical illness diagnosis. A critical illness plan can help you to pay for certain medical expenses, including cancer treatment, long-term nursing care and diagnostic equipment.

Health Insurance Plan
for Coronavirus

A health insurance plan for coronavirus may be used to protect you and your family against the financial effects of a coronavirus diagnosis. These types of policies can provide coverage for diagnostic equipment, COVID treatment costs and long-term nursing care.

Health Insurance Plan
for Cancer

A health insurance plan for cancer can be purchased to protect yourself and your family from the financial effects of a cancer diagnosis. This type of policy may cover diagnostic equipment, chemotherapy sessions and long-term nursing care.

Health Insurance Plan
for Diabetes

A health insurance plan for coronavirus may be used to protect you and your family against the financial effects of a coronavirus diagnosis. These types of policies can provide coverage for diagnostic equipment, COVID treatment costs and long-term nursing care.

Types of Plans

Corona Kavach

Critical Illness Cover

Critical Illness Cover

Health Insurance for Diabetic

What is Covered in a Health Insurance Plan?

A health insurance plan typically covers the cost of diagnostic equipment, such as x-ray machines and MRI scans etc. In addition to prevent injuries, many plans also cover rehabilitation services such as physical therapy and occupational therapy. Some policies may include maternity benefits or cover long-term nursing care costs.

When looking for a health insurance plan, it is important to understand exactly what your policy entails to know what benefits will be included. It's important to disclose all pre-existing conditions when signing up for a new policy because this may affect the cost of your monthly premiums.

What is Not Covered in a Health Insurance Plan?

Generally, health insurance covers expenses you or your family incurred for treatment at any recognized hospital, which is attached to the insurer. Cosmetic surgeries are not covered under this type of plan unless required due to some serious injury during an accident.

Other than this, every other medical procedure is included in a standard personal or group plan, so there should be no trouble whatsoever regarding what can be claimed and what cannot until all documents are submitted properly by the laid down procedures for filing a health insurance claim.

Some policies may also exclude coverage for pre-existing conditions if you have had difficulty obtaining health insurance in the past.

exclusion of health insurance plans

Not Covered in Health Insurance

  1. Pre-existing Deceases for a Fixed Term
  2. Cosmetic Surgeries
  3. Injuries caused due to suicide attempts

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Key Factors to consider before buying a Health Insurance Plan

It is important to think about exactly what your family needs in a health insurance plan before making a purchasing decision. This includes considering the types of coverage you're looking for in a policy and how much this type of coverage will cost in terms of monthly premiums.

In addition, you should also consider factors such as your age and health. Younger people are likely to pay lower monthly premiums since they are less likely to experience illness or injury.

Adequate Sum Insured

The amount you need to pay for healthcare expenses. It acts as a safety net in times of financial crisis and covers loss of income due to death or illness.

Policy Type

Different Health Insurance plans have different features and benefits attached to them. You should read all the policy related documents carefully.

Waiting Periods

The time gap before you can make a claim. e.g., Pre-existing conditions, New-born babies etc.

Exclusions from the Policy

Some events or diseases are excluded from cover. Insurance companies generally do not reimburse any claims/expenses related to these diseases.

Policy Renewal

Commonly allowed, but some policies renew automatically and might charge a higher premium. Refunds will be given if the policy is terminated mid-term.

Deductible

This is the amount you pay before your insurer starts paying for medical bills. A higher deductible means lower premiums.

Co-Insurance

You will need to pay the percentage of hospital expenses after meeting your deductible. e.g., 50/50 means you will have to bear 50% of the cost completely yourself and your insurer will bear 50% of the cost, up to a maximum.

Coverage Limits

Maximum sum insured that you can claim in 1 year or over the policy's life.

Enrolment Costs

The charges for joining a Health Insurance plan. These costs do not include any healthcare expenses. However, they are tax-deductible under section 80D of the Income Tax Act.

Lifelong Renewability Option

You can renew your policy throughout its term by making a one-time payment for the premium. You will be charged a higher premium in most cases if you opt to renew your policy after it expires.

Premium Loading Factor

You will have to pay a higher premium when you renew your policy at the end of the term. The loading factors are based on factors such as your age, state of health.

Check the Claim Settlement Ratio

A Claim Settlement Ratio of 90% or above is considered good. This refers to the percentage of the medical claim amount paid by your insurer. A higher pay-out ratio means they are less likely to deny claims, but it can also mean you will face delays in receiving reimbursements.

Check the scope of coverage

When comparing health insurance plans, you must consider the included types of coverage. Some policies may only provide coverage for specific illnesses or injuries, while others may be more comprehensive and provide all-inclusive protection.

When looking at different policies, it might also be important to think about your age and current state of health because younger people are likely to pay lower monthly premiums if their health is good.

What are the Health Insurance Riders and their types?

An insurance rider is a provision added to an insurance policy that changes the terms of the basic plan. This means that you can add more benefits to the insurance plan according to your requirement. Some of the most common riders are

Maternity Cover Rider

It pays for expenses related to pregnancy, labour and delivery.

Critical Illness Rider

It covers illnesses such as heart attack, stroke etc.

Accident Coverage Rider

It provides coverage in case of accidental injuries that led to permanent disability or loss of life.

Hospital Cash Rider

It allows you to make cashless claims at network hospitals for your medical expenses.

Room Rent Waiver

It waives off the room rent in case of hospitalisation or travelling.

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Does your Health Insurance policy cover Coronavirus (COVID-19) treatment?

Some health insurance plans cover the cost of diagnosis, treatment and hospitalisation expenses for Coronavirus (COVID-19) under the 'Critical Illness' rider. Some health insurance companies also have a different critical illness plan covering this disease.

Corona Kavach Policy

COVID coverage applies to all claims with or without pre-existing co-morbidities. For 15 and 30 days following discharge, the policy covers pre/post hospital charges. There is no room rent, doctor's fees, medicine, diagnostic tests, and other associated expenses limits for COVID. A health check-up before submitting a claim is not necessary.

Corona Rakshak Policy

The Coronarakshak Policy is a typical benefit-based single-premium health insurance plan. If you are tested COVID-19 and require 72 hours or more hospitalisation, you will receive a 100 per cent sum insured in lump-sum. Health insurance worth up to Rs 5 Lacs starts at a monthly premium of Rs 200.

Eligibility Criteria to Buy a Health Insurance Plan

You should be a resident of India with a valid Unique Identification Number (UIN) to buy a health insurance plan in India. If you are not a permanent citizen of the country, you must submit details of your residence permit and income tax return documents. A valid form 12B from the Income Tax Department is mandatory for all applicants.

Applicant Age Criteria

A person between 18 to 60 years is eligible for buying a regular health insurance plan, whereas those above 60 years are eligible for renewable term plans.

Pre-Medical Screening

You need not undergo any medical test to buy a health insurance plan in India. Also, if you are diagnosed with any illness after buying an insurance policy, it will be covered under the rider 'Pre-existing Disease'.

Pre-Existing Diseases

Before buying a health insurance plan, any ailments you were suffering from are covered under the rider 'Pre-existing Disease'.

If you have not been hospitalised for six months/180 days, or more, your pre-existing disease will be covered. However, this condition only applies to those claiming under the Critical Illness Rider and Accidental Injury & Illness rider.

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Eligibility for Renewal of Health Insurance Plan

Insured needs to be medically fit at the time of renewal. If you are diagnosed with any pre-existing disease, your health insurance policy will not be renewed.

Other diseases that can make you ineligible for renewal include certain cancer, AIDS, HIV, mental illness, etc. If the insured is diagnosed with tuberculosis within 12 months of buying the policy, the renewal will be approved only after 36 months have passed.

Find the right plan

However, because health insurance is so important, it can be difficult to find the right plan that suits your needs and fits your budget. Being able to compare health insurance quotes online makes the process of finding the right policy possible without spending several hours working on it.

Get answers to the questions that are important to you

Questions such as, "How much will it cost me?" or "What's the deductible like?” It can take less than five minutes to get a personalised comparison of health coverage plans. Then you can go over everything in detail and find out if this is the right plan according to your needs!

Save Time

Once you have your online health coverage quotes, you can compare them against our other offers, too. That way, you can make a prior decision about what plan is best for you! It's simple enough that it doesn't need to be a huge task that takes up all of your free time.

How to Calculate Health Insurance Premium?

The health insurance premium is the healthcare provider's amount for providing medical services to an individual. The most common method is to calculate it based on a flat rate or fixed amount per person. It can vary from one insurance provider to another. One-third of the annual premium may have to be paid by you before starting coverage. The rest will be charged in monthly amounts through your pay checks. This type of health insurance premium is known as a payroll deduction.

Step 1

Ask for the Co-pay
Before you know the cost of a visit to a doctor or hospital, ask your health insurance provider to tell you how much they expect you to pay in co-pay. This will give you an idea about the entire amount which needs to be paid.

Step 2

Estimate deductible and Co-Insurance
Another factor that needs to be considered is the amount of deductible and co-pay.

Step 3

Estimate Co-Insurance
Another factor that affects health insurance premiums is the co-insurance percentage. This percentage of health costs has to be paid by you or your insurance provider, depending on the type of coverage.

Which Factors Affect Health Insurance Premium?

Like the price of a new car, health insurance premiums can vary widely from one carrier to another. But unlike a vehicle's sticker price, the cost of a health plan is based on what you pay upfront. The amount you pay in monthly premiums will depend not only upon your age and where you live (i.e., the region in which you reside) but also upon other factors such as:

Medical History

Insurers are more likely to be willing to offer coverage if you have a clean medical bill of health. The type and severity of your pre-existing conditions will determine whether you are eligible for coverage in the first place or not, as well as how much that policy might cost.

Gender And Age

Predictably, women tend to pay more than men for health insurance, while older enrollees (50+) are likely to face higher premiums than their younger counterparts. The reason behind this is that women typically visit the doctor more frequently than men, while seniors tend to require more medical attention due to age-related ailments and conditions.

Policy Term

Shorter-term policies tend to cost less than year-long or multi-year options, particularly if pre-existing conditions are covered from day one. However, you may have to pay more for shorter plans if your new insurer views the health history on your application unfavourably; if your circumstances change, you may also find yourself without coverage.

Type of Health Insurance Plan

As with other types of insurance, the material and components that go into a health plan will impact what you ultimately pay for coverage. In general, indemnity plans tend to be more expensive than HMOs or PPOs because they offer less administrative oversight and more flexibility. Preferred provider organisations (PPOs) fall between these two extremes, offering lower rates than indemnity plans and allowing consumers to visit out-of-network doctors.

Network and Facility Access

Some insurers offer more in-network options than others, which will generally reduce the cost of your premiums. If you have an existing relationship with a hospital or practice, you may want to check whether they are part of your preferred network before signing up for a new policy.

Employment Status

The nature of your employment can impact the cost of your premiums. If a smaller business employs you, you may find that your employer's health plan premiums are too expensive to be worthwhile; in that case, you might want to consider looking for coverage through the marketplace instead.

Lifestyle

Like any other item, people in cities or states where housing is more expensive are likely to pay more for health insurance than their counterparts elsewhere. It is natural for insurers to charge higher rates in areas where the cost of living is higher. A low cost of living would generally translate to lower premiums, while high crime rates may also raise costs.

Remember that the best time to shop for an affordable health insurance plan is during open enrollment. Premiums increase by a modest amount each year unless you have experienced a life-changing event such as moving or losing your job.

Before signing up for a new policy, you might want to consider looking at the rates of other carriers in your state first, as well as those from other regions if you are considering changing your location.

How to File a Health Insurance Claim?

Filing an insurance claim with your insurer is not as difficult as it seems and pretty much all types of health insurance policies have a similar process. Most private health insurance companies have a dedicated claims section on their official website where you can find all the information related to insurance policies.

Once you have all this information, just follow these simple steps:

  1. Log in to your insurer's website and look for the 'Make a Claim' tab or button as mentioned in your payment summary (letter). If it is not mentioned there, contact customer service via any commonly used method like phone or email.
  2. Enter all the required information and upload scanned copies of your medical receipts and other documents.
  3. Pay the deductible. This is important as it's impossible to file a claim without paying the deductible amount, which depends on the policy you have purchased from your insurer.
  4. Once everything has been submitted, you will receive a notification regarding the status of your claim via email or text message (SMS).
  5. Now, you can wait for the approval and if anything has been overlooked or you want to make any changes, check out what needs to be done and take care of it right away before moving on to step 6.
  6. Finally, adjusters will decide based on all available information and verify all records, including medical bills, diagnosis and insurance benefits, before granting the claim. There may be a waiting period of 15-20 days or more depending upon your insurer for this to happen.

Health insurance companies depend on a network of tied up healthcare providers that have a contract with the insurer to process claims. Be patient and follow all protocols carefully so that things go smoothly for you without any trouble because filing a health insurance claim is not much different from other types of insurance policies when done correctly.

Health Reimbursement Claims

The process of filing a health reimbursement claim is similar to regular health insurance claims, except it requires more documentation at every stage. Most large companies offer this type of coverage in addition to group plans.

Still, sometimes individuals also prefer this option because it offers them the flexibility to use their choice of doctor and hospital. In this case, you need to provide proof of the expense and a medical invoice for all your treatments at the initial stage.

Cashless Claims

These are processed if you have gone to a network provider or treated at an in-network hospital. The insurer pays for treatment directly and then files the claim with the insurance company. This is considered one of the best features of having health insurance because it saves time of both patients and doctors.

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What are the Documents Required for Health Insurance Claim Reimbursement?

Certain things must be in place to file a claim for reimbursement through your health insurance company. The documents required in the process of filing a health insurance claim include:

  1. Without your identification proof such as Aadhaar, Voter ID, etc., along with address proof like electricity bill or telephone bill, you cannot proceed forward and get the work done effectively.
  2. A copy of your claims booklet or policy document has all your insurer and plan details. This ensures accuracy while entering vital data and uploading documents at every stage. Without this, it will become difficult to track down discrepancies resulting from incorrect
  3. Copies of medical bills that are paid by you, not reimbursed to you. All the items mentioned in the bill and its date of payment are needed for filing claim paperwork. Every procedure that is being claimed must be listed out in detail on paper so that there are no disputes later on regarding what has been paid and what has not.

Every member in a family will have their individualised claims booklet, which lists down particular benefits for each individual along with the terms and conditions attached to it.

Remember that all documents mentioned above must be provided at every stage of filing a health insurance claim. Otherwise, questions will be raised along the way, and it will become difficult to explain things later on.

Conclusion

Your health is the most important thing in your life, so you should always have a good health insurance policy.

There is no denying that this is one of the most important things in everyone's lives. The older people get, the more likely it is for them to have something wrong with them, and if there is a problem, they need medical treatment.

The costs of going to see a doctor can add up very quickly, and many people cannot afford to go very often because of how expensive it can be. This can lead to problems later on in life when someone needs medical attention but cannot seek out any without emptying their entire savings account or causing their family members grief by asking them for money all the time.

To avoid these kinds of problems, people should ensure they have a decent health insurance policy.

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Our Customers Stories

Sharing the experience of happy and satisfied customers with you.

Manish-Khandelwal

Manish Khandelwal

Recently I bought two-wheeler insurance from SMC Insurance. I want to say that the services of SMC are much appreciated and it is the best from any of the brokers. Fast policy issuance and lesser premium is a plus point of taking the policy through SMC. I would also suggest SMC to my friend and relatives.

Rishi-Goyal

Rishi Goyal

I was not sure which insurance policy I should go for as every company mentions their product the best but SMC Insurance guided me well and according to my requirement they assisted me with the best health insurance policy within my budget. Great job SMC insurance!

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Kamana Dhingra

I bought a Health Insurance policy from SMC 2 years back and unfortunately need to take a claim this year. For this claim, SMC Team assisted me a lot and we got out of that situation without any financial burden. Thanks for the Hassle free claim assistance!!

rohit-tiwari

Rohit Tiwari

I have purchased a health insurance policy from SMC Insurance. Against my expectation it was a very smooth and really easy to buy the policy from SMC's portal. I thank pooja, the executive who guide me so well. She was patient with me throughout the interaction. Thanks, appreciate it.

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Neha Khanna

Excellent service, prompt response, and great help in product selection, are experiences that I had with SMC. ! I would love to maintain this relationship in future for more insurance policy.