5 Lakh Health Insurance Explained

₹5 lakh medical insurance is a plan that covers your medical expenses up to ₹5 lakh in case of a medical emergency. ₹5 lakh is the sum insured of your health plan, which is also the maximum payout that you will receive from TATA AIG.

For instance, you purchase ₹5 lakh medical insurance from TATA AIG. Unfortunately, you fell sick and had to be admitted to the hospital. The hospital bill totalled ₹1,75,000. Since you have insurance coverage of ₹5,00,000, your hospital bills will be covered under the insurance plan, subject to policy terms. Thus, you will not have to pay anything from your pocket.

With TATA AIG’s health insurance up to 5 lakh, you receive coverage for all the expenses outlined in the policy. You can also choose the cashless or reimbursement claim method to avail of the insurance coverage benefits.

Under the cashless claim method, we directly settle the bill with the hospital in accordance with the policy’s terms.

Thus, it is a much faster and hassle-free method for obtaining an insurance claim. The other method is the reimbursement claim, under which you must first pay for the treatment and later submit the bills to us for reimbursement.

Also Read: Individual Health Insurance Vs Family Floater Health Insurance

A ₹5 lakh health insurance plan is an investment that you make to secure your future and that of your loved ones. It is a crucial asset that comes to your aid during medical emergencies. Here is how you can benefit from a ₹5 lakh health insurance.

Affordability

At a time when the cost of medical facilities is increasing each day, TATA AIG, ₹5 lakh health insurance offers you affordability. The premium amount fits most budgets and ensures that you get assistance during medical emergencies without denting your savings.

Tax Saving

By investing in health insurance for 5 lakh, you get medical coverage and tax benefits too. The ₹5 lakh health insurance premium can be claimed as a deduction under the Income Tax Act, helping you reduce the tax liability.

Pre-and Post-Hopsitalisation Cover

Along with the hospitalisation cover, TATA AIG’s ₹5 lakh health insurance plans also cover the pre- and post-hospitalisation expenses. Expenses incurred before and after hospitalisation are also covered under the insurance. It includes expenses such as doctor consultations, lab tests, diagnosis, doctor follow-ups, physiotherapy, and so on.

Our insurance plans offer broad coverage as compared to many other plans, with a post-hospitalisation cover of up to 90 days, while the other plans may offer post-hospitalisation expenses up to 15 days.

Cashless Claim

When you buy health insurance up to 5 lakh, you never have to worry about claim settlement hassles. With our cashless claim feature, you don't have to pay anything upfront, as we pay the bills directly to the hospital. All you have to do is inform us and submit a pre-authorisation letter to the hospital provided by us. Once the treatment is completed, we shall settle the bills up to a maximum amount of ₹5,00, 000.

Comprehensive Coverage

The ₹5 lakh medical insurance offers comprehensive health coverage to individuals, which includes hospitalisation charges, medicine bills, diagnostic charges, etc. You can further enhance the coverage with the help of add-ons, such as mental well-being, personal accident cover and so on. Including riders allows access to the necessary medical facilities during emergencies without worrying about the costs.

To find out the premium, you can use the ₹5 lakh health insurance premium calculator offered by TATA AIG, which is an online financial tool. It is freely available and gives you an approximate value of the premium for your insurance plan.

All you have to do is provide the necessary details, such as age, medical details, add-ons, etc. The TATA AIG calculator will take into consideration all the information and provide you with the premium amount.

Knowing the premium for the ₹5 lakh insurance plan is crucial, so you can assess if it fits your budget. It also helps you to plan your finances to accommodate the premium amount into your expenses smoothly.

Also Read: How is Your Health Premium Determined?

Anyone who wants to navigate medical emergencies smoothly can purchase TATA AIG’s ₹5 lakh insurance policy. The list of eligible people includes the following:

Also Read: How Does Health Insurance Work In India?

• Go to TATA AIG’s official website. From the different insurance products, select “Health” and then choose the members.

• Next, choose an appropriate plan from the various options that appear on the page, such as TATA AIG Medicare Select, TATA AIG ElderCare, etc.

• Choose the sum insured as ₹5,00,000. Next, choose the different add-on options available with the plan.

• Click on the “Buy Now” button.

• Pay the 5 lakh health insurance premium through the payment gateway.

• After successful payment processing, the policy will be sent to your email address.

• A valid identity proof is necessary while buying the best health insurance for 5 lakhs. You may submit an Aadhar card, a passport, a voter ID, etc.

• Medical records and reports, indicating any pre-existing conditions, may also be needed.

• Submit age proof records, such as a birth certificate, a driving licence, a PAN card, etc.

• Address proof of your current residence, such as utility bills, Aadhar card, etc.

• Provide income proofs, such as a salary slip, bank statements, etc.

Hospitalisation Expenses

We offer compensation for all the charges incurred in connection with the inpatient treatment of the insured. Thus, if a person is admitted to the hospital for treatment and spends more than 24 hours, we shall compensate the treatment charges as per the policy’s terms.

Pre and Post-Hospitalisation Charges

Our ₹5 lakh medical insurance also provides for the expenses incurred before and after hospitalisation. For example, you may have to undergo tests and evaluation before getting admitted for treatment, or you may require medical assistance after discharge to recover faster. All such pre- and post-hospitalisation charges are covered under our best health insurance.

AYUSH Benefits

Our insurance plans offer support to alternative treatments, including Ayurveda, Unani, Siddha, Homoeopathy, etc. Any treatment and medication charges that you incur will be covered under the ₹5 lakh insurance policy.

Day Care Procedures

Day care procedures are an essential part of the medical treatment, but they do not require 24 hours of hospitalisation. With our health insurance plans, you get coverage for several day care procedures, such as cataract surgery, dialysis, chemotherapy, minor surgeries, etc.

Domiciliary Treatment

We also offer coverage for domiciliary treatment, which involves treating the insured at home. At times, the patient may not be able to travel to the hospital due to old age or severe medical conditions. In such cases, we offer coverage for the cost of medical treatment to be performed at home.

Ambulance Cover

With our 5 lakh insurance policy, you also get coverage for ambulance expenses incurred for transporting the insured to the hospital if a medical emergency arises. The ambulance charges are covered up to the sum insured, i.e., ₹5 lakhs.

Treatment During the Waiting Period

Each insurance plan consists of waiting periods during which you are not eligible to receive the insurance cover. A common waiting period for most insurance plans is 30 days.

Pre-Existing Diseases

A ₹5 lakh insurance policy excludes coverage for pre-existing diseases. Pre-existing diseases are those conditions that exist before buying the insurance. Thus, any pre-existing diseases will be excluded from the insurance plan till the waiting period is over.

Self-Harm

Any injury or medical emergency cause due to self-harm or injury, suicide attempt, etc., is outside the scope of the 5 lakh insurance coverage.

Cosmetic & Beauty Procedures

Treatments and surgeries that are not medically necessary and are done for cosmetic reasons or beautification are not covered by health insurance plans. Some cosmetic treatments include liposuction, facelift surgeries and so on.

Maternity Treatments

All treatments related to pregnancy and maternity are excluded from the scope of health insurance plans. If you want to cover maternity-related expenses, you can opt for a separate maternity cover or include an add-on cover to the existing policy.

Non-Medical Expenses

Non-medical expenses and charges related to items such as masks, gloves, registration charges, administrative expenses, etc., are excluded from the base policy. These items are classified as consumables. Though they are excluded from the base coverage, you can include the cost of these items in your ₹5 lakh insurance policy by opting for a consumables add-on cover.

Type of Plan

Individual health insurance policies are feasible if you are single and do not have family responsibilities. But, if you want to include your family members in your medical insurance policy, getting a family health plan is preferable to enjoy maximum advantages at a lower cost.

Premium Affordability

Pay close attention to the ₹5 lakh medical insurance premium to ensure it fits your budget. Map out your budget and set a limit to ensure you do not overspend. While budget is important, you must also consider the coverage that comes along. It is wise to pay slightly more for comprehensive coverage than to buy a low-premium plan with insufficient cover.

Claim Settlement Ratio

The claim settlement ratio is an essential factor to consider when buying health insurance because it represents the percentage of claims settled by the insurance company against the total number of claims received in a particular period. It is a reliable indicator of the insurer's ability to settle claims and honour its commitments to policyholders.

Compare Plans

Compare different 5 lakh health insurance plans from TATA AIG, so that you can opt for the most suitable one as per your budget and requirements. Look at the features and benefits that each one offers. You can also request a quote for mediclaim premium for 5 lakh to compare the premiums of different plans. It will help you find the most appropriate plan for yourself and your family.

Also Read: Family Floater Health Insurance Plans

TATA AIG offers multiple options when it comes to ₹5 lakh health insurance to suit the requirements of different individuals and families. The TATA AIG Medicare Select plan is a highly customisable policy catering to the requirements of various individuals. On the other hand, the TATA AIG Elder Care insurance is specifically curated for the elderly population and their medical needs.

Our health insurance plans provide comprehensive coverage at affordable rates, ensuring you get the best medical assistance during emergencies. Additionally, you can also include riders to customise your health plans and enhance overall coverage.

With added benefits like 24/7 customer assistance, cashless claim facility and lifelong renewability, we ensure you get the best health insurance policy. Our purchase process is straightforward and can be completed online in just a few steps.