Glossary · Insurance
Health Insurance
An insurance product that covers the cost of medical treatment, hospitalisation, and related expenses incurred by the insured.
Health insurance policies in India are typically one-year renewable contracts. Coverage includes hospitalisation expenses (room rent, ICU, doctor fees, surgery, medicines), pre and post-hospitalisation, daycare procedures, and ambulance. Cashless treatment is available at network hospitals. Premiums are tax-deductible under Section 80D up to ₹25,000 (₹50,000 for senior citizens) for self, spouse, and children, and another ₹25,000-₹50,000 for parents. Insurers cannot deny claims for pre-existing diseases after 4 years of continuous coverage.
Examples
A family floater health plan of ₹5 lakh sum insured for a family of 4 costs ₹18,000-₹25,000 a year and covers hospitalisation, daycare, and pre-existing conditions after 4 years.