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Health Insurance Policy
What is Health Insurance?
Health Insurance is an arrangement by which the insurance company would pay or reimburse the medical expenses of the individual, for hospitalisation caused due to certain illnesses or accidents. In return for this service, a certain amount, called premium, is paid by the policyholder to the insurance company.
Why is it essential to obtain Health Insurance?
Everyone aims to be fit and healthy all the time, but we never know when a medical emergency or a medical need may arise in today’s times. The rising cost of medical treatment should not be a deterrent in procuring the best medical care that we can procure for ourselves and our loved ones. Providing the best possible medical care can cause a severe strain on our financial position, and hence on our quality of life. A health insurance policy helps us insure against such eventualities. By obtaining a health insurance policy, we pay a certain premium to the insurance company, in exchange for which, they assure us of covering our hospitalisation and treatment expenses up to a pre-agreed sum.
Types of Health Insurance Policies
There are various kinds of health insurance policies and it is extremely important to understand them all beforehand.
- Individual Health Insurance policy – This policy covers the surgical and hospitalisation expenses of an individual, singly. Premium is paid based on the age, past medical records and pre-existing disease(s) of the individual only.
- Family Health Insurance policy – Popularly know as the family floater health insurance policy, this policy covers the surgical and hospitalisation expenses of the entire family. For the purpose of a family health insurance policy, a family is defined as the individual, their spouse and their children only.
The premium paid covers every family member and the insurance limit can be used for any of the family members in a given year. Premiums are determined based on the age of the eldest member in the group, the health history of all members being covered and pre-existing diseases, if any, at the time of first taking the insurance policy.- Group Insurance Policies – This type of health insurance is provided by organisations to their employees and may also be extended to the family members of the employees, depending upon the organisation internal policies. This health insurance policy works in a similar manner as an individual health insurance policy or a family health insurance policy (depending on who all are covered by the same) with the major difference being that the premium is paid by the employer, and the policy benefits end in case the individual leaves the organisation.
- Critical Illness Insurance – Under this policy, the policyholder is provided with a large lump sum figure, in case of being diagnosed with a life-threatening disease. The list of such illnesses is shared at the time of purchase of the policy and is restricted to the same. The objective of this policy is to help the policyholder pay for expensive treatments, which are generally linked to these critical illnesses and to replace their income during the long associated treatment periods.
- Senior Citizen Health Insurance - Companies often health insurance policies to senior citizens as well. As people above a certain age are more susceptible to illnesses, the premium being paid here is generally higher.
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Points to keep in mind
Here are the aspects to look at to ensure that you buy the best health Insurance policy available in the market!
- Adequate Cover – Asses your needs or what would be needed in case things go wrong. The points that one might need to consider while determining the value of the health insurance are:
- Place of residence – Cost of medical treatment facilities in and around their location of residence.
- Pre-existing diseases - In case the individual or any of the family members have any pre-existing diseases, one should ensure that the insurance cover being taken is adequate to cover the required treatment.
- Premium – The amount of premium one can shell out every month or year at ease, without undergoing financial burden.
- Type of Health Insurance to be purchased – It is important to assess whether you need to purchase individual or family health insurance. For instance, as the family insurance premium is determined by the age of the eldest family member, the premium for all the members together may shoot up if the eldest member is quite old as compared to other members. It may then be feasible to purchase an individual health insurance policy for that member and family floater for rest.
- The earlier the better – It is important to note that none of the insurance companies cover pre-existing diseases at the time of purchasing the health insurance policy for the first few years and there is a waiting period to cover them eventually. Hence, one should buy a health insurance policy earlier in life so that pre-existing diseases, if any, get covered as soon as the initial waiting period is over. In addition, there is a lesser probability of one having many diseases when young.
- Cashless hospitalisation – All insurance companies, have tie-ups with certain hospitals, where they offer cashless hospitalisation facilities. Under this arrangement, there is no need to pay the huge hospital bills in cash and then later file a claim request. It saves us from the anxiety to arrange the required funds and also fill out the tedious paperwork related to filing health insurance claims. It is best to choose an insurer that has multiple empanelled hospitals in your vicinity so that you can opt for what is best suited to your needs.
- No Claim Bonus - This is a bonus offered by some insurance companies for every year that the health insurance policyholder does not file a claim. One must evaluate the various offers being made by insurance companies before concluding on the best health insurance policy that would suit their needs.
- Claim Processing - It is important to select an insurance company with a good track record of clearing claims and making timely payments.
Muthoot Finance, through its wholly owned subsidiary Muthoot Insurance Brokers, believes in ensuring the best for its customers. We help our esteemed customers evaluate their needs and then research the best option available to them. Our customers can navigate various options available to them and help them choose the best health insurance policy suitable for their families.
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Ask an Expert
CUSTOMER SUPPORT NO.:
8590223204
WRITE TO US:
mib@muthootlife.com
VISIT OUR WEBSITE:
www.muthootinsurancebrokers.com
BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM

Refer a Friend*
Refer a friend & get a Chance to
Win Exciting Muthoot Finance Merchandise
*T&C apply

Ask an Expert
CUSTOMER SUPPORT NO.:
8590223204
WRITE TO US:
mib@muthootlife.com
VISIT OUR WEBSITE:
www.muthootinsurancebrokers.com
BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM

FAQs
Health insurance is important as it offers financial protection against high medical costs and makes sure you have access to quality healthcare without the burden of out-of-pocket expenses. It covers hospitalisation, surgeries, and treatments, reducing stress during emergencies. Policyholders benefit from cashless treatment at network hospitals, regular health check-ups, and tax deductions under Section 80D of the Income Tax Act. With rising healthcare expenses, having health insurance is essential for financial stability, peace of mind, and timely medical care for individuals and families.
Health insurance policies offered by Muthoot Finance, such as the Muthoot Health Guard, typically have a tenure of one year and require annual renewal. This means you pay the premium once a year to maintain coverage. The duration and payment terms can vary based on the specific policy chosen, for detailed information, please consult with Muthoot Insurance Brokers or visit their official website.
Muthoot Finance, through its subsidiary Muthoot Insurance Brokers, offers health insurance policies that adhere to the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). While specific exclusions can vary based on the chosen policy and insurer, common exclusions typically include:
- Pre-existing conditions not disclosed at the time of policy purchase.
- Cosmetic or aesthetic treatments, not medically necessary.
- Self-inflicted injuries or injuries resulting from hazardous activities.
- Treatment for substance abuse or alcohol-related illnesses.
- Non-allopathic treatments, unless specified in the policy.
It's essential to thoroughly review the terms and conditions of your specific health insurance plan to understand all exclusions.
Muthoot Finance offers a wide range of health insurance plans suitable for different age groups. Most standard health insurance policies cover individuals starting from 18 years of age, while children can be covered from as young as 90 days under family floater plans. For senior citizens, specialised policies are available for those aged 65 and above. The maximum entry age and renewal age may vary depending on the insurer and specific policy.
Yes, you can claim health insurance after one month with Muthoot Finance, but it depends on the type of treatment and the policy’s waiting period. Generally, most health insurance plans have a waiting period for pre-existing conditions, maternity, and specific ailments, ranging from 2 to 4 years. However, for accidental hospitalisations and certain illnesses, coverage may begin immediately or after a shorter waiting period. It’s essential to review your policy details to understand the specific waiting periods applicable.
Muthoot Finance offers health insurance plans catering to a broad spectrum of individuals. Eligibility typically begins at 18 years for adults, with family floater plans covering children from 90 days old. Senior citizen policies are also available for those aged 65 and above. While age criteria can vary based on the specific policy and insurer, Muthoot ensures options are available for most age groups.
Health insurance claims with Muthoot Finance can be made based on the policy's terms and conditions. For accidental hospitalizations, coverage often begins immediately. However, for pre-existing conditions, maternity, and certain specified ailments, a waiting period typically ranging from 2 to 4 years applies. It's crucial to review your policy details to understand the specific waiting periods and coverage.
You can refer Muthoot Finance, through its subsidiary Muthoot Insurance Brokers as it offers comprehensive family health insurance plans designed to provide financial protection against medical emergencies. These family floater policies cover the entire family typically the policyholder, spouse, and children under a single sum insured, making them cost-effective and convenient. Key benefits include cashless hospitalisation at network hospitals, coverage for pre and post-hospitalisation expenses, and tax deductions under Section 80D of the Income Tax Act.
Health insurance is important because it offers financial protection against rising medical costs and ensures timely and quality healthcare without causing financial strain. It covers hospitalisation, surgeries, diagnostics, and emergency treatments, reducing the burden of out-of-pocket expenses. Health insurance also promotes preventive care through regular check-ups and wellness benefits. In addition, it provides peace of mind during medical emergencies and offers tax benefits under Section 80D of the Income Tax Act.
If your mediclaim is rejected by Muthoot Finance, it's essential to understand the reasons and take appropriate steps. Common causes for claim rejections include:
- Providing incorrect or incomplete information: Errors in the claim form can lead to rejection.
- Requesting claims during the waiting period: Claims for pre-existing conditions or specific ailments may be denied if filed during the waiting period.
- Non-disclosure of pre-existing conditions: Failure to disclose existing health issues can result in claim denial.
- Delays in filing the claim: Submitting claims after the stipulated time frame can lead to rejection.
- Exhaustion of the sum insured: If the policy's coverage limit has been reached, further claims may not be processed.
The "best" health insurance plan depends on individual requirements, including coverage amount, premium affordability, and specific health needs. Muthoot Finance provides options such as individual, family floater, and senior citizen health insurance plans, each designed to offer comprehensive coverage and financial protection against medical expenses. To determine the most suitable plan, it's advisable to assess your healthcare needs and consult with Muthoot Insurance Brokers for personalised guidance.
At Muthoot Finance, the waiting period for health insurance varies based on the policy type and insurer. Mostly, there is a waiting period of 2 to 4 years before you can claim benefits for pre-existing conditions, maternity, or specific ailments. This means that if you have a pre-existing condition, you may need to wait for this period before making a claim related to that condition. It's advisable to review the terms and conditions of your specific policy to understand the exact waiting periods applicable.
Term life and health insurance serve different but essential purposes, making both important depending on individual needs. Term life insurance provides financial support to your family in case of your untimely death, ensuring their future is secure. Health insurance, on the other hand, covers medical expenses, offering financial protection during illnesses or emergencies. If your goal is to safeguard your family’s future, term life is ideal. If you want coverage for medical costs, health insurance is better.
Popular Searches
- Insurance
- Group Insurance
- Home Insurance
- Vehicle Insurance
- Life Insurance
- Travel Insurance
- Shop Insurance
- bike insurance online
- Types of Insurance
- Types of Car Insurance in India
Points to keep in mind
Here are the aspects to look at to ensure that you buy the best health Insurance policy available in the market!
- Adequate Cover – Asses your needs or what would be needed in case things go wrong. The points that one might need to consider while determining the value of the health insurance are:
- Place of residence – Cost of medical treatment facilities in and around their location of residence.
- Pre-existing diseases - In case the individual or any of the family members have any pre-existing diseases, one should ensure that the insurance cover being taken is adequate to cover the required treatment.
- Premium – The amount of premium one can shell out every month or year at ease, without undergoing financial burden.
- Type of Health Insurance to be purchased – It is important to assess whether you need to purchase individual or family health insurance. For instance, as the family insurance premium is determined by the age of the eldest family member, the premium for all the members together may shoot up if the eldest member is quite old as compared to other members. It may then be feasible to purchase an individual health insurance policy for that member and family floater for rest.
- The earlier the better – It is important to note that none of the insurance companies cover pre-existing diseases at the time of purchasing the health insurance policy for the first few years and there is a waiting period to cover them eventually. Hence, one should buy a health insurance policy earlier in life so that pre-existing diseases, if any, get covered as soon as the initial waiting period is over. In addition, there is a lesser probability of one having many diseases when young.
- Cashless hospitalisation – All insurance companies, have tie-ups with certain hospitals, where they offer cashless hospitalisation facilities. Under this arrangement, there is no need to pay the huge hospital bills in cash and then later file a claim request. It saves us from the anxiety to arrange the required funds and also fill out the tedious paperwork related to filing health insurance claims. It is best to choose an insurer that has multiple empanelled hospitals in your vicinity so that you can opt for what is best suited to your needs.
- No Claim Bonus - This is a bonus offered by some insurance companies for every year that the health insurance policyholder does not file a claim. One must evaluate the various offers being made by insurance companies before concluding on the best health insurance policy that would suit their needs.
- Claim Processing - It is important to select an insurance company with a good track record of clearing claims and making timely payments.
Muthoot Finance, through its wholly owned subsidiary Muthoot Insurance Brokers, believes in ensuring the best for its customers. We help our esteemed customers evaluate their needs and then research the best option available to them. Our customers can navigate various options available to them and help them choose the best health insurance policy suitable for their families.
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