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Decoding the Rs.1 crore health insurance 

The Rs.1 crore health insurance policy is a combo plan which combines an indemnity policy with a super top-up one. An indemnity plan is one that covers the medical expenses incurred when you are hospitalized. A super top-up plan is also an indemnity plan wherein the actual medical costs are covered but only when they exceed the deductible limit.

For example:
Rs.10 lakh indemnity cover + Rs.90 lakh super top-up cover (with a deductible limit of Rs.10 lakhs)

So, in this case, claims up to Rs.10 lakhs would be covered by the indemnity policy. As soon as claims exceed Rs.10 lakhs, which is also the deductible of the super top-up policy, the super top-up policy would pay the excess claim. So, in effect, you get coverage of Rs.1 crore and the premiums are very affordable since the majority of the plan is a super top-up plan which has low premium outgoes.

The Rs.1 crore health plan, therefore, helps you enjoy a comprehensive scope of coverage without even hurting your pockets.

Here are some reasons why an Rs.1 crore health plan can prove beneficial: 

Medical expenses are steadily increasing

Medical expenses are going through the roof, and this is no exaggeration. As per reports *, health inflation rose to 8.4% in May 2021 and 7.7% in June 2021. Compared to this, inflation was reported at 3.8% in December 2019. 

Call it the effect of the pandemic or the technologically advanced treatments, health inflation is a reality, something which would make medical expenses dearer with passing time. As such, having high coverage has become indispensable. 

Optimal coverage is needed for your whole family

Most of you invest in a family floater policy to cover all your family members under a single plan. When covering multiple members, having an optimal sum insured becomes all the more necessary. If different members make different claims in a policy year, the sum insured might run short. However, when you opt for the Rs.1 crore plan, multiple claims would not affect you.

Critical illnesses and severe emergencies need considerable funds 

While simple illnesses and treatments like an appendectomy, gall bladder surgery, or angioplasty might not incur considerable expenses, a severe emergency might. In the case of critical illnesses like cancer, stroke or if there is a major accident, the treatment costs might be considerable. In such cases, you need sufficient sum insured coverage to meet the cost of advanced treatments. The Rs.1 crore health plan comes to your aid in such extreme contingencies and proves optimal.

These reasons justify why the latest Rs.1 crore health plan is beneficial. It allows you a wider scope of coverage and does not even prove to be a burden on your pockets. Moreover, lifelong renewability ensures that you can enjoy coverage even in your ripe old age when the need for an optimal plan becomes all the more important.