When you buy a health insurance policy, one of the critical factors you must consider is the coverage amount or the sum insured. While you may want to get maximum coverage, you must know that the premium increases proportionately as the sum insured increases. 

If you are not sure how much coverage is enough? It would help if you considered factors like your family’s medical needs, age of the family members, medical inflation, etc., before choosing the policy coverage amount. But generally, experts recommend purchasing a policy with a high coverage amount like one crore or more. 

Today, many insurance companies in India offer one core health insurance plan. But are they really worth it? Who should buy these policies? Read on to find the answer. 

What is one crore health insurance plan?

A one crore health insurance policy is like any other standard plan that guarantees to offer financial protection up to ₹1 crore as per the terms and conditions if any of the members covered under the policy get hospitalised. 

Do you need one crore health insurance policy?

Over the years, healthcare cost in India has been on the rise, and experts suggest that they will continue to rise in the future. Also, with the growing number of lifestyle-related diseases, the need for a robust health insurance cover is hard felt than before.

Today, with the advancements in medical technology, we have newer treatment facilities and techniques. However, the treatment cost has become expensive. The treatment cost for chronic illnesses like cancer or heart disease can run into several lakhs, and without sufficient health insurance, you may deplete your years of hard-earning savings. 

Not to mention, every year, an increasing number of youngsters are diagnosed with stress-related diseases such as diabetes, hypertension, etc. Considering all these factors, it is vital to purchase a health insurance policy with a high sum insured of ₹1 crore. This should give you sufficient financial backup for meeting your family’s medical needs, especially if older adults are covered under the policy. 

What does a one crore health insurance plan cover?

The coverage of your one crore health insurance plan would vary based on the type of plan you buy and the terms and conditions mentioned on the policy documents. However, generally, such plans offer coverage against:

• Bed charges
• Ambulance fees
• Pre- and post-hospitalisation expenses (the coverage duration may vary from 30-120 days)
• Day care procedures
• ICU charges
• Diagnostics/medicines/doctor consultation fees

Such plans also offer other benefits like NCB or no-claim bonus, automatic restoration of the sum insured, top-up cover, etc. 

Who should buy health insurance with one crore sum insured?

Anyone can buy a one crore health insurance plan. However, it can be specifically beneficial if:

• Your family has a history of chronic illness
• You have a large family
• You are diagnosed with any terminal illness
• You have young children or old-aged parents in the family

Final Word

There is no way to predict a medical emergency, but you can always be prepared for it with a health insurance policy.