Long Term Health Insurance

Long Term Health Insurance in India typically provides coverage for medical expenses incurred due to illnesses and injuries for an extended period of time. With Long Term health insurance, you can ensure that you have the necessary financial support to manage your healthcare needs in the long run. Let's learn more about this and know why it is important to have one.

Long Term health insurance, also known as major medical insurance, provides coverage for a period of 2-3 years, unlike regular health insurance which typically lasts for 1 year. It offers higher policy maximums and additional benefits such as preventative care but may be less flexible than travel plans.

These insurance plans are designed for individuals who prefer uninterrupted medical coverage without the need to renew their policy annually. By opting for Long Term Health Insurance in India, you can secure your coverage and premium for a longer duration. Additionally, these plans are often available at a discounted premium compared to yearly health insurance plans that need to be renewed annually.

When applying for Long Term Health Insurance Online, you will need to undergo medical underwriting, where you will be required to answer health-related questions to ensure your eligibility. The rates you pay for this type of insurance depend on various factors including your age, health condition, gender, marital status, and the insurance company you choose.

Listed below are the highlights of long term insurance.

• Coverage Duration: Long Term health insurance policies come with a duration of 2-3 years. This means for the usage of long term health insurance you have insurance coverage for the entire duration of the policy, without worrying about renewals.
• Comprehensive Coverage: Long term health insurance online policies offer comprehensive coverage for a wide range of medical expenses such as hospitalisation, surgeries, diagnostic tests, and post-hospitalisation expenses.
• Affordable Premiums: Long Term health insurance policies offer affordable premiums for 2-3 year duration. The premiums are calculated based on the policyholder's age, health condition, and medical history.
• No-Claim Bonus: When you buy long term health insurance, policyholders can avail of a no-claim bonus on Long Term health insurance policies if they do not make any claims during the policy term. This bonus can be further used to cover future premiums or additional health expenses.
• Tax Benefits: Long Term Health Insurance in India offer tax benefits under Section 80D of the Income Tax Act, 1961, where policyholders can avail of tax exemptions for the premiums paid towards the policy.
• Renewability: The usage of long term health insurance policies will offer renewability options after the 2-3 year duration is over. Policyholders have the option to renew the policy while availing of the same benefits or making additional changes as per their requirements.

It is important to read the policy document carefully before purchasing Long Term health insurance, to ensure that the policy meets your medical requirements in the long run.

Long term health insurance online is designed to provide individuals with extended coverage, offering a range of features that make it a valuable investment. Here are some key features of Long Term health insurance:

• No Annual Renewal: Unlike traditional health insurance plans, Long Term health insurance does not require annual renewal. Once you enrol, your coverage continues for an extended period, giving you peace of mind and eliminating the need for yearly administrative tasks.
• Cost Efficiency: Long Term Health Insurance in India offers cost efficiency by providing coverage for a longer duration. This means you can lock in a fixed premium rate and protect yourself from potential increases in healthcare costs, ensuring financial stability and predictability of expenses.
• Convenience of Payment: Long Term health insurance policies often offer flexible payment options, allowing you to choose a payment frequency that suits your needs. When you buy long term health insurance — monthly, quarterly, or annually, the convenience of payment makes it easier to manage your insurance premiums.
• Additional Rider Benefits: Long Term health insurance policies may come with optional rider benefits that can be added to enhance your coverage. These riders can include coverage for specific medical conditions or services not typically covered by the primary policy, providing you with added protection and tailored benefits.
• Tax Benefits: Long Term Health Insurance in India often qualifies for tax benefits, allowing you to enjoy deductions on premiums paid or claim tax credits, depending on your country's tax laws. These tax incentives can help reduce the financial burden of healthcare expenses.
• Ease of Business: Long Term health insurance providers strive to offer a seamless customer experience by providing user-friendly digital platforms, streamlined claims processes, and dedicated customer service teams. This ease of doing business ensures that you can easily buy long term health insurance and manage your policy and receive timely assistance when needed.
• Protection for the Long Term: One of the primary advantages of Long Term health insurance is its ability to provide protection for an extended period. By safeguarding your health and finances for the long run, it offers you and your loved ones the peace of mind and security needed to navigate any unforeseen medical challenges.

The clause of lifetime renewability in health insurance policies enables the policyholders to renew their coverage without the need to re-qualify for a new policy. This feature proves to be helpful in avoiding the hassle of buying new policies and bearing high insurance costs. Moreover, the policyholders can continue to receive health insurance coverage throughout their life without any age restrictions. This feature is particularly advantageous for senior citizens as the premium of their health insurance plan tends to increase with age.

Therefore, a lifetime renewability clause proves to be a valuable addition to a health insurance policy, ensuring uninterrupted health coverage for the policyholders.

Long Term health insurance plans offer several benefits, including:

• Tax Benefits: Long Term health insurance plans provide you tax benefits under Section 80D of the Income Tax Act.
• No Financial Stress: One of the significant benefits of Long Term health insurance is that it provides you with financial security and peace of mind for an extended period.
• No Claim Bonus (NCB): Long Term health insurance policies offer a No Claim Bonus (NCB) that rewards policyholders for not claiming insurance in the previous year.
• Pocket-Friendly: Long Term health insurance plans are cost-effective as the premium is frozen for the long term, and you don't have to pay a higher premium every year.
• No Premium Revision: Long Term health insurance plans come with a fixed premium that remains unchanged for the entire policy term, providing predictable and consistent expenses.
• Longer Coverage Duration: Long Term health insurance plans offer coverage for a more extended period, ranging from 2 to 3 years, so you don't have to worry about renewing your policy every year.

In summary, Long Term health insurance coverage provides several benefits that can help you save money, stress, and time.

Listed below are the diseases covered under long term health insurance.

• Coverage for critical illnesses: Long Term health insurance policies typically provide coverage for critical illnesses. These are life-threatening conditions that require extensive treatment and care. Examples of critical illnesses covered under these policies include cancer, brain stroke, heart stroke, kidney failure, and organ transplant.
• Coverage for treatment cost: Long Term health insurance also covers the cost of treatment, both before and after surgery. This includes diagnostic tests, consultations with specialists, medication, and rehabilitation services. The aim is to support the insured in managing their healthcare expenses throughout their treatment journey.
• AYUSH coverage: Some Long Term health insurance policies include Ayush coverage, which refers to additional health services beyond the basic health insurance plan. This can include alternative therapies, like Ayurveda, Yoga, Unani, Siddha, and Homeopathy, providing insured individuals with a holistic approach to medical treatment.
• Coverage for hospitalisation: Long Term health insurance policies provide coverage for the treatment of various health conditions at hospitals. This includes expenses related to prolonged illnesses, diseases, surgeries, and injuries from accidents. The coverage helps alleviate the financial burden of hospitalisation, including room charges, medical procedures, and intensive care services.
• Coverage for minor surgeries: Insurance coverage extends to minor surgeries that may not require long hospital stays. Examples of such surgeries include cataract surgery, tonsillitis removal, breast biopsy, and other outpatient procedures. This coverage ensures that individuals can access necessary surgeries without worrying about the associated costs.
• Additional health services: Long Term health insurance policies often offer additional health services not covered under the basic plan. These can include maternity costs, waiver of room rent, ambulance services, and other ancillary medical expenses. Providing coverage for these expenses helps insured individuals manage major treatment costs and provides additional support during critical healthcare situations.

In Long Term health insurance, there are certain diseases that may be excluded from coverage. Here is a list of some common exclusions:

• Treatment related to pregnancy, childbirth, miscarriage, abortion, and their consequences.
• Any diagnosis of diseases, undergoing surgery, or occurrence of an event whose signs or symptoms first occur within 30 days of the policy start date.
• Congenital diseases, which are present from birth.
• Expenses related to self-inflicted injury, such as suicide or attempted suicide.
• Expenses arising from alcohol or drug use, misuse, or abuse.
• Tests and treatments related to in vitro fertilisation.
• Injuries or conditions resulting from war, riots, strikes, or the use of nuclear weapons.

It is important to note that these exclusions may vary depending on the specific insurance policy. It is recommended to carefully review the policy documents to fully understand the specific list of exclusions under Long Term health insurance.

The main difference between short-term, regular, and Long Term health insurance lies in the coverage period, premiums, coverage limit, treatment of pre-existing conditions, waiting period, flexibility in plans, renewal options, portability, and major medical coverage.

Short-term health insurance provides coverage typically for a period of 3-6 months, with lower premiums compared to regular and Long Term health insurance. However, it offers limited coverage and may not cover pre-existing conditions. There is usually no waiting period and the plans are flexible.

Regular health insurance covers for 12 months, with higher premiums but comprehensive coverage. It often covers pre-existing conditions, with either no or a short waiting period. The plans are fixed and renewable, providing a higher level of portability.

Long Term health insurance provides coverage for 2 -3 years, with higher premiums similar to regular health insurance. It offers comprehensive coverage, usually covers pre-existing conditions, and has no or short waiting periods. The plans are fixed, renewable, and portable.

It is important to consider your healthcare needs and financial situation when choosing between the different types of health insurance.

Listed below are the eligibility criteria for Long Term Health Insurance in India.

• Citizenship: Indian citizens are eligible to purchase a term insurance plan in their own name in India.
• Health condition: Insurance providers typically require a policyholder to undergo a health examination to assess their current health status and evaluate the potential risks for the insurer.
• Age criteria: The eligibility criteria for long term health insurance policies in India generally range from 18 to 65 years old. However, certain plans may also cover dependent children aged between 91 days to 25 years old.
• Pre-policy medical check-up: Many insurance providers may require individuals above the age of 45 to undergo a pre-policy medical check-up before availing of the insurance coverage.

Conclusion

Long Term Health Insurance offers financial security and peace of mind for individuals in the face of potential medical expenses· It provides coverage for a wide range of healthcare needs, including chronic illnesses and long-term care services· This insurance safeguards one's savings, reduces stress, and ensures access to quality healthcare throughout life· Invest in Long-Term Health Insurance today and secure your future well-being·