- Date : 01/12/2020
- Read: 6 mins
Take a look at some of the best health insurance plans available for women in India.
In today’s world, it is crucial to have health insurance and life insurance. The chances of being afflicted by a severe illness have been steadily increasing in recent years. More and more people are falling sick and spending lakhs of rupees on their treatment. Poor health is now common even among the youth. Moreover, modernization, and increased dependency on technology, and sedentary lifestyles are only adding up to the burden.
Although the healthcare system in the county has improved by leaps and bounds, there are issues that still need to be addressed, and one of them is the dearth of adequate insurance plans for women. When we talk about health insurance plans, there’s often a lack of features when it comes to women-specific plans. Most insurance plans are designed for men and children; women’s health issues are rarely included in the average critical illness cover.
Let’s get to know a bit more about why health insurance is important for women and what kinds of plans they can choose.
Why opt for a women-specific health insurance policy?
Women and their health issues have been ignored or trivialised for generations. An average health insurance plan covers ailments such as kidney issues, heart attacks, etc. However, women-specific critical illnesses like arthritis, breast cancer, ovarian cancer, etc. also require similar levels of medical attention and can result in high hospital expenses.
That aside, most women go through pregnancy and childbirth. This can cause many gynaecological health complications, the repercussions of which can last for years or decades.
Frequently, women tend to be included as dependents on their husband’s or parents’ health policy. This limits their coverage to a family floater pack. But since women are biologically very different from men, they also require a unique healthcare plan that can cover all their medical expenses and offer them and their families protection in times of uncertainty.
Notably, the premium paid towards insurance can be used to claim tax benefits. Women can claim a tax deduction of up to Rs 25,000 on the health insurance premium they pay for themselves, their spouse, and children, plus an additional Rs 25,000 for their parents as per Section 80D of the Income Tax Act 1961. So, insurance is also a great savings tool for women and should, therefore, be encouraged.
Related: Why Women Face More Health Issues Than Men As They Age?
What are the best insurance plans for women?
Here are some popular health insurance plans that offer comprehensive coverage specifically designed for women.
1. TATA AIG Wellsurance Woman Policy
This health insurance cover from TATA AIG has three components that women can choose from:
- Classic: This is a basic plan that offers an ICU benefit of Rs 3000 per day.
- Supreme: This plan offers better coverage at Rs 4500 ICU benefit per day.
- Elite: This is the highest coverage and provides an ICU benefit of Rs 6000 per day.
In addition to these plans, the policy covers ambulance charges, cosmetic reconstruction surgery, and 11 critical illnesses such as cancer, major organ transplant, kidney failure, stroke, coma, major burns, multiple sclerosis, etc. It also offers services like a free health line, a health portal for queries, access to more than 200 gyms and skincare centres, etc. The policy term is for one year, and the plan can be bought for any woman between the ages of 18 and 65.
Since the plan is backed by a trustworthy health insurance company, TATA AIG, the claim settlement ratio was an impressive 96% for FY 2018-19.
Related: Is Cosmetic Surgery Covered By Insurance?
2. Bajaj Allianz + Women Critical Illness Policy
This critical illness plan has a policy term of one year and covers ailments such as breast cancer, ovarian cancer, vaginal cancer, fallopian tube cancer, heart attack, etc. This women-centric plan covers 8 types of cancers that are common in women. The sum assured ranges from Rs 50,000 to Rs 2 lakh, and any woman aged between 21 and 65 is eligible.
Women can claim a lump sum amount on being diagnosed with any of the listed critical illnesses, which ensures increased liquidity. The plan also offers added benefits such as a cover for loss of job in case of unemployment within three months of diagnosis, a child education bonus of Rs, 25,000, and a benefit for congenital disabilities that amounts to 50% of the sum insured.
Bajaj Allianz had a claim settlement ratio of 98% in 2018-19.
3. New India Asha Kiran Policy
New India Asha Kiran policy is a unique plan designed for parents with daughters, although it can also be availed of by adult women. It covers 11 critical illnesses and provides hospitalisation cover, permanent disability cover, and personal accident cover. The age range for children is 3 months to 25 years, while for adults it is 18 to 65 years. The sum insured options range from Rs 1 lakh and go up to Rs 8 lakh.
In case of hospitalisation, the company pays 0.1% of the sum assured as daily cash. What’s more, 30 days of pre-hospitalisation and 60 days of post-hospitalisation expenses are also covered under this plan. The policy bundles an organ donor cover as well and includes 74 daycare procedures.
With a claim settlement ratio of 95.92%, this wholesome health insurance plan offers many benefits.
4. Reliance Health Gain Policy
This health insurance plan targeted at women offers a special discount for single women or girl children. It covers pre- and post-hospitalisation expenses up to 60 days, and organ donor expenditure up to 50% of the plan or up to a maximum of Rs 5 lakh.
For a delay in claim settlement of more than six hours, the company gives 1% of the sum insured in case of cashless claims. And in case of reimbursement claims, it offers between 1% and 6% of the claim amount for a delay of more than 21 days.
Reliance Health Insurance boasts of a claim settlement ratio of 84% for the year 2018-19.
Related: 5 Government Schemes That Empower The Girl Child
Health insurance is vital for women, and the policies we discussed above ensure that they receive the care and protection they deserve. With women-specific covers, inclusions, and provisions in tax laws, these plans are ideal for all women.
Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.
In today’s world, it is crucial to have health insurance and life insurance. The chances of being afflicted by a severe illness have been steadily increasing in recent years. More and more people are falling sick and spending lakhs of rupees on their treatment. Poor health is now common even among the youth. Moreover, modernization, and increased dependency on technology, and sedentary lifestyles are only adding up to the burden.
Although the healthcare system in the county has improved by leaps and bounds, there are issues that still need to be addressed, and one of them is the dearth of adequate insurance plans for women. When we talk about health insurance plans, there’s often a lack of features when it comes to women-specific plans. Most insurance plans are designed for men and children; women’s health issues are rarely included in the average critical illness cover.
Let’s get to know a bit more about why health insurance is important for women and what kinds of plans they can choose.
Why opt for a women-specific health insurance policy?
Women and their health issues have been ignored or trivialised for generations. An average health insurance plan covers ailments such as kidney issues, heart attacks, etc. However, women-specific critical illnesses like arthritis, breast cancer, ovarian cancer, etc. also require similar levels of medical attention and can result in high hospital expenses.
That aside, most women go through pregnancy and childbirth. This can cause many gynaecological health complications, the repercussions of which can last for years or decades.
Frequently, women tend to be included as dependents on their husband’s or parents’ health policy. This limits their coverage to a family floater pack. But since women are biologically very different from men, they also require a unique healthcare plan that can cover all their medical expenses and offer them and their families protection in times of uncertainty.
Notably, the premium paid towards insurance can be used to claim tax benefits. Women can claim a tax deduction of up to Rs 25,000 on the health insurance premium they pay for themselves, their spouse, and children, plus an additional Rs 25,000 for their parents as per Section 80D of the Income Tax Act 1961. So, insurance is also a great savings tool for women and should, therefore, be encouraged.
Related: Why Women Face More Health Issues Than Men As They Age?
What are the best insurance plans for women?
Here are some popular health insurance plans that offer comprehensive coverage specifically designed for women.
1. TATA AIG Wellsurance Woman Policy
This health insurance cover from TATA AIG has three components that women can choose from:
- Classic: This is a basic plan that offers an ICU benefit of Rs 3000 per day.
- Supreme: This plan offers better coverage at Rs 4500 ICU benefit per day.
- Elite: This is the highest coverage and provides an ICU benefit of Rs 6000 per day.
In addition to these plans, the policy covers ambulance charges, cosmetic reconstruction surgery, and 11 critical illnesses such as cancer, major organ transplant, kidney failure, stroke, coma, major burns, multiple sclerosis, etc. It also offers services like a free health line, a health portal for queries, access to more than 200 gyms and skincare centres, etc. The policy term is for one year, and the plan can be bought for any woman between the ages of 18 and 65.
Since the plan is backed by a trustworthy health insurance company, TATA AIG, the claim settlement ratio was an impressive 96% for FY 2018-19.
Related: Is Cosmetic Surgery Covered By Insurance?
2. Bajaj Allianz + Women Critical Illness Policy
This critical illness plan has a policy term of one year and covers ailments such as breast cancer, ovarian cancer, vaginal cancer, fallopian tube cancer, heart attack, etc. This women-centric plan covers 8 types of cancers that are common in women. The sum assured ranges from Rs 50,000 to Rs 2 lakh, and any woman aged between 21 and 65 is eligible.
Women can claim a lump sum amount on being diagnosed with any of the listed critical illnesses, which ensures increased liquidity. The plan also offers added benefits such as a cover for loss of job in case of unemployment within three months of diagnosis, a child education bonus of Rs, 25,000, and a benefit for congenital disabilities that amounts to 50% of the sum insured.
Bajaj Allianz had a claim settlement ratio of 98% in 2018-19.
3. New India Asha Kiran Policy
New India Asha Kiran policy is a unique plan designed for parents with daughters, although it can also be availed of by adult women. It covers 11 critical illnesses and provides hospitalisation cover, permanent disability cover, and personal accident cover. The age range for children is 3 months to 25 years, while for adults it is 18 to 65 years. The sum insured options range from Rs 1 lakh and go up to Rs 8 lakh.
In case of hospitalisation, the company pays 0.1% of the sum assured as daily cash. What’s more, 30 days of pre-hospitalisation and 60 days of post-hospitalisation expenses are also covered under this plan. The policy bundles an organ donor cover as well and includes 74 daycare procedures.
With a claim settlement ratio of 95.92%, this wholesome health insurance plan offers many benefits.
4. Reliance Health Gain Policy
This health insurance plan targeted at women offers a special discount for single women or girl children. It covers pre- and post-hospitalisation expenses up to 60 days, and organ donor expenditure up to 50% of the plan or up to a maximum of Rs 5 lakh.
For a delay in claim settlement of more than six hours, the company gives 1% of the sum insured in case of cashless claims. And in case of reimbursement claims, it offers between 1% and 6% of the claim amount for a delay of more than 21 days.
Reliance Health Insurance boasts of a claim settlement ratio of 84% for the year 2018-19.
Related: 5 Government Schemes That Empower The Girl Child
Health insurance is vital for women, and the policies we discussed above ensure that they receive the care and protection they deserve. With women-specific covers, inclusions, and provisions in tax laws, these plans are ideal for all women.
Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.
