In recent years, the healthcare landscape in India has seen a significant rise in medical inflation, making traditional health insurance coverage of ₹5 to ₹10 lakh inadequate for many families. Particularly during the COVID-19 pandemic, instances of multiple family members falling ill simultaneously highlighted the insufficiency of a ₹10 lakh family floater health insurance policy. Given these circumstances, it’s imperative to assess the adequacy of health insurance coverage and consider upgrading to higher sums assured, such as ₹1 crore.
Understanding ₹1 Crore Health Insurance Covers
Various types of ₹1 crore sum assured health insurance products are available in the market, offering different coverage structures to policyholders. One common option combines a base policy of ₹10 lakh with a ₹90 lakh super top-up coverage. Super top-up health insurance supplements the primary health insurance policy by providing additional coverage when medical expenses exceed the threshold limit. This combination provides comprehensive coverage up to ₹1 crore from the same insurance provider, facilitating hassle-free claim settlements and cashless treatments.
Alternatively, some insurers offer ground-up ₹1 crore coverage policies without sub-limits, ensuring comprehensive coverage without restrictions on room rent or bill payments.
Factors Influencing Coverage Needs
Several factors determine the appropriate sum assured for health insurance coverage, including family size, location, desired quality of healthcare, and potential medical expenses. High-cost treatments like cancer therapy can quickly deplete lower coverage amounts, leading to financial strain for policyholders. Opting for a ₹1 crore cover, especially on a floater basis covering all family members, provides comprehensive protection against unforeseen medical expenses.
Cost Considerations and Affordability
Contrary to common perception, upgrading from a ₹10 lakh to a ₹1 crore health insurance cover does not entail a tenfold increase in premiums. The additional cost for a ₹1 crore cover is typically only 25-30% higher than that of a ₹10 lakh cover, making it a cost-effective option for significantly enhanced coverage.
Ensuring Peace of Mind
While the premium for a ₹1 crore health cover may be slightly higher, the peace of mind and financial security it offers in the event of a health emergency far outweigh the marginal increase in cost. With rising medical expenses and the prevalence of lifestyle diseases, investing in adequate health insurance coverage, such as a ₹1 crore policy, is essential to safeguarding one’s well-being and financial stability in the long term.
