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Why Should You Buy Rs 1 Crore Health Insurance Cover?

Amid the soaring medical expenses, having a health insurance policy that covers the needs of the family is imperative. By paying a nominal premium amount for a policy that covers the insured and the family, one can save a lot of money that goes in paying the hospitalization expenses. Recent reports show that there has been a major shift in the mindset of people, and most of the families are opting for a health insurance policy. Still, the point is, are they getting adequate insurance cover for the medical expenses of the whole family?

Insurance companies in India have introduced health insurance policy of Rs 1 Crore that will provide all the coverage benefits including hospital room rent, air ambulance charges, overseas treatment cover, maternity cover, critical illness cover, organ donation charges, and many add-n benefits that are not available in a basic health plan.

With an adequate health insurance cover, the policyholder does not need to worry about the financial burden arising due to such medical emergencies. Having a sufficient cover keeps a person stress free, and one can enjoy life to the fullest.

With all the benefits, one also needs to understand if there is a need to buy a 1 Crore health insurance as it might cost heavy on the pocket. If someone is buying health cover of Rs 50 Lakh and above, then it makes sense to go for Rs 1 Crore sum insured amount. There will be a slight difference in the premium but the scope of coverage will be higher and full proof against all the medical expenses. For this, it is important to assess the need of the family and the medical cover they will require.

Some of the reasons why people opt for 1 crore health insurance cover are listed below:

Rising Medical Expenses: Over the years, treatment expenses of some major diseases have skyrocketed, and government plans and schemes might not be able to cover the entire cost of the treatment. In such a scenario, it is important to have a robust health insurance plan that can cover the family and provide financial assistance in case of a medical emergency.

Below is the list of some of the common treatments and the associated costs with it. Please note that the figures are indicative and may vary at the time of actual treatment.

Illness Name

Approximate Treatment Cost ( in Rupees)

Brain Tumor Surgery

15-20 Lakh

Kidney Transplant

6-10 Lakh

Liver Transplant

25-30 Lakh

Chemotherapy (6 sessions and more)

5-8 Lakh

Lung Transplant

15-30 Lakh

Breast Cancer Surgery

6-10 Lakh

Angioplasty Surgery

1.4-4 Lakh

The costs involve only surgical treatment and pharmacy, and other expenses have not been considered. Please note that the above-stated diseases are becoming common, and thousands of people have to go through such procedures every year.

A person with inadequate health insurance cover at the time of such a medical emergency will be helpless and won’t be able to get the required treatment.

Deteriorating Global Health Scenario: Global health issues have been on a constant rise amid the increasing pollution, unhealthy lifestyle, stress, lack of medical facilities in rural areas, and also the inability to meet the medical expenses. This has lead to a situation where millions of people are suffering from life-threatening diseases, and even children have become vulnerable to such diseases.

The World Health Organization has mentioned the need to have a healthy lifestyle to protect oneself from diseases and live a healthy life. Reports have shown that every 4th person in the world is at the risk of getting a life-threatening disease like a tumor, kidney failure, heart failure, lung collapse, renal malfunction, various forms of cancers, and others. In such a scenario, having a health insurance policy of Rs 1 Crore cover can be highly beneficial in availing the best possible treatment in India and overseas.

 Current Pandemic Situation: The current COVID-19 situation has shown that the world is not prepared for a pandemic. All medical facilities have fallen short of providing resurrecting medical care to infected people. Human civilization has been fighting the pandemics for a long time, and it has been a long battle against undetected diseases, which kills millions of people every year.

As one can never be prepared to fight such an unprecedented situation, but if there are means to provide sufficient healthcare, it is still possible to battle such diseases. Imagine being in a situation where the whole family is at the risk of a contagious disease, and there is no means of getting medical care. To be prepared to combat such a situation will require medical insurance plans which cover the pandemic situation and provide an indefinite health cover.

Best 1 Crore Health Cover Insurance Plans

 Many insurance providers offer Rs 1 Crore health cover. Some of the best medical insurance plans are listed below:

Insurance Plan

Policy Type

Sum Insured (Rs)

Estimated Premium Annually for a 40 year old (Rs)

Aditya Birla Health Insurance

Active Assured Diamond

1 Cr.

26,000

Bharti AXA Health Insurance

Smart Super Health Insurance (Uber)

1 Cr.

46,000

Care Health Insurance (Formerly known as Religare Health Insurance) 

Care Advantage

1 Cr.

 28, 000

Digit Health Insurance

Super Care Health Plan

1 Cr.

40,000

Edelweiss Health Insurance

Platinum Plan

1 Cr.

59,000

Liberty Health Insurance

Elite Combo

1 Cr.

20,000

ManipalCigna Health Insurance

Pro-Health Premier

1 Cr.

63,029

Max Bupa Health Insurance

1 Crore Super Saver

1 Cr.

20,687

Star Health Insurance

Star Comprehensive

1 Cr.

39,000

*Paisawiki doesn’t endorse, rate or recommend any particular insurer or insurance product offered by an insurer

Who Should Buy 1 Crore Health Insurance Policy?

Family History of Critical Illness: A genetic history of a family might have some critical illnesses in the past, and that might put the life of current family members at risk. There are cases where people genetically inherit cardiovascular diseases, and they face trouble later in life. In such a scenario, buying a Rs 1 Crore health insurance policy is a must for the family.

 A person above the age of 40: With the debilitating lifestyle and increased risk of life-threatening diseases, people above the age of 40 years are more prone to acquire life-threatening diseases. Once a person hits the age of 40 years, there are chances to get chronic diseases like cardiac health issues, kidney issues, and more. It is better to have a health insurance plan that covers such issues and assures financial assistance at the time of medical emergencies.

 Sole Earner of the Family: The breadwinner of the family is always concerned about the health issues of the family members, and in a case where the sole earner falls ill, it becomes really difficult to battle such a situation. Also, one can lose out on all the savings on the medical expenses leaving one empty-handed and prone to any other financial crunch.

 It is, therefore, important to have an insurance plan to safeguard the life of the insured and the family. A family floater life insurance plan would be better as it will cover all the expenses for the whole family.

 How to Buy Health Insurance Plan?

 Health Insurance plan can easily be purchased online by providing all the necessary details. The documents required to buy a health insurance plan in India are listed below:

 Age proof - The premium of the policy majorly depends upon the age of the insured, and thus having an age proof document is must get an insurance plan. Documents which age proofs are as follows:

  • Birth certificate
  • Voter's ID Card
  • Pan Card
  • Aadhar Card
  • Driving Licence
  • Passport

Identity proof - A valid identity proof is required to authenticate the identity of the applicant. The commonly accepted identity proofs include the following:

  • Voter's ID Card
  • Passport
  • Aadhar Card
  • Aadhar Card
  • Driving Licence

Address Proof - The insurer will require the address proof to send important policy documents and other important details. Following documents classify as address proof:

  • Utility bills like electricity bill, telephone bill, etc.
  • Ration card
  • Driving license
  • Passport
  • Rent agreement if you are a tenant
  • A copy of your PAN Card
  • A copy of your Aadhar Card
  • A passport-sized photograph is also required.

 The last major document is the medical certificate from the authorized doctor to substantiate any pre-existing medical conditions. One should always mention the medical history in the application form as sharing the complete details about the health is of prime importance.

 FAQs

Written By: Paisawiki - Updated: 22 October 2020

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