What is Health Insurance?

What is Health Insurance?


Health insurance, alternatively referred to as, medical insurance or simply mediclaim, is a type of insurance coverage that covers the cost of an individual's medical and surgical expenses.

The individual, also known as the insured, pays a fixed sum (premium), every year for the health cover.

In case of a medical problem that necessitates surgery/hospitalization, the insured is reimbursed by the health insurance company either directly in cash or indirectly through payment to the hospital / clinic.

Taking health insurance is one of those things an individual cannot ignore given the rising costs of treating health problems. Inflation in medicare or medical treatment is a lot higher than general inflation or inflation in other categories like food and clothing. While inflation in most categories is in single digits, inflation in medicare is often higher.

Take cancer treatment, the cost of which today could vary in the region of Rs 2 lakhs to upwards of Rs 4 lakhs per round/cycle, depending on the stage or type of cancer.

Even if we take the base treatment rate of Rs 2,00,000 prevailing today, we could well be looking at over Rs 3,22,000 after five years assuming 10% annual increase (CAGR) in cost of treatment. Cost escalation of this nature could also prevail in other forms of treatment/surgery like heart surgery or knee replacement surgery.

Arranging large sums of money at the last moment to treat medical emergencies is difficult if not impossible for most individuals. Hence being prepared is the only way out.

One way to plan for medical emergencies better is by opting for health insurance plans. Health insurance offers considerable leeway in terms of disease coverage. Certain health insurance plans cover as many as 30 critical illnesses and more than 80 surgical procedures. The health insurance plan disburses payment towards treatment regardless of actual expenses. The policy continues even after the benefit payment on selected illnesses.





Presented by :

Category : Family Health Insurance

*premium Amount for Male, 35 yrs, 10 year term, Silver option, including tax.
HDFC Standard Life Insurance Company Limited.

Insurance is the subject matter of the solicitation. For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale. HDFC Life Health Assure Plan (Form No. P501-105, UIN: 101N087V01) is the name of traditional health plan offered by HDFC Life. HDFC Standard Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Health Assure Plan is only the name of the product. The name of the company, name of the brand and the name of the product does not in any way indicate the quality of the contract, its future prospects or returns. HDFC Standard Life Insurance Company Ltd. IRDAI Reg No. : 101. ARN: MC/03/2015/6186.
CIN: U99999MH2000PLC128245. Tax benefits are subject to change in tax laws.

Corporate Office & Registered Address

HDFC Standard Life Insurance Company Ltd.
Lodha Excelus, 13th Floor Apollo Mills Compound,
N.M. Joshi Marg, Mahalaxmi
Mumbai, Maharashtra 400011
Telephone: (022) 67516666

Get in touch with us

Fill out the form below and we’ll be in touch.

Please Enter your Name
Please Enter your Email id
Please Enter Your Mobile no



Disclaimer: By submitting your contact details, you agree to HDFC Life's Privacy Policy and authorize HDFC Life and/or its authorized Service Providers to verify the above information and/or contact you to assist you with the purchase. This will override any NDNC registration made by you.