5 Lakh Health Insurance

In today’s fast-paced world, health insurance is no longer a luxury but a necessity. It is a proactive measure that protects us from the devastating consequences of unforeseen medical expenses.

Considering the rising medical costs, ₹5 lakh health insurance is an ideal safeguard that can provide financial coverage against most medical emergencies.

Reliance General Insurance presents a range of health insurance plans for ₹5 lakhs that offer maximum coverage at cost-effective premiums and address the diverse needs of different categories of individuals.

What is a ₹5 lakh Medical I​​nsurance Policy?

A ₹5 lakh health insurance policy is a health insurance plan that comes with a sum insured of ₹5 lakh. This policy offers extensive coverage for medical costs of up to ₹5 lakh, covering various situations, such as accidents, specific illnesses and injuries. It ensures that you and your loved ones remain secure even in financial hardships.

The premium for health insurance of ₹5 lakh is calculated on the basis of several factors, such as age, medical history, geographical location, type of ₹5 lakh health insurance and add-on benefits.

Our health insurance of ₹5 lakh also provides the flexibility to choose between two claim options— reimbursement or cashless treatment. Thanks to this, you can choose the approach that best fits your situation and enjoy policy benefits seamlessly.

How Does the ₹5 Lakh Health ​Insurance Plan Work?

• Purchasing a ₹5 Lakh Health Insurance Plan: You compare the different health insurance of ₹5 lakh available with us. Then, buy the one that offers optimum coverage and suits your needs
• Hospitalisation and Claim Registration: If hospitalised, you have to promptly inform the claims team about your hospitalisation. Then, register your claim for your ₹5 lakh health insurance plan and submit the required details about the type of treatment planned.
• Claim Processing: Once you provide the necessary information and documents to us, we will assess your claim and ensure that treatment is included in your health insurance plan.
• Claim Settlement: Based on your chosen claim type, we will settle your claim by either reimbursing you or settling the bills with the hospital directly.

Benefits of a ₹5 Lakh Health Ins​​urance Plan

Wide-Ranging Health Insurance Coverage

Our ₹5 lakh health insurance plans offer extensive coverage for unexpected medical expenses for a range of treatments. These include domiciliary hospitalisation, organ donor, in-patient care, daycare procedures, AYUSH treatment, etc.

Financial Security

Having health insurance of ₹5 lakh reduces financial burden. It also provides peace of mind, knowing you have access to necessary medical care throughout the policy period.

Pocket-Friendly Premiums

Low premiums on ₹5 lakh medical insurance benefit you to enjoy financial protection without compromising your savings. The premiums of our plans start at as low as ₹243 per month*.

Flexible Policy Tenure

We offer a flexible policy period for health insurance plans for 5 lakhs, ranging between 1 and 3 years, with some policies offering lifelong renewal.

Who Should Opt for a ₹5 Lakh Hea​lth Insurance Plan?

1. Young People: Young individuals starting their careers can build financial discipline and enjoy medical coverage by investing in a suitable ₹5 lakh health insurance.
2. Families: Nuclear families with 2-3 members and joint families with low income can benefit from the ₹5 lakh health insurance for families.
3. Individuals Needing Moderate Medical Coverage: This health plan is suitable for people who do not have any major health issues and only require basic to moderate medical care.
4. Individuals with Limited Earnings: Health insurance plans for ₹5 lakhs offer financial protection at affordable premiums, making them ideal for low and medium-income individuals.

Types of Health Insurance of ₹5 La​​kh at Reliance General Insurance

Health insurance needs differ from person to person. To address these unique needs, Reliance General Insurance offers a wide range of ₹5 lakh health insurance plans that offer specific coverage and adequately support you during medical emergencies.

How to Choose the Best ₹5 Lakh H​​ealth Insurance Plan?

Opt for a Suitable Plan

Reliance General Insurance offers a wide range of plans that cater to various needs and thus offer varied coverage options. Thus, select health insurance that offers coverage of ₹5 lakhs and at an affordable premium of ₹5 lakh health insurance.

Compare Plans Online

Next, once you have identified all the plans that offer the required sum insured, compare our plans with each other online. This will allow you to compare our plans on various other aspects, such as inclusions and exclusions, discounts, the maximum number of people covered in a policy, etc.

Select a Plan With Appropriate Coverage

The next step in choosing ₹5 lakh health insurance is to assess your needs and choose a plan that gives you the right coverage. For example, if you are looking for coverage specifically designed for specially-abled people, then it would be best to choose our specially-abled health insurance plan.

Easy to Buy and Claim

Ensure that the health insurance of ₹5 lakh you choose can be bought and claimed online with just a few easy steps. Also, ensure that the plan requires minimal paperwork and is quick. To ensure this, also review the claim settlement ratio. We have a claim settlement ratio of 100%*.

What is the Coverage in Health In​surance of ₹5 Lakh?

• Hospitalisation expenses, including room charges, nursing and intensive care units
• Pre-and post-hospitalisation medical expenses
• Daycare procedures
• Domiciliary hospitalisation expenses
• Costs of emergency ambulance services
  
• Organ donation costs for the insured
• Alternative treatments like Ayurveda, Unani, Siddha and Homeopathy
• Personal accident cover
• Specific coverages based on the type of policy and add-ons opted for

Exclusions in ₹5 Lakh Health Insu​​rance Plan

• Pre-existing conditions diagnosed within 48 months of the policy issuance
• Procedures for aesthetic purposes unless they are medically required
• Injuries caused by intentional self-harm, suicide attempts or substance abuse
• Loss or damage resulting from war, acts of terrorism or similar incidents
• Injuries resulting from hazardous activities like adventure sports
• Treatment in unregistered or unrecognised hospitals
• Out-patient treatments (unless opted for)

*Note that these are general lists of inclusions and exclusions. For more detailed information, refer to your policy wordings.

Eligibility For ₹5 Lakh Health Ins​urance

To be eligible for our ₹5 lakh health insurance, you must meet the following basic requirements:

• Age Limit: The minimum entry age is 18, while the maximum age is 65. Children can be covered from 91 days onwards.
• Pre-existing Conditions: Individuals with pre-existing medical conditions may face a waiting period, typically 2 to 4 years, depending on the plan's specific terms.
• Income Requirements: While no direct income requirement is specified, the policyholder must be able to pay the premium, which can vary based on age, health condition and chosen plan.

These ₹5 lakh health insurance requirements are general outlines for the comprehensive ₹5 lakh coverage under our health insurance policies. However, they differ depending on your choice of health insurance plan.

Steps to Buying Health Insurance o​f ₹5 Lakh Online

1. Go to Reliance General Insurance’s websiteand navigate to the health insurance section.
2. Browse through the available ₹5 lakh health insurance plans like Health Infinity, Health Gain, Health Super Top-Up, etc. Select a plan based on your healthcare needs and budget.
3. Enter basic details such as your name, age, contact information and family members (if you're opting for family coverage).
4. Customise the policy by selecting the sum insured (5 lakhs, in this case), coverage for pre-existing conditions and optional add-ons like maternity cover or critical illness.
5. Review the quote based on your inputs and pay the premium for health insurance of ₹5 lakh through your preferred method of payment. Receive the online ₹5 lakh health insurance document on your registered email address.

List of Documents for ₹5 Lakh Hea​lth Insurance Online Buying

• Proof of age with documents such as a birth certificate, passport, driving licence, etc.
• Identity proof, such as a passport, driving licence, an Aadhaar card, etc.
• Documents to verify your address, such as ration card, utility bills, Aadhaar card, etc.
• Relevant medical records
• C-KYC documents required for health insurance ₹5 lakh

*Note that these are general requirements. You may need to submit specific requirements based on the health insurance plans for ₹5 lakhs you choose.

Factors Affecting ₹5 Lakh Health I​​nsurance Premiums

• Age: Premiums increase with age, as older individuals are considered at higher risk for health issues.
• Medical History: Pre-existing conditions or past medical treatments may lead to higher premiums due to increased risk and healthcare needs.
• Policy Term: The length of the policy term can affect the premium. For example, longer-term policies may offer lower premiums than the yearly ₹5 lakh medical insurance premium.
• Lifestyle Habits: Smoking, alcohol consumption and other lifestyle factors can lead to a higher premium.
• Family Size: Including more members under the plan increases the ₹5 lakh medical insurance premium cost.
• Add-Ons: Choosing for higher coverage or riders like cover for critical illness will influence the premium prices.

To derive an estimate based on your budget, coverage needs and number of people to insure, use our free ₹5 lakh health insurance premium calculator online. Using this, you can choose the right plan for you and your loved ones.

Steps for Filing Claim for ₹5 Lakh H​​ealth Insurance

Cashless Claim Process for Health Insurance ₹5 Lakh

1. Start the claim process by either of the following methods:
   1. Calling +91 48903009
   2. Emailing rcarehealth@relianceada.com
   3. Using the Reliance Self-i App.
2. You can visit any hospital—network or non-network—for cashless treatment.
3. For emergencies, complete and submit the pre-authorisation form within 24 hours of admission. For planned treatments, submit it 48 hours before hospitalisation.
4. Ensure you provide all the supporting medical documents, like lab reports and prescriptions, with your claim form.
5. Once your claim for health insurance of ₹5 lakh is approved, Reliance General Insurance will handle the hospital's bill directly.

Reimbursement Claim Process for Health Insurance ₹5 Lakh

1. Contact the claim team using the same methods mentioned for cashless claims.
2. Visit an authorised hospital for treatment and pay the bills upfront.
3. Before discharge, gather all bills, reports and necessary documents from the hospital.
4. Submit these documents, along with a filled claim form, within 7 days post-discharge.
5. Once your claim for ₹5 lakh health insurance is reviewed, the reimbursement amount will be credited to you.

*Note that You will need to cover any deductibles or non-covered expenses. We will not cover or reimburse the expenses for the same.

Documents Required for Filing a Claim

• FIR (if applicable, e.g., in accidents)
• Completed claim form
• Original bills, payment receipts
• Medical reports and discharge summary
• Doctor’s prescriptions
• Pharmacy bills
• Any additional documents requested based on specific circumstances

*Note that this list of documents can vary based on your specific circumstances and health insurance plans. Find an extensive list of documents here.

Is ₹5 Lakh Health Insurance E​nough?

When evaluating whether ₹5 lakh medical insurance is enough, consider medical inflation and rising healthcare costs in India. According to recent insights, treatment costs, especially in Tier-I and Tier-II cities, have increased. This can make health insurance of ₹5 lakh not enough if you require medical attention for illnesses such as cancer or heart disease.

Thus, we suggest opting for a minimum of ₹10-15 lakh coverage, especially for families, to handle future medical expenses effectively. Super top-ups can also help enhance coverage affordably.

While health insurance plans for ₹5 lakhs can cover basic hospitalisation and treatment, higher coverage plans may be necessary for those in metro cities or those with pre-existing conditions. Thus, while choosing for you, assess your healthcare needs and choose a plan that fulfils your requirements.

Frequently Asked Questi​​ons

• What does ₹5 lakh health insurance plan cover?

  A ₹5 lakh health insurance policy generally covers hospitalisation costs, including room rent, ICU charges, doctor’s fees and surgeries. It also includes pre-hospitalisation expenses for 30 to 60 days and post-hospitalisation expenses for 60 to 90 days, depending on the insurer. Many policies also cover daycare treatments and ambulance services.

• Is ₹5 lakh coverage enough for a family?

  A ₹5 lakh health insurance plan can be enough for a small family if they have no major health issues. However, considering medical inflation and rising healthcare costs, it might be inadequate for a family with multiple members. A family floater plan with higher coverage may be more suitable for long-term health needs.

• How is the ₹5 lakh health insurance cover premium calculated?

  ₹5 lakh health insurance cover premiums are calculated based on the following factors:

  • Age,
  • Medical history,
  • Coverage amount
  • The number of family members covered under the plan
  • Sum insured
  • Geographical location

  To instantly get an estimate of the premium, you can use our 5 lakh health insurance premium calculator.

• Can I enhance my ₹5 lakh medical insurance coverage?

  Yes, you can add top-up plans or riders like critical illness or accident coverage to increase the overall coverage. However, note that these add-on riders also influence the premium price. So, choose based on your budget constraints as well.

• What are the tax benefits of ₹5 lakh health insurance?

  Under Section 80D of the Income Tax Act, 1961, the premium paid for a ₹5 lakh health insurance policy qualifies for tax deductions. For individuals below 60, the maximum deduction is ₹25,000 per financial year.

  If you also pay for health insurance for your parents, you can claim an additional deduction of ₹25,000, which increases to ₹50,000 if your parents are senior citizens (aged 60 or above).

• How does a ₹5 lakh health insurance premium calculator work?

  A ₹5 lakh health insurance premium calculator helps determine the estimated premium based on several inputs, such as age, medical history, number of family members covered and optional riders. It also helps you select the right plan according to your needs and budget by giving an upfront view of the premium cost.

• What are the benefits of buying a ₹5 lakh health insurance plan online?

  Buying a ₹5 lakh health insurance plan online offers convenience, instant policy issuance and premium discounts. Online platforms also provide easy comparison tools, allowing customers to assess multiple plans and make informed decisions. Policyholders can quickly access customer support and track claims online as well.

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