women's health insurance plans

All You Need to Know About Women’s Health Insurance Plans Online

Only 20% of women in India are covered by health insurance. Of these, most women have health policies provided by their employers, which means a small number of women actually buy personal health insurance for themselves.

A survey revealed that even though the number of claims made to health insurance companies by women is rising, women are still not purchasing health insurance plans

Given the rising health ailments among Indian women – think diabetes, hypertension, cancer, maternity-related issues, and other health concerns – it is of utmost importance for women to prepare for healthcare needs financially.  One of the safest and surest ways to do so – women-centric health insurance plans. A health insurance for women is specifically designed for catering to women’s medical needs and protect them against these rising health ailments.

 

What are women’s health insurance plans?

Women’s health insurance plans are specifically designed for women’s healthcare needs. A number of insurance companies in India provide different plans for women’s health needs. Among other things, health insurance for women provides financial protection to women against the critical illnesses that they are most susceptible to.

Benefits of women’s health insurance plans

Critical illness coverage

These health insurance plans cover different critical illnesses. Many critical illness plans for women offer lump sum payment towards claims. This relieves financial concerns as well as ensures adequate cash for the treatments. However, it should be noted that like other critical illness plans, women’s critical illness plans too have a waiting period.

Maternity coverage

Comprehensive health insurance plans designed for women provide maternity coverage. Considering the rising costs of maternity and the complications leading to increased hospital visits and medical bills, it is most important for women to consider health insurance plans that offer maternity cover. Health insurance for women provides them a comprehensive coverage for maternity-related expenses that protects them from towering maternity costs.

Most women’s comprehensive health insurance plans provide pre and post deliver coverage in addition to the actual delivery coverage. Maternity plans even offer coverage for newborn baby and both types of deliver – cesarean and normal. 

Tax benefits

Policyholders can avail tax benefits of up to Rs 25,000 to Rs 50,000 on the premium paid as per Section 80D of the Income Tax Act. Senior citizens can avail more benefits on the premium paid.

Freedom from medical expenditure worries

Women who buy women’s health insurance plans can enjoy financial freedom and keep away financial worries related to healthcare needs. 

 

Women’s health insurance plans available in the market

Policy name Features
Bajaj Allianz Women Centric Critical Illness Plan

 

Provides coverage for different types of cancers: breast, ovarian, cervical, vaginal, and fallopian tube cancer.

100% sum insured upon the diagnoses of any of the above cancers.

Provides congenital disability benefits – 50% of sum insured.

Loss of employment benefit clause included.

 

Tata AIG Wellsurance Woman Plan

 

Provides coverage for 11 critical illnesses

Provides cosmetic reconstruction surgery coverage

Daily benefit for ICU

Convalescence benefit – pays lump sum amount for recovery at home

Lump sum amount paid upon the diagnoses of critical illness

HDFC Life Smart Woman ULIP This is a unit linked insurance plan

It offers 4 fund options

The plan comes in 3 options: Classic, Premier and Elite

Policy term: 10 years to 15 years

Provides maternity complication coverage

Diagnosis of malignant cancer of female organs

Elite plan provides death of spouse benefit

 

How to buy women’s health insurance plans?

When buying a women’s health insurance plan, ensure these points:

  • First, assess healthcare needs. Women who have a family history of certain illnesses (e.g. diabetes, hypertension, cardiovascular diseases) should consider the possibilities of these illnesses and ensure they’re covered in their health plan.
  • Women who are planning to start a family must ensure that maternity coverage is included in the plan. Maternity insurance can relieve women of 
  • Based on healthcare requirements, check the coverage provided 

Following these tips will help you select the best health insurance plan for yourself with adequate coverage and affordable premium.

Factors to consider when buying women’s health insurance plans

Claim settlement ratio

Non-settlement or partial settlement of insurance claims is a big worry among policyholders. One way to be sure about claim settlement by an insurance company is to check the insurer’s claim settlement ratio before buying a health policy. 

Insurance companies share their claim settlement ratios annually, which can be found on their websites or on IRDAI’s website. Generally, a ratio of 80% and above would mean it is safe to buy from these insurers. 

However, be aware that many health insurance companies tend to settle small claims and reject larger claims. So, if in a particular year, the insurer has settled all small claims and rejected the large claims, their claim settlement ratio would still show high. The best health insurance plan offer a fair, fast, and transparent claim procedure that ensures the best customer experience for the customers.

No-claim bonus

No-claim bonus is an effective way for policyholders to keep increasing their sum insured with every claim-free year. Health female customers who have bought insurance policies at an early age can make good use of this feature. Buying women’s health insurance plans at an early age allows women to increase their sum insured significantly with the help of cumulative no-claim bonus.

E.g. Sangeeta bought a comprehensive women’s health insurance plan of sum insured Rs 3 lakhs at the age of 22 when she started her first job. Being young, active and healthy, Sangeeta didn’t make a claim for 6 years and kept renewing the policy every year. After 6 years, her sum insured had increased to Rs 5 lakhs, 2 lakhs in addition to what she had earlier bought. The best health insurance plans offer lucrative benefits for claim-free years which either helps you increase your coverage or get discounts on premiums.

Maternity coverage

Most women would go through maternity. At times, maternity could be a huge expense considering the kind of hospital one is admitted at, frequent gynecologist visits and increasing cases of complications due to high levels of stress and lifestyle ailments among women. A maternity coverage  would definitely be helpful for women.

However, women should remember some factors associated with maternity coverage. 

  • Typically, maternity insurance cannot be bought as standalone insurance; it has to be bought as an add-on to an existing comprehensive health insurance plan.
  • All health insurance plans do not provide maternity coverage inclusion; hence it is important to have clarity about it at the time of purchasing a policy.
  • Maternity insurance plans have a long waiting period, at times 2 to 4 years. Hence, women must buy a maternity plan much in advance.
  • Maternity plans also have exclusions, sub limits and are mostly limited to up to two children.

Critical illness coverage

Studies have found a high rate of critical ailments such as diabetes and hypertension among Indian women. The prevalence of these diseases among women is 6.1% and 20% respectively. One of the best ways to protect one’s self from critical illnesses is women specific health insurance plans. Women’s health insurance plans are specifically designed for women and hence include the diseases that women are most susceptible to be diagnosed with.

Many health insurance companies offer women specific critical illness plans: Bajaj Allianz Women Specific Critical Illness Plan, Tata AIG Wellsurance and 

Waiting period

Every insurance company may have specific waiting period clauses, hence it is important to check the clause before buying. It could also help to compare the waiting periods of different plans to select a plan with the least waiting period.

Typically, health insurance companies have a waiting period of around 6 months to 4 years, depending on the type of policy, the illness, age of policyholder and other factors. The best health insurance plan have the shortest waiting periods and provide coverage for pre-existing diseases and maternity benefits at the earliest.

Exclusions and inclusions

A common reason why insurers reject claims is claims made for medical costs that are excluded from the policy. E.g. you bought a comprehensive health insurance policy thinking that it just because it is comprehensive, it would cover all kinds of medical expenses. A few years after buying the policy, you underwent a knee replacement surgery. You were under the impression that your health insurance policy would cover the costs. Surprise! Your claim got rejected.

It is important to understand the clauses of exclusion and inclusion to a tee, so as to avoid claim rejections and out-of-pocket expenditures. 

 

To sum it up

It is a general understanding that women are less into financial planning and health insurance planning. But considering women have more healthcare needs than men, it’s critical that women take charge of their health insurance needs. Health insurance companies are proactive in supporting women with special women’s health plans. Wondering how you can select a good plan for yourself, your mother, sister, or wife? Let us know and we’ll help you out in selecting the best health insurance plan for yourself.

FAQs: Women's Health Insurance

Which are some of the best women’s health insurance plans in India?

Many health insurance companies have introduced health insurance plans specifically designed for women. Some of these are:
Religare Joy Maternity Health Insurance Plan
Star Wedding Gift Insurance Plan
New India Asha Kiran Plan
Reliance HealthGain Plan

Should women with corporate health plans buy personal health insurance plans?

Yes, corporate health insurance plans may not provide adequate sum insured. It is advisable for women to purchase a personal health insurance plan or add-on to the corporate plan in order to meet medical care requirements.
Typically, a corporate health insurance plan ranges from Rs 3 lakh to Rs 5 lakh, which may not be adequate for the treatment of ailments that women are prone to such as breast cancer, cervical cancer and diabetes.

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2 thoughts on “All You Need to Know About Women’s Health Insurance Plans Online

  1. Glad I discovered this blog, loaded with information – we have different health insurance for women in the states.

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