Women Health Insurance Plan

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The concept of women health insurance may be defined as insurance policies that are specifically designed keeping in mind their requirements and well-being. These plans also come with additional facilities such as cashless hospitalization. These facilities are meant to reduce the anxiety of the policyholders

Types of women health insurance

Nowadays the insurers, especially the private ones, are providing different options when it comes to picking health insurance policies for women. Apart from the standalone plans, women can nowadays also be covered in family plans. There are certain health plans that provide special benefits related to critical periods in a woman’s life such as maternity.

Ladies can also be covered in personal accident plans and travel policies that provide health cover in case of risks related to accident and traveling. People looking to get insurance for their wives or partners can also look at the comprehensive insurance policies being provided by the top insurers like Religare.

Nowadays critical illness health cover is also available for single mothers, working mothers, married women, and single ladies. These plans cover women against major ailments such as different types of cancer.

Benefits of women health insurance

Women often experience critical complications during important periods such as pregnancy and at other times in their life. Hospitalization and medical treatment expenses are going up on a daily basis – with a proper women health insurance policy these costs can be properly taken care of and good treatment can also be guaranteed since most insurers have the top doctors and hospitals in their networks.

When is the right time to take women health insurance?

As is evident from market trends, the cost of availing insurance normally goes up with the increasing age of the policyholder. The insurers also increase the premium rates in respect to the advanced age of the policy applicants. The period between early to mid 60s is referred to as exponential curve of quick rises in prices of healthcare facilities.

It has been observed that with increasing age there is a greater tendency to contract critical ailments such as blood pressure irregularities, diabetes, and arthritis. These play a crucial role in increasing the premium to be paid by the policyholder.

Even though it is ideal to take a women health insurance policy as early as possible, experts say that taking the insurance should not be delayed beyond 50 years. Since people also find it difficult to cope financially during the old age it is advisable to avail such a plan when the policyholder is working and capable of paying the premiums regularly.

Top women health insurance policies

Life Insurance Corporation: The Jeevan Bharati-I plan of LIC is meant especially for women. It comes with a Critical Illness (CI) Rider whereby the policyholder will be provided a significant amount in case she is diagnosed with any of the specified critical illnesses. This benefit can be availed till 60 years.

Holders of this policy can also be provided the Congenital Disabilities Benefit (CDB) Rider. This benefit can be availed by women between the 18 and 35 years age group. Hereby, 50% of the CDB sum assured amount is paid if the newborn child of policyholder has certain congenital issues that are part of the ones covered by LIC. The benefit is provided for 2 babies at the most and the benefit is not provided for childbirth after 40 years.

Bajaj Allianz: The Critical Illness for Women plan of Bajaj Allianz covers any and every lady interested to avail one. The various ailments covered by this plan may be mentioned as below:
  • Ovarian cancer
  • Breast cancer
  • Vaginal cancer
  • Cervical cancer
  • Uterine or endometrial cancer
  • Burns
  • Fallopian tube cancer
  • Paralysis or multitrauma

The plan also provides congenital disability benefits whereby 50 percent of the sum assured is provided in case the lady delivers a child with at least one of the following congenital defects:
  • Down’s syndrome
  • Cleft palate with or without cleft lip
  • Congenital cyanotic heart disease
  • Spina bifida
  • Tracheo-esophageal fistula

If there is a claim as per the Section I on critical illness then the policy will provide a Children’s Education Bonus for the education of at least 1 child. However, the amount provided in this case will be previously fixed by the service provider.

If the insured loses her job within a 3 month period of being diagnosed with a critical illness, as specified by the insurer, she will receive INR 25 thousand to cover the job loss. However, the claim should be made as per Section I.

HDFC Life Insurance: The HDFC Life Smart Woman Plan provides coverage against congenital problems and pregnancy issues in addition to malignant cancers that affect women specifically. The policy provides coverage for premium expenses at this time so that treatment can be done properly.

Following are some of its features:
  • Choice of options in the plan
  • Choice of yearly premium
  • Sum assured
  • Choice of term period of policy
  • Age limits
  • Choice of funds
The advantages of this plan may be enumerated as below:
  • The insured can receive premium funding and waiver benefits for a 3 year period in case they face pregnancy problems or give birth to children who have congenital issues. This benefit is also provided if their spouses pass away or they are diagnosed with malignant cancer
  • Once the policy matures the fund value can be availed at current unit prices in the form of a lump sum. Policyholders can also go for the settlement option. The maturity benefit can be used for funding requirements such as education for children, business or travel
  • Ones availing the Elite and Premier options will be provided with extra cash payouts at definite periods
  • Partial withdrawals are allowed for meeting unplanned expenditure
  • If the policyholder passes away the nominee will be paid the complete fund value or a majority of the sum assured

Tata AIG: The Wellsurance Woman plan of Tata AIG provides the following features:
  • A benefit amount if the policyholder is diagnosed with any one of the 11 previously specified critical illnesses. Greater benefits are provided if it is cancer
  • Convalescence benefit for treatment after hospitalization
  • Cashless hospitalization at more than 3000 hospitals across the country that are part of the network
  • Cosmetic reconstruction surgery benefit in case of accidental injuries
  • Hospital cash benefits on a daily basis
  • Income tax benefits as per Section 80D
  • More hospital cash in case of admissions to ICCU or ICU

Apart from the above mentioned ones, interested people can also opt for individual health plans being provided by the top insurers in India.

Last Updated on 09/08/2012

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