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Health insurance protects you against a host of medical emergencies by offering financial assistance to meet the cost of hospitalization, ambulance costs, day care costs, pre and post hospitalisation costs and other healthcare expenses. Living in an era of uncertainties, one can hardly foresee when life chooses to throw its curveballs. Medical emergencies can strike you anytime - regardless of whether you're absolutely healthy or not.
In the wake of escalating medical inflation, a health insurance policy ensures that you aren't forced to compromise on quality healthcare just because you cannot afford it. It also ensures that savings made out of your hard earned money remain unaffected. With a comprehensive health insurance cover, you can access the following benefits:
Quality healthcare Specialised treatment Cashless hospitalization Pre and post hospitalization expenses Organ Donor expenses Domiciliary treatment Day care treatment Lifelong renewability No-claim benefits Overseas Medical Treatment expenses (for few specific policies only)
Coverage:Health Insurance Plans provide a wide coverage during a health-related emergency. It encompasses hospitalization and post hospitalization charges, critical illness, ambulance charges etc.
Co-payment:Co - payment option is provided by most insurers which helps in decreasing the yearly premium. The insurer pays a certain percentage of the total expenses incurred, while the balance is to be paid by the insured.
No Claim Bonus:NCB is provided to the insured person in the following year in case no claim has been taken in the previous year. NCB can be provided in the form of discount in subsequent year's premium or increase in subsequent year's Sum assured.
Free Health Check:Up: Some Insurance companies also provide free Health check ups for all the family members at certain pre-defined frequencies.
Tax Benefits: You can access substantial tax benefits under section 80D of Income Tax Act, 1961.
|Scenario||Tax Exemptions||Total Tax Exemption|
|Individual and parents are below 60 years||Rs.25,000 + Rs.25,000||Rs.50,000|
|Individual below 60 years and parents above 60 years||Rs.25,000 + Rs.50,000||Rs.75,000|
|Individual and parents both are above 60 years||Rs.50,000 +Rs. 50,000||Rs.1,00,000|
There are various types of health insurance plans catering to various needs. So, it's important on your end to make an informed decision about these policies by acquainting yourself with the types of health insurance that you have access to:
Fixed Benefit Health Insurance Plan: They pay you a one-time lump sum to help you meet almost endless medical expenses associated with a range of critical health conditions such as cancer, stroke, paralysis etc. It includes the following -