Health policies companies

Health Mediclaim & Insurance

Anyone, including the healthiest of people, can fall sick all of a sudden and should require expensive medical treatments. In such an unforeseen emergency and scenario, when your family needs you the foremost, being financially unprepared to tackle those high medical costs can never be an option.

And this is often exactly where the insurance plans inherit play. These policies make sure the financial comfort of you and your family. Thus give peace to your mind.

Here is an in-depth check of a supportive and handy financial tool that has helped many individuals to heave a sigh of relief in their tough times.

Health insurance

Health Insurance is an agreement between the insurance firm and the consumer. The insurer commits and makes payment/compensation for clinical expenses if the insured person is harmed/sick afterward, prompting hospitalization.

Types Of Health Insurance Plans Available

There are several sorts of insurance plans in INDIA. Here are the most preferred ones:

Individual insurance Plan:

As the name suggests, a private insurance plan provides complete coverage for an individual. Besides, you can add different individuals, including your spouse, kids, parents, then on by paying some extra premium, which we will discuss later within the family floater section.

Family Floater Insurance Plan

When an individual or applicant wants to purchase medical coverage for your entire family, he/she ought to select a Family Floater plan. In contrast to Individual insurance, the Family Floater plan gives a solitary protection spread for the whole family. So anyone in the family can guarantee if there should be an event of hospitalization or related medical costs.

Group Health Cover

A group health cover is provided to the workers by their employer. A gaggle medical health cover is best thanks to protecting your employees and their loved ones with a rise in medical expenses.

Considering it the best way to pay thanks and helping the workers in their difficult and needed times, will not be any wrong. It accepts the involvement of both parties, thus, the Group Health Cover becomes beneficial for both the employer and therefore the employee.

Senior Citizen Health Insurance

The Senior Citizen insurance is for the people whose age lies between 60yr and above. The plan will provide financial protection against Pre/Post Hospitalization, critical illness, seasonal illness, and slow-growing disease.

Critical Illness Health Cover

Cancer, Heartattack, COVID, and other life-threatening diseases are often true pain in one’s life and what makes it worse is the heavy expense. The premium of such policies is above the traditional individual plans. However, you can reflect this payment under section 80D to avail of the tax benefits.

Benefits of Buying Health Insurance Policy!!

Are you still hesitant to buy a health insurance policy, thinking it is an unnecessary expense? Then prepare yourself to learn a lot about the benefits of purchasing a health insurance policy.

• Cashless Treatment: It is hassle-free as it does not require the policyholder to wait for their claim to get reimbursed. All you need to do is take your cashless card with you and a valid Id proof at the time of admission in your network hospital that your insurance provider has collaborated with.
• Pre & Post hospitalization cost coverage: Given the precise period of days, your insurance will provide your medical coverage with no additional amount. Also, remember that the amount of days depends on the sort of policy purchased.
• Ambulance expenses: One of the foremost benefits of getting insurance is that it covers ambulance expenses also. Thus, relaxing your stress by arranging a vehicle during an emergency gets eliminated.
• No Claim Bonus: No claim bonus or NCB may be an insurance feature that is awarded to the policyholder for every claim-free year. If he or she does not raise any claim within the previous year then it is considered to be the claim-free year. A defined percentage of bonus gets added to the Sum Insured of the policy that helps extend his protected coverage for the subsequent year.
• Medical Checkup: Most of the celebrated insurance policy, provide you with free health checkups. Under most of the plans, you get free health checkups per annum, whereas some permit them on the idea of your previous NCBs.
• Room rent: Most of the insurance policies provide stable coverage for room expenses. However, some health plans or companies add a limit on the type or cost of the room, you are admitted to.
• Alternative treatment: Many insurance policies provide you complete coverage for alternative treatment like Ayurveda, Homeopathic, Yoga, Unani, etc., depending on the predetermined agreement. On buying a policy that covers this element, you will be ready to make the foremost of the offered treatment without bearing expenses on your own.
• Organ donor expenses: A insurance policy helps you secure from the fear of medical expense that accompanies the procedure of undergoing transplant surgery. If not a daily part of your insurance policy, this element could be provided to you as an add-on benefit.
• Domiciliary treatment: Some insurance policy provides the domiciliary treatment. This benefit helps you to avail the benefits of treatment reception under medical supervision.
• Daily hospital cash allowance: This daily cash allowance feature is one of the hidden benefits of insurance (if featured within the policy) that allows you to look out for your additional expenses like food, travel, et al. during hospitalization.

Apart from the above-mentioned benefits of insurance, you are eligible to avail of other benefits like dental treatment, bariatric surgery, etc. However, note that you can enjoy these specific features if only your policy covers them.

Health Insurance Policy: A necessity or An Expense

Owing to the continual rise in lifestyle diseases and double-digit medical inflation in India per annum, insurance has become a necessity for everybody. However, most of you and us consider it as an expense. Yes, The Premium may vary, and paying it, is going to affect your savings now. But in the end, it is you getting insured for any medical cover with the precise amount. To assist you to know it better, we have provided you all with the advantages of Why does one Need insurance below:

High Medical Expenses: With the standard of medical treatment getting improve and enhanced, hospitalization holds the potential to place a dent in an individual’s pocket. One cannot plan and acquire sickness, but one can certainly assure the financial aspect by buying a policy.

Cover for Lifestyle Related Illness: Thanks to the advancement in medicines, the typical man is probably going to measure for around 82 years by 2040. But a secondary lifestyle, unhealthy eating habits, sleepless nights, and high-stress levels is the growing norm too.

Sadly, these have given rise to the first onset of critical diseases like cancer, lung conditions, and heart strokes, claiming lives at the younger phase. Insurance mitigates all the financial risk, which will befall an individual who is diagnosed with lifestyle disease.

It’s quite just Hospitalization: Many plans nowadays give coverage to OPD, pre/post-hospitalization, aside from treatments involving hospitalization. Many plans cover critical illnesses like cancer and seasonal illness such as Dengue, within the same policy. The simplest health plans in India also cover Domiciliary Treatment, AYUSH benefit, Maternity, and even ambulance charges.

Income Tax Benefits: Payments made towards insurance premiums are also eligible for tax deductions under section 80D of the Indian Tax Act. Individuals aged below 60 years can claim a deduction of up to Rs 25,000 for the premium purchased themselves or their spouse or children. One can also claim another Rs 50,000 as a deduction if you buy insurance for your parents aged 60 years and above.

Besides, if you got any questions or queries, we are here to answer. Use the quick connect option or raise your ticket in the section, our team would love to help you with the best solutions available.