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