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Health Insurance 1528 views March 15, 2021
Yes, buying health insurance is a good idea as it will cover your expensive medical treatment. Besides, health insurance comes in both individual and family floater options, so you can cover yourself as well as your family. But how does it work? Suppose you have purchased a health insurance plan, and if you fall sick or injured and get hospitalized as a result, your hospital bills will be paid by the insurer. And given the inflation rate existing in the healthcare sector, managing your medical expenses will be convenient with health insurance. Let’s talk about the utilities of health insurance below.
Table of Contents
Health insurance offers you financial aid in times of medical emergencies. You can purchase health insurance with high sum insured to deal with such emergencies. The following are some of the top health insurance plans with high sum insured options –
Policy Name | Sum Insured (In INR) |
---|---|
Care Advantage | Up to 1 Crore |
Max Bupa Super Saver Plan | Up to 1 Crore |
HDFC ERGO my:credit Comprehensive Suraksha | Up to 5 Crore |
Iffco Tokio Critical Illness Benefit Policy | Up to 1 Crore |
Aditya Birla Activ Assure Diamond Plan | Up to 2 Crore |
Star Health Comprehensive Plan | Up to 1 Crore |
New India Premier Mediclaim Policy | Up to 1 Crore |
When you have health insurance, you can get cashless treatment at the insurer’s network hospitals. You can easily use the health insurance cashless facility by following the instructions shown below –
For a Planned Hospitalization
For an Emergency Hospitalization
For Accident
If you are thinking that health insurance will be useless if you don’t claim, you are wrong! Because after each claim-free year, you will receive a No Claim Bonus (NCB) that will be added to your base sum insured. The NCB enhances your coverage limit, so if a health risk arises after a claim-free year, you will have the base sum insured plus NCB to cover the same.
An NCB could be 10-50% of your base sum insured based on the insurer. In some cases, the NCB can even go up to 100% of the sum insured.
In health insurance, you get the benefit of riders through which you can increase your coverage. Some common riders available under health insurance policies are –
Note – For these riders, you need to pay an extra premium amount.
Let’s take a look at some of the health insurance plans that comes with protection at a minimum cost –
Policy Name | Starting Annual Premium Amount (In INR) |
---|---|
Bajaj Allianz Sankat Mochan | 240 |
Kotak Health Shield | 300 |
Future Generali Hospital Cash Plan | 261 |
New India Cancer Guard | 639 |
SBI General Arogya Plus | 500 |
Max Bupa Health Companion | 424 |
Bajaj Allianz M Care | 160 |
Aditya Birla Activ Assure Diamond Plan | 2,774 |
Star First Optima | 1,170 |
Raheja QBE Cancer | 91 |
Cholamandalam Health Insurance | 678 |
Universal Sompo Aarogya Sanjeevani Insurance | 1,316 |
Note – The above-mentioned premium amounts are exclusive of applicable taxes and cess.
Health insurance not only provides you financial protection against medical expenses but also saves on your tax. As under Section 80D of the Income Tax Act 1961, you can get tax deductions up to INR 1.5 Lakh. This benefit shall be applicable, provided you have paid all your due premiums for the last financial year.
Conclusion
Now that you know the importance of health insurance for you, start searching for different types of health insurance plans and select the one that suits you the best.