Health Insurance
Health Insurance
About Health Insurance
Health insurance is a medical insurance policy that offers financial coverage for medical expenses when the policyholder is hospitalised.
A health insurance plan covers the insured with the facility of cashless hospitalization at a network hospital or provide a reimbursement for the incurred expenses.
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Changing lifestyle
There are a plethora of reasons to have a health insurance policy in place. The tectonic shift in our lifestyle has made us more prone to a wide range of health disorders. Commuting, hectic work schedules, wrong eating habits, quality of food, and rising levels of pollution have increased the risk of developing health problems.
Rising medical costs
The medical costs have dramatically risen lately. So, in case of a medical emergency, consumers end up spending their savings, which takes a toll on their future plans. Reports highlight that Indians primarily depend on their own savings when it comes to tackling health emergencies.
Coverage of pre and post hospitalisation expenses
Not only mainstream medical costs, but also the cost of OPD (out-patient department) expenses, diagnostic tests have also risen in recent times which have made it even more vital for one to buy a health insurance policy.
Income tax benefit
Payments made towards health insurance premiums are also eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals up to 60 years of age can claim a deduction of up to Rs 25,000 for the health insurance premium paid for themselves, or for their spouse or children.
Features of Health Insurance
All Insurance are not created equal, health Insurance has become a great option for people to use.
Lifetime Renewability
As per IRDAI regulations, insurers are mandatorily required to offer health insurance for an entry age of up to 65 years. Most private insurers however, do not have such age-limits in their health plans while most state-owned general insurers cap the entry age at 65.
Pre-existing ailments
All health insurance plans cover pre-existing ailments but after a period of 48 months. Some plans cover pre-existing ailments even after 36 months or waiting periods lesser than this. However, this coverage of pre-existing diseases is conditional upon the buyer honestly making all medical disclosures at the time of buying the policy.
Sub-limit
In today’s times, sub-limits in health insurance plans have become an important feature to keep an eye on. The total medical cost during a hospitalisation would typically include doctor’s fees, room-rent, surgery fees, operation charges and cost of medicine amongst various such other cost-heads.
Day-care and OPD expenses
Normally, the most important requirement for a health insurance claim is the minimum hospitalisation of 24 hours. However, with technological advancements, certain surgeries and procedures require less time.
Health Insurance – Eligibility
Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a personal loan.
Age
Maximum age of applicant at loan maturity: 60 years
Income
Minimum Net Monthly Income: Rs 15,000
Credit Rating
Applicant should have the bank specified credit score.
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