Health insurance is an insurance policy that ensures a safeguard for the life of policyholder. With the health insurance policy holder can enjoy the cashless treatment, reimbursement of the expense in medical treatment in case of illness. Health insurance companies provide the cover for the diseases that are covered under the health insurance plan and the best part of health insurance is that according to IRDA the premium amount that is paid by the policy holder towards the insurance policy has a tax advantage under Income Tax Act section 80D.
How to Choose The Best Health Insurance Plan
There is no doubt in saying that in today’s world health insurance has become a necessity and everyone is looking for an effective yet affordable health insurance plan. There are multiple plans to select from but to get the best out of all is still a task. We will help you for the same
Key Advantages and Features of the Health Insurance Policies
Even if you go for your regular routine health checkups, you have to spend a great deal of money. If you are suffering from any major disease, then all your savings and income is spent on the treatment. Health insurance policy provides some great features and advantages for the health care treatment of the policy holder. Some of the benefits and features of the Health insurance Policy are as follows -
Tax benefits of the Health Insurance
A policy holder can save a sum of amount Rs. 25, 000 as the security from the taxes if the age of the policy holder is age 60 or above. As per the Income tax act, 1961 tax benefit is enjoyed by the policy holder under the section 80D of Income tax Act.
Health insurance by the companyAn employee spends half of their lives and sacrifice their festivals and other happy hours and work day and night, in returns, the company offers the employees a medical check - up and even the company provide coverage for the family, parents or children who all are covered under the Health Insurance Policy. Claim Settlement ratio
One should always compare the ratio of the Insurance company from which he or she is thinking to buy any health insurance. There is always uncertainty in the mind of the policyholder that at the hour of need, what if the company will not give us enough money to settle down the policy claim. If the company holds a good claim settlement record than the policy holder need to worry less.
Cashless Hospital treatments
There is no need to run here and there in hunt of the proper document at the time of reimbursement of the expenses in the hour of need. The insurance providing companies have the direct tie - ups with the hospitals and a good range of the nursing homes. While some insurance companies offer reimbursements to the policy holders, few companies promise a health Insurance with cashless treatment policy for the health insurance policy holders.
• Network hospital One should check the insurance company's network hospitals in the local area. Policy holder should also read the terms of the policy completely so that he or she will get an idea about the Insurance companies which are providing the cashless medical services to the customers and which are not.
• Limit of Room Rent Before buying any insurance policy from the insurer, the client should check the limit of room rent. Customers should choose a policy cover that provides a higher room rent limit or no limit for the room rent for the policy holder. Room rent also varies from hospital to hospitals.
• Check Your Requirements One should compare the health insurance in the term of basic requirement fulfilment. If the policy holder wants to buy an insurance plan that offers private room then he or she should check the same in the policy.
• Comparison of Budget One should be aware of the budget under which he or she can pay the policy premium. Insurance companies vary in the premium amount from one another.
• Terms and conditions The terms and conditions section of the insurance company is the solution to your most of the questions that you face before buying any policy. One need to read terms and conditions of the company before buying a plan and should compare with other insurance companies so that there can be transparency.
• Add - on features You should make it clear that what are the various add - on features of various health insurance policy from which you will get benefit in future. You should also compare the difference in the premium amount of the different insurance company as it differs in the add - on features.
Looking for Life Insurance product? But not sure exactly how it works?
Well this page is aimed to give you a complete understanding on how it works and what you need to understand to choose the products that suits you the best. As at every life stage, everyone has a set of primary needs that requires sufficient funds to fulfill them. This is where life insurance comes into the picture- as it offers tailor made products to cover every aspect at different stages of life.
There is no doubt that life insurance is a must have for everyone. Hence its very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones.
A life insurance policy is actually a contract with a insurance company. A lump sum amount is provided, in exchange for premium payments, known as the death benefits, to the nominees or beneficiaries upon the death of the insurer.
While choosing a life insurance, the advisor will help you to map your needs & goals. This will help you pick out the options that suits you the best.
What Does It Offer?
Insurance has lot to offer in terms financial security and peace of mind. It ensures that your family is taken care of in your absence. It not only helps in providing coverage for all sorts of risks, but builds an opportunity to help you grow your investments. Life insurance is a long term investment tool that helps you meet future costs like children’s education expenses, retirement expenses etc.
There are plenty of life insurance plans available, depending on an individuals needs, many of these plans can also be customized to meet their likes.
Benefits Of Insurance
Most of us often tend to ignore the importance of sound policy as we think it is not required and what could possibly happen to us?
This leads us to believe that life insurance is not worth the money for but a sudden mishap/accident leaves us feeling fearful of the future-for us & our family.
There is no two way about what an individual wants- financial security & protection; for which life insurance is the best option available. There are multiple advantages to availing a life insurance plan, let us glance at them.
Offers Risk Cover
In case of an unfortunate event, you and your family are protected with a high risk cover.
Sudden demise of a family member leaves the dependents grief-stricken and during such situations financial worries should be the least they should think of. An adequate life cover ensures that one’s family is well taken care of in case of such incidents. The insurer pays up the bereaved family the sum assured along with any bonus or profits, as applicable.
Under Section 80C of Income Tax Act, investments made in certain specified instruments are subject to tax rebate. Moreover, Section 80C is an effective way by which a salaried person can reduce his/her tax liability. Since life insurance premiums are taken into consideration, it can be a way that will help you reduce your tax burden.
As per policy provisions, you can avail loan facility to meet any emergencies. The loan amount can be taken in a percentage of the sum assured of your life insurance.
Assured Returns/Income Benefits
Certain policies that offer money back benefits helps in keeping your family secure with regular & timely payouts. This income helps in meeting certain regular expenses like rent, bills, loans, etc.
Life Stage Planning
Insurance enables you to effectively plan for every life stage and needs during that stage. Life insurance can be viewed as long term investment instrument that provides solid financial support.
As per your life stage and risk appetite, you can fix and meet all your financial goals whether it is your child’s education, wedding expenses, buying dream home or your retirement- all taken care of.
Your money is invested in life insurance is safe and returns are paid back on time. It also fetches good returns as the money is returned to the policyholder/beneficiaries as sum assured either on completion of the policy term or death, whichever is earlier.