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Health insurance is defined as coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death. A health insurance policy is a product that protects you against the financial implications of a wide variety of health-related expenses, ranging from those caused by minor illnesses and injuries to critical diseases. Therefore, health insurance plans and the sum insured serve as a protective financial shield for you should you be faced with a major medical expense.

Health insurance covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees. The times may have changed but the old adage 'health is wealth' still holds true, perhaps more today than ever before. With the certain degree of uncertainty that surrounds one's health, it is important to exercise some level of control to prepare for health-related expenses. That is where medical insurance comes in!

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Features of Health Insurance:

  • Tax benefit on health insurance premium.
  • Pre- existing diseases.
  • Sub-limits in health plans.
  • Health check-ups.
  • Lifetime renewability.
  • Medical tests up to 45 years not required.

Benefits of Health Insurance :

Health Insurance plans have enhanced offerings to cover a wide spectrum of requirements, like a family health plan offers complete cover to all members of a family under a single umbrella.

  • Medical Bills: Coverage against medicinal expenses incurred, including pre and post hospitalization
  • Pre-existing Diseases: Coverage for any pre-existing disease is provided to you after a certain waiting period.
  • Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical
  • Tax Rebate: Annual premium paid for health coverage are subject to tax exemption u/s 80D of ITA, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 75,000.
  • Other Benefits: As an innovative feature, OPD expenses are now covered under few Insurer plans and don’t require hospitalization for minimum 24 hours for claim reimbursement. Standalone OPD plans are also available in the market.