Health Insurance

Health insurance policies can come with a critical illness rider that offers coverage in the case of life-threatening or altering illnesses, such as renal failure, cardiovascular diseases, cancer, paralytic strokes and accidental dismemberment. If the insured is diagnosed with any of the ailments listed in the policy, they are eligible to receive a lump sum amount that can be utilised for treatment costs, daily expenditure, and other needs.

Health insurance policies offer cashless claim facilities at leading hospitals in India. This implies that the insurance company directly settles the hospital bill and the insured doesn’t need to chase the company to reimburse. To opt for this facility, the insured needs to be admitted to any of the network hospitals mentioned in the policy.

The premium paid is eligible for tax deductions under Section 80(D) of the Income Tax Act 1961.

Health insurance purchased for the spouse, children and the insured, can avail up to Rs. 25,000 tax deduction.
Health insurance that also includes parents below the age of 60, can avail up to an additional Rs. 25,000 tax deduction, making the total tax savings Rs. 50,000.
Health insurance that includes parents above the age of 60, can avail total tax savings of Rs. 75,000.
A further deduction of Rs. 5000 goes towards the payment of preventive health check ups for the insured, the parents, spouse and children.

With the predominance of a sedentary lifestyle, people have compromised their immunity considerably, making them more susceptible to contract deadly diseases that can be prevented with vaccines. Therefore the vaccination cover is essential for children and adults. Opting for a vaccination cover when purchasing health insurance ensures the timely administration of the vaccine. With a vaccination cover the insured is protected with the cover for medical expenses such as the cost of the vaccine. With healthcare costs rising, this rider offers financial security and health security, enabling the insured to avail the right treatment without denting the savings.

Surgery insurance or operation insurance is a type of health insurance plan that offers coverage for medical expenses incurred when undergoing a surgery. It includes the clost of the procedures that require hospitalisation as well as outpatient surgical procedures.