When a friend, relative, or colleague first introduces you to health insurance, it is very easy to assume that it is an unnecessary expense. But look deeper, and you will see that health policies are one of the best ways to keep your health secured and protect yourself against the rising healthcare costs.
If you are confused about whether you need health insurance, here are a few reasons that will help you make the decision-
1. Insurance CoverageOne of the most important health insurance advantages is insurance coverage. The policies have a fixed sum insured which the insurer will pay in case if you need medical care. With the changing lifestyle and rising number of people suffering from critical illnesses, health policies are an effective way to get the best medical care without worrying about the expense.
2. Plans to Suit Your Custom NeedsThe insurance industry in India is rapidly growing and coming up with products that meet the custom needs of the consumers. As a result, it is now possible to find health insurance policies that are in line with your health and insurance needs.
No matter if you are in your 20s or 50s, healthy or suffering from a medical condition, single or married, there are now plans available for everyone.
3. Tax BenefitIf you are looking for an effective way to reduce your income tax burden, health insurance tax benefits can help you in this endeavour as well. Under Section 80D of the IT Act, you can claim tax deductions of up to Rs. 25,000 that you pay towards your health insurance premium in a year. If you have purchased a health plan for your senior parent/s, there is an additional tax benefit of up to Rs. 50,000.
4. A host of Riders to Choose FromMany of the insurance providers now also offer different types of riders such as critical illness coverage, accident cover, maternity cover, and more. While these riders do slightly increase the policy premium, they significantly enhance the scope of your policy and offer added benefits.
5. Additional AdvantagesThere are also several additional health insurance benefits. For instance, many of the plans come with features like cashless claims, ambulance coverage, pre/post hospitalisation coverage, NCB (No Claim Bonus), and more. Combined with the reasons listed above, these additional benefits further increase the importance of health insurance.
Your health is your only true wealth, and health insurance is one of the best ways to keep it protected. Look for a reputed insurance provider and discuss your requirements to select a plan that is highly affordable and offers maximum features and benefits.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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