While health insurance policies are getting popular, many people still fail to understand why they are a must have. If you too are unable to decide whether to invest in a health insurance policy or not, here are some health insurance essential points that you should know about-
1. Makes Financial Sense
The cost of quality healthcare is consistently rising in India. Even the smallest of medical procedures or treatments can easily cost thousands and lakhs of rupees. When you buy a health insurance plan, you are required to pay a premium as per your insured sum.
In case if you need medical care, the insurance provider will then be responsible for paying for your expenses up to the maximum sum insured. In other words, you can receive quality healthcare without worrying about your finances.
2. Modern Lifestyle
Handling professional and personal lives often leaves us with very little time for ourselves and our health. This is the reason why serious medical conditions such as diabetes, cholesterol, blood pressure, and stress-related disorders are getting so prevalent in the country.
This is another compelling reason which demonstrates health insurance importance. As people are now more prone to health conditions, the need for comprehensive health insurance is at an all-time high.
3. Tax Benefit
Under section 80D of the IT Act, you can claim a tax deduction of up to Rs. 25,000 for the health insurance premiums you pay for yourself and up to Rs. 50,000 for policies purchased for senior parents.
While the tax savings should not be the reason to invest in a health plan, it is still a significant benefit for the taxpayers.
4. Wide Range of Policies
There are now many different types of health insurance policies available. From individual plans, family floater plans, plans for people with pre-existing conditions, child plans, to even exclusive policies for seniors, you can now easily select a policy that best suits your health insurance needs.
Even the premiums of health plans have fallen considerably in the past few years, and the claim filing process has been made easier to offer enhanced convenience to the policyholders.
Buy a Health Insurance Today
Health insurance is a necessity and not a luxury. Understand these benefits that show the health insurance importance in India in detail, and it shouldn't be difficult for you to understand why everyone should invest in a feature-packed health insurance policy.
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.
Income Tax Benefits on Costs of Education under Section 80E
With the proliferation of new career opportunities, getting the right professional skills has become immensely important over the years.
Why Individual Health Insurance is a Must Buy Over Corporate Health Insurance?
It is a known fact that medical inflation is growing at twice the rate of regular inflation. While most salaried employees are entitled to health insurance provided by their employer, investing in individual health insurance, personalised to suit specific health conditions, has its merits.
What Is Trade Price In Stock Market & How Does It Work?
Also known as the market price, trade price of a commodity is the price at which it is currently selling in the market. In the context of trading, the price at which a share is being purchased or sold in the stock market at a given point of time is known as its trade price.
5 Types of Business Loan For Woman Entrepreneurs
There are now many different types of loans options in India for women wanting to explore their entrepreneurial dreams. Read this post to know 5 of the most popular options.