We work hard to achieve financial stability in life. From investments to savings, we manage our finances as carefully as possible to get closer to our objectives. But an unexpected illness or injury can easily wreck your finances. Health insurance is a smart way to cope with such financial emergencies without touching your savings.

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.

DISCLAIMER

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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