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Health Insurance

Health insurance covers an insured individual's medical and surgical expenses. Subject to the terms of insurance coverage, either the insured pays costs out-of-pocket and is subsequently reimbursed or the insurance company reimburses costs directly.

Benefits of Health Insurance:

People buy health insurance plans to protect their cash from ever escalating medical expenses. You can wind up spending more than a few thousand rupees as a result of an accident or medical emergency. A medical insurance plan makes it simpler for you to obtain the treatment you need to recover by providing coverage for anything from ambulance fees to childcare procedures.

Numerous health insurance plans will charge an extra fee and include coverage for severe conditions. This is another another essential protection to carry in light of the increased prevalence of ailments linked to modern lifestyles. If you are identified with one of the serious diseases that are covered, you will get a lump sum payment. Critical illness coverage is another essential advantage of having health insurance since dealing with and managing these problems may sometimes be highly expensive.

Each health insurance company will have partnerships with a handful of network hospitals where you may submit claims without paying cash. Receiving emergency medical assistance is now lot simpler as a result. You essentially don't have to pay for any of the covered services at a network hospital. We will cover the medical costs for all legitimate claims, leaving you to pay only the required deductibles and non-covered expenses.

You might ask why you need to get your own health insurance policy if you have coverage via a group health insurance plan. Well, compared to group policies, individual health insurance plans give more and better coverage. Additionally, you run the danger of losing the cover if you decide to quit the organisation at any point, which might put your funds and you at risk.

The Income Tax Act of 1961's Section 80D allows for tax deductions for premiums paid for maintaining health insurance coverage. You may deduct up to INR 25,000 per year from your taxable income for a policy for you, your spouse, your children, and parents under the age of 60. You may deduct an extra INR 50,000 if you've additionally bought an insurance for a parent who is older than 60.