Finance

How Do Health Insurance Companies Work in India?

Given the increase in the number of lifestyle-related diseases in India, the demand for health insurance plan.

5. Daily hospital cash plans

Irrespective of the actual hospitalization expenses, you are entitled to receive a fixed amount of money each day you are hospitalized. This amount may be used to cover costs such as physiotherapy, admission fees, and the cost of travel of accompanying family members, among others.

Benefits of health cover

The advantages of investing in a health cover are many. Following are three major benefits of doing so.

6. Financial security

In case you are not covered under a health plan, you are required to withstand the worst of rising medical inflation. You are required to pay a large sum towards your medical bills, thus resulting in a financial strain. A health insurance plan, therefore, provides much-needed financial protection during medical emergencies.

7. High quality of treatment

By purchasing an adequate coverage amount, you may visit the best specialists and doctors. You may also receive the best treatment at the hospital specialized in your disease.

8. Tax benefits

You may reduce your tax liability by claiming a deduction on the premium paid towards your health plan. You may seek a tax benefit of up to INR 25000 under Section 80D of the Income Tax Act, 1961. Senior citizens may enjoy a higher tax benefit of INR 50,000, according to the latest Union Budget.

The process of seeking a claim

Quite contrary to the popular misconception that making a health buy health insurance online or visit your nearest branch to enjoy the benefits of such a plan.

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