Health insurance is a contract (called a policy) between an insurance company and the policy holder whereby the insurance company promises to pay for medical expenses incurred by the insured. Basically, the client pays a sum of money called the Premium and in turn the Insurance firm would commit to pay a predetermined sum of money to meet the customer's claims.
Why health insurance?
- Every human being is exposed to various health hazards
- Medical emergency can strike anyone without pre-warning
- Lack of adequate facilities in government hospitals
- Private hospitals are too expensive
- Medicines & Diagnostic charges are also becoming very expensive
- Specialists healthcare has steep costs
- Tax benefit under section 80 D of the Income Tax Act
Health insurance covers a variety of medical expenses. The following is a brief list which varies from one insurance provider to another. Be sure to check the sales brochures for more details on terms & conditions and exclusions
A standard health insurance covers:-
- Room and boarding expenses provided by the hospital
- Nursing expenses
- Diagnostic and medicine expenses
- Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist fees
- Anesthesia, blood, oxygen, operation theatre expenses, cost of surgical appliances, medicines and drugs and similar expenses
- Pre-hospitalisation and post hospitalization expenses subject to conditions and limits
Who all can opt for Insure Health?
- The policy can be issued to an individual and/or family
- The family includes spouse, dependent children and dependent parents.
- The policy covers individuals from the age of 5 years onwards. A child dependent can be covered from the 91st day if both parents are covered under this policy. The maximum entry age is 50 years.
Health Insurance Tax Benefits
Health Insurance products are eligible for tax benefits under section 80D of the Income Tax Act, 1961. Premium paid under health insurance holds a tax deduction upto Rs 15,000 for you, your spouse and dependent children.
Further more you can also claim another Rs. 15, 000 for tax deduction for your parents, in case of senior citizens (65 years or more) the above deductions are increased to Rs. 20,000
Insurance is the subject matter of solicitation
For more details on terms and conditions, exclusions and waiting period, please read sales brochure of Health Insurance Policy carefully before concluding a sale.
*Tax benefits are subject to change in the tax laws, please consult your tax advisor for more details