Health Insurance

What is Health Insurance?

Health Insurance aims to provide you the coverage that includes medical expenditures. The health Insurance policies provide coverage over many health diseases. The premium paid covers the expenditures involving hospitalization, treatments and medications. 

Why?

Often people misjudge their need for a health Insurance policy. However it has always been highly recommended that you must ensure a health insurance policy early to stay protected and secured.

 

To protect your savings

In absence of a health insurance policy, a sudden disrupt in health conditions can cause you to spend a hefty amount from your pocket. In order to protect your personal savings for better things ahead, be wise enough to insure your health. Additionally it helps you save on taxes, hereby providing a means to improve your savings.

To deal with medical inflation

Without a health Insurance policy you could be overburdened with expenses for instance, the costs for doctor's consultation, diagnosis tests, ambulance charges, medicines, room rent, etc. These services are costing effectively huge and rising day by day.

To safeguard your family

Buying separate health Insurance policies for each member of the family can be a irksome task. While scouting for a right health insurance policy for your family, make sure you have thorough research and an unbiased set of opinions ready to help you choose a plan that gives the maximum coverage.

What happens in case of the untimely demise of the insured, within one year of the policy purchase? Will the claim be settled still?

Yes, the claim will be settled, even if death occurs within a year of policy issuance.

What happens in the case my claim gets rejected and my nominee wants to re-apply?

Certain situations may occur when a claim is rejected due to a mismatch in policy documents or some other reason. The nominee can re-apply for the claim by approaching the grievance redressal cell of Insurer and can expect a speedy reply to resolve the claim.

I bought term insurance before marriage and now want to make my spouse a nominee, can I make the change?

Yes, you have the chance to change your nominee to your spouse after marriage. You may be required to submit supportive document valid ID proofs, that will benefit the nominee at the time of claims.

Types and Benefits of Health Insurance

Broadly classifying, Health Insurance is of two types

Individual Health Insurance

Individual Health Insurance policy covers only the individual and does not provide any cover to the family. This health insurance policy offers financial help to an individual hospitalization.

Family Floater Policy

A family floater policy is constructed to provide medical insurance to all the members of the family. This plan aims to be an umbrella for the entire family.

Over all Benefits

Insurance policies will provide you with a financially strong backend. In case the regular flow of income is disrupted, Insurance policy can help fill that void.

Endowment Plans

These are typical and traditional insurance products which come with life cover but with very low profits. These are for the individuals who are looking for guaranteed profits on their investment, but with a higher life cover. Ideal for those who want their small funds safe and secure, with a certain amount of profits on their assets.

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Life insurance policies offer the dual benefit of life protection and investment for fund building. Depending upon the risk taking ability and financial commitments, one can opt for a traditional insurance plan which offers stability & guaranteed returns, or a unit linked policy, which provides high returns coupled with an elevated level of risk.

demo points

Typically, life insurance is not required close to retirement because your future income stream is not high enough to warrant insurance. By that time, you would have accumulated enough money/assets to take c

Apart from these, Insurance policies can help you in tax benefits for instance

Return of Investments

The Investments made are always secure. The returns are always completely paid back either at the time of the claim or at the time of the demise of the insured. However one can consider Insurance to be a great alternative to investments with sum assured.