What’s The Benefit Of Comprehensive Health Insurance?

Considering the rising medical costs, the purchase of comprehensive health insurance becomes very important to keep you protected against such expensive costs. Hence, this article will throw light on various aspects of health insurance.

Considering the rising medical costs, the purchase of comprehensive health insurance becomes very important to keep you protected against such expensive costs.

Hence, this article will throw light on various aspects of health insurance.

Comprehensive Health Insurance-Meaning

It is an insurance plan which gives enables the individual & his/her family the freedom to choose from vast array of options. This helps to secure one and his family against health related costs during health emergencies.

Choose a premium plan as per your requirement-

You can choose from various choices of premiums & plans offering sum insured from 2 Lakhs to 10 Lakhs.

No specific qualification barriers-

You get a life-time renewal policy and there are no constraints like age-entry limit and so on. You can also choose from limited period policies for 1 or 2 year period.

Get concession-

You can get comprehensive health insurance which gives 10% concession on usually 2-year policy. You get facility which covers pre-existing diseases based on the plan you opt for.

Get added benefits-

  • You get extra benefits known as add-ons. They provide critical hospitalization covers which cover critical Illnesses.
  • Check for free admission facilities & other cashless claim facilities
  • Get free treatment across thousands of empanelled group of reputable network of hospitals throughout the country
  • You will get continuous services throughout your claim settlement period

Comprehensive Health Insurance –One of the best tax savings option

We all know the benefit of tax exemption. And comprehensive health insurance is amongst those options which are considered legal to save tax. Considering this, investment in comprehensive health insurance plans is one of the best options to invest and save tax.

The tax benefits you can receive are-

  • Get tax rebates at year end. This is as per the rule of Section 80C and Sec 80E
  • AS per Section 80D, you can get premium amount rebate up to Rs. 15,000 yearly. For a person of 60 years and above, maximum limit is Rs. 20,000/ year.
  • If you’re paying your parents' medical insurance then you can also claim additional rebate of Rs.15, 000/ year as per section 80D.
  • If your parents are senior citizens, you get rebate of Rs 20,000. However, your brothers, sisters and in-laws cannot benefit from the above rebates.

Generally speaking, the term of 'tax saving investments' is derived from the individual’s experience and creativity. This differs from one person towards other.

However, here I have shown the benefits of health insurance in terms of tax saving. How health insurance policies help people to save tax and get blanket of health benefits.

The earlier the better!

Health insurance policies are generally considered as options which are overlooked even after marriage and when a person reaches his/her old age. However, one important thing to consider here is that it’s always better if a person buys comprehensive health insurance plan at an early age.

This relieves him/her and his/her families from various financial costs which may arise due to various unprecedented events.