Health Insurance, also known as Mediclaim in India, is a form of insurance which covers the expenses incurred on medical treatment and hospitalisation. It covers the policyholder against any financial constraints arising from medical emergencies. In case of sudden hospitalisation, illness or accident, health insurance takes care of the expenses on medicines, oxygen, ambulance, blood, hospital room, various medical tests and almost all other costs involved.
By paying a small premium every year, you can ensure that any big medical expenses, if incurred, will not burn a hole in your pocket. The plan can be taken for an individual or for your family as a Family Floater Health Insurance Plan.
Major Benefits in a Health Insurance Policy
Each health insurance company ties up with a large number of hospitals to provide cashless health insurance facility. If you are admitted to any of the network hospitals, you would not have to pay the expenses from your pocket. In case the hospital is not part of the network, you will have to pay the hospital and the insurance company will reimburse the costs to you later.
R (આ કાર ના ગિયર પર આવતા અક્ષર છે, જેમાં ? ની જગ્યાએ R આવશે)
Let's give you a hint...
It's a lever in the car with numbers on it.
You guessed the answer now, right?
You guessed it, right?
Exactly! It’s a gear stick.
So the question mark will be replaced by the letter ‘R’.
In case you have incurred treatment costs for the ailment for which you later get admitted to a hospital, the insurance company will bear those costs also. Usually the payout is for costs incurred between 30 to 60 days before hospitalisation.
The premiums paid for a Health Insurance Policy are exempted for Under Section 80D of the Income Tax Act. Income tax benefit is provided to the customer for the premium amount till a maximum of Rs. 15,000 for regular and Rs. 20,000 for senior citizen respectively.
If there has been no claim in the previous year, a benefit is passed on to the policyholder, either by reducing the premium or by increasing the sum assured by a certain percentage of the existing premium.