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Insurance

Why do we need health insurance?

WHAT IS HEALTH INSURANCE?
Health insurance is a type of insurance coverage that covers the cost of an insured individual’s medical and surgical expenses.
Don’t pay for your hospitalization: you can avail cashless health insurance (indemnity based) at network hospitals of insurance companies. It means you don’t have to pay for the medical expenses at these hospitals. The insurance companies settle them on your behalf. This facility is boon for the patients as they don’t incur out of their pockets expenses, freeing them from the unnecessary mental burden and enables them to concentrate on recuperation andrehabitation.
 
1. Get a Convalescence Benefit

Some health insurance plans offer a daily amount for each day of hospitalization. Do not worry about keeping records of the amount actually spent to claim this daily cash. The daily cash amount does not depend upon the amount actually spent.
You can also opt for Convalescence benefit in your health insurance policy. Such a cover pays you a lump sum amount if hospitalization exceeds a certain number of days
 
2. Safeguard Your Finances and Avail Tax Benefits
A comprehensive health insurance policy with an adequate sum assured can help you meet unplanned healthcare expenses so that you do not have to dig into your savings or reroute our income. One can also avail pre-defined tax benefits by paying health insurance premiums.
 
3. Cover for Life-Threatening Critical Illnesses
The fixed pre-defined benefit type of medical insurance policies provides a fixed lump sum payment upon diagnosis and confirmation of certain critical illnesses like cancer, stroke, paralysis, kidney failure, etc. Irrespective of the actual amount spent by the insured, he or she receives the lump sum amount which can be used to fund rehabilitation, recuperation, lifestyle adjustment, etc.
 
4. Get Allied Benefits
Healthcare system in India has evolved with preventive health check-ups and improved diagnostics. Certain progressive insurance companies offer benefits that are generally not associated with health insurance policies. Some such benefits are:
•    Consultation with nutritionists
•    Free health check-ups
•    Tie-ups with health service providers
•    Free Consultation with doctors
•    Discounts Coupons on healthcare services

Life insurance

There is nothing more important than your family’s security
Life insurance is insurance that pays out a sum of money either on the death of the insured person or after a set period.
Benefits of Life Insurance
 
1. Life Risk Cover:
Life insurance provides you with a high life risk cover that keeps you and your family protected in case of an unfortunate event. 
 
2. Death Benefits:
Investing in life insurance gives you and your family a secure future. In case of any untoward happening to the insured, the insurer pays up the entire amount i.e. the sum assured plus the bonus to the bereaved family. Life insurance also safeguards the interest of people who have diminishing incomes with advancing age, people who meet with accidents or for retired people. There are numerous policies available and you can choose the policy that will best suit your requirements. 
 
4. Tax Benefits:
Section 80C of the Income Tax Act is an effective way for the salaried person to reduce tax liability. Under this section, investments made in the specified instruments are subject to rebate. Currently, the amount available for rebate under section 80C is Rs. 150,000 which can be invested in life insurance premiums.