Buying the right medical insurance in India is one of the most crucial things you have to do as an earning individual. It is always recommended to be prepared for any unforeseen circumstances that might occur and catch you off guard. Medical insurance in India is an essential purchase that can enable you to sail smoothly through any medical emergency that can lead to sudden hefty expenditure.
To save yourself from a financial burden or crisis during a medical emergency, invest in one of the best plans of medical insurance in India early in life. However, it’s never too late to get a medical health policy for yourself and your family. Now would be a great time as the whole world is at war with the Covid-19 virus and many other new-age diseases causing chronic and critical illnesses.
But don’t rush your decision and buy a medical insurance policy immediately. You must know certain things before buying medical insurance in India, as there are many benefits and advantages that you might overlook. So, carry out thorough, intensive research before buying new medical insurance in India.
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To help you out, here are a few basic things that you need to know about any medical insurance in India:
1. Inclusions, Exclusions and Coverage
Medical insurance in India provides you with maximum coverage and a facility to avail cashless treatment against most of the major illnesses and emergencies. The treatment cost is covered by medical insurance in India, along with the pre and post-hospitalization charges, depending on the terms and the conditions of the particular policy.
Generally, the best medical insurance in India will also cover additional expenses like ambulance and medical prescriptions. You must carefully go through all the terms and conditions mentioned under the policy and pay extra attention to understand what is and isn’t covered under the medical insurance policy you are planning to purchase.
2. Renewability of the Medical Insurance in India
While conducting extensive research on policies and medical insurances in India, you will come across the renewability constraints and conditions of the health insurance policies. You must know in advance that some medical insurance policies in India have a renewability restriction. That is, you won’t be able to renew them after reaching a certain age limit. On the other hand, certain policies have lifetime renewability and have no age restrictions at all.
The age limit on medical insurance in India means that the policy will be considered invalid once you reach a certain age, and you will have to buy a new one. Usually, the age limit of these policies ranges from 65-70 years. Thus, it is advisable to go for the policy that suits your budget and requirement in the best possible way.
3. Premium Against the Sum Insured.
Every policyholder has to pay a premium amount against the sum insured of the policy. Thus, you can browse online and look for medical insurance in India that offers affordable premiums and comprehensive coverage. You can even calculate and compare the premiums against different policies to make a better and reasonable choice. One such reputed company that you can consider is Care Health Insurance that offers affordable medical insurance plans with valuable benefits for you and your family.
4. Tax Benefits and Reductions
As mentioned under the Income Tax Act of 1961, section 80(D), the health insurance policyholders are permitted to avail certain tax deductions. Any policyholder who makes payments of the premium amount against the sum insured for medical insurance in India can get a tax relaxation of some amount. You can claim this tax reduction of ₹25,000up to ₹50,000 depending on the premium amount.
The crux of this article is that apart from understanding these pointers, it is essential to do some research work before you go ahead and invest in medical insurance in India. This way, you can steer clear of any disappointments in the future when it is time to claim health insurance coverage.