Health Insurance

Medi-claim

Medical emergencies can cause considerable distress not just physically & emotionally, but also financially. The health of our loved ones is of prime importance and this is why we seek to get them the best treatment available which can sometimes prove to be a financial burden. This is where a medi-claim policy can prove to be useful. This blog details all about medi-claim and its importance in our everyday lives.

Key features –

1. Tax benefits: Buying medi-claim insurance entitles you to certain tax deductions under Section 80D of the Income Tax Act, 1961. Deductions up to Rs. 25,000 on income tax are offered on premiums payable for the medi-claim policy. Tax deductions are also available for senior citizens up to Rs. 50,000.
2. Sufficient financial coverage: Medi-claim plans are designed to provide adequate financial protection to the insured in the event of any medical emergency, planned or unexpected. In the case of urgent hospitalization or planned treatment options, your medi-claim policy will take care of all medical expenses incurred. The insurer will be liable to pay for the amount involved in the treatment.
3. Cashless treatment: Emergency hospitalization can be a huge financial burden on you and your loved ones. Cashless treatment saves you from this financial load by giving you the option of receiving the best treatment at your insurer’s network hospital (affiliated with the provider) without the need to pay anything from your pocket. Your health insurance provider will settle all hospital and other medical bills directly with its network hospital.
4. Multiple policy options: Medi-claim can be purchased for an individual as well as well as for all the members of your family. You can easily choose the best medi-claim policy for your family from the varied options available with your health insurance company.

Benefits of Medi-claim –

1. Much-needed financial assistance to your family in case of medical emergencies
2. A cashless facility is available at each of the network hospitals of the insurance company, which reduces the burden of unpredictable expenses during unfortunate events
3. Dual cover that includes both family floater and individual coverage
4. Highly affordable healthcare services without exhausting your savings
5. Lifelong renewability option on buying a medi-claim policy as per the chosen plan
6. Coverage for in-patient hospitalization like doctor’s fees, OT charges, cost of medicines, nursing charges, etc.
7. Tax exemption on the policy premium each year under Section 80D of the ITA
8. Additional benefits like room rent, ICU charges, and more

Senior Citizen

Old age brings with it deteriorating health, physical challenges and financial limitations. Hence it is essential to have adequate health insurance to take care of medical expenses in the ‘golden years’. Senior citizen health insurance plans offer a much-needed solution to our senior citizens or people aged 60 years or more. A health insurance cover to those over 65 years of age, these plans have come as a boon to a large percentage of India’s seniors. Why is it important? With advancements in medical sciences, the average life expectancy in India has increased to over 70 years. But the retirement age has remained constant. Hence, as one gets older, there is less and less money available to take care of regular expenses. On top of it, medical costs are rising. So, if one falls ill, the family budget goes for a toss. If one has medical insurance for senior citizens, these expenses are taken care of.

1. Rising medical expenses
2. Critical illness expenses
3. Regular health check-ups
4. Peace of mind.

Tax benefits –

Premium paid for senior citizen health insurance is eligible for benefits under section 80D of Income Tax, up to a maximum of Rs 30,000 per year. There is also an additional rebate of Rs 5,000 for preventive health check-up each year.

Family Floater

A family health insurance plan is a policy that insures the health of your entire family. You can include your spouse, children, dependent siblings, parents and parents-in-law in these plans. You need to pay a single premium and the sum assured is shared across all members. The coverage is generally extended to up to six members of the family. What is the importance of family floater policy? Medical emergencies can happen anytime, anywhere. Moreover, the growing number of lifestyle diseases and the rising cost of healthcare has made it necessary to have health insurance plans for all members of your family. Though most organizations these days have health insurance facility for their employees, quite often the coverage is inadequate. Therefore, you need to buy a personal health insurance policy that is customized based on your family’s requirements.

Benefits of family floater policy –

Covers all family members: You can buy a single policy for the entire family, making sure that everyone gets the best treatment possible. Parents and parents-in-law can also be included. A new member can be added to the existing family floater health plan with ease. This helps you avoid paying multiple premiums for multiple policies.

Cashless hospitalization for family: Cashless hospitalization is extended to all family members covered under the family health insurance plans.

Save money: The premium for a family floater policy generally works out to be lesser than the total premium on separate policies for individual members.

Claim tax benefit: The premium paid for family health insurance plans is eligible for tax exemptions under Section 80D of the Income Tax Act.

Restore coverage: These days, most companies offer a special benefit called restore benefit. This is particularly useful for family health insurance plans. Under this, if the entire sum insured is exhausted by one family member, the entire sum insured is again reinstated so other family members still stay covered. Restore coverage can be availed by the same family member too, but only for unrelated claims.

Critical-illness

Life can throw surprises, some of them not so pleasant. Being diagnosed with a critical, life-threatening health condition is one such unwanted surprise from life. Conditions such as kidney failure, paralysis, or cancer can prove fatal and require intensive treatments for longer durations. These treatments can be quite expensive and soon become a financial burden for the patient and their loved ones. This is where critical illness insurance comes in useful. Critical Illness Health Insurance plans help in meeting the high costs associated with treatment and provide financial security to the insured. Let us understand what is a critical illness policy and the workings of a critical illness health insurance policy.

Features of critical-illness plan –

1. A critical illness policy covers specific illnesses as well as other treatments and surgeries included in the critical illness list.
2. Critical illness plans allow you to opt for high sum insured amounts so that you are adequately covered in case of severe illness or require advanced treatment.
3. These plans pay the full sum insured as soon as you are diagnosed with a critical illness that is covered under the policy.
4. Premiums are generally affordable because critical illness plans cover only specific illnesses. If you are hospitalized though, these plans would not cover the claim for hospitalization.
5. A critical illness policy is generally issued on an individual sum-insured basis. However, some plans also allow floater coverage.
6. Critical illness insurance plans can be issued by both life insurers and health insurers. Life insurers issue a long-term policy while health insurers issue annual plans.
7. If a claim for critical illness is made, the policy will be terminated after the claim has been settled.
8. A critical illness policy is independent of other health insurance plans that you might have invested in. Even if you have an existing health plan, the critical illness policy would pay for the claim made in case of diagnosis of the covered illness.
9. The premium payable for critical illness insurance plans qualifies as a deduction under Section 80D of the Income Tax Act, 1961. Deductions of up to INR 25,000 can be claimed if you are less than 60 years old, or up to INR 50,000 if you are aged 60 years and above.
10. Critical illness plans have a survival period ranging from 30 – 90 days. A claim for critical illness will not be paid in the event of the unfortunate death of the insured during this period.
11. Many critical illness plans allow for a free second opinion from the company’s empanelled experts in the case of diagnosis of a covered critical illness.

Benefits of critical illness plan –

1. Lump Sum Payout: Most critical illness plans provide a lump sum amount that can be used for treatment. Also, when a person is diagnosed with a terminal illness, the payout of the policy can serve as an income replacement. The plan is an ideal means of financial security for the patients and their families in times of distress.
2. Tax Benefits: You can avail of tax benefits on the premium paid for a critical illness policy, as per section 80D of the Income Tax Act. Moreover, critical illness insurance payouts are tax-free.
3. Cost-Effective Plans: A critical illness insurance policy offers the benefit of affordable premiums since you only need to pay for the specific illness that is covered under the plan.

Personal Accident

Accidents have become quite common in today’s age. Whether it is a simple fracture or a major burn or a road accident, you might face severe physical disabilities. When accidents occur, they result in a substantial cost in treatment and recovery. Moreover, in the case of permanent disabilities or death, you lose your ability to work and incur a loss of income. While health insurance policies cover the medical costs associated with accidents, accidental deaths and disablements are not covered. Here is where a personal accident insurance policy comes into the picture. Here is a complete lowdown on accident insurance and why you need it. A personal accident insurance policy is a plan of insurance which covers accident-related contingency. If you suffer from any of the covered contingency, the plan pays a lump sum benefit which helps you in dealing with the financial loss suffered due to the contingency.

Key features –

1. The premiums are very low. Moreover, the premiums paid are allowed as a deduction from your taxable income under Section 80D. You can claim a deduction of up to INR 25,000 if you are below 60 years and up to 50,000 if you are 60 years and above
2. No medical check-ups are required to buy the policy
3. The sum insured under the plan depends on your income
4. Coverage is available only on individual sum insured basis. You cannot avail coverage on a family floater basis.

Benefits of PA policy –

The benefits payable under an accident insurance policy depends on the type of contingency that you suffer. The benefits are, usually, the following:

1. In case of accidental deaths, you get 100% of the sum insured
2. In case of permanent total disablement, you get 100% of the sum insured
3. In case of temporary total disablement, you get a portion of the sum insured depending on the type of disability suffered
4. In case of temporary total disablement, you get a weekly benefit for a specified number of weeks. This benefit is expressed as a percentage of the sum insured

Travel Insurance

Travel insurance is a type of policy designed to protect travelers against unexpected events and financial risks during their trips. It provides coverage for various travel-related issues such as trip cancellations, medical emergencies, lost luggage, flight delays, and other unforeseen incidents.

Key features of travel insurance –

1. Trip Cancellation or Interruption
   • Covers non-refundable expenses if the trip is canceled or interrupted due to emergencies like illness, death of a family member, or other covered reasons.
2. Medical Coverage
   • Pays for medical expenses incurred due to accidents or illnesses while traveling, including hospitalization and emergency medical evacuation.
3. Baggage and Personal Belongings
   • Compensation for lost, stolen, or damaged baggage and personal items during the trip.
4. Flight Delays or Missed Connections
   • Reimburses costs incurred due to delayed or missed flights, including hotel stays and meals.
5. Emergency Evacuation and Repatriation
   • Covers the cost of emergency transport to the nearest medical facility or return to the home country in case of severe illness or injury.
6. Personal Liability
   • Protects against legal liability if you accidentally cause injury to a third party or damage their property.
7. Adventure Sports Coverage (Optional)
   • Covers injuries sustained during adventure activities like skiing, trekking, or scuba diving.
8. 24/7 Assistance Services
   • Offers assistance for emergencies, including medical referrals, lost passport replacement, and travel arrangements.

Benefits of Travel Policy –

1. Financial Protection
   • Shields you from significant out-of-pocket expenses due to unexpected travel mishaps.
2. Peace of Mind
   • Reduces stress and anxiety, knowing you are covered for unforeseen incidents.
3. Worldwide Medical Coverage
   • Ensures access to quality healthcare in foreign countries where treatment costs can be exorbitant.
4. Support During Emergencies
   • Provides 24/7 helpline assistance for travel or medical emergencies, ensuring timely help.
5. Customization Options
   • Policies can be tailored based on trip duration, destination, type of travel, and specific needs like family or group coverage.
6. Compliance with Visa Requirements
   • Many countries mandate travel insurance for visa approval, such as Schengen countries.

Who Should Buy Travel Insurance?

1. Frequent Travelers
2. International Tourists
3. Business Travelers
4. Adventure Enthusiasts
5. Senior Citizens
6. Students studying abroad