Top 5 Advantages Of Medical Insurance In India – Medical insurance is an agreement between the insurance company and the policyholder, in which the insurer compensates the sum insured in case of any medical emergency that leads to hospitalization. On the other hand, the policyholder has to pay regular premiums.
It has become an absolute necessity to have health insurance plans in today’s time. The Tata AIG Medicare can be the best option to take care of your family. There are also other innumerable insurance policies that you can choose from according to your requirements.
Let us have a look at the top 5 major benefits of having an insurance policy.
Coverage against medical expenses
The first most significant benefit of having medical insurance is that it covers all your hospitalization costs during medical emergencies. Hospitalization costs include various other expenses such as in-patient hospitalization expenses (ICU/ICCU expenses, nursing, rent room, etc.), pre-hospitalization and post-hospitalization expenses (doctor’s fee, medical reports, etc.), ambulance expenses, daycare expenses (chemotherapy, cataract, dialysis, etc.), and domiciliary hospitalization expenses. In India, the cost of medical treatment is increasing rapidly, and thus, having a medical like Tata AIG Medicare allows you to concentrate on your health rather than worrying about the finances.
Critical illness insurance and maternity benefits
You can choose separate insurances for critical illnesses and maternity respectively or you can also add them to your basic medical insurance. According to the new rule, all insurance policies must have a list of at least 12 critical illnesses. If you are diagnosed with any of such illnesses mentioned in the predetermined list, you can claim benefits from your insurer. They will compensate by providing a lump sum that you can use according to your need.
Couples can also apply for maternity insurance that covers all the expenses related to pregnancy, motherhood, as well as lawful termination of pregnancy. However, the waiting period for getting your maternity insurance approved is 0-4 years.
Most of the insurance providers have tie-ups with various hospitals, which are called network hospitals. In these hospitals, you can receive cashless treatment, that is all the expenses will be paid by the insurance company to the hospital on your behalf. You do not have to spend any money from your savings.
According to Section 80D of the Income Tax Act 1961, you can claim deductions from your taxable income if you have medical insurance. Reduction in taxable income also reduces your tax liability. If you are below the age of 60 and your medical insurance also includes your parents, who are also below 60, then you can claim a total benefit of Rs. 50,000. If your parents are above the age of 60, then the total reduction can be Rs. 75,000. If you and your parents, both are above the age of 60, then you can claim a total Reduction of Rs. 1 lakh. Members of a Hindi Undivided Family (HUF) can claim a total deduction of Rs. 50,000. Non-resident individuals will also get a total deduction of Rs. 50,000.
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Provisions for lifetime renewability
Another advantage of having medical insurance is that you can renew your health insurance policy as many times as you wish without any age restriction or upper limit. This lifetime renewability feature is highly beneficial for parents as well as senior citizens.
Considering all the factors, the Tata AIG Medicare plan comes with several benefits such as in-patient hospitalization expenses, daycare treatment expenses, vaccination cover, accidental cover, organ donor expenses, and likewise. You have to pay affordable premiums and the policy offers a 100% auto restore sum insured facility. The minimum age for applying for this medical insurance is 91 days and the maximum age is 65 years. The sum insured ranges between Rs. 3 lakh and Rs. 20 lakh.
The process of managing medical expenses and hospitalization bills without having the right medical insurance policy in place is going to be very difficult. The constantly increasing treatment costs and other medical billings make it hard for individuals as well as families to afford quality healthcare. The variety of health insurance plans in the market offer more advantages and benefits to customers who opt for it.