Health Insurance, India

It is said that a healthy mind resides in a healthy body. Hence it is very important to stay healthy. These days life is very fast and stressful. No matter how much you care one can always fall ill.

Health treatment nowadays is very costly. More than the disease it is the cost of treatment that takes its toll. To get rid of health worries health / medical insurance is the answer. Health insurance policy not only covers expenses incurred during hospitalisation but also during the pre as well as post hospitalisation stages like money spent for conducting medical tests and buying medicines. The cover will be to the extent of the sum insured.

An added attraction of Mediclaim policies is the tax benefits which they attract under Section 80D. The maximum amount of deduction available under this section is Rs 10,000. In case of senior citizens, the maximum limit is Rs 15,000.

Individuals also have the option of covering themselves for medical expenses by opting for the 'Critical Illness (CI)' rider available with life insurance policies. Life insurance companies have their own list of critical illnesses as defined by them. In case of a CI rider, on the occurrence of a 'critical illness' during the policy tenure, an amount as proposed in the policy will be paid out to the individual. This is irrespective of the expenses incurred by the individual on hospitalisation, medicines and other such costs.

Health insurance companies are offering innovative products to their customers these days. The latest product in this line is 'cashless hospitalisation'. Here individuals do not have to pay for their hospital bills in case of hospitalisation; the insurance company settles the bill directly. But certain conditions like the hospital needs to have a tie-up with the insurance company, the documents need to be in order etc. have to be met.