Tax Benefits?The annual premium amount paid for a health insurance policy can be deducted from the total taxable income under Section 80D of the Income tax act, 1961. This deduction is independent of the deduction available under Section 80C. For individuals younger than 65 years, the 80D deduction available is Rs 15,000/- for self, spouse and dependent children. Another deduction of Rs 15,000/- is available for the premium paid for one's parents. This amount increases to Rs 20,000/- if the parent is a senior citizen.
It must be noted that the tax deduction is not available for cash payments. The premium payments has to be made either by cheque or credit card to qualify for 80D deduction.
Portability?Portability is a facility which allows health insurance policy holders to transfer their insurance coverage from one insurance company to another without losing any benefits that customers have accumulated with the first company.
While excellent health care is now available in most Indian cities, the cost of this quality health care are increasing every year, so much so that having heath insurance is no longer a luxury, but very much as necessity. Adequate health insurance coverage is necessary to pay the bills in case of hospitalization. Adequate health insurance policy coverage will give confidence for the insured to access quality health care and get better treatment. Mediclaim insurance coverage ensures the policy holder to avoid debt to paying medical bills or hospitalization expenses.
There are different types of plans designed by Indian insurance companies. Individual plans for single person coverage, family floater to cover entire family, senior citizen plan for the elderly, specific policies for specific illness such as diabetes... The prominent insurance companies like Apollo Munich, Max Bupa, ICICI Lombard, Oriental Insurance, National Insurance, Bajaj Allianz, Reliance, Star Health, TATA AIG... offer coverage for Indians at affordable premium cost. You can get objective information at Eindiainsurance.com and buy the best policy that can suit your requirements.
A few important points have to be noted while buying health insurance. It is advisable to purchase coverage at a younger age, as customer can become ineligible for certain plans as they grow older and have any medical ailments. For example, some insurance policies are not available to anyone who has diabetes. Even if a customer becomes eligible to purchase a specific insurance policy, all plans have a exclusion period during which pre-existing ailments are not covered. It should also be known that the plans do not cover sickness immediately, they usually have a thirty day waiting period before sickness is covered, hospitalization caused by accidents are however covered immediately.
* Get free quotes for Indian health insurance plans at Eindiainsurance and select as per your requirements.
The premium calculator helps customers to get the correct rates that has to be paid for a selected policy. The premium calculation helps to get best mediclaim plan after comparing quotes from prominent insurance companies in India.
Family Floater Plan: This type of coverage will include all of your family members in a single policy. Family Floater policy will be more affordable than buying individual health insurance for each family member.
Critical Illness Cover: Under this type of plan there will be coverage for medical expenses incurred for severe diseases like bypass surgery, cancer, stroke etc.
Cashless Mediclaim Plan: Plans with cashless mediclaim cover ensure tension free hospitalization. All medical expenses incurred for pre & post hospitalization cost is covered and you will get treatment at best hospitals. Medical bills at the hospital will be settled by Insurance Company.
Medical Tests to Buy Health Insurance: Few plans offered by Indian insurance companies require medical test report as one of the document for issuing the policy. You can get this information from Eindiainsurance and submit the medical test report while buying policy.
Modes of payment: The modes of payment to buy policy can be cheque, cash, credit/debit card... This depends on the type of plan and insurance company chosen by the customers.
Time required to issue policy: The time taken to issue policy can vary from insurer to insurer and the type of plan selected by the customers. It can be 10-15 days or less/more than that to issue health insurance policy document to customers. There are chances of even rejection for issuing policy by the underwriting team after verifying the documents. Issuing policy is subject to the terms and conditions of the insurance company and their underwriting team.