Insurance Plan: Health insurance is not enough, but apart from this, there are some such plans through which you can give financial support to yourself and your family at the time of crisis.
Insurance Plan: Due to the increasing health expenses, health insurance is becoming increasingly popular with time. In the current era, due to the huge expenditure being incurred in the treatment of corona infected, the practice of health insurance is increasing rapidly. The sale of health insurance is increasing not only in metro cities but also in smaller cities and towns. Although only health insurance is not enough, but apart from this, there are some plans through which you can give financial support to yourself and your family at the time of crisis.
Due to changing lifestyle and genetic reasons, most of the people are now facing serious diseases at some stage of age. Their treatment is very expensive. Apart from this, the family may have to face financial crisis due to sudden accident or untimely passing away of the sole breadwinner of the family. To save your family from all these situations, it is necessary to prepare in advance. In such a situation, along with a health insurance plan, a term plan and a plan related to critical diseases must be taken.
Health insurance plan
- Health related expenses are covered under this plan equal to the sum insured.
- Through the health insurance plan, you can get cashless treatment in the hospitals included in the network of the insurance company.
- Most insurance companies cover 30 days of pre-hospitalization and up to 60 days post-hospitalization expenses.
- Personal accident cover, critical illness cover, etc. can also be availed by paying nominal charges in most of the health insurance plans.
- Your parents can also be covered under a health insurance plan.
- Treatment expenses related to corona are also included in most health insurance plans.
- Tax exemption up to Rs 75,000 can be availed under section 80D of income tax on health insurance premium.
- One must look at the sum assured amount, premium, network hospitals, claim settlement ratio, waiting period and co-payment clause while comparing health insurance policies of different companies.
Term insurance plan
- It is the simplest form of life insurance and provides more coverage with less premium. Coverage up to Rs 1 crore can be availed for a monthly premium of less than Rs 500.
- Term insurance plans differ from other life insurance plans in the way that traditional life insurance plans are both protection and investment policies whereas term insurance plans are only protection plans. This means that if the life insured dies during the policy term, the benefit amount will be given to the nominee.
- While choosing a term insurance plan, the insurance company must look at the claim settlement ratio. Apart from this, one should also find out about additional benefits like critical illness coverage.
- There is no waiting period under a term insurance plan and the cover is available only after purchasing the policy. However, some insurance companies do not provide benefits to the nominee on account of suicide in the first year of purchase of the policy.
- Most of the insurance companies provide coverage after purchasing the policy, whether in the country or abroad.
- One can save tax up to Rs 54,000 on premiums paid and benefits received under sections 80C and 10(10D) of the Income Tax Act.
Critical illness plan
- Critical diseases like cancer, heart attack, tumor, kidney failure are covered under this plan.
- In most health insurance plans, this coverage can be availed by paying an additional fee.
- Insurance companies provide a lump sum amount for the treatment of covered diseases. A part of this can also be used as income.
- Hospitalization is not necessary for policy benefits, but the lump sum amount will be received from the insurance company on the diagnosis report itself.
- Under Section 80D of the Income Tax Act, a tax exemption of up to Rs 15,000 can be availed. For senior citizens, this limit is 20 thousand rupees.
- While buying the plan, one must get information about the waiting period, survival period, covered diseases and renewal age.
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