Why health plans?
Designed to ensure that you and your family get the medical treatment whenever you need it. Secure your family now with our health plans.
What is health insurance?
Health insurance insures you and your family against expenses arising due to a medical emergency and uncertainty of health such as a hospitalisation or the onset of a critical illness. It prevents a medical emergency from becoming a financial one; it ensures your health care needs are taken care of without you having to dip into your existing savings or compromising your future goals.
Why do I need health insurance?
- Medical emergencies can strike unexpectedly : 30% of the population suffers from heart attacks before the age of 40 years. Rare non-communicable diseases are now becoming common, affecting an increasing number of urban Indians. #
- Lifestyles have changed : Indians today suffer from high levels of stress. Long hours at work, little exercise, unhealthy diet food have weakened our immune systems and put us at an increased risk of contracting illnesses.
- Quality health care is unbelievably expensive : Single episode of a critical illness like an angioplasty can cause a huge dent (around 3 lakhs) in your lifetime savings and with rising medical costs, it can get worse. #
- Indirect costs add to the financial burden : Indirect sources of expense—travel, boarding and lodging, and even temporary loss of income account for as much as 35% of the overall cost of treatment. #
- Incomplete financial planning : Complete financial planning includes saving for an uncertain future, children’s education, retirement and the most important aspect of your life – your health.
# Source: CII report
Are there different health insurance needs?
There are different kinds of health insurance plans available to suit your individual needs:
- Hospitalisation insurance : Cover yourself for hospitalization expenses incurred. You have a further choice between a reimbursement plan (claim your expenses as actually incurred) or a fixed benefit plan. (claim as per pre-decided limits defined by the plan you select )
- Critical illness insurance : Cover yourself against critical illnesses which are life changing catastrophes, expenses for which are big in nature.
Why should I start planning for my health now?
- You will be able to deal with medical emergency finances without falling back on your savings. Thus your medical policy protects your finances.
- You can choose appropriate healthcare plan as required without acute financial anxiety and so can focus on the recuperation process.
- You would be a better provider (supporter) to your family in times of health emergency as they will receive adequate medical attention.
- Waiting until you are older is not a recommended approach, as it gets more difficult to obtain a health cover with age. Also, if you have a prevailing disease/critical illness (like diabetes), it is likely to be exempted from the health cover under the pre-existing condition.
- As already shared, a health crisis could unexpectedly occur and if you are not covered during the time of emergency it will drain your savings.
- You can enjoy tax benefit up to Rs. 15000/20000/35000/40000 u/s 80D of the Income Tax Act, 1961.
How do I plan for my health insurance?
Sound health cover planning ensures you have access to sufficient funds to meet direct medical expenses of the treatment, indirect expenses at the time of treatment and loss of income, if any, due to the illness.
Select a health plan by taking into consideration factors such as your income, age, number of dependants, quality of care desired, current coverage etc.