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  • List of Cashless Network Hospitals in Azamgarh

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Azamgarh, Uttar Pradesh

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Auraiya

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Auraiya, Uttar Pradesh

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Amroha

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Amroha, Uttar Pradesh

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Ambedkar Nagar

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Ambedkar Nagar, Uttar Pradesh

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • Understanding Grace Period in Health Insurance: Complete Guide

    by iciclombard 01 | Oct 25, 2023

    In medical insurance, grace period is an extension provided to pay your policy premium. It is typically a few days after the policy renewal due date.

    Here, we will elaborate on what grace period is in health insurance and how it works.

    What is grace period in health insurance?

    Your medical/health insurance grace period is the extra time you get if you missed paying your renewal premium by the due date.

    Failure to make the payment even after the grace period can result in your mediclaim policy cancellation or claim denial (if the claim is made after the renewal date). Most health insurance plans come offer a grace period of 15-30 days.

    What is grace period?

    A grace period grants you extra time to pay your medical insurance premium in case you aren’t capable of making the payment within the due date owing to an unforeseen situation.

    How does grace period in health insurance work?

    Many insurers provide a grace period of 15 days for the payment of health insurance renewal premiums. However, there are also different insurance companies that provide a grace period of 30 days.

    The period of grace duration can vary depending on the insurer and the sort of healthcare coverage you purchase. Furthermore, it isn’t mandatory for each insurance provider to offer the advantage of a grace period.

     During this time:

    • Your policy remains technically in force.
    • You can make the payment without additional paperwork.
    • If you fail to pay by the end of the grace period, the policy lapses and all benefits, including waiting periods and accumulated bonuses, may be lost.

    Therefore, talking to your insurer and clarifying doubts is better than losing out on any benefits because of being in the dark. Read the fine print of your policy wording to see if a grace period is offered. The length of this period would also be mentioned in the policy wording.

    Features of grace period in health insurance

    Here are some key features that define how the grace period works:

    • Duration: Generally ranges between 15 to 30 days, depending on the insurer.
    • Policy continuity: If the premium is paid within this period, the policy continues without any breaks.
    • No medical test required: You don't usually need to undergo a new medical check-up for renewal during the grace period.
    • Premium amount remains the same: The payable premium during the grace period does not change.
    • Varies by plan: Some health insurance plans may have specific grace period terms.

    Benefits of grace period in health insurance

    The grace period isn’t just a technical detail—it offers real, tangible benefits:

    • Prevents policy lapse: Gives you time to renew and avoid policy termination.
    • Ensures continuity of coverage: Especially critical for senior citizen health insurance, where medical coverage interruptions can be life-threatening.
    • Retains waiting period progress: If you’re in the middle of a waiting period for a particular illness, timely renewal through the grace period ensures that the count continues.
    • Avoids the hassle of reapplication: Lapsed policies may require a fresh application, medical tests and higher premiums.

    Are grace periods and waiting periods the same in health insurance?

    No, the grace period for your health insurance is not the same as the waiting period. Waiting period denotes a fixed length of time after policy issuance, during which you cannot raise a health insurance claim for treatment. This is usually 30 days. However, this applies only to planned medical treatments. In case of accidental/emergency treatment, you can raise a claim with your insurer even during the waiting period.

    The grace period, on the other hand, allows you to pay your health insurance renewal fee after the due date has passed. For example, if your health insurance policy renewal payment is due on January 1, 2022, you can pay it until January 31, 2022, if you have a 30-day grace period. If you do not pay by the stipulated date, your insurance will lapse, and your insurer may start a fresh policy issuance process with a health check-up if required.

    Conclusion

    Late payments on your health insurance premiums, as well as failing to renew your coverage during the grace period, may be inconvenient and costly. Claims may not be processed during this period and you lose the continuity benefits.

    If you have any pre-existing clinical conditions, purchasing a new healthcare plan will be difficult, and you will have to restart the waiting period.

    So, pay your health insurance policy renewal premium on time to enjoy continuing coverage advantages and prevent jeopardising them. Even if there is a grace period, do not postpone payment unless there is an emergency.



    Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

  • List of Cashless Network Hospitals in Aligarh

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Aligarh, Uttar Pradesh

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Agra

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Agra, Uttar Pradesh

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • How to save tax other than 80C?

    by iciclombard 01 | Oct 25, 2023

    Indian income tax regulations provide many opportunities to lessen your tax burden. However, most taxpayers are only aware of the ₹1.5 lakh deduction under Section 80C of the Income Tax Act.

    By knowing about many other tax-saving possibilities, taxpayers can lessen the total tax payable during a financial year. In this article, we are listing five approaches on how to save tax under different sections other than 80C. We hope you find a useful resource in the list and use it to your advantage. Do remember that this is not an exhaustive list; you can consult a professional, like an income tax lawyer or a chartered accountant, to know about other options applicable to your particular situation.

    Tax saving options other than 80C

    Apart from Section 80C, taxpayers can claim deductions and exemptions under different sections of the Income Tax Act. Here are ten ways to save tax beyond 80C:

    • Section 80D: Health insurance

    Under Section 80D, you can claim tax exemption on the premium paid toward a health insurance policy. If you’re paying the premium for yourself or your dependents, the eligible amount for exemption is ₹25000. If you’re paying the premium for parents above 60 years of age, the eligible exemption goes up to ₹50000. In case you and your parents both are above 60 years of age, the upper limit on exemption for premium paid goes to 1 lakh (₹50000 + ₹50000).

    • Section 80CCD (1B): National Pension Scheme (NPS)

    Taxpayers can save by investing up to ₹50,000 in NPS under subsection 80CCD (1B). This is over and above the ₹1.5 lakh ceiling limit of Section 80C. So in total you can claim deduction for investments in NPS of up to ₹2 lakh, considering both Sec 80C and subsection 80CCD (1B).

    • Section 24(b): Tax savings on the interest component of a home loan

    Homeowners who have a loan can claim a tax deduction for the interest component of their mortgage under Section 24(b) of the Income Tax Act.

    The highest tax deduction available to a taxpayer in this country for interest payments on a house loan for a self-occupied property is ₹2 lakh.

    If the property for which the house loan was obtained is not self-occupied and is rented or presumed to be rented, there is no maximum limit for a tax deduction, and as a taxpayer, you can deduct the whole interest amount under Section 24.

    However, the amount of tax deduction possible under Section 24 gets restricted to ₹2 lakh in circumstances when the borrower (i.e., homeowner) is unable to occupy the property owing to work, business, or profession carried on in another location, compelling him/her to stay in another location.

    • Section 80E: Tax savings on education loan repayment

    Borrowing to fund higher education is widespread these days. Students who take out an education loan to further their studies are eligible for a tax exemption on the interest component of the loan under Section 80E.

    This tax advantage can be claimed by either the parent or the kid (student), depending on who is paying off the loan.

    This tax advantage is accessible only when borrowing from financial institutions, not from family members, friends or relatives.

    Taxpayers can claim the deduction from the year they begin repaying the interest on the education loan and continuing for the next seven fiscal years, or until the interest is paid in full, whichever comes first. The deduction for interest repayment has no upper limit.

    • Section 80EE: Tax savings on home loan interest repayment for first-time home buyers

    First-time home buyers (those who don’t own any other house property as on the date of loan sanction from a financial institution) can claim a tax deduction of up to ₹50,000 under Section 80EE.

    This amount exceeds the ₹2 lakh limit set by Section 24 of the Income Tax Act for repayment of house loan interest.

    To be eligible for this deduction, the house’s worth must be less than ₹50 lakh, and the loan must be for less than ₹35 lakh.

    This section was originally presented in 2013-14 and was only accessible for two fiscal years. But this provision has been restored since 2016-17, and the tax advantage is available until the loan is returned, subject to a ₹50,000 yearly ceiling.

    • Section 80DDB: Treatment of specified diseases

    If you are a taxpayer and have been diagnosed with a life-threatening disease, such as cancer, any neurological disease (like dementia, motor neuron disease, Parkinson’s disease), or AIDS, you may be eligible for a tax deduction under Section 80DDB.

    Individuals or HUF can claim a deduction under Section 80DDB for the medical care of a dependent suffering from a specified disease.

    The deduction is limited to ₹40,000 or the amount paid (whichever is less). This maximum limit gets raised to ₹1 lakh in the case of senior citizens (aged 60 years and above) or dependents.

    • House Rent Allowance (HRA) Exemption

    If you live in a rented house, you can claim HRA exemption under Section 10(13A), reducing your taxable income. The deduction amount depends on:

    • Actual rent paid minus 10% of basic salary.
    • For metro cities- half of the total salary and for non-metro cities- 40% of the salary
    • Actual HRA received.
    • Savings Account Interest (Section 80TTA & 80TTB)

    Under Section 80TTA, savings account interest up to ₹10,000 is tax-exempt for individuals below 60 years. Under Section 80TTB, senior citizens can claim an exemption of up to ₹50,000 on interest earned from savings and fixed deposits.

    • Leave Travel Allowance (LTA) Exemption

    Employees can claim LTA tax exemption for domestic travel expenses under Section 10(5). This can be availed twice in a block of four years.

    • Donations to Charitable Organisations (Section 80G)

    Donations made to approved charitable institutions or relief funds are eligible for tax deductions under Section 80G. The total deduction can be anywhere between 50% to 100%, finalised on the basis of the organisation to which the donation is being made.

    How to save income tax in the new and old tax regime?

    The Indian tax system offers two tax regimes—the old tax regime with deductions and exemptions and the new tax regime with lower tax rates but fewer exemptions. Here’s how tax-saving differs under both:

    Old Tax Regime (Best for Maximising Deductions)

    • Allows claims under Section 80C, 80D, 24(b), 80E, 80G, etc.
    • Suitable for individuals who have significant investments and expenses.
    • Beneficial for those with a health insurance plan covering their family and parents.

    New Tax Regime (Best for Lower Tax Rates)

    • Deductions such as 80C and 80D are not allowed.
    • Lower tax rates across income slabs.
    • Suitable for individuals with minimal investments and expenses.

    Conclusion

    Taxpayers should be aware of tax saving methods other than Section 80C so that they can get exemption on different investments and expenses made during the financial year. There are multiple ways to save tax , including deductions on health insurance, home loan interest, NPS and education loans. While choosing between the old and new tax regimes, evaluate your financial situation and select the one that maximises savings. Being aware of perks such as health insurance tax benefits can help you reduce your tax burden effectively while ensuring financial security.


    Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

  • List of Cashless Network Hospitals in Agartala

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Agartala, Tripura

    Explore ICICI Lombard’s health insurance policies :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Zaheerabad

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Zaheerabad, Telangana

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Warangal

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Warangal, Telangana

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Siddipet

    by icicilombard 002 | Oct 25, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Siddipet, Telangana

    Explore ICICI Lombard’s health insurance policies :

    which offers people much needed financial backup during any medical emergencies.

  • WHO India Helps Advices on Adding Life to Years

    by iciclombard 01 | Oct 23, 2023

    In India, just as everywhere across the globe, people are enjoying longevity. It is also no secret that Indian population is ageing and will continue to age on a consistent basis of the newt decades. It is also estimated that the population aged up 60 years and above will eventually grow from 77 million. This was about 7.4 percent of the total population in the 2001 and up to 300 million (17 percent) by 2050!

    The ageing of the populace has key implications for the health system of India and humanity as a whole. This requires being further researched, understood as well as addressed by appropriate and apposite strategies and movements. According to Dr. Nata Menabde, the WHO Representative to India, the challenge for India, as for all nations across the globe, is not only to add a few more years to life but most significantly to add life to years. The prime motive here is to guarantee that the elderly can easily live life in full terms. He also added that it is all about leading an inspiring as well as creative lives. In order to make this possible, being in good health is extremely essential.

    With the steady upsurge in life expectation and the aging population, the problem of non-communicable diseases (NCDs), such as like stroke, heart disease, cancers, mental health problems, diabetes and vision and hearing damage will persist. This will increase demands for health services. Dr. Samlee Plianbangchang, WHO Regional Director for South-East Asia said that with trend towards nuclear family, it has become extremely difficult to take good care of elderly population. He also mentioned that long term care of old and weak will require extra inputs both from the families and governments.

    Dr. Nata Menabde also added that the inauguration of the National Programme for Health Care of the Elderly (NPHCE) by the Ministry of Health and Family Welfare is a significant step in this direction.

     
  • 6 Health Insurance Prerequisites

    by icicilombard 002 | Oct 23, 2023

    Health Insurance Prerequisites

    How to Buy the Best Health Insurance Policy?

    A survey of 1400 people in the age group of 25-35 by ICICI Lombard in 2015 revealed that 75% of them had a health insurance plan. Interestingly, an astonishing 46% of those buyers cited tax deduction on premium as the prominent reason to buy health insurance.

    While one of the benefits of health insurance is tax exemption, the apparent lack of awareness for the major benefits is reflected in the low insurance penetration in the country. Which means, a majority of Indians are burdened with the out of pocket medical expenses.

    Health insurance is a crucial financial tool to avoid unexpected financial crises. However, you must know the following basics before you consider buying a policy:

    • Sum Insured and Policy Period: The sum insured in a health insurance policy may be on an individual basis, or on a floater basis. The policy is usually available in one, two or three year options. Always opt for a policy that offers a higher sum insured with higher discounts for multi-year option and tax benefits.

    Remember:

    Most policies do not cover donor expenses during an organ transplant surgery. Look into the various expenses covered under hospitalisation, in-patient treatment, and other treatments for which you can claim, before buying a policy.

    • In Patient Treatment: Several policies offer medical expenses for hospitalisation for a minimum period of 24 consecutive hours. However, most of them do not cover the expenses for AYUSH treatment regardless of the treatment carried out in a government or recognised institute.
    • Pre-existing Diseases: Almost every insurer has a waiting period of 3-5 years for a pre-existing disease. Usually top-ups or add-ons reduce the waiting period based on the number of years spent in the base policy.
    • Cashless Hospitalisation: Insurance companies have tie-ups with leading hospitals in all major cities across the country. They arrange for direct payment with these network hospitals through third party associations to help you avoid out of pocket expenses. It is always better to go with an insurer with a broader network of hospitals, with one close to your residence.
  • List of Cashless Network Hospitals in Secunderabad

    by icicilombard 002 | Oct 23, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Secunderabad, Telangana

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Ranga Reddy

    by icicilombard 002 | Oct 23, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Ranga Reddy, Telangana

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Nizamabad

    by icicilombard 002 | Oct 23, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Nizamabad, Telangana

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Nirmal

    by icicilombard 002 | Oct 23, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Nirmal, Telangana

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Nalgonda

    by icicilombard 002 | Oct 23, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Nalgonda, Telangana

    Explore ICICI Lombard’s health insurance policies :

    which offers people much needed financial backup during any medical emergencies.

  • List of Cashless Network Hospitals in Miryalaguda

    by icicilombard 002 | Oct 23, 2023

    ICICI Lombard Health Insurance Cashless Network Hospital List in Miryalaguda, Telangana

    Explore ICICI Lombard’s health insurance plans :

    which offers people much needed financial backup during any medical emergencies.

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