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Insurance Article

Financial benefits of medical health insurance in India

November 01 2012

Hence, buying a medical health insurance in India not only relieves you of financial stress but also offers premium quality health care for your loved ones.

One of the most popular amongst health insurance policies, the Floater Insurance policy is most beneficial as it offers consolidated health care coverage for your entire family in exchange for a single premium. This policy has several financial benefits as the sum insured can be utilized by one or any family member mentioned in the policy numerous times till the expiry of the time limit. Depending on the number of adults and children in the family, the health insurance premium calculator determines your payable premium.

Cashless claims offered by this health insurance policy take the financial load off your shoulders when availing facilities from health care providers. This feature comes into play when undergoing treatment from a hospital which is a part of the network of over 4000 premium health care facilities.

Another important aspect of this complete health insurance policy is the waiver in Co-payments for any disease or hospitalisation charges. Co-payment is the amount which the insured must pay for health-care and medical services as per the terms of the insurance plan chosen. The absence of Co-payments from your health insurance policy further increases the overall benefits and reduces stress of a financial crunch.

Also, when you purchase medical health insurance in India, there are automatic tax benefits as specified under Section 80D.Under this section, investments for the payment of medical insurance premium offers deduction from your taxable income up to a certain amount. This limit further increases if the insured is a senior citizen (56 years and above). This facility allows you and your family to enjoy the benefits offered by the health insurance policy but also maximizes your net savings.

Apart from all these savings, you can get an additional sum insured for every claim free year. Thus, you not only secure your health with every renewal but also reap additional monetary benefits. The "Cumulative Bonus" feature of the insured amount increases the coverage with the passage of time and helps in gaining optimal coverage for your health even with inflation in the prices of medical treatment.

Keeping all these benefits in mind, it is thus crucial to choose a correct health insurance policy and ensure the well being of your loved ones as well as your savings.

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