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Insurance Article

Psychological Benefits of Insurance

January 18 2017
Benefits of Insurance

Buy a health insurance policy for the ultimate peace of mind

Having a comprehensive health insurance policy on your side safeguards you in times of financial needs. Most of us are already aware of the monetary benefits of a health insurance; let us look into the psychological benefits that it brings to the insured.

Peace of Mind

Life is full of uncertainties and no one knows what is going to happen next. And in this age of growing pollution, adulterated foods and increasing stress, a chronic illness or some other medical expense is never too far away. With the medical coverage that an insurance policy provides, you can find peace in knowing that whatever happens, there is a backup plan in place that will shield you from any negative outcome, at least financially.

Tax Benefits

An insurance policy makes sense if you are financially prudent. The government gives tax benefits to the taxpayer on the premium amount that he pays for health insurance cover, under Section 80D of the Income Tax Act. This tax deduction can be had to the tune of ₹25,000 for individuals below 60 years, and ₹30,000 for a senior citizen (above 60 years of age). Moreover, these benefits can also be availed on health top-ups, super top-ups and critical illness covers.

Value Added Services

Most plans come with exciting features that add even more value over and above the basic benefits. Services that are common in this sphere are online chat with doctors, e-consultations, and free health check-ups. The specialist consultations come with one follow-up session whereas the free check-ups encompass a wide range of tests such as blood grouping, fasting blood sugar, and cholesterol among others.

AYUSH Treatment

There are some people among the population who are not comfortable with allopathic medicines and prefer the natural treatment that homeopathic or ayurvedic medicines offer. Most insurers offer Ayurveda, Unani, Siddha, and Homeopathy (AYUSH) treatment, making health insurance a comprehensive option for those who feel the need for it.

You can avail medical cover for AYUSH treatment when you have undergone treatment in a government hospital/institute accredited by Quality Council of India or the National Accreditation for Hospitals & Healthcare Providers (NABH).

Faster Claim Times

Gone are the days when claims used to take ages to get processed. Nowadays, the payment of an admissible claim is made within few days to the date of claim submission. This is true for reimbursement claims; for speed of cashless claims is much faster. Once the pre-authorisation request from a network hospital is received with completed information and documents, the approval, or rejected response is sent within few hours. Not only that, some companies even pay a cash liability if the response is not made within the stipulated time.

Related Article:

Common Tax Planning Mistakes
Lesser Known Facts About Tax Benefits of Health Insurance

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