Tips to Consider Before Buying Health Insurance Policy in India

Tips to Consider Before Buying Health Insurance Policy in India

We do not know when we face any uncertainty or mishap in our lives. Moreover, it is also uncertain when our lives take a complete U-turn. No one wants to be in a position where he and his loved ones are under a constraint or stressed, right? Apart from uncertainties, the rise of inflation has made the cost of living quite expensive. Whether medical and health-related expenses, education expenses, or marriage expenses, everything has seen a surge. Generally, as we grow older, our health sees a downfall. We never know when a critical illness such as cancer, brain tumour, lung problems, etc., can knock on our lives, leaving us our and loved ones, both financially and emotionally drained.

To ensure that we or our loved ones face no financial constraints, it is essential to be well prepared in advance. Investing in a health insurance policy is one of the best ways to financially secure yourself if you get diagnosed with a critical illness in the future. A health insurance policy ensures that you can be at peace of mind and fully focus on your recovery without worrying about any financial constraints.

What is a Health Insurance Policy in India?

A health insurance policy is a type of insurance policy that covers the cost of all medical expenses of the policyholder and ensures that they do not face any financial hassle if they get diagnosed with a critical illness, covered by the policy, such as cancer, paralysis tumour, lung problems, etc.

Investing in a health insurance policy ensures that you and your loved ones do not have any financial burden in case of a critical diagnosis. You can focus on your recovery without thinking about the expenses at all.

Benefits of Investing in a Health Insurance Policy

1. Financial Security

We all know that the cost of medical expenses is touching the sky. We do not know when we might get diagnosed with a critical disease that may financially constrain us. A health insurance policy ensures that you do not face any financial hassle while treating your disease and you can seamlessly focus on your recovery.

2. Covers All Your Medical Expenses.

From hospitalisation charges to medical bills to doctor's fees, a health insurance policy covers all your medical expenses and ensures that you are not financially drained.

3. Tax Benefits

One of the key features of investing in a health insurance policy is the tax benefits. The premiums you pay for the health insurance policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 subject to conditions mentioned therein. However, tax laws are subject to change from time to time.

4. Affordable Premiums

The premiums that you pay for the health insurance policy are affordable and pocket-friendly. As a result, a health insurance policy can be easily bought by anyone.

5. Coverage of Pre-Existing Diseases

Many health insurance policies cover the cost of pre-existing diseases of the policyholder after a certain period as mentioned in the policy.

6. Coverage of Pre and Post Hospitalisation Charges

Some health insurance policy also provides pre and post hospitalisation charges and ensures that you and your loved ones do not have to face any financial hassle.
Now that we have told you the benefits of investing in a health insurance policy let us tell you a few tips to keep in mind before investing in this policy.

Tips to Consider Before Buying Health Insurance Policy in India

1. Claim Settlement Ratio

One of the crucial tips before investing in a health insurance policy is the company's claim settlement ratio. The better the claim settlement ratio, the smoother your health insurance policy is.

2. The Amount You Require

Before investing in a health insurance policy, it is imperative to have a clear idea of how much cover do you require in future. Moreover, it is also crucial to analyse how much premiums you can pay for the policy before investing in one.

3. Compare and Choose the Best

There are various health insurance policies available today. Therefore, it is imperative to compare the health insurance policies and choose the policy that best suits you and your loved ones and provides the ideal financial security.

4. The Earlier You Invest, the Better

The earlier you invest in a health insurance policy, the better. Investing in a health insurance policy while young ensures that you can save more and for a longer period of time. Moreover, while we are young, we are much healthier and more active. Thus, the premiums you pay for the policy are more affordable if you plan to invest at an early age as compared to later in life.

5. Pre and Post Hospitalisation Coverage

Before investing in a health insurance policy, it is imperative to check if your policy covers pre and post hospitalisation charges such as doctor's consultation fee, disease diagnoses, etc. It ensures that you do not face any hassle in future if you get diagnosed with a critical disease.

Wrapping Up

Knowing that the cost of medical expenses is rising day by day, it is imperative to be financially secure and sound so that you and your loved ones do not face any hassle in future.

Disclaimer:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

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