Medical Insurance

Medical Insurance: Medical or Health Insurance is a Personal Insurance and it comes under General Insurance category which covers medical costs incurred due to some medical problem (hospitalisation due to any disease) with policyholder. And the premium of such plans determined as per approximations.

Who provide Medical Insurance Service– Health Insurance companies like Bharti Axa, Bajaj Aalianz, Aditya Birla Health Insurance and many more provide service of Medical Insurance.

How to apply for Medical Insurance – You can apply for Medical Insurance online and by visiting their branch.

    Benefits of Medical Insurance –

    1. Medical Expenses Coverage:The main objective of medical insurance is to obtain the best health care without any strain on your savings. Health or medical insurance plans offer security against high medical costs. It covers hospitalization cost, daycare techniques, domiciliary cost, and ambulance charges, and many more.
    2. Critical Illnesses Coverage: Along with the standalone plan of medical insurance, insurance providers nowadays offering critical illness insurance, like coverage against serious diseases such as kidney failure, bone marrow transplant, stroke, and loss of limbs, and many more.

    3. Cashless Claim Benefit: Now a days many insurance service providers offer cashless claim facility. In such a plan, you don’t need to make any cash based instalments. The hospitalization costs are settled between your insurance service provider and the hospital.

    4. Additional Security Over and Above your employer cover: Now a day’s many organizations protect their employees with a group insurance plan. However, such policies are not ideal according to the necessities of every individual. In future might be you left uninsured in case of loss of job or change in employment. In order to secure yourself against such an event, purchase a health insurance individually.
    5.Tax Benefits: Health insurance plans covers tax benefits. Premiums paid towards your health insurance are eligible for tax deductions under Section 80D of the Income Tax Act, 1961.

    Such Deductions Are As Under:

    • If individual than Rs. 25,000 for himself and his family
    • If individual or spouse is 60 years old or more than the deduction is Rs 50,000
    • An extra deduction for insurance of parents (father or mother or both, whether dependent or not) is offered to the amount of Rs. 25,000 if less than 60 years old, if 60 years old or more then Rs 50,000.
    • For uninsured super senior citizens (80 years old or more) medical spending incurred up to Rs 50,000 will be allowed