10 Benefits of Buying Health Insurance In 2021

Published On Apr 06, 2021 5:30 AM By KANIKA WADHWA

Health insurance is an essential component of our life that seeks to offer medical and financial protection against unforeseen circumstances, However, many people are wary of investing in this financial product because of high premiums and a lack of comprehensiveness about its types, variants and benefits. The pandemic of Covid-19 has shown how vulnerable our health is and how high the cost of treatment is and therefore, having a financial back up for our well being is necessary. In this article, we are going to tell you about the 10 benefits of having a health insurance policy in 2021.

10 Benefits Of Buying Health Insurance In 2021

The following are a list of top 10 benefits of buying health insurance in 2021.

  • Comprehensive Coverage

The major benefit of buying a health insurance policy is the comprehensive financial coverage that you will receive for specific illnesses, critical diseases, disability day care procedures and out patient department (OPD) expenses necessary for a fit and healthy lifestyle.

  • Investment Opportunities

Many health insurance policies come with an inbuilt unit linked investment policy (ULIP) that allows you to invest in money market products according to your risk profile with a guaranteed flow of income after a stipulated period of time.

  • Financial Security

Whether you are suffering from a critical disease or a disability, insurance policies offer a payout option that ensures the financial security of yourself and your family members in times of a monetary crisis.

  • Lifetime Protection

Health insurance plans nowadays come with a lifetime renewability feature that enables you to extend your policy well after retirement at affordable premiums, thereby promising lifetime protection to you and your loved ones for any kind of health emergency.

  • Cumulative Bonuses&

Cumulative or No Claim Bonuses refer to an extra amount that is added to your insurance cover over the policy tenure for cumulative ‘claim free years’, resulting in a sumptuous sum assured amount at the end of your plan.

  • Savings

You can save handsome amounts of money from your health insurance policy by availing the discounts guaranteed to you against high premium amounts, especially if you buy your policy online.

  • Instant Coverage

Instant coverage is an attractive benefit of health insurance policies where you need not ride out the ‘waiting period’ for the commencement of its services and make claims. It ensures speedy redressal of your medical concerns and minimum delay in receiving medical intervention in critical cases.

  • Pre Existing Disease Cover

Pre-existing diseases are underlying, asymptomatic illnesses that remain latent for a long time without manifesting themselves but are capable of aggravating any other illness. Health insurance policies offer coverage against these kinds of diseases too, after an initial medical check up.

  • Tax exemptions

In India, an insurance holder can receive attractive tax benefits under Section 80D of the Income Tax Act where as much as INR 25,000 can be saved in a particular year as tax free income.

  • Changing Lifestyles

As we grow older and progress, our lifestyles also change and our health is no longer restricted to minor coughs or cold. Chronic illnesses such as diabetes, heart and kidney disorders are common nowadays and a health insurance policy will secure you effectively against the costs of treatment of such diseases.

Take Away

These are in short the 10 benefits of buying health insurance in 2021. It ensures comprehensive financial protection, a fixed source of income and savings as well. The pandemic is still far from over and it would be a wise decision to secure an insurance policy for yourself and your family members for any kind of medical emergency in future.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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