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Is Health Insurance Important for Indians?

Published On Feb 12, 2021 5:30 AM By Sakshi Aggarwal

Indian economy is developing at a rapid pace, however, it is also home to various kinds of ailments. With the ongoing progress in the field of medical sciences, most of the diseases can now be treated yet treatment expenses for such diseases can easily drill a hole in the pockets of an individual. That is when a health insurance cover acts as a financial tool to protect the policyholder against any kind of financial crisis during an accident or mishap.

While buying a health insurance plan is becoming an emerging trend in India yet still many individuals fail to understand the importance of having health insurance in India. In case, you too fall in the same category and are apprehensive regarding buying a health insurance cover, then read on below.

Why Health Insurance Plans Hold a Significant Place in India?

Matching steps with the fast paced world today has become a lot challenging, consequently resulting in major health ailments, specifically amongst the Indians. A lot of Indians are losing their lives to ailments such as diabetes and heart diseases, which as per the reports shared by WHO is one of the causes of deaths in the nation. Other than this, various other diseases such as birth complications, respiratory diseases, infectious diseases are also increasing at a fast pace. Therefore, an ideal option to deal with such conditions is to get oneself insured with a good health insurance cover.

Benefits of Health Insurance Policy

The benefits of buying a health insurance plans are highlighted below:

1. Financial Stability

The expenses to receive quality healthcare is rising rapidly in India. The treatment expenses against even the smallest of medical processes today costs an individual easily around lakhs of rupees. At the time of purchasing a health insurance cover, the policyholder needs to pay a premium amount depending upon their insured sum. During any emergency, the insurance company will pay the amount against healthcare expenses to the insured depending upon the sum insured. Therefore, the policyholders can now just focus on getting good treatment rather than worrying about the expenses.

2. Tax Benefit

As per section 80D of the Income Tax act, a policyholder can claim tax deduction of up to Rs 25,000 for premium paid towards health cover for self. While, for health plans bought for senior parents, the deduction goes up to Rs 50,000. Although tax saving should not be the ideal reason for investing in health insurance yet for taxpayers it is beneficial.

3. Various Health Insurance Plans

Insurance providers offer a variety of health insurance covers to their customers depending upon their specific needs. Ranging from family floater plans, individual plans, Pre-existing disease cover, child plans, critical illness covers to health plans for the elderly. In order to encourage the buyers, the premiums of health plans have also fallen considerably low as compared to the past years. Also, in order to offer enhanced convenience to the buyers, the claim settlement process has been made pretty easy.

4. Health Insurance Cover

In order to offer maximum coverage and benefits to the customers, insurance companies provide various types of health plans. Some of the covers include hospitalization expenses, daycare procedures, domiciliary treatment, etc.

5. Fast-Paced Lifestyle

Maintaining the fast-paced modern lifestyle, we hardly take out time for ourselves, hence making our health suffer the most. This is the reason why serious health ailments like cholesterol, Blood pressure, stress-related diseases are getting so prevalent in India. Therefore, highlighting the need to own a health insurance plan. Nowadays, individuals are more prone to get health-related ailments, so the need to have a comprehensive health cover is now more important than ever.

Final Words

Owning a health cover today is considered to be a necessity rather than a luxury. Therefore, thoroughly understand the significance of owning a health plan that is highlighted in the aforementioned points in order to know the importance of buying a feature-packed health insurance cover that would offer protection to the policyholders at the time of emergency.

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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