The Advantages Of Purchasing A Health Insurance Policy Of Rs. 1 Crore
Published On Apr 05, 2022 10:00 AM By InsuranceDekho
Table of Contents
- Why Should You Purchase 1cr Health Insurance?
- Frequently Asked Questions
- 1. Who should you preferably buy the 1 crore insurance plan?
- 2. Do I need to pay the premium for health insurance every year till the age I die?
- 3. Why should one choose a 1 crore health insurance plan?
- 4. Is there a way to avail insurance without taking out my own money?
- 5. What happens if the renewal date is missed?
There are multiple coverages in health insurance starting from Rs. 1 lac. In these modern times, the cost of medical treatments have become far more expensive than a decade ago. In India, a large number of people prefer private healthcare to public healthcare treatments. Thus, a 1 crore health insurance has become a common necessity because people not only cover themselves but also their families.
There are many people putting their lives and the lives of their families at risk by not opting for adequate health insurance covers. Additionally, opting for a lower plan and finding out a major illness or disease later on such as cancer or dialysis can result in huge financial costs. This is so because once an illness is diagnosed, buying a 1 cr health insurance plan won’t help you.
Why Should You Purchase 1cr Health Insurance?
Benefits of having a Health insurance Policy are:
- Cashless Treatment: If you are insured, you can get cashless treatments as your insurance company would work in collaboration with various hospital networks.
- Pre and post hospitalization cost coverage: Insurance policy also covers pre and post hospitalization charges up to the period of 60 days, depending on the insurance plans purchased.
- Transportation Charges: Insurance policy also covers the amount paid to ambulances towards the transportation of insured.
- No Claim Bonus (NCB): This is the bonus element which is paid to the insured if the insured does not file a claim for any treatment in the previous year.
- Medical Checkup: Insurance policy also provide options for health checkups. Free health checkup is also provided by some insurers based on your previous NCBs.
- Room Rent: Insurance policy also covers room expenses depending on the premium being paid by the insured.
- Tax Benefit: Premium paid on Health insurance is tax deductible under section 80D of the Income Tax Act.
Frequently Asked Questions
1. Who should you preferably buy the 1 crore insurance plan?
- If there a critical illness in the family
- If you are above the age band of 40 years
- If you are responsible for your family and are the sole bread earner
2. Do I need to pay the premium for health insurance every year till the age I die?
No, you have an option to opt for different paying periods such as 5/8/12/15 years.
3. Why should one choose a 1 crore health insurance plan?
Imagine you or your family member is diagnosed with a disease which is life threatening, during that time arranging sufficient funds is a challenge above the regret of not taking adequate cover. Better to be safe than sorry.
4. Is there a way to avail insurance without taking out my own money?
Yes, cashless is a facility available where the client does not have to take out a single penny and the bill is settled by the insurance company itself.
5. What happens if the renewal date is missed?
Fortunately if the renewal date is missed you can renew it for the next 30 days where you get the same benefits as the previous policy. Please note during the additional 30 days the client is not covered for any claim.
There is a deduction under 80D upto 25000 for self, spouse and children. An additional 25000 is available for parents if aged below 60 and if above 60 a deduction of 50,000 is available.
Also read - Who Should Acquire A Health Insurance Policy For Rs. 1 Crore?
What Is The Term 'Restoration Of Sum Insured' In The Context Of Health Insurance?