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| Parents Health and Medical Insurance Policy Rishtey for NRI & All |
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| Rishtey – Parents’ Health Insurance - ICICI Lombard General Insurance Company Limited |
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| Rishtey - Parents' Health Insurance |
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Health Insurance and You
What is Health Insurance?
The commonest form of health insurance policies in India cover the expenses incurred on hospitalisation, though a variety of products are now available which offer a range of health covers, depending on the need and choice of the insured. The health insurer usually provides either direct payment to hospital (cashless facility) or reimburses the expenses associated with illnesses and injuries or disburses a fixed benefit on occurrence of an illness. The type and amount of health care costs that will be covered by the health plan are specified in advance in the form of policy wordings and documents.
Why should I buy Health Insurance?
Even though you are healthy you still need health insurance. Buying health insurance protects us from the sudden, unexpected costs of hospitalisation (or other covered health events, like critical illnesses) which would otherwise make a major dent into household savings or even lead to indebtedness. Each of us is exposed to various health hazards and a medical emergency can strike anyone of us without any prior warning.
When should I buy Health Insurance?
A question often asked is whether health insurance can be bought when you are about to be hospitalised. It is important to understand that insurance usually covers an unexpected event and hence the coverage will typically not be available in such a case. It is always better to start your health insurance cover at a young age and to ensure that you are continuously and adequately covered for your health expenses in case such an eventuality arises.
What if I am already covered by my company?
You may already have some kind of health insurance cover from your employer, but you must evaluate if it is adequate for you and your family’s needs. Furthermore there could be situations where you are no longer in the same employment and do not have the benefit of the employer’s health insurance. In such a scenario having your own health insurance policy will be of value.
What are some of the other benefits of Health Insurance?
Health insurance also comes with attractive tax benefits as an added incentive. There is an exclusive section (80D) of the Income Tax Act which provides tax benefits for health insurance. Currently, purchasers of health insurance who have purchased the policy by any payment mode other than cash can avail of an annual deduction of Rs. 15,000 from their taxable income for payment of Health Insurance premium for self, spouse and children. For senior citizens, this deduction is higher, and is Rs. 20,000. Further, since the financial year 2008-09, an additional Rs. 15,000 is available as deduction for health insurance premium paid on behalf of parents, which again is Rs. 20,000 if the parents are senior citizens.
All of us need health insurance, and for all members of the family, to ensure protection from the unexpected costs of medical events. |
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