Buying health insurance for yourself and your loved ones is one of the most important decisions you can make in recent times. Despite the global Covid pandemic, there is an increase in cases of lifestyle and serious diseases, and every person must be protected by a good health insurance policy that covers the high costs of treatment in India and India. foreigner.
Now that digitization has made it easier for people to purchase a health insurance policy with a click, there are some key factors you should consider before buying health insurance. First, there is a policy document that one must go through when purchasing an individual or family health insurance plan. The document lists all the information about the plan, with inclusions and exclusions, endorsements, benefits ingrained in the policy, the premium to be paid, details of the sum assured and how to upgrade it, etc. However, not everyone reads it in detail, and it may not list certain benefits or clauses that arise after purchasing the policy – this happens when plan features are periodically updated.
Therefore, you might have missed knowing some surprising things about your health insurance policy, such as:
1) Your health insurance plan gives you a free health check – and it doesn’t affect your premiums.
Although you are aware of this benefit, you may not have used it yet. There are some misconceptions about using the health check benefit rooted in politics. On the one hand, policyholders are skeptical about undergoing the medical checkup and finding out that they have developed some form of serious illness. They believe the insurance provider will terminate their policy at this point – this is an unfounded fear. Another myth associated with the use of the health check is that the insurance provider will increase policy premiums after the test results are released. Again, this is an unfounded fear. The results of the medical examination do not affect the premiums you pay, and they are only taken into consideration if you wish to increase the sum insured or take out a new health plan with the same insurer.
If you are concerned about developing a critical illness, you can purchase a critical illness insurance plan that pays the policy benefit in a lump sum.
2) In addition to your own premiums, the premiums you pay for your parent’s plan also provide tax benefits.
You are probably aware that the premiums you pay for your health insurance scheme (including yourself, your spouse and your dependent children) can earn you a tax deduction of up to Rs 25,000 per year under the 80D of the Income Tax Act 1961.
But here’s something you probably didn’t know: you can claim an additional deduction under Sec 80D for premiums paid for your elderly parents’ health insurance policy (over age 60), up to Rs 50,000. Additionally, if you and your parents are over the age of 60 and are covered by health insurance schemes for which you pay the premiums, you can claim a total deduction of Rs 1,00,000 pa These are great reasons to buy health insurance plans for your parents too.
3) There is a huge benefit to staying healthy and avoiding hospitalization and treatment: PNE.
The NCB (No Claim Bonus) is an explicit term that implies that one can get a bonus for not making a claim against his health insurance plan. The NCB refers to the set of benefits you can take when you renew the policy annually. However, you can only benefit from this bonus when you have not claimed your right in previous years in terms of hospitalization, surgery, treatment, etc. The bonus can be used in the form of an increased sum assured (once every few years of no claim to the scheme) or a discount on the premium to be paid. These benefits can only be used at the time of policy renewal.
With these benefits in play, isn’t it a good idea to stay fit and out of treatment and hospitalizations?
4) The “Restore” perk can only be used if…
Some mutuals have a ‘Restore’ or ‘Refill’ service on the insured amount. This means that if the entire sum insured on the plan is exhausted in a policy year for a claim for a certain illness, then the sum insured can be reinstated for the same amount in the same policy year. insurance if you file a claim for another illness. For example, if you claimed the sum insured for treatment for heart murmurs and completed the entire policy benefit, the insurer may reinstate the entire benefit if you were diagnosed with moderate gastric tuberculosis. But this benefit is not extended to claims for the same illness in the same policy year. If you are worried about repeat claims for an illness that you or a family member has contracted, you should opt for a super supplemental plan.
So, if you are looking to buy the right health insurance plan for you and your loved ones, be sure to consider the points mentioned above to better understand the policies and make an informed decision.