What Are the Benefits of Having a Health Insurance Plans?

Although health is the greatest wealth, it can occasionally be lost due to unanticipated serious illnesses. So it makes sense to secure yourself with the best health insurance plan. It is a contract that is frequently referred to as medical health insurance plans, whereby the insurer agrees to cover the policyholder’s medical costs. In accordance with this, the insurer covers hospitalisation, medical examinations, ambulance fees, and much more up to the policyholder’s insured amount.

What is a Health Insurance Plan?

An insurance company promises to pay for medical expenses incurred by the policyholder during the policy’s term as part of a contract with the policyholder. If the insured becomes ill or has a tragic event that necessitates hospital treatment, they may be responsible for paying medical bills, according to the conditions of the policy. The policyholder must pay a set amount on a regular basis, known as a premium, in order to use the policy’s coverage benefits. The insurance provider sets the premium, which must be paid without fail either monthly, quarterly, half-yearly, or annually by the policyholders.

Benefits of Medical Health Insurance Plans

There are several benefits of taking health insurance plans in India, such as:

Cashless Treatment

In most cases, insurance companies have partnerships that provide cashless health insurance plans to the insured in the event of hospitalisation. These hospitals are referred to or also known as network hospitals. These hospitals cover the costs of the insured person’s medical care. This implies that you can receive treatment at these facilities without having to pay anything for the associated medical costs; instead, the insurance provider will pay you back for those costs when you file a claim. Keep in mind that if the claim is submitted in line with the policy’s terms and conditions, it will be approved.

Portability Advantages

The option to port health insurance permits policyholders to move their current health insurance plan to a different health insurance company. It protects clients or customers from being taken advantage of by insurance providers, giving them freedom and better options in the event that they are dissatisfied with their current health insurance policies.

Financial Security from Increased Medical Expenses

Considering the escalating cost of healthcare in India, it is crucial to procure a trustworthy health insurance policy as soon as possible. In addition to providing broad coverage, the policy also covers inflation-related hospitalisation costs in an emergency. It not only prevents stress but also promotes good health.

Benefits From Taxation Under Section

In accordance with the Income Tax Act 1961, Section 80D, the government encourages the purchase of health insurance by providing tax deductions on the premiums paid.

Benefit of Lifetime Renewability

Due to the lifetime renewability feature, there is no upper age limit or other restriction on the policyholder’s ability to renew their health insurance. The lifetime renewability benefit eases the financial burden in the event of a medical emergency, especially for seniors and parents. Guidelines for including this benefit in health insurance plans have been provided by the Insurance Regulatory and Development Authority of India (IRDAI).

No Claim Bonus

No Claim Bonus (NCB) is a benefit provided by insurance companies to policyholders in exchange for their not filing any claims throughout the policy year. No Claim Bonus, also known as a cumulative bonus, is applicable to both individual and family floater health insurance plans. However, one should keep in mind that the amount of coverage you can increase through the No Claim Bonus is limited.

The prevalence of health issues has increased due to an ageing population and poor dietary habits. The pandemic situation has made it more important than ever to get health insurance. Every health insurance plan offered by Niva Bupa that a healthy individual or family purchases covers COVID-19 in the event that a COVID-19 diagnosis necessitates hospitalisation. So secure your future today by purchasing a health insurance plan.

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