What is Health Insurance?

Health Insurance is a contract between a policyholder and insurer that in case of illness/ accident that leads to hospitalization the insurer will pay compensation for medical expenses in consideration of the premium paid by the policyholder.
In this fast-moving world, one must have health insurance.

Why Health Insurance?

Illness and accident can come anytime that too unannounced and you might not always be ready for it. Following are the benefits of having health insurance –

• Cashless Treatment – In times of emergency and sudden illness/ accident you may or may not have cash. A person insured can be at ease as your insurance company works in collaboration with various hospitals and you can get cashless treatments.
• Pre and post hospitalization cost coverage – Health policy covers pre and posts hospitalization charges up to a period of 60 days.
• Transportation Charges – Ambulance charges are also covered in the policy.
• No claim Bonus – In case you did not claim for any treatment in a previous year you will be receiving a bonus this year in the form of NCB.
• Medical Checkup – Free health checkup is also provided by some insurers.
• Room Rent – Depending upon the premium being paid your policy also might cover your room expenses.
• Tax Benefit – Premium paid is tax deductible under section 80D of the Income Tx Act.

Things to consider if buying new health insurance –

• Sum Assured
• Minimum Entry Age and renewability clause
• Room Rent Capping
• Inclusion and Exclusion
• No Claim Bonus
• Other Benefits