The overall Indian insurance industry is predicted to touch US$ 280 billion by 2020 owing to multiple demographic factors including
- Growing middle-class population
- Growing awareness of the need to yield financial security
- Young insurable population
Add on to this the escalated price of medical healthcare services that increase reasons to purchase the best health insurance plan covers. Such policies offer financial security net to an insured individual for expenses incurred on medical facilities. However, the increased demand for such insurance plan covers has led to several insurance companies offering their products. Hence, a potential policyholder needs to take into account various aspects of an offered policy before settling upon one.
Keeping in mind the convenience of individuals, multiple health insurance plans in India provide the required customization of a scheme. Taking into consideration the various aspects that include –
- Incurred claim ratio
- Overall performance of the company
- Benefits offered to a client, etc.
A few popular companies are providing a health insurance policy in India that offer features catering to the financial and medical requirements of insured individuals. People planning to purchase insurance plans must, therefore, take into consideration the following pointers to ensure that they make the most of their premium paid.
- Multiple types of health insurance cover: Considering varying financial insurance required by individuals, reputed companies like Bajaj Finserv offer Health Insurance covers in several varieties –
- Group/Employee Health Insurance scheme
- Individual Health Insurance covers
- Personal Accident policies
- Family Floater Health Insurance policy
- Maternity Health Insurance plans
- Critical Illness Health Insurance policies
- Senior Citizen Health Insurance scheme
- Top-up Health Insurance covers
- Nominal eligibility criteria and documentation: Keeping in mind the convenience of prospective insured individuals, purchasing the best health insurance plan covers require nominal eligibility criteria and documentation –
- Eligibility criteria – Age of an insured needs to be at least 18 to 21 years. The dependent children to be covered under a policy must be in the age bracket of 90 days and 25 years. Senior citizens to be covered under such online health insurance need to be of 60 years or above.
- Documentation – All that applicants of an insurance scheme need to provide are an application form signed and accurately filled and at times, a medical test.
- Tax benefits on an insurance policy: In case you opt to buy health insurance policy covers from the best health insurance companies across the nation, you need to check for the accompanying tax benefits. With health insurance plans, the premium paid towards the insurance is tax deductible every year under Section 80D of the Income Tax Act.
Therefore, you can claim for tax exemptions considering that you pay a premium on a health insurance scheme that is in the name of yourself, your spouse, parents or dependent children. This tax deduction is capped at Rs. 30,000 for senior citizens and Rs. 25,000 for those below 60 years of age.
- Adequate coverage: In case you opt for a health care policy from the best insurer, the comprehensive cover ranges from Rs. 2 Lakh to Rs. 50 Lakh.
- Diverse financial coverage of expenses: The best insurance companies provide their insured customers with financial coverage against various medical expenses under Family Floater Health Insurance policy –
- Emergency ambulance charges
- No room rent capping
- Pre and post-hospitalization charges for 30 days and 60 days respectively
- No-claim bonus despite the renewal of your policy post every claim-free year
Therefore, in case you are opting to purchase the best health insurance plan and researching for the same, all that you need to do is consider the pointers mentioned above.