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Health Insurance

Health insurance plan, India:

Health treatment nowadays is expensive. More than the disease it is the cost of treatment that takes its toll. To get rid of health worries health or medical insurance is the answer. Health insurance policy not only covers expenses incurred during hospitalization but also during the pre as well as post hospitalization stages like money spent for conducting medical tests and buying medicines. The cover is usually to the extent of the sum insured.

Medical insurance in India known as Mediclaim policies also offer various diverse tax benefits which they attract under Section 80D. The maximum amount of deduction available under this section is Rs 10,000. The maximum limit is Rs 15,000 for senior citizens. Individuals also have the option of covering themselves for medical expenses by opting for the 'Critical Illness (CI)' rider available with life insurance policies. Life insurance companies have their own list of critical illnesses as defined by them. In case of a CI policy, on the occurrence of a 'critical illness' during the policy tenure, an amount as proposed in the policy will be paid out to the individual. This is irrespective of the expenses incurred by the individual on hospitalization, medicines and other such costs. Health insurance companies are offering innovative products to their customers these days. A recent addition to medical insurance has been 'cashless hospitalization'. This means that individuals do not have to pay for their hospital bills in case of hospitalization; the insurance company settles the bill directly.

Health Insurance Policies in India:

Health care costs have witnessed a phenomenal rise in the current times; this has led the customers to insure not only themselves but their family members for any future medical expenses and other related requirements. Various mediclaim policies cover all types of individual. Broadly speaking, they can be classified individual health insurance and family health insurance plans. Now, in the individual category, diverse health insurance policies exist.

Student health insurance: This is steadily becoming a popular mediclaim policy. As more students opt for education, be it secondary, tertiary, domestic, international or rural based. Many health insurance companies which are privately owned have entered into agreements with US educational institutions. As a result, the US educational institution recognizes this health insurance policy of the domestic student.

Medical Insurance:

This vast umbrella mediclaim insurance policy covers medical illness, critical and fatal medical disorders and injuries. Medical insurance in India is gaining such a high trend that policies are out even for infants. It is the buffer against medical emergencies. This cover is a hospitalization cover and reimburses the medical expenses incurred in respect of covered disease or surgery while the insured was admitted in the hospital as an in-patient.

Different types of Medical Insurance are available here:

» Individual Medical Insurance
» Group health Insurance
» Overseas Medical Insurance

Child health insurance policy:

The Indian government declares it the right of every child i.e. right from the time of birth till the age of 18 to benefit from an adequate health insurance plan. The child health policy can be taken out by individual families or educational institutions or corporations. Many health insurance companies aim this mediclaim policy at rural volunteer child organizations in rural and semi urban area. The policy covers all types of health insurance. It primarily aims at a physically, socially, developmentally, emotionally and mentally healthy growth of the child.

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