Ways to Secure your Savings by Investing in Health Insurance

We all have been listening to the popular saying ‘health is wealth’ from our childhood. In this day and age, living a healthy life and staying fit has become an important aspect of everyone's life. Regardless of age, gender, and occupation, every individual is focused on improving their personal health and maintain a healthy lifestyle. While every person should be health-conscious, it is equally important to protect oneself with a health insurance plan against any type of medical emergencies. Thus, purchasing a health insurance policy is a must for every individual.

Read More

Policybazaar exclusive benefits
30 minutes claim support##
(In 120+ cities)
Relationship manager
For every customer
24*7 claims assistance
In 30 mins. guaranteed*
Instant policy issuance
No medical tests~
People trust Policybazaar^
6.7 crore
Registered consumers
51
Insurance partners
3.4 crore
Policies sold
Policybazaar is one of India's leading digital insurance platform

0%

Find affordable plans with up to 25% Discount**

Select members you want to insure

  • More Members
  • Back
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Maximum child sum can be 4
    This will help us calculate the premium & discounts for your family
    Previous step
    Continue
    This will help us to find the network of Cashless Hospitals in your city

      Popular Cities

      Previous step
      Continue
      Get to plans directly next time you visit us
      Please provide your active international number
      Previous step
      Continue
      We will find you the plans that cover your condition.

      Do any member(s) have any existing illnesses for which they take regular medication?

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium
      Advantages of entering an International Number
      Prompt connectivity
      Find the right plan in under 20 minutes
      Get best discounts
      Ensure smooth issuance

      The health insurance policy secures an individual against any type of financial loss that may arise due to any medical emergencies. Apart from providing coverage against the growing costs of medical treatment, there are numerous other benefits offered by the health insurance policy. To cater to the requirements of the insurance buyers, there are different types of health insurance plans offered by the insurance companies. Further in this article, we have listed some reasons as to how a health insurance policy helps to secure your savings in times of distress.

      Provides Coverage Against the Medical Expenses

      In case of any medical emergency in the family, the last thing a person would want to worry about is the costs of medical treatment.  One of the major perks of having a health insurance policy is that it provides coverage against any unwanted medical expenses that occur during an emergency. Thus, with the right insurance plan, all the medical costs like ambulance charges, post-hospitalization cost, doctor’s fees, etc are all covered.

      To ensure that the policyholder gets adequate coverage against any type of medical emergency, many insurance providers offer riders along with the base plan to enhance the coverage of the policy. These riders are offered to cover the excluded medical conditions like personal accident insurance, maternity benefit, critical illness cover, etc. With all these costs covered by the health insurance policy, one does not need to worry about financial loss in case of any medical emergency.

      Cashless Mediclaim Facility

      In case, if an individual is undergoing treatment in a hospital, then it might get difficult for the family members to arrange immediate cash to pay the bills of the hospital. To avoid such situations many health insurance companies offer the facility of cashless Mediclaim at the network hospitals. Under this facility, the individual can receive the best treatment without worrying much about the finances. To avail of the cashless benefits at the network hospitals with the insurance company, all one needs to do is to fill the Mediclaim form.

      Tax Benefits

      Another lucrative way a health insurance policy can contribute towards the savings is by providing the benefit of tax exemption to the policyholder. If a policyholder is under 60 years of age, then he/she can claim for tax exemption up to the maximum of Rs.25,000 on the premium paid towards the policy under Section 80D of the Income Tax Act, 1961. Moreover, the policyholder can claim an additional tax deduction of Rs.25,000 for paying the premium for the parents.

      Financial Protection Against Critical Illnesses

      Almost, every health insurance companies offer coverage against critical illnesses like stroke, cancer, kidney failure, heart attack, etc.  The coverage against critical illnesses comes either inbuilt with the policy or is offered as an add-on cover to the health insurance policy. In case, the insured person is diagnosed with any of the critical illnesses as stated in the policy document, the insurance company will provide a lump-sum amount to the insured so that he/she can meet the treatment cost and can deal with other financial obligations.

      Option the right plan with an adequate amount of coverage, thereby helps an individual to prepare for the worst. Rather than waiting for the illness to happen, it is wise to be proactive and secure yourself and your loved ones beforehand. Moreover, purchasing a policy at a young age not only provides an advantage of a lower premium but also offers much comprehensive coverage and thus helps to contribute more towards the savings in the long-term.

      No-Claim Bonus

      A No-Claim Bonus is a special inducement given by the health insurance providers for every claim-free year. The benefit of No-Claim Bonus is offered to the policyholder in form of a discount on the premium if the policyholder completes a year without making any claim for the medical expenses. If an individual does not file a claim for the consecutive policy tenure, then he/she can enjoy a discount of up to 50% on the premium amount. Moreover, some of the insurance providers also offer an increase in the base insurance amount for every claim-free year. This not only works for the advantage of the policyholder but also helps them to add to their savings. 

      Protects the Long-term Savings

      A health insurance policy acts as a financial safety net and secures an individual from unwanted expenses that may arise due to any medical emergency. In case, an individual needs a lifesaving surgery or any other type of medical treatment then he/she does not need to compromise on their retirement savings or their children’s education fund. By purchasing the right health insurance policy, one can secure quality medical care for themselves and their family without burning a hole in their pocket.

      The Bottom Line!

      With the above-mentioned points, as it is clear that a health insurance policy helps to protect the savings, make sure that you purchase a health insurance plan for yourself and your family.

      book-home-visit
      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance Articles

      • Recent Article
      • Popular Articles
      01 Jul 2024

      Surgeries Covered Under ICICI Lombard Health...

      Life can throw unexpected medical emergencies your way, making

      Read more
      27 Jun 2024

      Is LASIK Surgery Covered by ICICI Lombard Health...

      Waking up with a clear vision is a dream for many. LASIK surgery

      Read more
      21 Jun 2024

      Does ICICI Lombard Health Insurance Cover...

      Cataract surgery is an essential procedure for people seeking to

      Read more
      14 Jun 2024

      Father’s Day 2024: Gift Your Father Health...

      Father’s Day is celebrated every year on the third Sunday of

      Read more
      05 Jun 2024

      Does SBI Health Insurance Cover Dental Treatments?

      SBI General Insurance Company provides comprehensive coverage

      Read more

      How to Apply for Ayushman Bharat Pradhan Mantri...

      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal

      Read more

      10 New IRDAI Health Insurance Guidelines in 2024

      Health insurance penetration in India is far lower than it should be. A significant chunk of the Indian population

      Read more

      10 Major Benefits of Ayushman Bharat Yojana

      Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi

      Read more

      Best Health Insurance Plans for Senior Citizens

      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance

      Read more

      Does Health Insurance Provide Coverage for LASIK...

      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is

      Read more

      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881. Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. As per the Insurance guidelines, you are allowed to cancel the policy with-in 15 days from the date of Issuance of policy. For more details, please read the Plan Brochure carefully or talk to our advisor at the time of purchase.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

      ~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

      ##On ground claim assistance is available in 114 cities

      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

      Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker (Life & General)| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

      Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies

      © Copyright 2008-2024 policybazaar.com. All Rights Reserved.

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL