Free quotes from top insurers with lowest premiums in
4 simple steps
*Please note that the quotes shown will be from our partners
*savings provided by insurer

Why You Should Not Use Health Insurance Only as a Tax Saving Tool

With the inflation in the medical and healthcare sector flying through the roof, it is only wise that you invest in a good health insurance policy for all the right reasons. So do not jump on the bandwagon and simply buy the first health insurance you can get your hands on, simply to use it as a tax saving tool. Below we enlist a few important reasons of having a health insurance and an elaborate comparison of some of the best medical insurance policies in India.

Medical Inflation Is In the Range of 15%-20%

Healthcare inflation is at a scary high. If you do not invest in a good healthcare insurance policy, it can drain you of your savings significantly. Keeping in mind the room rents at private hospitals, expenses for medical tests, medicines etc. can easily run into lakhs for a health condition that affects you. And the costs are only going to rise with years going by.  Healthcare costs might eat into the savings that you had put aside for other purposes. So keep your family adequately cushioned to deal with unforeseen situations.

Related-: Health Insurance Tax Benefits under Section 80D 

To Secure the Health of Your Family

A tailor-made health insurance will not only provide coverage for the breadwinner of the family, but if you invest in a family floater health insurance cover, it will help you take care of the healthcare needs of your entire family. A family floater plan includes the breadwinner, spouse and two young children. The best medical insurance policies in India can be customized with riders and top-ups, to suit your unique needs.

Not only will it save you from the hassles of investing in separate insurance covers for all family members, but will also help you club the entire insurance amount for the treatment of one family member, if required. If you have elderly dependents, you can choose a healthcare insurance plan specifically for senior citizens.

Being Prepared to Deal with Lifestyle Related Diseases

Our fast-paced lifestyle, bad eating habits, lack of exercise, stressful professional lives, pollution and hazardous environmental conditions are all major contributors leading to the rising numbers of lifestyle-related diseases. Diabetes, obesity, smoking and even alcohol addiction can lead to serious healthcare problems, which we need to be prepared to battle against.

Investing in one of the best health insurance policies in India will also help you take care of all expenses related to diseases that might affect you with age or owing to unhealthy lifestyle or habits. Alarmingly, the average age of people suffering from various diseases has also come down to the 30’s or even lower.

Being Prepared for Critical Illness

A major reason to invest in a healthcare insurance policy is to make sure that your savings are not drained in case you’re diagnosed with critical illness. Strokes, heart attacks, various forms of cancer, etc. all come under the critical illness coverage.

The costs associated with treating some critical illnesses are often out of bounds of the average middle class citizens and can run into lakhs. Prepare yourself to battle such situations which are not only financially draining, but emotionally exhausting too. 

So which is the best medical insurance policy in India for families?

Here we give you a quick comparison of seven best healthcare insurance policies in India. For comparison purpose, let’s take the example of a family comprising of four members, with the parents in their early 30’s and two children aged between 3 and 6. Let’s assume the annual income of the family is around 5-7 lakhs. 

Here is a Look at Some of the Best Medical Insurance Policies in India:

Plan

Coverage

Premium (Annual)

Features

New India Assurance

NEW INDIA FLOATER MEDICLAIM POLICY

Rs 5 lakhs

Rs 8,851

Critical illness coverage

Pre/post hospitalization expenses covered

IffcoTokio

SwasthyaKavach – Base

Rs 5 lakhs

Rs 7,167

Pre/post hospitalization expenses covered

Health check up

Religare Health Insurance Care

Rs 5 lakhs

Rs 13,652

Pre/post hospitalization expenses covered

Health check up

Restore benefits

Apollo Munich

Easy Health Floater Standard

Rs 5 lakhs

Rs 12,901

Pre/post hospitalization expenses covered

Health check up

You May Also Like
  • Top 10 Health Insurance Companies in India

    Every year, Insurance Regulatory and Development Authority of India (IRDA) announces a list of health insurance companies. There are few important features that help it to rate the insurance companies, such as their perf...

    read more
  • Top 5 Maternity Insurance Plans

    Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requirement...

    read more
  • List of Health Insurance Companies in India

    A quiet revolution has swept through India’s health care sector in the past five years- best evidenced in the fact that now nearly 27% of the nation’s population is insured. The Indian healthcare sector is projected ...

    read more
  • Top 8 Family Health Insurance Policies for 2019

    From the air we breathe to the food we eat, everything is intentionally or unintentionally subjected to adulteration. Due to this, the disease rate in India is rising drastically. Naturally, more and more people are visi...

    read more
  • Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance

    There has always been a doubt in customers mind about whether the private company will keep its side of the bargain i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical ex...

    read more

Search

Sign up for newsletter

Sign up our newsletter and get email about health plans.