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.

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      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. 

      Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.  

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      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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      *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.

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