As the cost of hospital treatment are getting expensive day by day one must financially secure self and family under Online health Insurance. Health insurance India is very affordable for which rebate under income tax under section 80D can also be availed
- Types of policies available under this category
- What are the perils (Cause of Loss) covered
- Hospitalization expenses
- What perils can be covered by paying extra premium
- Some policies cover world wide extension
- What are the main Exclusions?
- Pre existing health condition is covered after 4 continuous renewals provided no claim is reported
- First 30 days only accidental hospitalization expenses are payable
- Beware of 1st, 2nd and 4th year exclusions for certain conditions
- Maternity expense are not payable in most of the policies
- For complete exclusion list please read the Policy wordings.
- Types of discounts on premium available under this category
- Family discount
- Basis of Sum Insured- Recommendation
- Ideally 1% of your Sum Insured must cover your Room rent per day
- Excess and other deductibles during claim
- Under most of the Mediclaim Insurance products room rent is capped to 1% and ICU is capped to 2% of the Sum Insured per day.
- Proportionate clause is applied and deducted as per the same proportion of the Room rent per day.
- For e.g if you have a Sum Insured of Rs 5,00,000 , 1% of the Sum Insured i.e Rs 5000 only will be paid as room rent and Rs 10,000 only will be paid as ICU charges per day
- Under the above e.g If you stay in a room where the room rent per day is Rs 10,000 and if the total claim Amount is Rs 3,00,000 then only Rs 1,50,000 will be paid i.e proportionate clause will be applied
- Beware of disease wise sublimits for e.g cataract
- Claims procedure
- Income Tax Benefits
- Deductions under Section 80D:
As mentioned before, Section 80D will help you in getting tax deductions on medical insurance premiums only. The deductions allowed are as follows:
For Self and Family:
- Maximum deduction of Rs.25,000 per year on health insurance premium for self and family.
- Maximum deduction of Rs.50,000 per year if you are a senior citizen.
- Maximum deduction of Rs.25,000 per year on health insurance premium paid on behalf of parents.
- Maximum deduction of Rs.50,000 per year on premium payments for senior citizen parents.
- A deduction of Rs.5,000 can be claimed every year on expenses related to health check-ups. This limit includes the check-up expenses of all members in a family, including spouse, kids and parents.