Health Insurance

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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 continious renewals provided no claim is reported
    • First 30 days only accidental hospitalization expenses are payable
    • Beaware 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 ready 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.
    • Propotionate clause is applied and deducted as per the same propotion 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 propotionate clause will be applied   
    • Beaware of diesease wise sublimits for e.g cataract
  • Claims procedure
  • Income Tax Benefits
      • As per Section 80D under Health / Mediclaim Insurance Premiums
      • Benefit is available to Individual assessee and Hindu Undivided Family assessee.
      • In case of individual assessee - Himself/herself, spouse, dependent children and parents of such individual
      • In case of HUF assessee - any member of HUF
      • The qualifying amounts under Section 80D for self, spouse and dependent children is upto Rs. 15,000/- and additional deduction upto Rs. 15,000/- for the parents. However, a higher amount of upto Rs. 20,000/- is permitted for parents, if they are senior citizens. Assessee is allowed to make any payment on account of preventive health checkups upto Rs. 5,000 within prescribed overall limit.
      • As per Section 80DD : Premiums paid for disabled dependent are eligible for deduction up to Rs. 50,000 every year. A higher deduction of Rs. 75,000 shall be allowed, where such dependent is a person with severe disability.