Health insurance takes care of the insured person’s medical expenses up to the insured amount. Health insurance policies can either be cashless, meaning the insurer will directly pay the hospital upon claim, or reimbursement based wherein the patient can claim reimbursement after paying the hospital on their own.

Health Plans can be individual, family-floaters, or group-mediclaim (corporate).

They can be enhanced by adding critical illness, disability and other riders.

Benefits of Health Insurance

  • Can be taken for an individual or the entire family under one floating sum assured.
  • Hospitalization costs up to the sum assured are paid by the insurer. Additionally, medical expenses pre and post-hospitalization are also taken care of for a defined number of days.
  • Tax Rebate: Annual premium paid for health coverage are subject to tax exemption u/s 80D of ITA, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 75,000.
  • Companies can opt for group Mediclaim policies and offer the benefits to all their employees

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