Health insurance is a contract between the insured and insurer to provide for medical expenses against the payment of a fixed amount of money called installment. In today's era where there a number of health problems health insurance has become an absolute necessity. There are a number of companies offering health insurance in India so before buying a health insurance policy one needs to be very careful and must see to it that the policy provides the right coverage.
So why you need to apply health insurance? There are some reasons which state the benefits of health insurance:
- A health insurance provides peace of mind to insured as one need not worry about any medical expenses arising out of any medical emergencies.
- Unpredictable health expenses may lead to heavy financial burden on the family. Thus having a health insurance policy would ensure that medical expenses would not be a burden for the family.
- Health insurance provides different types of coverage like daily cash benefits that provide the insured with daily hospitalization benefits.
- The health insurance policy provides Critical Illness Benefit. Under this policy cover the insurance company would provide the insured a lump sum amount on the occurrence of any critical illness of the insured.
- The health insurance policy also covers up for any hospitalization expenses incurred during the policy period.
- Some policies even provide cover for a general health checkup, dental treatment, ambulance expenses, treatment taken at home, attendant allowance and also expenses related to organ donors.
- The government has also introduced tax benefits on the premium paid towards health insurance under Section 80 D of the Income Tax Act.