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Thursday 13 March 2014

Health Insurance in India

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It is a very old saying that Health is Wealth”. A healthy person can work efficiently to earn wealth. The man who is not having a good health spends lot of time and money on medicines and doctors. He is never cheerful reason being, he has to take precautions for building up a good health. Healthy body is always dependent on the healthy mind.

 

The Health cost is rising in India at an alarming rate of 22% per annum. We have to sell our assets or take a loan on heavy interest in order to pay for the treatment cost and this happens with around 80% of the cases for hospitalization. Compared to USA, India has a health insurance penetration of only 1.2%. moreover there is no social security in India. It is therefore our responsibility to protect ourselves with adequate Health Insurance.

 

We therefore would like to explain the benefits of Health Insurance which is popularly known as Medical Insurance or Mediclaim since it covers your medical expenses. The concept is new in India but its awareness is growing fast. Health insurance comes handy in case of emergencies/planned hospitalization. Life is unpredictable, insurance can make it safe and secure from huge financial losses. A health insurance policy is a contract between an insurance company and an individual/group. The contract is renewable annually.

 

Health Insurance is affordable and is assured from insecurities that threaten normalcy now and then. The type and amount of health care costs that will be covered by the health plan are specified in advance. Health plans are available in following formats:-

1) Individual & Family Floater In an individual policy you are personally the owner of the policy. Family Floater helps you cover the whole family at a much lower premium,

2) Group Insurance In a group plan, the sponsor (employer) owns the policy and the people covered under it are called its members.

 

What is Health Insurance?
Health insurance is basically a coverage against the risk of incurring medical expenses. Premium is arrived at by the insurance company By estimating the overall risk of healthcare expenses among the family members.

 

Why health Insurance?
In today’s scenario we plan our budget for all our activities. What if due to unfortunate event our medical expenses cross our budget???
Health Insurance protects you from an unexpected expense arising out of sudden illness. To tackle any such problems you need to ensure that your savings are invested in best health insurance plan. Also it gives you an additional benefit of tax rebate,

 

Tax Benefits
Exemption under section 80 (D) of the Income Tax Act, 1961 is presently available for premium paid by cheque.

For further information contact Prajna Capitalon 94 8300 8300 by leaving a missed call

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