WHY HEALTH INSURANCE IS A MUST HAVE?
22 Jan 2021 16:19:54
Insurance plans come in various forms like Life Insurance, General Insurance, Health Insurance etc. While we often talk about getting or having a life insurance and general insurance; not many concern themselves with health insurance plans. But interestingly, Health Insurance is one of the most important insurance cover.
Health Insurance plan comes to the rescue in following situations –
1. Medical Expenses: Health Insurance plans cover your medical expenses like hospitalization, day care procedures, domiciliary expenses, ambulance charges etc.
2. Critical Illnesses: Upon diagnosis of life-threatening diseases such as kidney failure, bone marrow transplant, stroke etc. You are entitled to receive a lump sum amount which you can use for treatments, daily expenses, or any financial commitments.
3. Protection over Employer Cover: The group insurance plans offered by the companies are not tailor made for your specific needs. There is also a chance that you might change or lose the job which in turn takes away the benefits. Having an individual health insurance plan is like having a safety jacket.
4. Alternative Treatments: Nowadays, alternative treatments such as Yoga, Ayurveda, Homeopathy have become very popular. Health insurance plan covers your expenses for such treatment options as well.
5. Tax Benefits: The tax deductions can be claimed for the premium charged on health insurances. These claims are made under section 80D of income tax act.
Know Section 80D of Income Tax Act:
The medical insurance premium that is paid for you or your family members can come under the tax deduction section 80D of Income Tax Act. The health insurance premiums that are paid for self, spouse, parents or children can be claimed.
Benefits of section 80D
- Deduction of medical insurance premium is applicable for self as well as family members like – spouse and children.
- Deductions can also be claimed for one’s parents and the claim is increased if the parents come under senior citizen category.
- One can also avail free annual preventive health check-ups for themselves or family members.
Health insurance has become a necessity not just for the sake of safety and coverage during hard times but also for financial benefits. One of the leading company in this sector is Manipal Cigna Health Insurance Co. Ltd. It provides variety of health insurance plans which can be personalized as per individual requirements.
Janakalyan Bank is a corporate agent for Manipal Cigna Health Insurance Co. Ltd. which means our customers are given the opportunity to know all the details about the different health insurance plans right at your nearest branch.
So visit us today and avail benefits.
Happy Banking!