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With medical costs spiraling out of control and the increase in shift to lifestyle diseases, healthcare today is at its all-time high in terms of treatment costs. In the event of an unforeseen illness, you may have no option other than to utilize your hard earned savings, built over your lifetime. Finally, what’s more important than your health and what better way to protect it than with the right Health Insurance Plan.
A Health Insurance plan ensures complete peace of mind and makes sure that you use your hard-earned savings for the real reasons – Be it your child’s higher education or his dream wedding, a well deserved family vacation or just about anything you dreamt of all your life.
For those who have a family, we recommend a family floater instead of a standalone policy since the probability of all family members needing hospitalisation at one go is remote.
Even if your employer offers group medical insurance, get your own cover. A change of job or retirement could leave you without health insurance. Getting a fresh cover after 45 is anyways difficult.
Health insurance is most important protection tool which one you should have in your investment portfolio. It provides you and family members against financial protection during any kind of medical both planned and unplanned emergency.
Health insurance not only protect your finance but on the other hand you can enjoy tax benefit u/s 80D of the income tax Act for the premium paid for policy.
Scenario | Medical insurance premium paid for | Total deduction under Section 80D | |
Self, spouse and dependent children | Parents (whether dependent or not) | ||
| If you and your parents are below 60 years of age. | ₹ 25,000 | ₹ 25,000 | ₹ 50,000 |
| If you and your family are below 60 years of age and your parents are above 60 years of age | ₹ 25,000 | ₹ 50,000 | ₹ 75,000 |
| If both, you and your parents, are above 60 years of age. | ₹ 50,000 | ₹ 50,000 | ₹ 1,00,000 |
