In an era of escalating healthcare expenses, health insurance has become an essential requirement. The COVID-19 pandemic has underscored the significance of having adequate coverage. By alleviating financial burdens, health insurance ensures that medical procedures do not exacerbate stress and that treatment decisions remain unaffected by financial constraints.
When you purchase a health insurance policy, you receive a sum insured, which is a financial coverage amount. This sum insured is utilised to provide financial assistance in cases of emergency hospitalisation or medical expenses. To utilise your sum insured, you need to file a health insurance claim directly with your insurer. Once your claim is successfully registered, the insurer will reimburse the incurred medical treatment expenses. The process of health claims to benefit from the insurance company is known as health insurance claim settlement.
Health insurance isn't just about securing your health, but securing your finances too. When you buy health insurance in India, you're also signing up for some great tax advantages. Under Section 80D of the Income Tax Act, you can deduct the premiums you pay for your health insurance policy from your taxable income. This means you can reduce your total tax liability while ensuring your health coverage is robust and comprehensive.
Financial planning must include health insurance, which protects against high medical costs. Although many people tend to underestimate the value of health insurance in their early years, there are several good reasons to start saving for a health insurance plan as soon as possible.
Accidents can occur at any time, resulting in physical, emotional, and financial consequences. This is where personal accident insurance comes into play. Personal accident insurance provides financial protection to policyholders and their families, compensating them in the event of injury, disability, or death caused by an accident. In this comprehensive guide, we will help you understand the importance of personal accident insurance and how to choose the right health insurance policy for your needs.
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