It is rightly said, ``Health is Wealth``. But truly speaking how many of us are really serious about this. Today, when everything is uncertain, nobody can be sure what will happen tomorrow. We all are aware that medical bills are high and getting still higher. Still we do not buy health insurance plans. Health insurance is way of covering you and your family against any medical emergency arising out of any diseases or illness or accident. In India health insurance premium is considered as expense. This is because we do not give importance to eventualities. It is also true that, as the age of an individual increases, the medical bills are likely to increase and become a burden on the family. Some time entire family collapses because of this financial burden. We need to think seriously and act immediately upon it.
When we meet clients, usually we find one or two life insurance policy in each & every home, but the health cover is mostly missing there, not only because of lack of awareness but also because of unwillingness to pay the premium from customer side. At present less than 10% of total population have their health insurance plan. Data shows that 30% of people with heart problems are less than 40 years old. Diabetes, blood pressure and cholesterol are also very common in younger age. Stress level at work, habits and increasing life style illness also add to physical & mental pressure. Better we take early step to cover our self and our family before it`s too late.
A mediclaim policy covers hospitalization expenses for the treatment taken for disease or illness or accident. It also covers pre and post hospitalization expenses up to certain days and certain limit of sum assured. These limits differ from company to company depending upon the policy and sum assured.
In today`s scenario health plan of 50,000 or 1 lakh sum assured will not suffice. Individually we require minimum 3 to 5 lacs health cover. You can also buy a family floater with an extra top up plans, which will really help you in bad days. Now most of the companies also offer cash less facility if the patient is hospitalized in network hospital. Thus, we can concentrate only on illness of the patient and save time & energy from raising funds from friends and relatives.
Other benefits
> Cumulative bonus of 5% to your sum assured for every claims free year
> Family discount of 10% is applicable
> Health check-up in designated centers or reimbursement up to Rs 1000 at the end of continuous four claims free years.
> Income tax benefit on the premium paid up to Rs 15,000 as per section 80-D of the IT Act. You can also claim for the premium paid for your parents separately up to Rs 15,000 ( Rs 20,000 in case of senior citizens).
General exclusions
> All diseases/illness/injuries existing at the time of proposing this insurance
> Any disease contracted during the first 30 days of commencement of the policy
> Certain diseases such as hernia, piles, cataract, removal of gallstones or renal stones and sinusitis shall be covered after a waiting period of 2 years
> Non-allopathic medicine
> Congenital diseases
> All expenses arising from AIDS and related diseases
> Cosmetic, aesthetic or related treatment
> Use of intoxicating drugs, alcohol
> Joint replacement surgery (other than due to accidents shall have a waiting period of 4 years)
I also advise my clients to go through the exclusions and the limits of the cover, so that there should not be any problem in tough time. I personally believe that role of an agent/advisor is more important in claim settlement in health insurance compared to life insurance, because claim comes very frequently in health insurance. I also advice my clients to buy the health plans from general insurance or health insurance companies instead buying it from life insurance company. Today many life insurance companies also offers these plans, but you are advised to stay away from this.
A healthy life means many more working years and chance of wealth creation and financial freedom in your life.
> Cumulative bonus of 5% to your sum assured for every claims free year
> Family discount of 10% is applicable
> Health check-up in designated centers or reimbursement up to Rs 1000 at the end of continuous four claims free years.
> Income tax benefit on the premium paid up to Rs 15,000 as per section 80-D of the IT Act. You can also claim for the premium paid for your parents separately up to Rs 15,000 ( Rs 20,000 in case of senior citizens).
General exclusions
> All diseases/illness/injuries existing at the time of proposing this insurance
> Any disease contracted during the first 30 days of commencement of the policy
> Certain diseases such as hernia, piles, cataract, removal of gallstones or renal stones and sinusitis shall be covered after a waiting period of 2 years
> Non-allopathic medicine
> Congenital diseases
> All expenses arising from AIDS and related diseases
> Cosmetic, aesthetic or related treatment
> Use of intoxicating drugs, alcohol
> Joint replacement surgery (other than due to accidents shall have a waiting period of 4 years)
I also advise my clients to go through the exclusions and the limits of the cover, so that there should not be any problem in tough time. I personally believe that role of an agent/advisor is more important in claim settlement in health insurance compared to life insurance, because claim comes very frequently in health insurance. I also advice my clients to buy the health plans from general insurance or health insurance companies instead buying it from life insurance company. Today many life insurance companies also offers these plans, but you are advised to stay away from this.
A healthy life means many more working years and chance of wealth creation and financial freedom in your life.
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