HEALTH INSURANCE

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Health Insurance

Health insurance policy serves as a protection against unseen medical requirements of an individual. Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. It is intended to protect the insured from high costs associated with unexpected illnesses and injuries.

There are many different types of health insurance plans, including individual plans, family health insurance plans, senior citizen health insurance plans critical insurance plans etc. Health insurance plans typically include a network of healthcare providers that have agreed to accept a set reimbursement rate for their services.

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The insured is responsible for paying a portion of the cost, such as a monthly premium, deductible, or co-pay.

Health insurance is an important aspect of an individual's financial security, as it helps protect them from high medical costs and allows them to receive necessary care.

Health insurance is the insurance that protects from any health emergencies & incurred hospitalization expenses. In this busy and hectic life, everybody should have a health insurance policy which can be very useful in emergencies. Health insurance is also known as mediclaim policy means the medical policy which has the same meaning.

Why Health Insurance is Needed?

  • Every human suffers from some illness or injury in lifetime.
  • Emergencies or illness can come anytime without giving any warning.
  • There are no good facilities in government hospitals whereas private hospitals are too expensive.
  • Doctor’s fees, diagnostic charges as well as the medicines value are too expensive.
  • No mediclaim means you have to incur health expense from the savings you did for your other important goals and dreams.

When should we take mediclaim policy? Preferably at young age but better late than never, yes this is the right reply for this question because the premium tends to increases with the age and insurance companies gives “no claim bonus” for every year in which no claim is taken against insurance policy. Also this policy also comes with tax benefit of 80D of income tax Act.

Tax Benefits


  • Premium payments towards health insurance reduces the taxable income. So, paying health insurance premium not only secures you but also reduces the tax liability. These benefits are available under Section 80D.
  • Individual under age of 60 years who pay health insurance premium can claim tax exemption up to Rs 25000/- per year.
  • Individuals above age of 60 years can claim tax exemption up to Rs. 50000/- per year.
  • Individuals who are paying premiums for their parents can claim exemptions up to Rs. 25000/- for parents less than 60 years of age and Rs. 50000/- for parents above 60 years of age.