Medical science has found the cure for many diseases, including some life-threatening ones. Still, a common man has to live with the fear that if he is afflicted with a fatal ailment, he might not be able to receive the treatment because of lack of funds. To cushion the blow of financial burden during medical emergencies, you must invest in health insurance.

Why do you need health insurance?

With technological advancements, more efficient ways of treatment are sprouting up, rendering the methods used a few years ago obsolete. The new methods act quicker, use special tools for minimal invasion, and release patients from observation within days of major surgery. However, they do not cost less than before. In fact, with passing years, the cost of healthcare has been steadily rising.

Some medical procedures can burn through your entire life’s savings, dragging down the standard of living of your family. The lack of funds may even affect the quality of education your child receives. Hence, it is better to have a health insurance policy in place so that the hospitalisation expenses and other medical costs are taken care of by the insurance company.

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Benefits of health insurance

Health insurance plans in India abide by the guidelines laid out by the Insurance Regulatory and Development Authority of India (IRDAI). Following are the benefits you are entitled to when you buy health insurance policy in India:

  • Pre and post hospitalisation benefits: All health insurance providers usually cover the medical expenses incurred from 30 days before and 30-60 days after a planned procedure. It includes the cost of preparatory and recovery medicines and hospital stay before and after the operation.
  • Ambulance benefits: In case of an emergency, the cost of an ambulance is borne by the insurance companies if you have a health insurance policy. It saves precious time and could very well be the difference between life and death.
  • Cashless hospitalisation: You simply have to present your health card at the helpdesk of a network hospital. The hospital will send the bill to the insurance company directly and the insurance company will pay on your behalf. Knowing that the medical bills are taken care of will surely give you peace of mind during medical emergencies.
  • Health check-up benefits: Varying from one insurance company to the other, there is usually an annual or biannual preventative health check-up facility available up to a certain limit with every health insurance policy.
  • No claim bonus (NCB) benefits: This is perhaps the most important benefit of all. Each year that you don’t make any claims (claim-free year), your sum insured is increased by a certain pre-determined percentage, which is also termed as a bonus. It gives you a higher coverage at your current premium rate in the next year.
  • Tax benefits: According to the Income Tax Act, the premium you pay towards your health insurance policy is exempted from tax under section 80D. The maximum deduction that can be claimed by persons under the age of 60 is Rs. 25,000 each year. If the age of the policyholder is above 60, then he/she can claim a deduction up to Rs. 50,000 each year.

Hence, it can be concluded that you can save your lifelong savings from getting depleted in wake of a medical uncertainty by investing in a health insurance policy. You can surf the internet for online health insurance plans, go through the extensive range of products available and choose the best health insurance plan for yourself and your family.

Furthermore, you can get personalised insurance products as per your specific requirements from an array of pocket-friendly plans launched by Bajaj Finserv under its Pocket Insurance category. For instance, you can enhance your daily cash benefit during hospitalisation with a Hospital Cash Cover.

With this plan, you can avail an allowance of Rs. 1,000 per day for day care procedures during hospitalisation. Starting at just Rs. 499 per year, this plan provides high coverage of up to Rs. 10,000.


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Ayushi Choudhary is a content writer and a blogger having year of experience.

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