Health insurance is the promise from the insurance company to cover the medical expenses on the following grounds.
1. Hospitalization for minimum 24 hours
2. Partial disability
3. Permanent disability
4. Temporary disability
Claims can be settled in two ways:
Cashless: -Sometimes companies directly pay to the hospitals.
Re-imbursement: – Sometimes you have to pay the hospitalization bill yourself and then the insurance companies reimburses the insured person upon submitting all relevant documents.
|MINIMUM AGE||5 months|
|MAXIMUM AGE||Mostly 85 years, some policies cover whole life|
|PREMIUM||Changes with age, health, habits, insurance type etc.|
|HOLDING||Individual, family or group|
|PERIOD OF INSURANCE||Generally it’s a annual contract|
|TAX BENEFITS||Premiums are tax deductible under section 80(D) of the income tax act|
|Rs.25,000 for individual with spouse and kids|
|Premium upto Rs.30,000/- for parents|
|Premium upto Rs.30,000/- for senior citizens|
|GENERAL SUB-LIMITS FOR REIMBURSEMENT||Hospital room: 1.5% of the sum insured|
|ICU charges: 3% of the sum insured|
|Doctor’s fee: 40%of the sum insured|