HEALTH INSURANCE

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.

ELIGIBILITY Adults, adults+children
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
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