As the cost of hospital treatment are getting expensive day by day one must financially secure self and family under Online health Insurance. Health insurance India is very affordable for which rebate under income tax under section 80D can also be availed.
According to recent goverment guidelines on Covid-19, worker must have "Medical Insurance" This also applies to Offices, factories and establishment's
- Types of policies available under this category
What are the perils(Cause of Loss) covered
- Hospitalization expenses due to Accident, Sickness & Ailment
What perils can be covered by paying extra premium
- World wide extension available with some Insurers
- It is recommended to buy policies without any room rent capping
What are the main Exclusions?
- Pre existing health condition. The same will be covered after 2,3, or 4 years (depending upon the Insurance company and the product) continuous renewals provided no claim is reported
- First 30 days only accidental hospitalization expenses are payable
- Beware of 1st, 2nd and 4th year exclusions for certain list of conditions
- Few Insurance company pay even Maternity expense
- For complete exclusion list please read the Policy wordings.
Types of discounts on premium available under this category
- Family discount
Basis of Sum Insured- Recommendation
- Sum Insured available in the range between Rs 1 Lakh to Rs 3 Crores
- Ideally 1% of your Sum Insured must cover your Room rent per day
Excess and other deductibles during claim
- Under most of the Mediclaim Insurance products room rent is capped to 1% and ICU is capped to 2% of the Sum Insured per day.
- Proportionate clause is applied and deducted as per the same proportion of the Room rent per day.
- For e.g if you have a Sum Insured of Rs 5,00,000 , 1% of the Sum Insured i.e Rs 5000 only will be paid as room rent and Rs 10,000 only will be paid as ICU charges per day
- Under the above e.g If you stay in a room where the room rent per day is Rs 10,000 and if the total claim Amount is Rs 3,00,000 then only Rs 1,50,000 will be paid i.e proportionate clause will be applied
- Beware of disease wise sublimits for e.g cataract
- There are policies available without any room rent capping
- Claims procedure
Income Tax Benefits
- Deductions under Section 80D FY2019-20:
As mentioned before, Section 80D will help you in getting tax deductions on medical insurance premiums only. The deductions allowed are as follows:
For Self and Family:
- Maximum deduction of Rs.25,000 per year on health insurance premium for self and family.
- Maximum deduction of Rs.50,000 per year if you are a senior citizen.
- Maximum deduction of Rs.25,000 per year on health insurance premium paid on behalf of parents.
- Maximum deduction of Rs.50,000 per year on premium payments for senior citizen parents.
- A deduction of Rs.5,000 can be claimed every year on expenses related to health check-ups. This limit includes the check-up expenses of all members in a family, including spouse, kids and parents.