Become Truly Independent by Choosing your Health Cover this Independence Day


5 min read

With Indian Independence Day just around the corner, we need to ask, what does independence really mean to each of us? Well, the meaning of independence is not the same for everyone. No matter what your meaning of independence might be, being independent is important. And of all, the state of being financially independent is very important for everyone who is an adult. As you start earning money, you also need to invest it by choosing the proper options. So, this Independence Day, secure your investments by choosing the best health insurance policy.

While we consider investments, many of us focus on options that promise us high returns on our money. We seldom think about health insurance, which actually plays a crucial role in our financial wellbeing and security. We all are going to need healthcare services someday and not opting for a health insurance policy at the right time may result in spending a lot of money on medical treatment. This is why this Indian Independence Day you must choose a health insurance policy that can be of great help when you are in need of it.

Why You Need a Health Insurance Policy – Importance of the Medical Policy

Health insurance is yet to make its impression on many Indians. The reason being the majority of us do not understand the significance of a health insurance policy. Most of the people who have a health insurance policy are the ones who have been offered the policy by their company. So, let us discuss why it is important to buy a health insurance policy.

Health Insurance Policy Benefit 1 – Rising Healthcare Expenses

Healthcare is very costly these days, and it is likely to get even more costlier in the coming days. Buying health insurance at the earliest can help you save a lot of money in the future. Therefore, even if you need some kind of medical treatment, you will not have to avoid or delay it because of the expenses.

Health Insurance Policy Benefit 2 – Saving money

Medical emergencies cannot be predicted. Does that mean you need to always have a certain amount of money? And how can we be sure that the savings would be enough? Well, you can get clarity on these areas when you buy a health insurance plan. The health insurance policies are designed keeping medical expenses in mind. For example, if you are purchasing a health insurance plan with maternity benefits, it will certainly cover all the expenses that will be incurred during your pregnancy and the birth of your child. And as you consistently pay the premiums, you won’t be required to pay the hospital and treatment charges from your pocket.

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Health Insurance Policy Benefit 3 – Saving taxes

As per Section 80D of the Income Tax Act, you can claim a tax deduction of up to INR 50,000 for the premiums you pay for the health insurance policy you buy for your parents (who are senior citizens) along with premiums paid for your own policy.

6 Tips to Choose a Health Insurance Plan Online

Choosing a health insurance plan can be a little confusing especially if you are doing this for the first time. Fret not, since we have some tips for you here. Keep reading!

1.Buy something affordable

While buying a health insurance policy is a smart decision, undoubtedly; you also need to know your budget. Your investments should never exceed your income. You must choose a health insurance policy for which you can consistently pay the premiums. Also, while doing so, make sure you are not compromising on the plan benefits.

2.Opt for the right coverage

Choosing a health insurance policy that provides coverage against a wide range of medical problems is the wisest thing you can do. Your health insurance policy should include benefits such as daycare expenses, pre and post-hospitalization, transportation, and illnesses that you are at risk of because of the medical history of your family. If you are considering your family while buying a health insurance plan, you need to ensure that the policy is meeting all the needs of each of the members of your family.

3.Get a health plan with a lifetime renewability

As you decide to purchase a health insurance policy, you need to check the number of years that the plan will cover you. Also, check if the plan comes with lifetime renewability.

4.Compare the quotes online

You will come across several health insurance policies in the market but not all of them are the right ones for you. You can request a quote online, and accordingly, you will get an estimate of the kind of premium that you have to pay for the health plan.

5.Claim Settlement Ratio

The insurance companies with a high Claim Settlement Ratio (CSR) are the ones that have settled claims of maximum numbers of their clients over the total claims received.  Therefore, make sure you choose an insurance company that has a Claim Settlement Ratio.

6.Network hospital

Checking the network hospitals of the insurance company that you are planning to buy a health insurance plan from is quite important. This will help you to know if you will get the kind of medical treatment that you need. Also, finding information about the network hospitals will help you have an idea of the distance of the hospital from your home.

When the health insurance companies receive an application from health insurance buyers, they pay high attention to the age. The premium is also decided based on the age of the policy buyer. Therefore, the lesser your age, the lesser the premium amount you have to pay.

Now, to check out some of the best health insurance plans in India, you can explore the online websites that offer the top health plans. Wish yourself a happy independence day in 2022 with the perfect health insurance plan cover for yourself and your family.

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Aug 05, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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