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Health Insurance


A health insurance policy extends coverage against medical expenses incurred owing to accidents, illness or injury. An individual can avail such a policy against monthly or annual premium payments, for a specified tenure.

During this period, if an insured meets with an accident or is diagnosed with a severe ailment, the expenses incurred for treatment purposes are borne by the insurance provider.

You can also enjoy several add-on benefits, extended with health insurance policies, which are discussed in detail in the following sections.

But, in the first place,
Why do you need a Health Insurance Policy?
    1. As of 2016, the life expectancy at birth stood at 68.7 years for males and 70.2 years for females. The global average stands at 70 and 75 years, respectively.
    2. Non-communicable diseases claimed approximately 61% of the total deaths which occurred in India in 2017.
    3. Around 224 million people suffer from hypertension in India as of 2017.
    4. Approximately 73 million Indians suffer from type 2 diabetes, which can lead to various medical complications. This number is expected to witness a staggering growth to 134 million by 2025.

The healthcare market in India is estimated to be valued at US$ 372 billion by 2022, reflecting the rate at which medical charges are expected to increase in the country.

These staggering figures, coupled with rising medical expenses, demonstrate the importance of health insurance policies in India. These policies offer comprehensive coverage of healthcare expenses against periodic premium payments made by the policyholders.

Types of Health Insurance in India
    • Individual Health Insurance
    • Family Floater Health Insurance
    • Senior Citizen Health Insurance
    • Group Health Insurance
    • Health Insurance with Maternity Insurance
    • Critical Illness
    • Top-Up Health Insurance
Tax benefits
    • Health Insurance tax Benefits of up to ₹1Lakh. (Section 80D of the Income Tax)
    • Tax Benefits of upto 1.5 Lakh per year (Under section 80C of te Income tax Act)
    • Health Insurance Tax Benefits
    • If you avail a health insurance policy, you can avail tax benefits under Section 80D of the Income Tax Act, 1961. The table below illustrates the break-up of tax exemptions on your health insurance policy: