In times like today, when every day is filled with uncertainty and the unknown, you can only take precautions to safeguard yourself. Getting individual health insurance is one step that you can take to protect your physical and financial health. Especially if you are the sole breadwinner of the family, falling ill can only negatively impact your finances and stop you from fulfilling family responsibilities.
The benefits of private medical insurance ensure that even during your medical emergencies, your finances are secured so that you can fulfil your other duties without any worries.
Benefits of an Individual Health Insurance Policy
Financial Support
Health emergencies can happen anytime; in dire situations, your priority should be recovering as soon as possible. However, this will only be possible if you have enough finances to pay for your treatment and medication. That is where private medical insurance comes in. It provides your financial assistance to get the best medical treatment possible during health emergencies.
Comprehensive Health Coverage
Individual health insurance provides comprehensive coverage against several medical emergencies. It includes coverage for hospitalisation, diagnostic tests, ambulance services, OPD cover, pre- and post-hospitalisation expense cover and much more.
Affordable Premiums
Buying private medical insurance just for yourself is more affordable than buying family insurance. If you have this responsibility, then investing in your health protection is wise. Moreover, if you buy individual health insurance in your 20s, then you have to pay lower premiums than those of older ages.
Insurance Customisation
Everyone has different healthcare needs, and with some private medical insurance, you can opt for customisation. They can provide you with add-on covers of your choice, coverage as per your needs and budget. This way, you not only get the best medical protection as per your healthcare requirements, but also save a lot on finances.
Lifelong Insurance Renewability
Another benefit of choosing individual health insurance is that it offers lifelong renewability. It means you get continued insurance coverage for the rest of your life. This feature helps you stay insured without worrying about police lapse and also protects you in your senior years. It is quite helpful in later years when your medical needs will only increase with your age.
Cashless Hospitalisation
Cashless hospitalisation is one of the best features of private medical insurance. With some insurance providers, you can get cashless treatment at any hospital of your choice. This means no hassle with finances during emergencies; get your treatment done at any hospital of your choice in India.
No Claim Bonus
Another benefit of individual health insurance is the no-claim bonus. If you do not make any insurance claims in a policy year, you might get benefits like premium discounts and increased coverage. This feature is not only financially beneficial but also motivates you to stay healthy and take better care of yourself.
Tax Benefits
Buying private medical insurance also reduces your tax liability. Under Section 80D of the Income Tax Act, the premiums paid for individual health insurance policies are eligible for tax deductions. Thus, it has the double benefit of keeping your health protected and your finances in good health.
Tips To Buy the Right Individual Health Insurance
Premiums: Premiums are an important aspect to consider while choosing an individual plan. You want to choose a plan with affordable premiums for a single person’s insurance budget.
Inclusion and Exclusion: Read all the policy inclusions and exclusions carefully and exclude only those without clear terms.
Claim Procedure: Choose an insurance provider with an easy and swift claim procedure so that you can get your coverage without any hassle.
Purchase and Renewal: It should be easy to purchase a new policy and renew it during renewal time. Thus, choose an insurer that provides support during the procedure.
Pre-Existing Illness Cover: If you have any pre-existing medical conditions, such as diabetes or hypertension, it is better to choose a plan that provides coverage for these conditions.
Summing Up
Investing in your health is the best investment you can make. Moreover, an individual health insurance plan offers benefits such as comprehensive coverage, cashless hospitalisation, a no-claim bonus, tax benefits and financial support during emergencies. These are necessary in today’s ever-changing times, so protect yourself against any unforeseen or seen medical emergency by staying insured.
TATA AIG Health Insurance Plan
Trusting your healthcare to anyone can be a complicated and daunting task. However, if your health insurance provider is trusted and reliable, like TATA AIG, with a history of successful claim settlements, then you can rest easy.
The TATA AIG individual health insurance plan comes with several policy benefits, such as preventive health check-ups, ambulance costs, and pre- and post-hospitalisation cover. Moreover, you can enhance your base plan cover by opting for add-on covers of your choice, making your policy more extensive.
Also Read: Innovative Health Insurance Solutions for Families with Special Needs
