Sometimes, while taking care of others, we tend to forget about our well-being. For instance, to protect the health and wellness of our family, we plan and invest in several insurance policies and mutual funds; but forget about our individuality!
If you are the family's breadwinner, taking care of your health is important because your loved ones depend on you. Hence, one should have individual health insurance.
What is Individual Health Insurance?
Individual health insurance is a class of insurance plans that offers a single person medical coverage against a fixed premium paid for a certain period.
Most individual health insurance plans provide comprehensive health coverage benefits for emergency expenses- hospitalisation costs, daycare procedures, ambulance costs, and organ treatments.
More importantly, an individual can avail cashless treatment option to cover their medical expenses. Your insurance provider will pay all your hospitalisation expenses (up to the sum assured in the policy) directly to the hospital where you were undergoing treatment.
Why Do You Need Individual Health Insurance?
The Covid-19 pandemic made many people acknowledge the importance of health. Following are some points to make sure you buy individual health insurance immediately:
- - Sole Coverage: It ensures that the sum insured is thoroughly utilised by you.
- - Add-On-Coverage: Apart from the coverages mentioned above, individuals can buy add-on covers like critical illness cover, maternity covers, outpatient treatment covers, etc.
- - Family Discount: Most individual health insurance plans offer family discounts if more than two family members are covered individually.
- - Tax Advantages: Under Section 80D of the Income Tax Act, you can deduct the premiums you pay for an individual health insurance policy.
Buying an insurance policy is a crucial part of any financial plan. With insurance, a person can overcome financial worries and focus attentively on their life goals. Also, it safeguards you and your family to lead a healthy, stress-free life.
To know more about insurance plans, you can contact us. Our advisors will be available anytime to assist and guide you to pick the best insurance policies.
