Health insurance: - Health insurance is the insurance which protects from any health emergencies & incurred hospitalization expenses. In this busy and hectic life everybody should have a health insurance policy which can be very useful in emergencies.
Health insurance also known as mediclaim policy means medical policy which have the same meaning.
Why Mediclaim policy needed?
1- Every human suffers from some illness or injury in lifetime.
2- Emergencies or illness can come anytime without giving any warning.
3- There are no good facilities in government hospitals whereas private hospitals are too expensive.
4- Doctor’s fees, diagnostic charges as well as the medicines value are too expensive.
5- Health is wealth.
When should the Mediclaim policy take?
Young age, yes this is the right reply for this question because the premium tends to increases with the age and insurance companies gives “no claim bonus” for every year in which no claim is taken against insurance policy. Also this policy also comes with tax benefit of 80D of income tax.
Types of policy
There are 3 types of Mediclaim policies.
1- Group Insurance: - Group insurance is the insurance in which a group of people of same nature of work under a policy insured. E.S.I is the good example of this policy.
2- Individual Insurance: - individual insurance is the insurance to one person.
3- Floater: - Floater is the insurance plan in which you and your family insured in one plan. The value of sum assured can be used either one person or all divided on one plan. This plan is very popular among Indians as it insured all the family in one plan. Although, the premium amount under this plan is slightly higher than individual insurance plan.