Almost all of us got an adrenaline rush watching Hrithik Roshan dodging bullets in Dhoom 2. Rajnikanth immortalized roles in the South Indian cinema by defying physics, when faced with death. In an alternate universe, the impossible seems possible. Coming back to real life, we cannot cheat on death but it is possible to deter it. Can we say that health insurance is that tool that allows us to dodge bullets in difficult times? Well, in a way, yes. Health insurance policies give us enough leverage to recuperate financially from accidents and other medical emergencies. Does health insurance give us enough leverage to change our perception of death? That is left for discussion.
Health insurance: under the magnifying glass In today’s world, where life expectancy reduces every decade, the concept of health has gained significant momentum. Health oriented drinks, foods and other lifestyle choices are indications of the way in which ‘health’ has been converted into a concept. Yet, health insurance dates before the time health turned into a fad. Covering important factors such as accidents and medical emergencies, health insurance is a must for every individual in the planet.
Why do we need it? : The fear of a huge medical bill on hospitalisation in moments of being financial incapacitated looms large on over all of us. The popularity of health insurance has surged over the entire general insurance market capturing practically half the market share. Health insurance is needed to meet the immediate financial losses that occur during hospitalisation.
What is it? Health insurance is a non-life insurance plan that gives benefits similar to a life insurance policy. An insurance policy giving health insurance insures the individual or a certain group of individuals in the event of any illness, losses or any accidents, only for a period of time. The period of time for health insurance is shorter than life insurance policies. The policyholder needs to renew the policy in order to carry it over the benefits of that policy for the next period.
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What makes health insurance attractive?
As we said before, health insurance is unlike a life insurance policy. Although, for all purposes health insurance mimics a life insurance policy, but has additional riders and benefits that are occur exclusively in health insurance policies.
We look at the benefits of health insurance that help individuals and their families:
– Avail cashless medical facilities: Hospitals under the network of the insurer offer cashless facility, while others offer cash benefits for medical expenses.
– Cash benefits on hospitalisation: Imagine being paid while in hospital. Under some health insurance benefits, an individual is covered for all hospitalisation expenses, before and after being admitted in the hospital.
– Policy for families: If you were unable to find an umbrella large enough for your family, then a family floater policy ensures just that. A floater policy covers four to five members of a group or a family in a plan. One can pay a single premium for this plan that covers all.
– An ambulance for free: Some medical plans provided by insurers undertake the charges for any ambulance and the insured person will not be required to pay for the service.
– Benefits on tax: Under Section 80 D insured people from the health insurance policy get tax benefits up to a certain level of premium.
Dedicating a component of your monthly salary towards health insurance is not difficult for any individual. It is important to have the convenience of not having a heart attack with huge medical bills while in hospital. Largely known for the cashless facility and network of hospitals, non-life policies are likely to overtake the demand normal life insurance policies.
About HDFC Life
HDFC Life (www.hdfclife.com), one of India’s leading private life insurance companies promoted by HDFC Ltd. & Standard Life Ltd., offers a range of individual and group insurance solutions. HDFC Life’s product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health.