Finance

Benefits Of Individual Health Insurance

Benefits Of Individual Health Insurance

We all know how expensive healthcare services have become in Tier I and II cities of India. Hospital bills and the cost of medicines can leave a big hole in your wallet. If you don’t want your savings to be affected, it is vital to get yourself covered by a suitable health insurance policy. When it comes to ensuring financial security, health insurance policies work like a charm. Individual health covers offer an excellent way to manage health risks. Before you get yourself covered by one of the best health insurance policies, let us highlight some of its benefits.

Benefits Of Individual Health Insurance

  • Customized for you

One of the major advantages of buying an individual health cover is that you get complete freedom of choosing features as per your specific requirements. You can get these aspects customized- sum insured, list of inclusions, sum assured, critical illnesses. Not every family floater policy allows you to customize these factors. With the presence of online health insurance policies, the process of fine-tuning a policy has become a lot easier than before. You don’t even have to get in touch with an insurance agent to buy a policy.

  • Coverage amount remains unaffected

When you buy a family floater plat, the sum insured is shared among all the members. Suppose, the family floater plan purchased by you comes with a sum insured of 6 lakhs INR. Now, if one of your family members gets hospitalized and it results to a medical expense of 4 lakhs INR then only 2 lakhs INR of coverage amount will be left available. However, you would not have to worry about these things if you go for an individual health insurance policy.

  • Individual protection

Another reason why one should go for an individual health insurance policy is because it is focused on individual protection. It means, your requirements will not be affected because of your family’s health issues. You will not have to deal with a waiting period in this case.

  • Individual tax benefit

As per Section 80D, buying a health insurance policy makes you eligible for tax benefits. The premium paid by you will get subtracted from your taxable income. It is a smart way to bring down your tax liabilities. You can save even more by purchasing one of the best health insurance policies for your parents.

  • Hospitalization daily allowance

Most of the top insurance companies provide a daily allowance to the individual policyholders. If you are the breadwinner of your family, having an individual health plan can protect your family financially. They will not have to worry about meeting daily expenses at least.

Besides these, there are many more reasons why buying an individual health insurance policy makes sense in today’s times. The discounts offered by the insurance companies are equally enticing for the customers. All you have to do is compare the options available, and then make an informed and wise choice. So, buy the right policy and free yourself from the worries of rising healthcare expenses.

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