Health Insurances, in technical terms, are a contract between the insurer and the insured, wherein the insurer will bear the costs of treatments of the insured, either by reimbursement or direct payment to the service provider, as long as the insured satisfies all the terms and conditions of the policy. Blog: https://financebuddha.com/blog/your-personal-guide-to-health-insurance

1. Your Personal Guide
to Health Insurance

2. Health Insurance is an insurance policy to cover the
expenses of the insured person’s medical and surgical
treatments. The insured may either choose to initially pay
out of pocket and then reimburse the paid amount or
insurer or the health insurance provider can directly pay to
the provider.

3. Highlighting Features & Benefits of a Health Insurance
Policy
Facility to Apply & Renew Online
 All the top insurance providers in India now provide the
facility to apply for health insurance online.
 Their websites are always updated and offer a lot of
facilities that a customer may ask for.

4. Cashless Treatments
 Health Insurance providers now provide health
insurance cards which can be used like a prepaid
card/debit card at a medical centre or pharmacy to pay
directly for the costs.

5. Free Annual Health Check-ups
 Health insurance providers have partnered with
different medical facilities and diagnostic centres around
the country to provide free annual full body health
check-ups to their policyholders.
 This also helps a policyholder to maintain a statistics of
their health from time to time.

6. Discounts for Family
 Those policyholders who enrol their family members in
the insurance plan, the insurer provides some discounts.
 These discounts vary from a 5%-10% discount on the
premium amount.

7. Renewable for Lifelong
 Even those who have remained fit throughout their
younger lifespan may develop problems later on.
 To address this issue, the health insurers provide the
facility to keep renewing an insurance plan for lifelong.
 As soon as a policy expires it can be renewed, even online.

8. Fitness Bonus/ No-claim Bonus (NCB):
 Just in case if a policyholder does not makes any claim for
the entire year, the insurance provider gives a certain
discount to the policyholder.
 NCB is provided at the time of the policy renewal, either as
a discount on premium or as an increase in the coverage
amount for the same premium paid.

9. Quick Settlements & Updates of Claims
 All thanks to the intense competition in the field of health
insurance, all the insurers are now forced to provide a
high quality customer service.
 As such, so as to retain their existing customers, the health
insurance providers, treat the customer claims
professionally and send them regular updates

10. Tax Benefits on Paid Premium
 Health Insurance policyholders can claim tax benefits
under the section 80D of the Income Tax Act, 1961,
towards the amount paid as health insurance
premium.

11. Plan Portability to Other Insurer
 The health insurance plans are portable which means
that they can be transferred any other insurer.
 The portability does not compromise on any features or
benefits of the policy which were available with the
original insurer.

12. Round-the-clock customer support
 All health insurance providers provide round the clock
support to the policyholders, as any medical emergency
can happen with anyone anytime.

13. Types of Health Insurance Policies Available in India
 Critical Illness Health Insurance
 Family Floater Health Insurance
 Group Health Insurance
 Individual Health Insurance

14.  Maternity Health Insurance
 Personal Accident Insurance
 Preventive Health Insurance
 Senior Citizen Health Insurance

15. A comprehensive health insurance plan also covers your
spouse, children, and any other dependents like parents.
This protects your family and loved ones from any
financial crisis that they might face even if you are
absent.