Who Should Acquire A Health Insurance Policy For Rs. 1 Crore?

Buying a health insurance policy for yourself and your family is important because medical care is expensive, especially in the private sector. Hospitalisation can burn a hole in your pocket and derail your finances. It will become even tougher, if the person who brings in the money, is now in a hospital bed. All this can be avoided by just paying a small annual premium which would lessen your stress in case of medical emergencies. A good health insurance policy would usually cover expenses made towards doctor consultation fees, costs towards medical tests, ambulance charges, hospitalization costs and even post-hospitalization recovery costs to a certain extent.  

How to Select the Right Insurance Policy?

It’s difficult to select the best insurance policies as all insurance companies provide a similar type of insurance plan. Hence some of the important points that any Person should look before purchasing any plans are:

• Sum Assured
• Minimum Entry Age and renewability clause
• Room Rent Capping
• Inclusion and Exclusion
• No Claim Bonus
• Other Benefits  

Eligibility Criteria To Buy A Health Insurance

In India, people under 45 years of age are not required to undergo a mandatory health checkup when obtaining a health insurance policy. They are, however, required to disclose any pre-existing conditions such as diabetes or hypertension. It is, therefore, usually advised that one should get health insurance when young so that the premium would be less.

Documents Required when buying a Health Insurance Policy

There are few documents that you need to provide such as:

• Age proof: Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.
• Identity proof: Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one’s citizenship.
• Address proof: Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.
• Some plans require a medical check-up (usually for elder people above the age of 45 years)
• Passport Size Photo

Conclusion

The amount you pay towards health insurance premium claimed as a tax-saving deduction under Section 80D. You can claim ₹25,000 annually for a health insurance policy for yourself. If you also pay the premium for a health insurance policy for your parents, you can claim up to ₹30,000 for the same as well. Earning money is not at all useful if you don’t have a life. 

Also read - What Is The Term 'Restoration Of Sum Insured' In The Context Of Health Insurance?