Health insurance sector in India has witnessed a sea change in the last few years. The increasing cost of medical treatment has made people think about purchasing medical insurance plan. If you face any medical emergency, you end up investing most of your earning and savings to bear the cost of medical treatment. The recent data of health insurance shows that during FY2015-16, Health Insurance has noticed a significant growth in the amount of premium collection as compared to last year. Premium collections for standalone health insurers has gone up by 41% from Rs. 2,942 crore in FY 2014-15 to Rs. 4,153 crore in FY2015-16. The data of health insurance collection also indicated that more and more people are availing health insurance to meet the cost of medical treatment.
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You can avail a health insurance policy from any of insurance company. In any insurance the most important factors, which play important role are your age, premium amount, tenure, salary/annual income. Before buying the policy, you should compare the different policies on different parameters such as health check up, benefits for medical emergency, premium amount, duration, different kinds of cover, cashless benefits, health insurance portability, pre-and post hospitalisation benefits, and no-claim bonus. You should not forget that either you are availing individual or family health insurance, it should serve the purpose of buying the insurance policy. You can choose a sum insured of Rs. 5000 in micro-insurance to Rs. 50 lakhs or above in critical illness plan. Generally, the insurance companies offer policies between Rs. 1 lakh to Rs. 5 lakhs.
Health insurance policy is available for different tenure. Most of the non-life insurance companies offer health insurance policies for one year, three years, four years and five years as well.
The claim policy and process of health insurance differs from company to company and product to product. In most of the cases of cashless policy, the insurance company settles the claim with the hospital only.
Health insurance comes with plenty of benefits. It not only gives you security for any medical emergency, but also offers tax benefits. You can avail tax benefits under section 80D and 80DD. You can avail the benefits for any expenses incurred for the medical treatment of the disabled.