About Health Insurance Plan

What is Health Insurance policy?

Health crises strike without prior notice, regardless of age, gender or health profile. It is better to be prepared financially with a good health insurance plan Hassle-free documentation, paperless processes and instant policy delivery are some of the advantages of choosing your health insurance plan at Fincover.

Why Health Insurance?

My employer gives me a health plan, why should I buy a separate policy? If this is your question remember, that the coverage may be inadequate or not entirely appropriate for your needs. Moreover, you will have this cover only as long as you are with this employer.

Statistics show that over 90 percent of Indians pay for major medical expenses out of their own pockets since they did not or could not buy health insurance. Many families have to sell assets to afford treatment costs.

Health insurance is the solution to ensure your financial security in the face of healthcare expenses. You also get tax deductions on premiums under section 80D of the Income-tax Act, 1961

Benefits of Health Insurance

Why having your own health insurance policy is a smart move:

1. Financial Cover: Health insurance covers you for hospitalization, medical tests, doctor/surgeon fees, ambulance charges, and more. Some policies even offer a lump sum on diagnosis of critical illnesses.

2. Cashless Facility: Get treated at top hospitals without paying upfront. Your insurer directly settles the bills, letting you focus on recovery rather than finances.

3. Tax Benefit: Premiums paid are eligible for tax deductions under Section 80D, helping you save on income tax.

4. Timely Treatment: With an extensive network of hospitals, insurance ensures faster admission and treatment, especially in emergencies.

5. No Claim Bonus (NCB): If you don’t make a claim during a policy year, your sum insured may increase at renewal, rewarding your health and caution.

6. Free Medical Check-Up: Many policies offer free health check-ups if no claims are made for a few consecutive years.

Steps to Buy Health Insurance on Fincover.com

Essential Documents You Need to Apply for a Personal Loan,

1. Log on to www.fincover.com

2. Enter your name, age, and other personal details

3. Select the coverage and benefits you need

4. Click on - Buy Insurance

5. View health insurance policies from multiple insurers

6. Compare and choose the best policy as per your needs

7. Pay the premium via your preferred payment mode

8. Receive confirmation on your registered email ID
   (Tip: Download and print the policy for safekeeping)

Types of Health Insurance in India

Every person might need a customized solution in terms of health insurance that would appeal to their unique situation. It is possible to choose the health insurance plan of your choice as there are various options to choose from in India. Let’s see the different types of health insurance:

• Individual Health Insurance: These plans are targeted at giving coverage to an individual alone. It is suitable for those who want to preserve their health without depending on others. Health insurers determine the premium depending on the age, medical history, and requirement of the level of coverage that you need. Best for: Young people, single-living, and the elderly.

• Family Floater Health Insurance: An entire family can be insured under a single policy. Since the sum insured is shared among family members, this plan is affordable to families in terms of cost. In the event that one of the family members falls ill, the insurance policy will compensate from the merged payments from all the family members. Best for: Families with dependents, if all household members are normally healthy.

• Group Health Insurance: Provided by employers, this kind of policy frequently offers coverage to the employees as well as the family members. Companies are able to afford it, and it offers key health benefits. Employees are no longer covered once they cease to work with the firm. Best for: Employees seeking basic health provisions in their employment.

• Critical Illness Insurance: Structured to cover the major ailments in the form of cancer, heart attacks, and strokes. A one-time lump sum payment is made upon diagnosis of such diseases such as cancer to relieve the financial burden. Best for: Members with families that are at risk of serious diseases.

• Senior Citizen Health Insurance: Designed specifically for the elderly above 60 years of age, such plans tend to cover sicknesses prevalent among the elderly and have longer waiting periods until illnesses that were pre-existing are covered. Senior citizen health policies are sometimes more costly. Best for: Retirees and elderly parents.

• Personal Accident Insurance: It provides financial support in case of accidental death, disability or injury. Mainly for those whose work is risky or whose travels are frequent, it covers accidents and not illnesses. Best for: Those under high-risk occupations or frequent travelers.

• Maternity Health Insurance: It covers the costs of pregnancy, delivery, and newborn caring. The predictable nature of pregnancy means that most insurance plans incorporate a waiting period before permitting claims for maternity charges. Best for: Those who are planning to have a child in the near future.

• Top-Up and Super Top-Up Health Insurance: These insurance plans increase the coverage of your initial policy. Top up policies kick in once the gains from the initial plan have been exhausted. Super top-up plans provide a better coverage in the sense that rather than giving individual claims, it covers entire expenditures made over a period of time. Best for: People who want to supplement their existing health insurance plan without changing to another scheme.

Benefits of Buying Health Insurance

Apart from protecting your financials, health insurance offers other benefits as well. Here’s why it’s a must-have:

• Financial Security: Compensates for expenditure during hospitalization and surgeries among other forms of treatments.

• Cashless Treatment: Obtain medical treatment from approved hospitals without paying immediately.

• Tax Benefits: You can possibly lower your taxable income by claiming health insurance premium deduction under Section 80D of the Income Tax Act.

• Comprehensive Coverage: Offers pre and post-hospitalization, daycare procedures, and domiciliary treatment.

• Peace of Mind: When paying by health insurance, you can avoid unnecessary stress connected to medical bills.

• Preventive Care: Some health policies include routine wellness check-ups and health screenings.

How to Choose the Best Health Insurance Plan?

To make the best pick, one needs careful consideration of available options:

• Assess Your Needs: Consider your age, current health condition, number of family members, and lifestyle.

• Check Coverage: Make sure that the insurance plan covers significant medical emergencies and expenses linked with hospitalization and follow-up care.

• Network Hospitals: Choose a plan that provides access to a wide range of cashless hospitals.

• Claim Settlement Ratio: Prefer insurers with a strong claim settlement history.

• Premium and Sum Insured: Ensure that the coverage is adequate to prevent out-of-pocket expenses.

• Waiting Period: Avoid plans that have long waiting periods for pre-existing diseases.

• Add-Ons: Look for benefits such as critical illness riders, maternity cover, and outpatient care.

Tax Benefits of Health Insurance (Section 80D Explained)

An insight into how health insurance offers tax relief under Section 80D of the Income Tax Act:

• Self, Spouse, and Children: Deduction up to ₹25,000 per annum.

• Parents (Below 60): Additional deduction of ₹25,000.

• Parents (Above 60): Deduction increases to ₹50,000.

• Preventive Health Check-Up: You can claim up to ₹5,000 within the overall limit. 👉 You can claim up to ₹75,000 per year if you’re covering senior citizen parents.

Health Insurance Claim Process in India

Claim filing is simple, but it must be done carefully. There are two types of claims:

Cashless Claims

1. Inform the Insurer: Notify your insurer immediately when planning treatment.

2. Hospitalization: Choose a network hospital for smooth processing.

3. Submit Documents: Provide ID, policy copy, and medical records.

4. Approval: The insurer directly settles the bill with the hospital at discharge.

Reimbursement Claims

1. Get Treated: You can visit any hospital of your choice.

2. Pay Bills: Settle the bills from your own funds.

3. Submit Documents: Attach original bills, prescriptions, and discharge summary.

4. Reimbursement: Fill the claim form and get your expenses reimbursed after verification.

FAQ on Health Insurance

1. Why should I buy health insurance if I am young and healthy?

Although you’re in good health now, unexpected accidents or sudden illnesses can occur anytime. Health insurance gives you financial backup, covers preventive care, and helps you save on taxes.

2. What is the difference between Individual Health Insurance and Family Floater Plans?

Individual plans cover one person with a fixed sum insured. Family floater plans offer shared coverage for the whole family under a single policy. If one person uses most of the sum insured, less is left for others.

3. Can I switch my health insurance provider if I find a better plan?

Yes, you can port your health insurance to another provider. The waiting period benefits and continuity will be carried over if the transition is initiated before renewal.

4. How much health insurance coverage do I actually need?

A good rule of thumb is to have a cover that equals 50–100% of your annual income. Also consider age, family size, health history, and city of residence.

5. What happens if I miss paying my health insurance premium on time?

Insurers offer a grace period of 15–30 days. If you fail to pay within that period, the policy will lapse, and you will lose accumulated benefits like waiting period credit or no-claim bonuses.