Health Insurance

A cushion to your financial loss

These products are to be taken over and above your Health Insurance Policies.

There are specific diseases which are covered through various types of Health Benefit Plans.

The benefits are paid in lumpsum or are paid yearly for few years once the critical illness occurs.

These are available at a very economical price.

Both Individuals and Corporates should have such policies in their portfolio.

SILENT FEATURES

  • Some plans cover Parents as well as In-laws.
  • One can add Rider benefits depending upon their need.
  • Conditions vary across companies.
  • Premium can be paid monthly, quarterly, half yearly or yearly mode.
  • Children can be added.
  • Children are removed from policy once attaining maturity age.

Sanghavi’s Recommendation:

  • A critical illness plan is a must have for individuals with family history.
  • They are to be taken over and above the health insurance policies.
  • They are a huge help in today’s lifestyle where many critical illnesses have become common like Heart issues, Cancer, etc.
  • These are a must have in any Insurance Portfolio.
  • Group plans are popular with corporates.
Health Insurance
Title Description
Details Health benefit policies provide health insurance cover against certain health risks. The policy pays out a lump sum benefit, irrespective of the actual medical costs incurred on treating an insured’s illness or injury.
Death Benefit On unexpected demise of the policy holder, his/her nominee will receive benefit from the Insurance Company.
Critical Illness Benefit If Critical Illness occurs then the insurance company gives lump sum at the time of critical illness. Future premiums are waived and yearly benefits may be paid for welfare of the insured.


Features and Conditions

Minimum & Maximum age at Entry: Varies from company to company.

Minimum & Maximum Term: Varies from company to company.

Minimum & Maximum Sum Assured: Varies from company to company.

Conditions vary from company to company.
Tax Benefits

Tax Benefits for Individuals: As per Government & Regulatory body’s Guidelines under 80C.

Tax Benefits for Corporates: As per Government & Regulatory body’s Guidelines. This is considered as an expense by the company.



Example: A person buys a Health Benefits policy.

Start of Policy Critical Illness Occurs – Policy holder gets Lumpsum Yearly Benefits

Benefits
If Critical Illness is detected, the policy holder gets Lump-sum at the time of Critical Illness occurred and then gets yearly benefit if applicable in the policy from the Insurance Company.