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Why Do You Need Health Insurance Cover in 2021?

Health insurance seeks to offer financial protection against unforeseeable medical circumstances. The current pandemic has brought the vulnerability of health to light and has made us realize the setbacks of the ever-increasing cost of treatment. This has made the importance of a financial safety net, particularly devoted to health and wellbeing, quite evident. However, even today, many people are wary of purchasing a health insurance cover because of a lack of awareness regarding its benefits. 

health insurance

A health insurance policy enables you to avail the best medical help in times of need. In addition, it keeps financial stress at bay in an already stressful situation. Let’s look at a few benefits of a health insurance cover that make it a must-have for everyone in 2021.

1. Comprehensive Coverage 

The COVID-19 Pandemic has led to a hike in the overall medical costs in India. The security procedures like PPE kits, face shields, testing, and other protocols have caused an increase in medical bills for in-patients and out-patients alike. A health insurance cover provides you with comprehensive coverage on specific and critical illnesses, daycare treatments, disability, and OPD procedures. Thus, purchasing health insurance cover will minimize the monetary stress associated with medical treatments and help you avail of the necessary financial help without any obstacles.

2. Lifetime Protection

As it is natural to fall sick, some ailments like Cardiovascular Diseases, Hypertension, Diabetes, and other such conditions are more likely to occur as we grow older, making it harder to acquire a health insurance cover.  This is why it is advisable to buy health insurance cover at a young age. Moreover, health insurance policies come with a lifetime renewability option that lets you renew and extend your policy at affordable premiums and get lifetime protection against any health problems. 

3. Tax Savings 

When you buy a health insurance cover in India, you can receive attractive tax benefits. If you have a health insurance policy, Section 80-D of the Income Tax Act can let you save up to INR 25000/- every year in the form of tax benefits. 

4. No Claim Bonus

A no claim bonus is a bonus or an extra amount added to the health insurance coverage through the years of the policy tenure to account for cumulative no-claim years. This bonus results in a hefty sum-assured amount toward the conclusion of the plan. 

5. Financial Security 

A critical illness or a disability can cause major financial stress to you and your family. A health insurance policy offers payouts that can ensure security for you and your loved ones in case of a financial crisis. 

6. Pre-existing Disease Cover

Pre-existing diseases are essentially asymptomatic, underlying ailments that do not manifest themselves for long times but have the capability to aggravate other diseases. A health insurance policy takes care of these ailments as well after a preliminary health checkup

7. Investment Opportunities

Health insurance policies also come with a ULIP feature that enables you to invest a part of your premium in the funds of your choice. This promotes a guaranteed flow of income after a stipulated amount of time. 

These points make it clear that a health insurance cover is a lucrative investment that offers many benefits. However, you must go for a trusted health insurance provider to ensure that there aren’t any unnecessary hassles during a claim settlement. Many reputed and renowned insurance providers like Care Health Insurance offer excellent health insurance plans to allow you to avail the best health care facilities and ensure optimal well-being. 

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