![]() The premiums of health insurance policies are affordable and, with the recent changes, you are also allowed to pay the premiums in instalments. It pays for the medical costs and protects your savings. A health insurance policy acts as a plug to stop the drain. In such cases, if a medical emergency occurs, the expensive costs can drain your financial savings. Medical costs have become very expensive in today’s times and illnesses have also become common due to the current lifestyle. However, here are the top reasons why health insurance is beneficial – The need for a health insurance plan cannot be stressed enough. In case of permanent partial disablement, a part of the sum insured is paid in a lump sum. In case of death or permanent total disablement due to an accident, the sum insured is paid in a lump sum. Personal accident policies cover accidental deaths and disablements. Hospital cash health plans are those which pay a fixed daily benefit if you are hospitalised for a period of 24 hours or more. If the insured suffers from any covered illness, the policy pays the sum insured in a lump sum. These plans cover a list of specific critical illnesses. The most common types of fixed benefit plans are as follows: which might not be covered under the indemnity health insurance plan. This type of plan can be taken along with a comprehensive Indemnity Health Insurance Plan, such that hospitalisation expenses are covered through the indemnity plan and a fixed benefit plan pays for the loss in income, ancillary expenses like nurses, physiotherapy cost, etc. For instance, there are diabetes-specific health plans which cover diabetics.įixed benefit health plans are those which pay a lump sum benefit in case of a claim irrespective of the medical costs that you actually incur.
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