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Find Out Why a Health Plan is the Best Christmas Gift You Can Give!

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Times have been tough since 2020, owing to the pandemic that continues to rage, despite all those months of lockdown and social distancing. And with the virus mutating fast, you cannot let your guard down, even though the merry season of Christmas is almost here. But what you can do is take all precautions and get a family insurance plan that will protect you financially in case of medical emergencies. This year, Christmas is not just about decoratingyour home, invitingnear and dear ones to a sumptuous dinner, or going on a holiday. It is about being cautious and planning well, so that unforeseen events don’t catch you off-guard.

Read on to know more about the benefits of health insurance at this time.

1. Incidence of diseases:

Diseases and accidents usually crop up without warning. And especially during winters, due to foggy weather, the risk of meeting with an accident shoots up. Also, people fall sick easily due to the cold. Moreover, sedentary and stressful lifestyles make you more vulnerable to a host of ailments. So, apart from following a fitness regime and eating a balanced diet, you must also prepare for eventualities with a family insurance plan.

2. Expensive medical treatment:

Medical science has progressed a great deal over the years, and today, most diseases are curable. But the price of quality healthcare has gone up too. Today, a minor surgery can cost you lakhs of rupees. So, it’s better to shield your finances with a health plan.

3. Waiting period:

There is a waiting period after you buy a policy,duringwhich you won’t be given any claim or reimbursement, if you receive treatment for certain diseases. Therefore, buying a policy as soon as you can makes sense, so that you get the cover when you need it.

4. Low premium:

Today, the market is flooded with numerous insurers offering a variety of policies. Which is why, you can easily buy a plan as per your family's needs and budget.

5. Tax benefits:

Buying a health plan will help you get tax exemption under Section 80D.

Things to keep in mind when choosing health insurance as a gift this Christmas

It’s a great time to buy a family insurance plan because insurance companies tend to offer great discounts and other perks during the holiday season. However, here are a few things to consider:

1. Premium and coverage: The first thing you must check is the sum insured and premium charged for it. Go for a bigger coverage at a smaller premium.

2. Reputation of the insurer: There are multiple players in the insurance sector. So, check the market reputation of the insurance company and see if it is registered by IRDA. Reading online reviews and taking feedback from its past and current customers will give you an idea about its conduct. Also, check its claim settlement ratio. A higher ratio means more policyholders get hassle-free claims.

3. Cashless treatment with a big list of network hospitals: Pick an insurer that provides a cashless treatment facility with several hospitals in your area. A big network list will help you find a health centre quickly during emergencies.

4. Availability of top-up or refill plans: Such plans come to your aid when the sum insured is not enough or gets exhausted. Pick a plan that offers such additional coverage.

5. Waiting period and renewability: Go for a plan with a smaller waiting period and check the renewability terms and conditions of the plan. Renewability for life is preferred because the need and premium for health insurance policies increase with age.

6. Inclusions and exclusions: Check if the policy covers day-care procedures i.e. the expense for treatment that doesn’t need 24 hours hospitalisation. Similarly, check if it covers expenses for organ donation, mental illness, maternity expenses, AYUSH treatment, and critical illnesses. Remember that you may need to buy a separate add-on cover for some of them.

7. Other terms and conditions: Lastly, go for policies with no room rent capping, no sub-limit, and no co-payment as they can increase the liability on the policyholder. If the policy includes complimentary health check-ups or daily hospital cash, it will be like icing on the cake.

Conclusion

When it comes to buying family insurance plan, you are spoilt for choice these days. Which is why, it is important to do a bit of comparison and research before you buy a policy for yourself and your loved ones. The right policy will be the best Christmas gift you can ever give!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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