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Health Insurance Benefits

Health insurance plans come with several benefits which include cover for several medical expenses, cover for critical illnesses, tax benefits under Section 80D of the Income Tax Act, 1961, cashless claim benefit, additional protection over and above employer's coverage, etc.

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5 Lac coverage starting from only ₹257/Month*
5 Lac coverage starting from only ₹257/Month*
  • Tax Benefit
    Tax Benefit
    Up to 75000**
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    Claim Support
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    45 Lacs+
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*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

Health insurance is a type of insurance coverage that pays for the medical or surgical expenses of the insured person. The basic goal of medical insurance is to protect your money from being swept out in the case of a medical emergency during the term of the policy.

A common assumption is that health insurance plans only cover hospitalisation costs. However, this is not the case. Some of the best health insurance plans also cover other expenses as well as provide additional benefits.Also, note that the utility of a health insurance policy does not only depend on the benefits offered under it, but also your ability to use the policy benefits wisely.

Benefits of Health Insurance Purchase in 2022

Given below are some major benefits that you can avail under a reliable health insurance policy:

1. Cover For Medical Expenses

An individual may become ill easily as a result of a busy lifestyle, pollution, changing weather, or other factors. Buying a proper health insurance plan might help you in resolving such health-related issues by providing sufficient cover.Common coverage benefits offered under health insurance plans include:

  • In-Patient Hospitalisation Expenses: In-patient hospitalisation is when you avail treatment by getting hospitalised for at least 24 hours. Health insurance plans protect you from these expenses, which include doctor’s fees, nursing expenses, anaesthesia, etc.

  • Pre-Hospitalisation And Post-Hospitalisation Expenses: Pre-hospitalisation and post-hospitalisation expenses are the expenses involved before and after you are admitted to hospital for the same disease.These expenses include doctor’s consultations, medical tests, prescribed medicines, etc, expenses related to follow-ups at the doctor, etc.

  • Organ Donor Expenses: Health insurance plans keep you secured from medical expenses arising due to organ donor expenses. Usually, health insurance companies provide cover for expenses related to harvesting the organ, as an in-built feature. Whereas, others may offer it as an add-on benefit.

  • Daycare Expenses: Daycare treatments are surgical treatments that do not require a 24-hour stay in the hospital. For example, ophthalmology, sinusitis, ear surgery, orthopedics, cataract surgery, and so on. Specific daycare treatments are protected by health insurance plans, as you can see in the policy document.

  • Alternative Treatment: Insurance companies offer cover for treatments taken under AYUSH health insurance cover of medicines, that are Ayurveda, Unani, Sidha, Homeopathy, and Yoga.

  • Domiciliary Hospitalisation Expenses: Domiciliary treatments are the treatments taken at home under medical supervision. Generally, insurance companies offer cover for such expenses but they have a limit on the number of days for which the benefit is available.

  • Daily Hospital Cash Allowance: Many insurance companies provide cover for non-medical expenses such as food, travel, and other expenses in their health insurance plans. However, there may be a limit to how much money you may save by using these services.

2. Cover For Critical Illnesses

Critical illness insurance is available as a standalone policy or as an add-on benefit from insurance companies. The critical illness insurance covers the insured from life-threatening diseases such as bone marrow transplant, kidney failure, coma, cancer, stroke, and other similar conditions.These plans offer a lump sum amount on diagnosis of any of the listed critical illnesses. The amount can be used to pay for treatment related expenses, debts (if any), daily expenses, or meeting other financial obligations.

3. Cashless Claim Benefit

Many insurance companies offer cashless claim benefits. This means that you are not required to pay anything from your own pocket in case of hospitalisation, provided the health insurance policy covers you for the particular treatment. If you have a cashless mediclaim policy, it is a good idea to use it for cashless treatment because it is more convenient. To apply for the benefit, you must be admitted to a network hospital, notify your insurance carrier of your hospitalisation, sign a pre-authorization form at the hospital, and get treatment once your claim is approved.

4. Tax Benefits Under Section 80D of the Income Tax Act

The premium paid for health insurance plans is eligible for tax deductions under Section 80D of the Income Tax Act, 1961. Not only for self, but you can also avail tax benefits if you buy health insurance policy for legally wedded spouse, dependent children, parents, parents in law, etc. To understand tax deductions in health insurance clearly, refer to the table below:


Premium Paid

Deduction under Section 80D of the Income Tax Act

Self, Family, Children


When the policyholder as well as parents are aged below 60 years

Rs. 25,000

Rs. 25,000

Rs. 50,000

When the policyholder and family members are aged below 60 years and the parents are aged more than 60 years

Rs. 25,000

Rs. 50,000

Rs. 75,000

When the policyholder, family members, and parents are all aged more than 60 years

Rs. 50,000

Rs. 50,000

Rs. 1,00,000

Members of the HUF (Hindu Undivided Family)

Rs. 25,000

Rs. 25,000

Rs. 25,000

Non-Resident Individuals

Rs. 25,000

Rs. 25,000

Rs. 25,000

Note that to be able to avail tax benefits, you must pay the premium in any mode other than cash.

5. Additional Protection Over And Above Employer Cover

Employees at many companies have recourse to group health insurance policies. These plans, however, may or may not be fully customized requirements. However, you may not be able to get continuous coverage if you quit your job with such insurance.Also, these policies may not offer comprehensive coverage at all times. So, in such cases purchasing individual health insurance plans help as you can then avail of extensive coverage.

It is imperative to keep in mind the aforementioned benefits of health insurance as they will help you make an informed decision when buying health insurance. It is recommended to select the most relevant health insurance policy as per your budget and other requirements so that you can enjoy all these benefits.

Reasons Why Should Buy a Health Insurance Policy

The ongoing COVID-19 epidemic has made the entire world sit up and take notice that medical problems are unexpected and can strike at any time, resulting in a difficult-to-manage financial crisis. People have realised the value of having a reliable health insurance policy as the COVID-19 infection has spread rapidly around the world, offering much-needed protection in tough moments.Apart from several coverage features and tax benefits, there are several other reasons to buy health insurance plans as well. These include the following:

1. To fight lifestyle diseases: Many people, especially those under 45 years of age, are suffering from lifestyle diseases as a result of sedentary lifestyles and other factors. Obesity, diabetes, heart disease, and respiratory problems have become common among this age group as a result of this.Some factors that lead to these health issues are stress, pollution, unhealthy eating habits, undisciplined lives, and gadget addiction. While it is important to follow necessary healthy habits, it is also important to own a reliable health insurance policy that covers you for these illnesses. Also, check if the health insurance policy covers you for regular health check-ups so that these diseases are caught early and made easier to treat.

2. To safeguard your family: There are several family floater health insurance plans in the market which you can choose to include your entire family under a single sum insured. These policies are easier to manage than separate health insurance policies for all the members. Family floater health insurance plans are the best option for providing financial protection against healthcare expenses for dependent parents, children, spouses, and other family members. These plans ensure that your family members receive the best medical care possible in the case of an emergency.Hence, before buying a health insurance policy for your family, it is recommended to do enough research and go with the one that offers you all-round coverage.

3. Comprehensive coverage: It is important to buy sufficient health insurance to cover for yourself and your family members providing you more than just basic coverage so that you are covered at all times. As a result, even if you already have a health insurance policy, you should review it regularly to see if it fits your requirements. If your employer provides you with health insurance, it is likely that it is inadequate.In this case, it is recommended to buy another health insurance policy with sufficient coverage to counter the inadequate insurance cover.

4. To be prepared for medical inflation: As medical technology increases, the cost of medical treatments also rises considerably. It is important to note that medical expenses in this case do not simply involve hospital bills. Instead, it covers ambulance costs, diagnostic tests, doctor consultation, operating room costs, room rent, and so on.As the cost of these services increase, it could lead to a financial strain on your pocket if you are not prepared for it. Hence, having a comprehensive health insurance policy for yourself and your family members becomes important. It will help you beat the burden of inflation as well as offer you much-needed protection from healthcare expenses when the need arises.

5. To Protect Your Savings: An unexpected illness might add to your stress by requiring you to handle funds in such a short period of time, increasing your suffering. However, if you have a good health insurance policy that covers you at all times, you will be able to better manage your money and avoid wasting it on hospital bills.In fact, under many health insurance plans, you can avail yourself of cashless treatment which takes away the stress of waiting for reimbursements later. You can then use your savings for buying a home, paying for your child’s education, going on a holiday, or as you planned to spend them. Apart from helping you protect your savings, health insurance plans also offer you tax benefits, which further increases your savings.

6. Helps you stay secured early: It is more beneficial to buy health insurance when young. There are many reasons for it. The major one being a lesser premium. As you grow, you are more prone to illnesses due to a weaker immune system, and hence are required to pay a higher premium. Also, if you buy health insurance when you are young, you will be able to choose from a wider range of coverage options. You will have no difficulty finding a health insurance policy that covers pre-existing conditions, which could come handy in your later years.

The above-mentioned benefits make it certain that having a comprehensive health insurance policy for yourself and your family members is of utmost importance today, especially during the COVID-19 pandemic times. It helps you protect your savings and provide you with much-needed protection in case of an emergency. Hence, it is recommended to timely buy a reliable health insurance policy that keeps you protected at all times. Some factors to consider when buying health insurance plans online are network hospitals, cashless treatments, inclusions and exclusions, waiting period, premium, type of health insurance plans, etc.

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FAQ About Health Insurance Benefits

  • What are the common coverage benefits under a health insurance plan?

    Common coverage benefits offered under health insurance plans include in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare treatments, domiciliary expenses, road ambulance expenses, and organ donor expenses. 

  • Can I avail tax benefits on the premium paid for a health insurance plan?

    Yes. You can avail tax benefits under Section 80D of the Income Tax Act, on the premium paid for health insurance plans.

  • Is it beneficial to have more than one health insurance plan?

    You can have more than one health insurance plan from different insurance companies. It not only increases your coverage amount, but also allows you to avail diversified benefits from multiple insurers. Also, you can avail tax benefits on the premium paid under these plans. 

  • What are riders or add-on benefits in health insurance?

    Riders or add-on benefits in health insurance are additional benefits that you can opt for to enjoy additional coverage at the time of buying the policy, by paying an extra premium.  

  • Will I get a refund in case I cancel my health insurance policy?

    Every health insurance policy comes with a free look period between 15 days and 30 days. If you cancel your health insurance plan within the free look period, then you will get the entire premium amount as refund, after deduction of stamp duty charges and proportional risk charges for the days that you were covered.   

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