Health insurance can act like a catalyst in health problems. Now the question arises is-what is the difference between a health insurance policy and a life insurance policy? As an investment tool which one is better? Do you get any lump sum after the maturity of a health insurance policy? Imagine something happens and you have no health insurance, then you will have to pay for the huge medical bills of medical care. While most people are keen to insure their material possessions like cars, houses etc, they look at health insurance as a dispensable expense. However things may finally be changing. There is a huge variety of health covers on offer, ranging from ordinary insurance policies, to riders that can be attached to life insurance plans.

There are policies even for specific diseases like diabetes and cancer that you can opt for to de-risk your finances against healthcare costs.

Pick a plan that suits your age:

In 20s: take a health rider on your life insurance policies.

In 30s: go for a standalone health insurance plan. While taking fresh insurance, look for hospital cash benefit options to cover hospital bills in case of treatment.

In 40s: opt for floater health plan by increasing risk cover. Look for special plans that include cancer/diabetes care. Such illnesses are real threats during this period and require higher expenses.

In 50s: Opt for a senior citizen health plan, including options to cover for OPD needs as you mat have to visit the doctors frequently.

However, before buying a health plan, make sure you understand what the policy covers and what it excludes, as also the mode of payments while settling claims, so that the plan works for you when you need it. Health insurance plans also offer tax advantage: the premiums paid by a policyholder can be used to have a tax deduction of 15,000 if the policy is taken for parents. The senior citizens who continue with the existing policies or buy new plans can get a tax deduction of upto 20,000 under section 80D.

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy