Perfect health insurance plan as per new market situation
Under section 80D, Health Insurance Premium’s deduction limit has been increased from 15 to 25 thousand rupees. Finance Minister Arun Jaitley took this step towards the end of 1st quarter of this year. The cap for senior citizens also has been increased to Rs 30,000 as compared to previous amount of Rs 20,000. Those people can claim a deduction of Rs 55,000 who is paying the insurance premium on behalf of their parents.
It’s an opportunity for insurance distributors to sell larger health covers or premium variants to people. Premium variants include vaccination expenses reimbursement, healthcare vouchers, maternity cover, second opinion etcetera. Arvind Laddha, CEO of Vantage Insurance Brokers recommended that the policy buyers should be cautious while buying feature-rich policies that have a higher value perception than justified. He further added that the insured needs to consider in what situations the policy holder may need the facilities offered and buy them based on the actual assessment of their utility. The policy holder should be focusing on main proposition which is the insurance cover.
History of family health, lifestyle, preferred hospitals, place of residence, ability to pay the premiums, burden bearing capability of individual and predisposition of family members towards any ailment. All these factors should be considered before buying any health insurance because you want to be ideal for your whole family like everybody.
Mr. Sudhir Sarnobat, CEO of medimanage.com agrees with Mr. Ladha and elaborated the whole situation by calling the whole process like buying a product one doesn’t need because there is a free gift attached. He also said that if there is a family of four young people who live in a metropolitan city, then spending more than Rs 5 lakh in initial years will not be a wise decision. But the family also needs to increase the cover bit by bit every year which should be enhanced up to Rs 10 lakh by the time most senior member of family turns 45.
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