Additional Benefits of our Health Insurance Policy^*

Most of you live on a tight budget, where your monthly income proves to be enough in meeting all your necessary expenses. But you know that given the uncertainties, it is vital to have something that you can fall back upon. That is why you consider buying insurance to keep your loved ones, and yourself secure, amidst the vicissitudes of life.

In today’s time, medical care and treatment, especially, have become very expensive. That is why the mere thought of meeting with any medical situation scares you. Moreover, with a simultaneous rise in the prevalence of various non-communicable and lifestyle diseases, the need to keep your loved ones and yourself secured against such challenges is even more.

So, if you’ve just started a family and wish to secure your family against various health challenges, then buy a health insurance plan without any delay. We at Bharti AXA General Insurance offer a wide choice in terms of the sum assured offered, with comprehensive covers starting at Rs.26/day.*

Cashless Hospitalization

There are two ways in which insurers pay you against your policy at a time when you’re faced with any medical costs. They either offer you the benefit of cashless hospitalisation or reimbursement. Although both cover you financially, the kind of support provided by cashless hospitalisation is most reassuring at that crucial time.

In case of cashless hospitalisation, the insurer directly pays off all the expenses which are covered under the plan, during your stay at the hospital. In such a situation, when you’re able to avail this insurance benefit, you feel a significant share of your worries is being taken care of. This ensures that you don’t have to dig into your savings and hard-earned money during emergencies. Moreover, this also puts you and your family at ease, giving some peace of mind during such distressful moments.

How does it work?

Most insurance companies have a network of hospitals which are covered under their policy plans. So, firstly it is crucial to know whether the concerned hospital you’re going to, is present in the network of hospitals or not. For this purpose, you should check the list of Third-Party Administrators (TPA) present in the cashless mediclaim policy. So, if the preferred hospital is present in the insurer’s network, you can avail the cashless health insurance option.

Upon admission, you will be required to show your health insurance card along with filling a pre-authorization form. Even your doctor will be needed to fill specific details to verify the details provided. This form is then sent to the TPA department of the hospital for sanction. Once it is successfully verified, the hospital receives approval for treatment. It is then that you can get complete medical treatment without making any payment towards the same.

Therefore, in such a case, the insurer enters in direct negotiation with the hospital and pays off all your medical bills, taking the great worry off your mind.

Benefits of Cashless Health Insurance

As a result of the numerous benefits offered by cashless health insurance, these have become a popular insurance option for many people. Some significant advantages offered by such a policy are as follows:

Reduces financial burden

Extremely useful in emergencies, cashless insurance will ensure that you don’t have to run from pillar to post to arrange funds for getting the treatment started. You just need to show your insurance card and wait for further sanction, which is usually very quick in most cases.

Provides coverage during travel

This policy can especially be a great saviour for you if you meet with a medical emergency while travelling. You may not have acquaintances to help you out. In such a case, you may visit any of the hospitals to avail cashless hospitalisation.

Peace of mind

Another significant benefit of cashless insurance is that it offers you peace of mind during tough medical situations. You will be able to receive quality treatment without worrying about paying medical bills.

Wide coverage

Cashless insurance plans offer coverage for both, pre and post-hospitalisation expenses, inpatient care, ambulance charges, domiciliary treatment, besides many others. In terms of the network of hospitals, Bharti AXA General Insurance offers cashless hospitalisation at 4500+ hospitals, meaning you can enjoy cashless hospitalisation at numerous hospitals.

Also, insurance plans vary from provider to provider, so you may compare numerous programs and opt for one that is best suitable for your needs.

Tax benefits

By taking this policy, you will also be able to avail tax benefits under Section 80D of the Income Tax Act, 1961. You will get exemption up to a limit of certain amount if you’re below 60 years of age or above.

Disclaimer : The information published on this website is for the public′s reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel,services, or any other items mentioned on this subject for any purpose whatsoever.

Life today is immensely different from a few years ago. In a short period, our way of living has gone through a significant transformation. Our daily routine, including eating, sleeping habits, is affected by the environment that surrounds us and vice versa. As we move forward, these changes are inevitably going to amplify. At such times, health insurance is an assurance of support. The number of people being affected by illnesses at a young age has become alarming. Heart conditions and other diseases that were usually associated with older age are now affecting 20-30-year-olds. Health insurance is an essential purchase to support you in case of a medical emergency financially.

Most people don’t buy health insurance since it can be a financial strain in the present. However, the bitter truth is that medical emergencies always take us by surprise. The need for health-related care is only going to increase as we grow older, along with the costs for their treatment. Medical treatment today requires massive expenses, and they are only going to increase in the future. For a simple procedure, a person has to shell out a considerable amount that can burn a hole in their pocket.

The Mediclaim 80D offers an opportunity to tax-paying individuals to save their hard-earned money. It provides an option to reduce the financial pressure of purchasing a health insurance policy in the present as well as secure the future against medical emergencies. Under section 80D of the Income Tax Act, annual premium paid for health insurance is eligible for a tax deduction. It is a source of significant relief for tax-paying individuals.

An individual who has recently become a taxpayer can find it somewhat challenging to understand the Income Tax procedure. It is in their best interest to be aware of the terms and conditions to maximize their tax benefits. The Mediclaim 80D tax deduction applies to policies securing the health of an individual, their spouse, parents or dependent children. There is a maximum cap on the amount that can be saved as tax benefits under Mediclaim 80D. It depends upon the type of policy as well as the insured person’s profile. Additionally, there is also a provision to claim expenses incurred as part of preventive health-care check-ups upto a specific limit.

Mediclaim 80D Tax Benefit Exclusions

The Mediclaim 80D provides certain tax benefits, but it is subject to a set of requirements. Following are a few circumstances that are not eligible for tax deduction:

1.      Payment Mode

Mediclaim 80D states that the health insurance premiums that are paid in cash are not qualified for a tax deduction. Any other mode of payment, such as credit card, debit cars, netbanking, are the acceptable modes of payment for tax benefit.

2.       Service Tax

The service charges levied on the health insurance premiums do not come under the Mediclaim tax benefits, and the taxpayer has to pay them in full amount.

3.      Insurance for Siblings

The health insurance premium paid on behalf of any siblings will not be liable for a tax deduction under the Mediclaim 80D section of the Income Tax Act.

4.      Insurance for Children

If your child is above 18 years of age and employed, the premium paid on behalf of them will not be eligible for a tax deduction.

5.      Group Health Insurance

Group health insurance policies are not eligible for a tax deduction under the provisions of Mediclaim 80D. However, in case an additional premium is paid by the taxpayer to improve the group cover, the extra amount can be claimed for tax benefits.

Purchasing health insurance for yourself or your family members has several benefits. It guarantees a financial cushion at the time of crisis and eliminates financial stress along with tax benefits to save money.

A tax-paying individual is always on the lookout to save their hard-earned money. Mediclaim 80D is nothing short of a blessing to individuals saving for the future. The tax exemption can be utilized effectively by the tax-payer to fulfil other financial requirements. To avail of the tax benefits under Mediclaim 80D, you must plan well so that you are ahead of the deadlines. Keep your relevant documents intact to utilize the Mediclaim tax exemption adequately.

Disclaimer : The information published on this website is for the public′s reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel,services, or any other items mentioned on this subject for any purpose whatsoever.