What is a pre-existing condition in health insurance?
A pre-existing condition exists at the time of the insurance policy acquisition. Diabetes, high blood pressure, cancer, depression, asthma, thyroid problems, and so on are all examples of this.
What factors determine insurance premiums?
Insurance companies examine a variety of criteria before determining the amount of premium charged to the policyholder, such as age, the type of coverage needed, the amount of coverage the policyholder wants, insurance history, pre-existing conditions, personal information such as claim history, family medical history, smoking status, hobbies, employment, lifestyle, gender, marital status, zip code, and several others, based on the policy terms and conditions.
Typically, insurance companies include an online insurance calculator on their sites that can be utilized to calculate the premium costs for the various coverage options.
What are the advantages of health insurance?
Health insurance has several advantages, including the cashless facility, which allows you to receive treatment while having the expense reimbursed by your insurance company. Pre- and post-hospitalization coverage. The insured will cover expenses incurred before and after your treatment. No claim bonus: If you don’t claim the term, you’ll get a discount on your next premium, free medical exams, a tax break, and more.
Is insurance premiums tax deductible?
Yes! In fact, they are since paying the premium on a life insurance policy or a health insurance policy allows the taxpayer to certain tax advantages in addition to insurance coverage. All of your tax-related questions are answered in the article produced by cleartax.in For information on the precise deductions, you can make under various plans, read that article.
What is covered under motor insurance?
Damage and loss resulting from an accident, fire, theft, self-ignition, strike, natural disaster, terrorism personal injury, permanent disability, etc. are covered by motor insurance. Your car is also covered for third-party liability in cases where it contributes to property damage, bodily harm, or the death of a third party.
What conditions are not covered in health insurance?
Pre-existing conditions, consensual abortion, maternity treatment, intentional injury, sexually transmitted disease, genetic abnormalities, cosmetic procedures, Embryo transfer and fertility problems treatment, health risks associated with alcohol, drugs, and smoking, and permanent denial caused by war, riot, strike, or nuclear attack.
Why travel insurance is important?
Many individuals believe that travel insurance is only necessary for risky excursions, but they frequently overlook other travel-related misfortunes like lost luggage, lost passports, personal accidents, medical costs, etc. When planning a holiday budget, nobody takes into account the cost of such an occurrence; nevertheless, by purchasing travel insurance, you are prepared for the unforeseen.
What does travel insurance cover?
The cost of trip cancellation, lost, stolen, or damaged luggage and personal property, personal accident, a death benefit to the beneficiary, disability, personal injury, and flight accident, as well as 24-hour emergency assistance, medical costs, and healthcare facilities are all covered by travel insurance.
Is life insurance exempted from tax?
Yes, The Income Tax Act of 1961 permits the policyholder to receive a tax exemption. According to the premium paid under sections 80C, 80CCC, and 80D, you receive a tax benefit. Additionally, subject to the terms and conditions of section 10(10D) of the Income Tax Act, you get a tax-free dividend when the insurance matures
What’s the distinction between term and health insurance plans?
Term insurance provides financial protection to the beneficiary in the case of the policyholder’s untimely death. A term policy is a sort of life insurance in which the policyholder names a nominee, who is usually the policyholder’s dependents, who will receive a specified sum if the policyholder passes away. The term policy usually lasts between 5 and 40 years, or until you reach the age of 99.
However, Health insurance Plan is a type of insurance that covers individual claims in the event of a medical emergency. Health insurance in India covers the expense of hospitalization as well as additional benefits that provide financial security in the event of a medical emergency. Depending on the type of policy, this can cover an individual or an entire family.