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What is Health Insurance?
Health insurance is a legally binding agreement between you and Amba Insurance, where we provide financial protection against medical expenses as outlined in your policy. By purchasing a health insurance plan with Amba Insurance, you pay an annual premium to secure coverage for a wide range of healthcare needs, helping you manage medical costs with peace of mind.
With Amba Insurance health policies, you get coverage for essential health treatments, including hospital stays, doctor consultations, diagnostic tests, prescribed medications, surgeries, and more.
What Is the Cost and Coverage of Health Insurance in India?
When choosing a health insurance policy with Amba Insurance, it’s important to evaluate the cost-to-coverage ratio to ensure you get the best value for your money. Different health plans cater to various needs, and premium costs vary based on several key factors:
Age: Younger individuals typically pay lower premiums, while premiums increase with age. Health Condition: Pre-existing medical conditions may affect the premium and coverage options. Coverage Options: The range of benefits, add-ons, and sum insured you choose influence the overall cost. Sum Insured: Higher sum insured plans offer broader coverage but may come with higher premiums.
What is the Right Health Insurance Coverage?
A thumb rule for health insurance is that the coverage should be at least 50% of your annual income. However, due to increasing healthcare costs, experts now recommend a minimum coverage of Rs. 10 lakh. The ideal coverage amount depends on several factors, such as:
- City of Residence: Tier-1, Tier-2, or Tier-3
- Age and Life Stage
- Future Hospitalisation Costs: Depending on medical inflation
For example, a health insurance policy of Rs. 5 lakh coverage amount can be sufficient for young individuals in a Tier-3 city without pre-existing conditions. On the other hand, an older person or someone in a Tier-1 city may need between Rs. 10 lakh and Rs. 20 lakh for better coverage.
Check this table below to get an estimated idea:
| Types of Plans | Metro City | Urban City | Rural Area |
|---|---|---|---|
| Individual Health Insurance Plan | Rs. 10 lakh+ | Rs. 7-10 lakh | Rs. 5-7 lakh |
| Family Floater Health Insurance Plan | Rs. 30 lakh+ | Rs. 20-30 lakh | Rs. 15-20 lakh |
| Senior Citizen Health Insurance Plan | Rs. 25 lakh+ | Rs. 15-25 lakh | Rs. 10-15 lakh |
Nowadays, the Rs. 1 crore health insurance policies are increasingly affordable and provide extensive protection for critical illnesses or international treatments. By paying an additional premium of just Rs. 1,500, you can get such high coverage.
Otherwise, you can start with a base policy with a lower sum insured and increase the coverage with top-up health insurance.
What are the features of health insurance?
| Features | Health Insurance |
|---|---|
| Scope of coverage | The policy takes care of both preventive and medical treatment that includes screening tests, annual medical checkups, vaccinations, as well as hospitalisation expenses. |
| Claims | Every insurance provider has a cap on the number of claims filed every year. |
| Premium | Health insurance covers an extensive range of services, probably why it requires payment of a higher premium. |
| Sum insured | This is dependent on the plan chosen by an individual. |
| Add-on covers | An individual can choose these based on their requirement. |
Nowadays, the Rs. 1 crore health insurance policies are increasingly affordable and provide extensive protection for critical illnesses or international treatments. By paying an additional premium of just Rs. 1,500, you can get such high coverage.
Otherwise, you can start with a base policy with a lower sum insured and increase the coverage with top-up health insurance.
Tax Benefits with Health Insurance
One of the main benefits of health insurance is financial protection, but there’s more. Health insurance can also help with tax planning. The premiums you pay for health insurance can be deducted from your taxable income under Section 80D of the Income Tax Act6. The maximum deduction is Rs 25,000, which increases to Rs 50,000 for senior citizens.
In that case, the policyholder can enjoy a deduction of up to Rs 75,000 from the taxable income.
If the policyholder and their parents are both over 60 years old, the total deduction can go up to Rs 1 lakh. To claim this deduction, you need to provide receipts for the premium payments and a copy of the insurance policy that shows the names, relationships, and ages of the family members covered.
You can claim this deduction even if you pay the premium through methods other than cash.
Check the below table to learn how much can you claim as tax exemption with different types of health insurance:
| Premiums Paid for | Maximum Tax Exemption |
|---|---|
| Individual and family (all age<60 years) | Rs. 25,000 |
| Individual and family + parents (all age<60 years) | Rs. 50,000 |
| Individual and family (below 60 years) + parents above 60 years | Rs. 75,000 |
| Individual and family + parents (all above 60 years) | Rs. 1,00,000 |
