Aditya Birla Sun Life Health Insurance : Features & Benefits

Tax benefits¹ against health insurance plans can be claimed under Section 80D of the Income Tax Act, 1961. Benefits can be claimed in the following scenarios:

Yes, you can. When you have more than one policy, the scope of coverage increases.

In such a scenario, you will need to increase the coverage. Speak with your insurer to find out if there is scope to increase coverage in your existing plan. In some cases, you could purchase top-up plans by paying an additional premium.

Yes, you can. Such a plan is known as a floater policy. Here, the coverage is distributed among all members of your family. When you buy a family floater plan, the premium is computed as per the age of the oldest member of the family.

Age, lifestyle habits, choice of profession, and existing health conditions are the factors that affect your health insurance premium.

• Age: When you are young and healthy, you need to pay less towards your health insurance plan. Health insurance premiums increase with age as the body becomes vulnerable to various diseases. So, buy health insurance when you are young to get the benefit of lower premiums.
• Pre-existing medical conditions: You might need to pay a higher premium if you suffer from any pre-existing medical condition. The charges are on the higher side because the insurer covers a greater risk on your behalf.
• Choice of profession: If you have a high-risk job or are exposed to an environment where the chances of injury are high, you may need to pay a higher premium towards your policy.
• Tobacco use: If you regularly consume tobacco in any form, your health insurance premium shoots up by several notches. Therefore, it is in your best interest to avoid consuming tobacco.
• Individual vs. family enrolment: When you buy a health insurance plan for yourself, the risk is limited to you. However, when you add your family members within the same policy, the risk widens. Therefore, you may need to pay higher premiums for plans that also cover your family members including your spouse, children, and aged parents.
• Location: Where you live has a big effect on the premiums. If you reside in a location where climatic conditions are harsh and there is a cultural dislike of exercise, your insurer may charge you more. Also, if your area of residence is in an accident-prone zone, you may end up paying higher premiums.

The cost is not fixed. It depends on the type of policy and sum insured. It also depends on factors like your age, profession, pre-existing medical conditions, and lifestyle. However, if you buy a health insurance plan when you are young and healthy, the cost is pretty nominal.

The sum insured, the network of hospitals, the sub-limit and co-pay clauses, the waiting period for pre-existing diseases, and the claim settlement ratio of the insurer are some important things to look out for while choosing a health insurance plan.

Yes, it does. Premiums paid towards health insurance qualify for tax deduction under Section 80D of the Income Tax Act, 1961¹

¹Tax benefits are subject to changes in the tax laws. Please consult your tax advisor for the same

Documentary proofs of age, identity, and address are required while buying health insurance. Your photographs are also needed. You may also need to furnish medical reports if demanded by the insurer.

Yes, he/she can. Having more than one policy further enhances the coverage.

It is the maximum amount that your insurer would pay in a year in case you are hospitalised. You will need to bear any amount over and above this from your pocket.

A health insurance plan prevents out-of-pocket expenditure during a medical emergency and helps ensure that money is not a roadblock in receiving the best treatment. In addition, cashless treatment and peace of mind are some of the most important benefits of a health insurance plan.

Yes, you can. Depending on the plan, you can follow the steps outlined below:

• Visit the website of the insurer
• Fill up the form
• Make an online payment and you are done

Mediclaim is a type of health cover which offers coverage for expenses you incur during a medical emergency including hospitalisation expenses due to illness, surgery, or accident. On the other hand, health insurance offers comprehensive health cover. Depending on the type of health insurance plan, the expenses go beyond basic hospitalisation and can include ambulance costs, pre- and post-hospitalisation expenses, and expenses relating to the out-patient department (OPD), among others.