Health insurance a must!!

Health insurance sector growing rapidly in India and with that there are a variety of health insurance products are launched in India costs. Health care cost increases and raising awareness about the importance of preventive care has resulted in increased demand for health insurance products.

Let's look at year on year growth of Indian Insurance Market and it is quite clear. In FY03, the health insurance market stood at Rs 1160 crore, in FY08 it has crossed the Rs 5000 crore. That growth of 60% in recent years the growth time.Despite still a great need for health insurance in India. As much as 75% of people in India without employer provided coverage and more than 85% of people in India are not insured at all.

So, even as the life insurance market becomes more and more established, in the space of general insurance, health insurance plans that come thick and fast. ICICI Prudential launches Saver Health Plan. Under this scheme part of the money you pay as premiums would provide health insurance until age 75 - as usual policy. But another part of the premium will be included in the Health Fund for extended health care needs - so if your health cover is for Rs 1 lakh, you can go into the fund for additional coverage, should need arise. But you can not get into the fund for 3 years from the day the policy is activated.As said by an officer of Prudential ICICI: Alternative therapy is not part of the cover hospitalization. They come as part of the health benefits savings. In years 4 and 5, 20% can be claimed, at 6 to 10 years, 50% can be claimed and after the 10th year of 100% can be claimed ...

Finally, if you go shopping for health insurance policies of this nature, the following are noteworthy checkpoint: -

Is there a cashless facility?

How big is the network of medical centers?

How competitive is the premium compared with other health policy?

Is a third party that provided or managed directly by the insurance company?

Where you get your money invested?

But regardless of the product, it is important that all individuals must have health cover. And since we are already in tax planning mode, it is important to remember that health insurance can get tax deductions up to Rs 15,000 every year.