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Mediclaim Insurance - Make it a MUST For You!

Sep 10, 2008
"60% of the world's heart patients would be in India by 2010", 'India is going to be the diabetes capital of the world', 'Indians are more prone to cancer than other nations', 'India is suffering from the highest water borne diseases'. Isn't it alarming?

With the above statistics you can imagine the health condition of Indians. As goes the saying, 'healthy mind resides in the healthy body' so paying attention to health is most important. It should be made affordable and accessible to every citizen of India. But in India hardly 6% of the GDP is spent towards the health programs and out of which 60% is contributed by the private sector, whereas in countries like US around 13% of the GDP is spent on the medical care.

Though private sector is the major contributor in health insurance, life insurance and other insurance like car insurance, it is unfortunately not affordable by most of the Indians, moreover awareness about its benefits is also lacking. A large portion of Indian population living below poverty line cannot think of using these services. For others treatment for any critical illness and hospitalization charges are beyond their reach as these are quite exorbitant. The options they have is to either sell their property or borrow money at high interest rates which makes it even more expensive for them. Hence more than the disease it is the cost of its treatment that they fear.

In such a scenario, Mediclaim can be of great help. A small sum earmarked as premium will save you from so much trauma, at least the financial one. You should go in for Mediclaim insurance policy with a proper cover which can save you from the unlimited future expenses by paying a little cost as premium. Mediclaim insurance covers expenses incurred during hospitalization; it also covers the Pre and post hospitalization expenses like money spent for conducting medical tests and buying medicines.

For diseases like cancer, heart attack and diabetes etc. you can also buy a critical illness insurance policy which can give you high coverage and the sum assured will be payable if insured get the 'critical illness' during the policy tenure, This is irrespective of the expenses incurred by the individual on hospitalization, medicines and other such costs. Critical illness covered under the policy will be defined in the policy document.

Health insurance becomes more attractive when you look at its tax benefit. The premium you pay for to buy a Mediclaim insurance policy is also tax deductible under section 80(D)of income tax act1961.Previously it was restricted to Rs. 15000 for individual and Rs. 20000 for senior citizen, but in the recent budget ( February 08) few changes were introduced to it.

A)While computing the total income of an assesses, being an individual there shall be a deduction of sum specified in sub section (2) clause (a) and (b) of section 80 (D).

Sub Section (2) - Where the assessee is an individual the sum deducted from his/ her taxable income shall be the aggregate of the following

(a)the whole amount paid to effect or to keep in force an insurance on the health of the assessee or his family ( here family means spouse and dependent children of the assessee) but not exceeding Rs. 15000
(b) the whole amount paid to effect or to keep in force an insurance on the health of parent or parents of the assessee but not exceeding Rs. 15000 in aggregate

For senior citizens, the limit has not changed - it is still Rs. 20000 per financial year. To make the full utilization the said limit you can add the premiums you paid for health insurance and the premiums paid for the critical illness rider or any other health insurance rider under life insurance policy.

Deductions under section 80(D) is available over and above the deductions under section 80(C) which has a limit of Rs. 1 lakh. Therefore the first thing an individual should do is to buy a proper Mediclaim insurance cover for himself and his family.
About the Author
Vinita Kohli is a research analyst for Apnainsurance.com which is a comprehensive guide to insurance in India. It enables customers search and apply for all their insurance needs, be it mediclaim, health insurance, car insurance, life insurance, travel insurance or home insurance.
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