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Over the last couple of years, there has been a steep rise in health risks. The changing lifestyle, urbanisation, ageing population, severe pollution, etc., has significantly contributed to an increase in diseases. This coupled with the rising medical costs, has become a cause of worry. In this situation, investing wisely to secure your and your family’s healthcare needs has become a prime goal.

Today, you can choose a health insurance plan to financially safeguard you and your family in case of a medical emergency. This gives you the peace of mind that in case of an eventuality, you and your family will not suffer and can get the right treatment without worrying about arranging for finances.

Here is everything you should know about health insurance plans for families and individuals:

Health insurance plans for individuals

Individual health insurance policies provide medical coverage for only the person insured, i.e., the policyholder. These health insurance plans cover the medical costs of the insured person based on the sum insured and premiums paid. Hence, the benefits of these plans only accrue to one person. Most health insurance plans cover pre-and post-hospitalisation expenses, ambulance expenses, surgery costs, consultation fees, tests, etc. You can also enhance these plans through the available riders, such as critical illness, etc.

Tax deductions under Section 80D of the Income Tax Act, 1961 are applicable for individual health insurance plans.

Who should buy an individual health insurance plan?

Health insurance plans for individuals work well for people who do not have a family or all their dependents have separate health covers. Further, people who have high health risks, like heart issues, kidney ailments, etc., should opt for individual health insurance plans as they will be the sole beneficiary of the policy.

People who have older parents can consider opting for an individual health insurance plan for themselves and buying separate health insurance for senior citizens. Health insurance premiums rise with age, which implies that the premiums for health insurance for senior citizens will be higher than an individual health insurance plan. So, instead of pushing individual policy premiums by leaps and dividing the coverage over multiple entities, it is good to invest in an individual policy.

Health insurance plans for family

Health insurance plans for a family offer medical coverage to all the members insured under the specific policy. These policies provide coverage for the entire family per the individual sum insured based on a floated basis. This implies that the sum insured under a family health insurance plan is shared by all the insured members of the family. These plans provide coverage for family members, including spouses, dependent children and dependent parents.

Tax deductions under Section 80D of the Income Tax Act, 1961 are applicable for health insurance premiums paid for self, spouse, children and parents. If the insured members are above 60 years, additional tax deductions are available for health insurance for senior citizens.

Who should buy family health insurance plans?

A prime benefit of choosing health insurance plans for a family is their affordability and ease. So, anyone who wants to cover all family members under one umbrella plan should invest in a family health plan. These policies eliminate the need to invest separately in health insurance for children or health insurance for parents. This makes premiums for family plans much affordable than individual health insurance plans. Further, a new family member can be added easily to a family health insurance plan. But, in an individual policy, a new cover is required each time a person is to be insured.

Like individual health policies, a family health insurance plan will also offer cashless treatment facilities. This means that all family members can get the best possible medical attention without worrying about the finances. Furthermore, with family health insurance policies, there is no hassle of premium payment, unlike an individual health insurance policy where all premiums are paid separately.

Overall, the choice between an individual and family health insurance plan depends on your financial needs, health and life stage. Irrespective of the policy you choose, it is critical to get adequate health coverage for yourself and your dependents for a secure future.

Visit PNB MetLife website to know more about Long Term Savings, Term Insurance & Term Plan.

Disclaimer:

The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

PNB MetLife India Insurance Company Limited
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time.
Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
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Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

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