To benefit from the advantages of a health insurance policy, one is required to pay a yearly premium or the expense of the insurance. There are various two year policies which are also available.
Factors on which premium depends
There are various factors on which premium depend. They are:
Depends on the number of people who need policy:
While looking for a policy, the cost of a policy will depend upon who all want to get insured.
The sum of coverage needed:
Generally, insurances are available from Rs. 50,000 to Rs. 50,000 in multiples of Rs. 25,000 or Rs. 50,000 based on the scheme insurer avails for. One must choose the coverage based on his or her budget and anticipated needs.
Age of the oldest family member who is likely to be covered:
The premium is basically covered based on the relative health of the person who is looking for insurance. Kindly note that insurance become much more expensive as the person grows older. This is because older people are more prone to severe ailments.
Obtaining Tax Benefits with Health Insurance:
Any amount of health insurance covered for up to Rs. 15,000 will be liable for deduction from the total income. This fact is mentioned in Section 80D of the Income Tax Act related to concerns of income tax calculations.
A superior amount of Rs. 20,000 is granted to senior citizens.
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