What are the benefits of opting for long-term health insurance cover?

What are the benefits of opting for long-term health insurance cover?

In just a couple of years, the world has undergone a huge change. We cannot go out without putting a mask on our face and rubbing sanitizer on our hands.We have lost so many near and dear ones due to COVID; we have learned that nothing is more important than our health. Along with healthy eating and adding a lot of workoutsto our routine daily, many among us have been seen inclining towards buying health insurance.

As a matter of fact, buying health insurance helps us in taking care of the funds that we might need during our treatment at the hospitals. Not having one may push us to spend money from our savings. Therefore, health insurance is one of the significant things you must purchase in the present situation.

When it comes to buying health insurance, the majority of us get confused because of the many options available in the market. However, if you want to choose the one that can be really beneficial for you, you can go for long-term health insurance. Let us now understand the concept of long-term health insurance today.

What is long-term insurance?

Long-term insurance plans are products of health insurance policies that are designed to protect the financial future of the policyholders when they are not well and have to undergo treatment.Long-term insurance policies are offered for two to three years, and unlike the regular plans, the policyholders do not have to renew them every year. As you purchase a long-term insurance plan, you usually would be required to pay the entire premium at once. Nevertheless, these days you can find insurance companies that will provide you with the option of paying premiums in installments. This is even helpful as you will not have to invest a lot of money at once; thus, will not put pressure on your budget.

Benefits of long term health insurance plans

Long-term health insurance plans are preferred by many. Let us see the reasons why people find it a good choice.

No frequent renewals:As you buy a long-term health insurance plan, you do not need to renew the insurance coverage every year. You will be protected for at least two to three years, depending on the period of the health insurance plan.Therefore, you do not have to worry about missing the deadline or even go through the complex paperwork every year. During the tenure of the health insurance plan, you will also be protected from the heavy hospital fees as well as the cost of healthcare expenditure.

Discount on premium:One of the major benefits of buying a long-term insurance policy is the heavy discount you will get on the premiums, especially if we compare it with an annual health insurance plan. This also comes with two levels. The first is the insurance company will give you a discount for choosing a long-term plan; while the second is avoiding the upward revisions in the premium during the tenure of the policy.

Tax benefits:Choosing a long-term health insurance plan will also help you increase tax savings. According to section 80D of the Income Tax Act, you can claim deduction on the taxable income for the premium for health insurance that you pay. If you are below 60 years, you can even claim a tax deduction of INR 25,000, while an extra deduction of up to INR 50,000 for your spouse and children.

Coverage on pre-existing diseases: Upon buying long-term health insurance, you will get coverage on the pre-existing illnesses from the first year itself.

If all these benefits make sense to you, all that you need to do is to visit IIFL’s website and go through all the information available on long-term health insurance plans. You can also decide the type of health insurance plan that you want to opt for.

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