The Income Tax Act considers health insurance as a major investment for any individual and hence tax deductions are available under Section 80 D of the act. While insuring yourself, you can save up to Rs 30,000 as tax deductions. But if you think about it should insurance be purchased only to save tax?
Medical expenses are increasing every day and having to pay a huge amount suddenly can be a huge burden on anybody. Individuals insured by health insurance are at ease when such a situation arises as the insurer will support and provide protection. Don’t buy insurance only to save tax but receive benefits of good cover from your policy. Star Health insurance policy offers protection for you, your spouse, dependent children under a single floater policy. The Family Health Optima Insurance plan provides auto-recharge and auto-cover for every newborn in the family. The Star Health insurance renewal process is easy, and a hassle-free process and the Optima policy offer lifetime renewability. Star Health Insurance Review: Key Features Specifications Sum Insured 3 lakhs to 15 lakhs Co-payment 20% of all claims Benefits Hospitalization and Domiciliary treatments Hospital network 6000+ Why to buy the Star Family Health Optima Insurance Plan? Providing up to 405 day care treatments under the policy and automatic restoration of the entire sum insured, the plan provides tax benefits on premium paid. The newborn baby will be covered from the 16th day onwards under the same floater plan, and donor expenses for organ transplantation are covered. Pre-existing diseases are covered after 4 years with any Indian Insurance company pre-hospitalization expenses up to 60 days from the date of hospitalization are covered. Features and Benefits ● Emergency Ambulance Cover up to Rs 750 ● Post-hospitalization expenses up to 90 days from the date of hospitalization ● Recharge Benefit. ● Domiciliary hospitalization expenses exceeding three days. ● In-patient treatment cover included. ● Health check-up expenses cover up to Rs 5000. ● Rooms Boarding, nursing expenses, blood, oxygen, surgeon charges, the cost of medicines and drugs are covered as well. Eligibility Minimum entry age is 5 months while maximum entry age is 65 years. All individuals above 50 years of age who are to be included under the floater policy need to undergo pre-acceptance medical screening, and the cost of while will be borne by the insurer. Newborn babies will be accepted under the policy from the 16th days after birth, and the intimation of the same has to be given to the insurance company. Inclusions The policy covers maximum 5 members, 2 adults and 3 children under a single floater policy. In case the sum insured amount is exhausted by one member of the family, the sum is 100% restored by the insurer. The recharge benefit can be used when the entire sum is not exhausted, and the claim is raised for the same illness by the insured. Without losing your accumulated benefits, you can transfer the policy and also apply to increase the sum during renewal. The Family Health Optima Plan also offers a free look up period of 15 days within which you can demand a refund and stop the policy. Specific diseases such as cataract, hernia, etc. have a waiting period of 2 years. Exclusions ● Mental illness and intentional injury ● Pregnancy, in vitro fertilization, etc. ● Expenses due to war or nuclear accidents. ● Any diseases contracted within 30 days of policy commencement unless accident. ● Change of sex surgery or cosmetic and aesthetic surgery. ● Experimental therapies, naturopathy treatments. Claim Process On hospitalization, contact must be established with the insured to inform about the medical procedure, policy number and other such details. Star health insurance hospital list is available online where cashless facilities can be availed. The documents to be submitted along with the filled claim form are original bills, discharge receipts, investigation reports, doctor’s note and FIR in the case of an accident. The ID card needs to be shown at the desk to avail cashless facilities at network hospitals. Payments by any mode other than cash are eligible for deductions under 80 D and can help you save, but don’t forget insurance is not for tax saving but to protect you in the event of an unforeseen circumstance. While health insurance is an investment, Star Family Health Optima Insurance Plan gives you deductions and protects your family for the future.
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