According to a report, in the financial year 2020-21, there was a huge growth of 28.5 percent in the retail sales of health insurance policies in India. It was 25.9 percent in the financial year 2021-22. When you take insurance at a young age, there are many benefits to it. Here we will discuss about those benefits.
Health Insurance: After Corona in India, there has been a lot of awareness about health insurance. People are now showing great interest in getting health insurance. Anyway, due to changing lifestyle and new diseases, treatment is becoming costly. According to a report, in the financial year 2020-21, there was a huge growth of 28.5 percent in the retail sales of health insurance policies in India. It was 25.9 percent in the financial year 2021-22.
Still many people in the country do not realize the importance of health insurance policy. Most of the policy takers are people above 40 years of age. While you take insurance at a young age, it has many benefits. Here we will discuss about those benefits.
Premium Benefit
If you buy health insurance at the age of less than 25 years, then you will be able to take advantage of the lower premium rate. The premium of a health insurance policy depends on the age of the insured members. The premium increases with increasing age as the health risk also increases with age.
Waiting period
The waiting period is an important point in health insurance and everyone should know about it. The waiting period or waiting period in health insurance is the time under which the insured cannot claim for health insurance for specific diseases, surgeries, pre-existing medical conditions. Depending on the health insurance plan that you choose your waiting period can be anywhere between 2-4 years. When you buy a health insurance policy at the age of 20-22 years, the waiting period for your health insurance plan will be minimal as the youth are generally physically and medically fit.
You can take advantage of tax exemption on tax exemption insurance. You get tax exemption on the premium paid for a health insurance policy in India. Under Section 80D of the Income Tax Act, 1961, you can avail tax exemption on the premium paid for a health insurance policy. The sooner you start paying the premium, the more you will be able to get tax exemption.
