Human life is of such vital importance that we make so many efforts to live healthy and longer. Be it the earning member of the family or any other member, the loss caused in an accident can leave large financial holes and emotional holes in the family. Insurance is one such option that helps mitigate the risks arising from perils surrounding human life and provides a comprehensive cover to all the family members.
The most important element that a health insurance buyer should be aware of is the types of insurance policies in the market. Today, most policies fall under the broad categories of:
- Term Insurance Plans are plans that provide coverage for a specified period of time and get void if the period lapses. Payment is made only on the occurrence of the peril mentioned in the policy.
- Endowment Insurance Plans are plans that provide a sum assured at the occurrence of the peril or when the policy expires without any claims. Thus, such plans provide a risk cover and offer a savings option.
- Unit Linked Insurance Plans [ULIP] are modern insurance plans that have both, risk cover and an investment option, wherein the onus of choosing and investing in the market is on the buyer of the policy. This type of policy that accounts for a percentage of the sum into investments like mutual funds is a great option for someone who is looking for investment.
Importance of Family Health Insurance Policy
The earning member of the family might have an insurance policy that her employer has provided but a lot of times such policies fail to cover the family. Buying a family health insurance policy is necessary not only because it provides tax benefits but also because it covers unforeseen expenses arising out of health and medical perils for the family members. The myth that prophesied the ailment of the old is gone with the increasing health risks due to pollution level, eating habits, et al. All the members of the family require a comprehensive health cover. The following aspects would underline the importance of family health insurance:
- Family Health Insurance is the most effective way to provide security to the life of one’s family members as it mitigates the risk by providing a cover from all-pervasive perils in a person’s life.
- Unexpected expenses, in times of escalating medical costs, at the time of a serious medical disease or accident can be avoided with the help of Family Health Insurance.
- Some plans provide add-on benefits like free medical checkups, no upper cap on hospitalization measures, et al. that can provide the best in the class healthcare for your family.
- Insurance Plans, today, also come with savings and investment options, which, besides risk cover, could also provide financial stability to your family. Buying insurance can contribute to tax deductions as well.
Buying Family Health Insurance leads to living a stress-free life. A comprehensive family health insurance policy that provides holistic cover is also provided by Bharti AXA with a 24×7 accessible and easy claim settlement service.