Insurance

Life insurance holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payments. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

Things should be considered before purchasing the Life Insurance Policy

Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.

A health insurance policy covers medical expenses for illnesses or injuries. A reliable health insurance plan protects you from sudden medical expenses. It reimburses your bills or pays the medical care provider directly on your behalf. A comprehensive medical insurance covers the cost of hospitalization, daycare procedures, medical care at home (domiciliary hospitalization), ambulance charges, amongst others.

A health insurance plan helps you stay covered against various diseases. Additionally, it helps you boost tax savings. Under section 80D of the Income Tax Act, 1961, you can claim tax benefits against your health insurance premium.