Rs 1 crore health insurance sounds expensive? In this way the expenditure will be less and the benefit will also be more.
Rs 1 crore health insurance sounds expensive?
You can reduce your health insurance premium by taking the deductible voluntarily. But there are risks too. Let us know how this deduction works. You can reduce your health insurance premium by taking the deductible voluntarily.
What can spoil your financial condition – a loss of Rs 50,000 or a loss of Rs 20 lakh. Your answer would be Rs 20 lakh. But what if the same principle was applied to health insurance as well. Can you bear the loss of Rs 50,000 if your health insurance coverage is increased from Rs 5 lakh to Rs 25 lakh? In this, you will not have to bear the loss of Rs 20 lakh. Many would call it the perfect deal.
Let us see how it works in the case of health insurance. While buying a health insurance policy, many of us would like to take the maximum sum insured which provides adequate protection. However, many people may have to face minor problems. Higher sum assured comes with higher premium. And for many it will be out of reach. In this case, you can voluntarily reduce your health insurance premium by taking the deductible. But there are risks too. Let us know how this deduction works.
How will the voluntary deductible reduce the premium?
Health insurance policies with higher sum insured have higher premiums. It is difficult for many people to get a comprehensive health cover. However, with the help of voluntary deduction, you can reduce your insurance premium.
Voluntary deductible is a method of self-insurance in which the subscriber can cover health expenses up to a pre-determined limit. For example, a customer can choose a deductible limit of Rs 50,000, which means they can cover health expenses up to the specified limit. This will help in reducing the premium as the claim can be made by the insured up to a certain limit.
Rs 1 crore health insurance sounds expensive? For example, if you take a health policy with a sum assured of Rs 25 lakh and a deductible of Rs 50,000, you will have to bear the first Rs 50,000 in a year. If the cost exceeds Rs 50,000 in the same year, the insurance company will pay up to Rs 25 lakh.
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