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Ref. No. KLI/22-23/E-BB/492
If you have a lump sum set aside, you can invest in the best single premium health insurance policy. Read on to know more.
It is our basic instinct to prepare for all the scenarios that we may face in life. We do this to protect ourselves and our loved ones from the unpredictability of this beautiful journey that we call life. Similarly, investing in a health insurance policy is one such preparation that we make.
A health plan is a tool specially designed for unforeseen medical emergencies. Like any insurance scheme, a health insurance policy is maintained by the payment of premiums to the insurer or the insurance company and one can purchase health insurance online or offline. Whenever you make an investment, you want to have some flexibility when it comes to premium payment options. As per your convenience, you can choose one that suits you the best.
Here you can pay the premium at the beginning of your health insurance policy term and enjoy the full term of the health plan hassle-free. If you have a lump sum set aside, you can invest in the best single premium policy.
You can purchase the policy and pay a premium only for a certain period of that entire term and still enjoy the benefits of the policy.
This is a popular payment method in most term insurance plans. Regular pay options in a health insurance policy are premium payments that are to be made usually till the end of the term at a fixed interval. Additionally, ever since the pandemic, payments in instalments have also become available to make health plans more affordable.
A health plan, whether it is regular, limited, or single premium health insurance in India, is eligible for tax deductions under section 80D of the Income Tax Act of 1961. The tax deductions are Rs. 25,000 for people who are not senior citizens and Rs. 50,000 for those who are. A one-time premium policy is eligible for a rebate and is calculated accordingly. This is done by dividing the premium paid by the number of years for which the policy is valid. However,even in this case, the exemption will remain the same in its amount.
Single premium health insurance in India is recommended for those who have a lump sum amount with them. You can also invest in it if you have a steady flow of income now but are not sure of the same after a few years. A one-time premium policy will help manage expenses in the years to come as you will not have to calculate or create a budget for the entire term of the policy or for the years that you do wish to pay the premium.
The premium for health insurance online and offline can be calculated using the premium calculator that shows you the amount after adding a few details related to the sum assured,
age, lifestyle, etc. Also, a calculator for health insurance online helps you gauge the amounts for various policies so that you can compare and choose the best one for yourself.
While calculating the premium and choosing the payment options is an important aspect of buying a health insurance policy, one more important aspect is the factors that affect the premium amount that you have to pay. They are -
It is advisable to be absolutely transparent with your insurer to ensure that you can get the best and avail all the benefits of your health insurance. A health plan is a critical aspect of your financial planning, and you deserve the very best one for you and your loved ones!
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
