Just a few years ago, you would have been denied a health insurance policy by almost all insurance providers following a heart attack. As the competition in the Indian insurance domain saw a definitive growth, health insurance companies launched more attractive products that cater to people affected by common lifestyle diseases such as diabetes, heart problems, etc. Some insurers also offer plans that protect the insured from prevalent critical illnesses.
At the time of Valentine’s Day last year, a leading insurance provider even launched an insurance scheme that aimed at offering protection to “two hearts” under the same policy! As innovative as it may sound, the benefits provided by the plan surpassed the initial teaser that we saw. This plan, the Aviva Heart Care, would take care of the heart conditions of a couple under the umbrella of a single policy. Flowers, cards, candies, and chocolates do not stand a chance!
So while the guys from the banking and financial sector spoke about “matters of the heart” at several press conferences last Valentine’s Day, the Heart Care plan from Aviva still remains one of the most offbeat products for couples in the Indian insurance space.
Why should you buy a heart insurance plan?
The incidence of heart attack is on the rise, with even youngsters being victims to dreaded heart conditions. The advancement in medicine has made it easy to fight such traumatic illnesses. However, the impact that this battle has on one’s finances would certainly be distressing.
In order to counter the ever-increasing cost of medical treatments, you need to be in possession of a health insurance plan that offers a lump sum payout at the detection of a disease in the most hassle-free manner. This payout will ensure that your medical costs are covered. The policy may also offer continued payments in the form of an income.
Some of the key benefits of buying a heart insurance plan are as follows:
● Affordable health insurance cover can be availed.
● Most insurance companies offer premium discounts when you purchase a health insurance plan for self and spouse together.
● Loyalty discounts are offered to existing customers by some insurance companies.
● When the insured is diagnosed with any of the predefined critical illnesses, a payment is made immediately.
● Most of the heart insurance plans offer waiver of premium at the occurrence of a permanent disability following an accident.
● Some heart insurance policies offer an income benefit to customers for a specific duration following the diagnosis of a listed disease.
● Most health insurance companies offer the benefit of increasing cover to customers who refrain from raising any claims in a policy year. This facility is similar to the No Claim Bonus offering in motor insurance. The only difference between the two is the fact that the NCB promises a premium discount at policy renewal whereas in health insurance, the coverage increases with each claim-free year.
● If you have a family history of cardiac diseases, it is crucial to get a heart insurance plan when you are young. Buying health insurance early in life helps you take advantage of lower premiums.
● Some insurance companies offer heart and cancer protection under the same product. This type of insurance has gained a lot of popularity in the recent past. Such a plan can act as a supplement to your life insurance policy in safeguarding your life.
● A heart insurance plan can offer you tax benefits under Section 80D of the Income Tax Act.
Buy a heart insurance policy online
Although you can approach a health insurance company through an offline route and apply for a heart plan, it is always advisable to follow the online path. Some of the advantages of buying insurance online are as follows:
● Cheaper policy - You can get better rates on premium, as the insurer saves considerably on operational costs when it sells insurance online. These savings are passed down to the customer in the form of discounts and promotional offers.
● Compare plans - You can compare policies between insurance providers at neutral financial websites. This facility shows you a side-by-side comparison of the coverage and cost associated with multiple plans you are eligible for. Ideally, policy comparison should be the first step you take when buying a mediclaim policy.
● Security - Most insurance companies employ global security standards on their websites, so that the sensitive information of customers is not compromised at any cost. So, you can be assured of a highly secure policy purchase experience.
● Easy renewal - The policy issuance and renewal processes are quick and effortless. There is also limited paperwork involved in the process.
In conclusion, you should understand that health insurance is a very useful financial planning tool for an individual who has dependents. You can protect yourself from common health issues prevalent today by opting for a suitable insurance plan. Some of the notable heart insurance plans available in the market are as follows:
● Aviva Heart Care
● Star Cardiac Care
● ICICI Pru Heart/Cancer Protect
This Valentine’s Day, drop your plan of gifting jewellery to your better half. Buy her a heart insurance plan instead; we promise you this will be one gift that she will cherish for years to come!