How a Health Insurance Advisor Can Benefit You

35-year old Kunal Verma was incredibly stressed. He'd just learnt that his wife Mita, was severely unwell and required urgent hospitalization. As Kunal rushed to the hospital, he realized he had no time to worry - that he needed to be strong for his wife and twin children, Aditya and Ananya's sake. Kunal thanked his stars and his foresight. He had invested in an SBI General Family Floater Health Insurance Plan with a sum insured of 10 lakhs. He'd also bought a top-up policy with another 10 lakhs in sum insured. This prudent investment was now going to help him face the most difficult year of his life. Scenario I: Mita's Illness and Long Road to Recovery As Mita was hospitalized, Kunal learnt that Mita had severe epilepsy and a tumour had formed in her brain. This meant that Mita would need to undergo one or more surgeries and doctors would need to monitor her condition after each procedure. According to the doctors, Mita would need long-term care, spanning at least 3-4 months, with medical costs exceeding ₹8 lakhs to ₹10 lakhs. Thankfully, the SBI General Family Floater policy that Kunal had purchased would now help pay for Mita's treatment in the hospital, and in case she needed domiciliary care at home. Scenario II: Dual Medical Crisis - Mother and Daughter Witnessing her mother Mita's helpless state, was more than their 6-year-old daughter, Ananyas tender heart could bear. Soon, Aditi fell seriously ill. Her high fever meant that Ananya also had to be hospitalized. While her condition was not as severe as her mother's, Ananya needed hospitalization for 6-7 days. During this time, her medical expenses amounted to ₹3.5 lakhs. Between these two back-to-back hospitalizations, Kunal Verma would have had to spend at least ₹11 lakhs to ₹14 lakhs, if not for the family floater and the top-up policies that covered the medical costs of two of his family members. Scenario III: Father's Heart Condition and Bypass Surgery In what would prove to be the most challenging year in Kunal's life, a few months after Mitas accident and Aditi's hospitalization, Kunal's 65-year old father, Ram, was diagnosed with a heart condition. The Senior Mister Verma required an immediate bypass surgery. Since Kunal's parents depended on him financially, he had prudently invested in SBI General's Health Insurance plan with a sum insured of ₹15 lakhs for his parents. This investment helped Kunal's father undergo the crucial surgery without putting the financial strain on either of them. How Kunal Benefited From Health Insurance - Key Learning As the months went by, both Kunal's wife and father recovered. It was now time for Kunal to renew his health insurance policy. Unlike each year, when Kunal thought of insurance investments as a financial burden, this year, he was only too happy to pay the premiums. After all, the policies he had invested in gave him the highest than returns any investment ever did before. All-around coverage: The insurance policies covered almost all of Kunal's wife's, daughter's, and father's medical treatment costs. Top-up cover: When his base policy’s sum insured was exhausted, his top-up plan helped him cover the medical costs. Financial security: Had it not been for the SBI General Health Insurance plans, Kunal’s painstakingly accumulated savings would have been drained in just one year. Peace of mind: Despite the high medical costs, Kunal could take solace in the fact that all his family members could seek the best treatment without compromising on costs. Tax savings: Since Kunal has invested in health insurance plans for his immediate family and his senior citizen parents, he was also able to reduce his tax outgo considerably. How SBI General Health Insurance Helped Kunal Save on Taxes When Kunal first became liable to pay taxes, he learnt about the various investments that could help him save taxes under various sections of the Income Tax Act. One of these was Section 80D - dedicated towards health insurance investments. For Kunal's Immediate Family: Kunal learnt that if he purchased health insurance for himself, he could claim annual tax deduction benefits on paying insurance premiums. He could also invest in policies for his wife and dependent children and claim annual tax deductions. The maximum deduction limit he could claim on investing in the SBI General health insurance policy for himself, his wife and children was ₹25,000 per annum. If he had not utilized the entire limit, he could claim ₹5,000 towards preventive health check-ups too. For Kunal's Parents: When Kunal's father retired, he took on the responsibility of buying health insurance for his parents. Earlier, since his parents were under the age of 60, he could claim another ₹25,000 for paying their insurance premiums, along with the ₹25,000 applicable to buying insurance for his immediate family. As such, he would save ₹50,000 per annum in tax outgo on his insurance investments. Now that his parents have become senior citizens, Kunal saves up to ₹50,000 in tax out go when he pays his parents' health insurance premiums. Plus, his parents can also seek preventive health check-ups worth ₹5,000 under the entire ₹50,000 threshold. Total Tax Deductions By investing in health insurance for his immediate family and his dependent parents, today, Kunal saves up to ₹75,000 annually in tax outgo. These savings, coupled with the high sum insured of his insurance plans and the excellent coverage benefits his policies offer have made Kunal realize that investing in SBI General Health Insurance plans is the best investment he ever made. This past year made him all the more thankful for doing the right thing for himself and his loved ones. The Bottom Line In Kunal's case, Health insurance, became more than just any ordinary financial investment instrument; it became the very shield that protected both, his family's health and his finances. The exhaustive and comprehensive coverage eased Kunal's financial burden while empowering his family members to focus on recovering from their respective medical conditions without worrying about medical costs. Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

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