It is more crucial than ever to put your health first in modern society. Unexpected medical emergencies can occur, and the resulting expenses can be extremely costly. With coverage for hospital stays, surgeries, and other medical procedures, health insurance serves as a safety net. The development of the internet has made purchasing health insurance online a practical and accessible alternative, even if it was formerly done through agents.

Scroll below to learn the advantages of getting health insurance online and more.

Benefits of Buying Health Insurance Online

To understand some of the benefits of buying health insurance online, check the pointers below:

1.     Ease of Comparison

All reputed insurance companies offer their products online. You can browse to check the terms and conditions of different plans and compare them to see which suits you the best. Ideally, you would buy an insurance plan with a low premium and coverage which can meet all your needs.

2.     Highly Convenient

It is highly convenient to buy health insurance online rather than offline. In offline mode, you have to leave your home and visit the office of an insurance company during office hours. Online, however, you can compare policies and buy the best one from the comfort of your home. Thus, it saves you time and is highly convenient.

3.     Availability of Online Reviews

You can make an informed decision if you go through reviews of those who bought insurance from a company. It helps in forming a better judgement and making the right decision.

4.     Minimise Paperwork

Be it downloading policy documents or brochures, or uploading necessary documents to buy an insurance plan, an online purchase reduces reliance on paper. Thus, you don’t have to go through the hassle of keeping paper documents with you, instead saving everything on your computer or smartphone.

5.     Secure Payment

It is safe to pay your insurance premium online. You only need to ensure that the company is recognised by the IRDAI. Several options such as debit cards, credit cards, UPI and net banking are available for making your payment.

6.     Tax Deductions

In the old tax regime, you can claim several tax deductions under Section 80D of the Income Tax Act of 1961. While an individual can get an 80D deduction of up to Rs. 25,000, senior citizens over the age of 60 are eligible for deductions of up to Rs. 50,000.

7.     Absence of Middlemen

You don’t have to go through the hassle of dealing with agents and middlemen when buying insurance online. Therefore, there is no chance of getting influenced by incorrect information or having to pay commissions.

8.      Transparency

Online insurance websites offer a clear breakdown of the terms and conditions of the policy. You can see the premium amount and the inclusions, exclusions, and deductions of the policy. Another thing you must check is the claim settlement ratio. The higher the claim settlement ratio, the more reliable the company is.

Claiming Section 80D Deductions When Buying Online

Claiming Section 80D deductions for online health insurance purchases is a somewhat simple process. This is what you must do:

• Keep Records Up to Date: Save any pertinent records about your health insurance coverage, including the policy paperwork, receipts for premium payments, and, if relevant, receipts for preventative medical examinations.
• File Your Income Tax Return: Claim the Section 80D deduction for your health insurance plan premiums and any preventative care you may have received when completing your income tax return.
• Attach Documents: When you file your return, include the previously specified documents as evidence of payment.

Bottom Line

You can choose from different insurance policies online to check which meets your needs. The premium amount, coverage offered, and add-ons available are some of the important factors to consider while buying an insurance plan. It is highly convenient and saves you time and money. The transparency ensures that you get exactly what you intended to buy.