Faqs - L&T Finance

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What is the right age to buy health insurance?

The right age to buy health insurance is in your 20s or early 30s. At this stage, premiums are lower and you get comprehensive coverage without exclusions for pre-existing conditions.

How does health insurance work?

Health insurance provides financial protection by covering medical expenses like hospitalisation, surgery and treatments. You pay a premium and the insurer covers eligible expenses per the policy terms.

How is the premium for health insurance calculated?

Premiums are calculated based on factors such as age, sum insured, health history, lifestyle habits and policy tenure. Add-ons and riders also influence the premium amount.

How can I choose the best health insurance plan for my needs?

Evaluate your financial goals, medical history and dependents. Compare plans for coverage, network hospitals, claim settlement ratio and premium affordability to make an informed choice.

Can I switch my health insurance policy from one insurer to another?

Yes, health insurance portability allows you to switch insurers without losing benefits like waiting periods or no-claim bonuses, provided the policy is renewed without a gap.

Are there any tax benefits associated with health insurance?

Yes, premiums paid for health insurance are eligible for tax deductions under Section 80D of the Income Tax Act, offering financial savings.

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