I have heard many people say that if I want to save tax, I should just go and invest in some small term health insurance policy. Is that the right things to do? The advisor I met with told me to buy a yearlong plan. I am confused, please help.
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Health Insurance is actually a long term product through it is renewed in a short term (every year). Buying a health insurance policy for the long term has many benefits: 1. Since you are young and healthy, you will get all your illnesses covered for hospitalization as per the policy. 2. There are waiting period in policies for coverages and benefits. If you buy a policy when you are young for long term, you be covered for all ailments by the time you need the policy. 3. A long term policy bought at young age can be bought without a Health Check up, and with least restrictions/exclusions. So go for a long term health insurance policy. There are numerous companies in India offering good health plans/policies. Use services of a broker to get best analysis of your needs vis-à-vis what is available in the market. Here's one broker you can try: www.medimanage.com/inquiry.aspx
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