This type of plan is ideal for fulfilling the insurance needs, in case of temporary situations such as a job change. The temporary gap in health coverage that will be created due to transition will be filled by this plan.
Short-term insurance policy
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What is a short-term insurance policy
This type of plan is ideal for fulfilling the insurance needs, in case of temporary situations such as a job change. The temporary gap in health coverage that will be created due to transition will be filled by this plan. The policy tenure of this type of plan is one year. So, it is perfect for you if you are planning to port your health insurance plan, as portability takes time. And if you insure yourself with a short-term health plan, you don’t have to worry about any unexpected medical expenses during that tenure. If you are NRI or Non-Resident Indian, or a student who wants to study in India for some time, this type of health plan will suit your needs.
Also, you have to pay the premium annually, which is affordable. Low premium rates are also one of the reasons why people go for short-term health plans. You will also be eligible for tax benefits under section 80 D of Income Tax Act, 1961, which will help you save.
What does short-term insurance cover?
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Benefits of a short-term insurance policy
- Death benefit: The policy pays the sum assured to your nominee if an unwanted event occurs during the policy term.
- Tax deduction: The premiums for your short-term policy are eligible for deduction from your taxable income under Section 80C of the Income Tax Act, 1961.
- Add-on covers: For a nominal increase in the premium, you can extend your base cover against possible contingencies and get: A lump-sum payout upfront on the diagnosis of life-threatening ailments covered under the plan
- Payouts on permanent disability due to an accident: Extra payouts paid to your family over and above the base sum assured if untimely demise occurs due to an accident
- Low premiums: Term plans have no investment feature. Hence, these policies typically require lower premiums than other life insurance products. Also, the premium amount depends on the policy period and the sum assured. Since short-term insurance policies have lower policy tenures, the premiums are usually low.
- It’s a good solution for temporary coverage: This plan can be particularly beneficial for those who need short-term insurance solutions. E.g. those who are in between jobs and out of health insurance offered by employers, or those who are visiting the country for a short duration and may need temporary health coverage.
- Affordable for those with a small budget: Many people may understand the importance of health insurance but may not be able to afford it. The best solution: short-term health insurance plans are affordable as they have lesser premiums compared to long-term policies.
- For those who want a quick approval: Short-term plans are usually faster. Those who are in a hurry to have health insurance as proof for documentation or other purposes could choose short-term plans. Usually, short-term plans may not require pre-policy health check-ups.
- Good for those who are in India for a short duration: This plan can turn out to be beneficial for those visiting India for short durations, for example, NRIs.
- For flexibility: Short-term plans provide more flexibility compared to long-term plans. A policyholder is bound for a lesser duration and can change the plan at the time of annual renewal, or also choose health insurance portability.
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Why is a short-term policy important?
Short term plans are great for people who don’t qualify for other types of plans because they can provide a bridge between jobs, or if you’re waiting on an offer from your current employer. They also work well as temporary protection during life transitions like moving states or switching careers.
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