Why is Health Insurance important?

Why should you buy a Health Insurance at an early age?

In India, most youngsters believe that investing in health insurance is useless. But, contrary to popular belief, investing early has many benefits, including:

Lower Premium

• When you are young, the chances of getting a medical condition is less as compared to an older person. If you buy a health insurance policy in your 20’s and 30’s, you get coverage at a lower premium.

Aligned Finances

• Planning your finances early in life to include health insurance in your investment portfolio will be beneficial in the long run. As you grow older and your responsibilities increase, your finances can go haywire. But, by investing early, you can be prepared for medical emergencies in advance.

Waiting Period

• Typically, health insurance plans have a waiting period before you get coverage. During the waiting period, you cannot make a claim even in an emergency. But, if you buy medical health insurance at an early age, you can pass through the waiting period without worrying about a medical emergency.

Lesser chances of rejection

• Usually, the insurance applications are rejected if the insurer believes it is risky to cover the individual, i.e. when the age of the applicant is more. Thus, when you apply for insurance at a young age, chances of rejection are less.

Why does one need an individual health insurance over a corporate one?

You might think why should you need a health insurance spent from your own pocket when you have a health insurance provided by your employer. Let us provide you with some reasons for the same:

Enhanced sum assured

• Existing sum assured provided by your corporate may not be adequate for a complete health cover. An individual health insurance cover comes with a higher sum assured to cover more diseases/treatments and family members.

Lifelong renewability

• Personal health insurance does not expire or change when switching jobs or at the time of retirement.

Non-hospitalisation costs

• Most of the corporate insurance don’t cover out-of-pocket expenses like day care treatments, pharmacy bills, etc. You get coverage for these expenses under an individual health insurance policy.
• If you don’t have a medical insurance cover yet, purchase a policy today for a secured tomorrow.

For details, kindly refer to Master Policy Wordings in line with cover that you wish to purchase.

Master Policy Wordings for Sum Insured – Rs. 5 and 7 lakh

• WITHOUT OPD & Maternity Cover - Master Policy Wordings
• WITH OPD & Maternity Cover - Master Policy Wordings

Master Policy Wordings for Sum Insured – Rs. 10, 15, 20 and 25 lakh

• WITHOUT OPD & Maternity Cover - Master Policy Wordings
• WITH OPD & Maternity Cover - Master Policy Wordings