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2 mins Read | 4 Years Ago

5 reasons why investing in a health insurance is the best decision to make in your twenties

There are a lot of experiences that we typically associate with the twenties. It is the period of our lives when we come into our own, launch our career path and strive to become financially independent. All in all, being in one’s twenties is generally correlated with various new, exciting milestones. Which is why it is unlikely for most of us to consider it a time to start preparing for emergencies.

However, becoming financially independent also entails being financially prepared for any unfavourable circumstances. That is why apart from life insurance, young adults in their twenties should also consider availing of general insurance. If you find yourself wondering what is general insurance, it is the type of insurance that helps cover for the loss or damage to one’s non-life assets. There are various types of general insurance designed to protect your valuables, such as car insurance, home insurance and even travel insurance.

The types of general insurance are incomplete without mentioning health insurance; the need to safeguard one’s well-being by the means of a reliable health insurance plan is crucial at all stages of one’s life. It is true that in one’s twenties, health never seems to be an urgent concern and therefore, health insurance might seem unnecessary. However, the twenties are also the perfect time to build a strong financial foundation for the future. In time, this foundation can help provide for your needs in the future, such as age-related medical conditions and illnesses.


Hence, investing in a health insurance plan early on in life might prove to be a wise and prudent decision of your life. Here are five reasons why twenties is the right time to avail of a health insurance plan:

  1. Lower premiums:
    The premium amounts for a health insurance policy is determined by how much of a risk the buyer poses to the insurer. The higher health risks for the buyer, the higher will be their health insurance premiums. In your twenties, you are more likely to be physically fit and less likely to develop any serious age-related diseases anytime soon. As a result, you pose a lower risk to the insurer than say, a person in his 40s or 50s. Therefore, a person in his twenties can easily avail of high health insurance coverage while paying some truly attractive, low premium amounts.

  2. More options:
    An individual in his twenties makes for an ideal insurance policyholder. Since they are young, they are less likely to make claims. Moreover, since they start early, they are more likely to keep their policy for a longer time. Hence, a person in his twenties is guaranteed to have a wide variety of health insurance options to choose from. In fact, several health insurance plans are specifically designed to cater to policyholders in their twenties, offering low premiums and many benefits.

  3. No concerns about waiting period:
    Health insurance plans typically come with a specific waiting period of 30 days, during which one cannot make claims even during an emergency. Insurers might also include certain disease-specific waiting periods whereby you cannot make claims for those diseases for as long as 2 or 3 years.
    If you buy health insurance in your twenties when you are more physically fit, it might be quite a while before you might need to make claims. Therefore, you can easily exhaust this waiting period without it being an urgent concern.

  4. Less chance of rejection:
    In certain cases, if an individual has a serious medical condition, his/her health insurance application can get rejected. This makes him/her a high risk for the insurer. However, such cases usually happen when an individual applies for health insurance much later in life. As a person in your twenties, you can avoid this circumstance entirely since your health insurance application is almost guaranteed to be accepted.

  5. Tax benefits:
    As a financially independent person earning in his/her twenties, you can appreciate the value of saving up and especially, saving on your taxes. With a health insurance plan, you not only benefit from the medical coverage but also from the tax benefits it provides. All amounts paid towards your health insurance premiums are eligible for tax deduction under Section 80D of the Income Tax Act, 1961. Over time, this can amount to a huge savings from tax deductions alone.

Therefore, availing of a health insurance plan can be an investment of many benefits for anyone in his/her twenties. Most of all, taking care of health insurance early on in your twenties frees you up to make other important financial decisions farther down the road. It ensures that your finances will never be strained by a medical emergency.

The other step is, to find the right insurer from whom you can avail of a reliable and comprehensive health insurance plan. ICICI Bank offers various health insurance plans customised to your specific needs.
Moreover, ICICI Bank is well-known for their variety of general insurance benefits, as well as an impressive Claim Settlement Ratio of 98.6%. They also provide policyholders with a simple insurance claim process that can be completed in 3 easy steps. Most importantly, since emergencies require quick action, their claims process is settled swiftly.

Customers can apply for Health Insurance, here.

Non-customers can apply for Health Insurance, here.


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