Health Insurance: Secure Your Tomorrow Now

May 29, 2019

HI Secure Your Tomorrow Now

A health insurance plan provides comprehensive cover to secure you and your family in case of unforeseen expenses that arise due to hospitalisation. With medical expenses constantly on the rise and the unpredictable nature medical emergencies, an adequate medical cover will help you to manage the expenses and prevent any financial setback.

There is no hard and fast rule of determining the amount of health insurance cover you should take. However, factors such as current health status, life stage, medical inflation, cost and standard of living, family dependency, income and lifestyle should be considered in deciding the sum assured.

The ability to pay premium is an important factor as the premium is directly proportionate to the sum assured value. For a higher cover, the premium would be higher. Hence if you are facing a cash crunch, it would be advisable to take a policy with a smaller cover and gradually increase the coverage amount as and when it becomes affordable for you.

A health insurance plan should be bought keeping in mind the future. Medical inflation is on the rise and the treatment cost can increase over time. Based on your preferences such as ideal choice of hospital, you can estimate your potential healthcare costs and form the basis of your decision.

At a young age, you do not generally need a big cover but can gradually increase the cover by 10-15% every year. If you are taking a floater option, then you should keep in mind your family’s age, health and lifestyle as well. Lifestyle factors such as stress, diet, exercise also influence your cover amount. If you are not able to maintain a healthy lifestyle, you should go for a higher cover. If you have any family history of any diseases, it would make you a high-risk individual and so it would be safer to insure yourself with a higher sum assured.

While deciding a sum assured, you should also consider the benefits already available to you through plans like group insurance from your employer. It will help you decide the total amount of cover you would need in case of medical emergencies.

 

DISCLAIMER

The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

Comments()