Why Having an Insurance at Young Age Is Important

With the rising costs of healthcare and accessible medical facilities in India the need to protect your healthcare finances becomes important. Several people decide not to purchase medi-claim policies solely considering the amount of money one has to spend on it on an annual basis.

This is a serious mistake, because the treatment cost of a critical illness can be far more than the maximum possible premium you would be paying. It is really important to educate yourself about health insurance you can save on costs while protecting the healthcare needs of your loved ones, with the several Health insurance plans available in the market. Following are some ways in which one can successfully reduce health insurance plan costs.

1> Start at a young age:

The policy premiums that you pay for having a mediclaim policy are completely dependent on the age of the one being insured. This is so because, with an increasing age the chances of falling ill also increase, and thus even the premiums. For example, a person in his early 40s would have to pay a premium of Rs 2,600 for Rs 5 lacs cover, whereas someone in his early 30’s would get an 8 lac cover for the same premium.

2>Avail no claim bonuses:

In case of certain plans, if you were to not make even a single claim throughout the entire year, you are entitled to a no-claim bonus. Every buyer should check if their plan offers this. No claims bonus can be used to increase your mediclaim cover at no additional costs.

3>Opt for two year mediclaim policies:

The reason for this is that the premium rates of a two-year policy are much lower than the premium rates of a policy with a timeline of a single year. For example, someone in his early 40s would have to pay a premium of around Rs. 10000 for a cover of Rs. 5 lacs mediclaim in a time span of one year, whereas you could get a better yield if you opted for a two year policy.

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