How Much Does Health Insurance Cost In India
Many people still don’t believe in insurance. They seem to think that if the premium were instead invested in other areas, it would grow sizeably. But our lives have the nature of taking unexpected turns. The death of the sole breadwinner in a family can transform the lives of that family. A small accident can make a person disabled and damage his livelihood. Taking treatment for a critical illness can drain a family’s life savings.
With rising medical costs, even three-four days of hospitalization can leave a person with a bill equaling to 10 years worth of insurance premium.
Health insurance plans in India offer peace of mind. Even in the worst-case scenario, your family won’t have to face any financial difficulties. A 35-year-old individual needs to pay only around Rs. 2800 a month to protect the financial future of his family from uncertainties of life. The above cost is the total cost of five important insurance policies everyone needs.
How much does health insurance cost in India?
Go through this piece to understand why you need health insurance plans in India. Understand that health insurance policies are affordable, which is one reason that agents don’t want to sell them. Not many health insurance companies in India would be interested in selling you a health insurance plan unless you also buy the costly add-on covers.
Thankfully, you can buy health insurance plans online, and government initiatives have made available standard policies like Arogya Sanjeevani Policy and Saral Jeevan Bima to all. By buying covers like these, you can have peace in life that most of your life risks have been covered.
Buying a health insurance policy is simple. For example, health insurance cover for a family of four is around Rs. 5 lakh, and to get that cover, the monthly cost comes to around Rs. 1,000 only.
Make sure that you remain truthful while buying a health insurance policy
Do not try to hide the facts in your health insurance application. If the insurer finds out that you had concealed information that affected risk to your life, your claim will be rejected. Most insurers have medico-legal experts that scan the claim documents for any misleading attempts.
Every year, around 2% of claims received by life insurance companies end up in the dustbin. Your health insurance policy is the strong wall protecting your financial plan. Don’t conceal information and let it be rejected just to save a small amount in premium.
Your health insurance cover is a guard against your medical costs
Your family needs comprehensive health insurance cover against hospitalisation expenses. Some experts believe that health insurance is more important even than life insurance as the probability of a person in a family needing medical attention is higher than the death of a sole breadwinner.
Health care costs are rising rapidly, and even a three to four-day hospital stay can leave you with a Rs. 50,000 to 60,000 bill. And in comparison, the cost of health insurance is only Rs. 10,000 to 15,000 annually.
When you consider tax benefits offered on health insurance under Section 80D, the costs for health insurance for people in the highest tax bracket are even lower at Rs. 7,000 to 10,500 per year.
Avoid buying a health cover with too many benefits that you won’t even require
When buying health insurance, do not fall for innovative plans offering many advantages. Most of the time, the exclusions for such benefits are not explained to the buyer, and you have to pay up extra for a benefit you may not even be eligible for. That is why a simple insurance policy that allows easy cashless hospitalisation or reimburses expenses incurred is the best health insurance policy for you.
Even when you want additional coverage, select a policy that offers relevant benefits. A policy with maternity benefits can be of great benefit to a couple planning to have children in around four years.
Conclusion
Thus, health insurance costs way less as compared to its usefulness and gives peace of mind. Many health insurance companies in India offer great insurance plans. Select the best no non-sense health cover for you and your family today for a safe feature.
