The majority of Indians lack proper healthcare coverage. According to a report, 30% of India’s total population does not have a health insurance policy. It is important to have such coverage. Additionally, it is beneficial to get medical insurance as soon as possible. Policyholders who purchase such policies before the age of 30 enjoy many benefits.
Benefits of purchasing health insurance before you turn 30
It is often believed that medical insurance is only required when you reach an advanced age and start to develop multiple diseases. This is false. These are the key benefits of having such policies available while you’re still in your 20s.
i. Insurance premium remains lower
When purchasing a insurance policy , budgetary considerations are a key factor. Even the most comprehensive policies can be made affordable by purchasing them earlier. Because there is a lower risk of needing emergency medical treatment for younger policyholders, insurers charge lower premiums.
ii. Non-existent waiting period
Younger people are less likely than older ones to develop major illnesses. This means that they don’t have to wait long for their insurance coverage. This policyholder will be fully covered for all the diseases supported by his/her plan from the first day. Remember that waiting periods can be long, which could prevent you from getting financial coverage.
iii. Relying on more that a group insurance plan
Many people in their 20s mistakenly believe that a group insurance plan offered by their employer is an effective policy. These plans may not provide sufficient financial coverage, and the policyholder might have to pay a large portion of the medical bills. A separate policy can help to solve these problems and protect the well-being of your loved ones .
iv. It is easier to manage the premium burden
In general, people in their 20s are not likely to have any financial obligations. As they age, their disposable income decreases. It is therefore easier to get a policy for medical insurance for younger people than it is for older individuals.
v. Better accumulation no-claim bonus
Policyholders who have completed a policy term without having to claim coverage receive a no-claim bonus. This bonus is more common for individuals in their 20s and 30s. NCB can be used to reduce premiums for renewals and minimize liabilities. Additionally, NCB stacks every year, so accumulation benefits increase with every year without a claim. These benefits may not be as effective for older policyholders who might need to claim more often. To determine the exact NCB benefits, use a premium calculator for health insurance.
vi. There is no need to give medical history
When it comes to policyholders under the age of twenty-five, insurance aggregators don’t ask for detailed medical histories. This makes it easier to get such a plan, and also saves time.
vii. Increase your insurance amount
This would ensure that people get the best coverage and lowest premiums by choosing a policy during this time.
Individuals who want to apply for insurance policies can visit the aggregator portal once. An insurance aggregator platform lists a variety of insurance policies from many companies. One can search for the right plan and compare insurance .
Summarising, buying a health insurance policy prior to 30 can provide a number of benefits that can help individuals receive the best treatment. They can also save substantial money by obtaining income tax benefits.