Get a Health Insurance Policy if you are young fit and fine
When you are young and healthy, you love to spend money and enjoy life. But investing a small amount today in health insurance can protect your savings from unexpected medical expenses in the future. Buying health insurance early in life is not only cheaper but has many other benefits as well.
According to experts, the right age to buy health insurance is in your mid-twenties to early thirties. If purchased at the right time, your health insurance policy can get you the maximum benefits.
Let's look at the benefits of buying a health insurance policy at a young age.
Benefits of buying health insurance at a young age:
In India, you are eligible to buy health insurance when you turn 18. If you are already earning and you can spend money to buy health insurance, you should buy it. Here are the benefits you get from buying insurance early.
1. Health insurance is cheaper for young individuals
A policyholder’s age is the most important factor in determining the premium of a policy. Age is the indicator of an individual’s physical well-being. If you are young and healthy, you do not pose any risk to the insurer, and your chances of filing a claim are also low, hence you are charged a low premium for health insurance coverage. Additionally, purchasing a policy at a young age can help you lock in lower rates and ensure that you continue to have coverage for your life.
2. You can easily get over the waiting period
Every health insurance provider, imposes a waiting period before which you cannot file a claim. This waiting period gets over easily when you are young because you may not need to file a claim. If you are old, you might be facing health issues and may need to raise a claim before the waiting period gets over.
3. No pre-policy medical check-up required
Insurance companies ask you to get a pre-policy check-up to see whether you are eligible for health insurance or not. This kind of check-up is required after you reach a certain age, and your health coverage and premiums are decided based on the results of your test. At a young age, you are not required to undergo any such tests, and you can choose your coverage as per your requirement.
4. You can accumulate a cumulative bonus
For every claim-free year, health insurance companies add a cumulative bonus to your sum insured value. When you are young chances of you making a claim are very less hence you can accumulate a cumulative bonus with each claim-free year and increase your sum insured value.
5. You can get tax benefits
Premiums paid for health insurance are eligible for tax deduction up to ₹ 25000 under section 80D of the Income Tax Act. If you buy insurance at 25, you can save this amount in taxes every year till you are insured. You can get an additional deduction if you include your parents also in your health insurance policy.
Conclusion
If you have not yet purchased health insurance, go and purchase a suitable health insurance plan. Nowadays you can easily compare health insurance plans online. Based on your age, income, and your coverage requirement you can easily compare, select and purchase a plan online.
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Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.