Why Long Term Health Insurance Is A Smart Choice

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07 Aug 2021

Health Insurance: Read more about 4 reasons why a health insurance policy is essential. Visit Kotak General Insurance for more information about the policies.

It is a common misconception and consensus among the general population that buying health insurance is for middle-aged people.

But it is never too early to have a solid support system in case of a medical emergency in the form of health insurance. In fact, statistics reveal that 15 – 20 per cent of heart attack patients are between 25 and 35 years of age. That’s not only shocking but also of concern. So, it is best not to put off buying a health insurance policy. With the rise in unexpected viruses and diseases the increasing uncertainty, people realise that putting the option of having healthcare support in the form of long-term health insurance plans on the pedestal is not a good idea. It’s always advisable to take an insurance plan as early as possible in life. It allows you to be ready for any unforeseen event and afford the best quality care and lessen the financial and psychological stress that illness can impose on your family.

Now the question is, why long-term health insurance is a smart choice? Here are the reasons:

Low premiums:

One of the best benefits a customer can get after buying a long-term health insurance policy is the discounted premium. Buying long term health insurance means that you are getting it at an early stage; hence the premium offered by the health insurance company will be low compared to the short-term insurance policy.

Tax benefits:

One of the crucial benefits you can get from having long term health insurance is tax savings. As per section 80D of the Income Tax Act, you get to enjoy tax deductions on the premium you pay. So, if you get a health plan for yourself and your parents, then you could enjoy a tax exemption of up toRs.50,000.

No renewal worries every year:

A long-term health insurance policy tends to keep you protected for a minimum of 2-3 years. While a short insurance policy has a yearly renewal, which could prove to be a tedious task. When you buy long term health insurance, it can be a relief when unannounced diseases are rising. Also, you don’t have to worry about any cost of Medicare and treatment expenses that you may incur during the period of two to three years of the term. In the long haul, it can help you become financially independent by reducing the pain of hospital fees and the cost of treatment.

Pre-existing diseases in the cover:

One of the most crucial benefits of buying long term health insurance is that it may have a provision to cover pre-existing conditions or pre-existing diseases. Pre-existing diseases (PED) can be defined as the diseases or ailments you are suffering from at the time of buying your policy. It can prove to be a very significant addition to the policy coverage. Many insurance companies cover the PED only under long term policies, a few insurance companies do offer this benefit with some terms and conditions. Some short-term policies may also offer this with additional terms and conditions.

The above benefits can answer the question, Why Long-Term Health Insurance is a Smart Choice?

If you are looking for a health insurance policy to satisfy your healthcare needs, then choose the one that is suitable for you from numerous health insurance policies by Kotak General Insurance.


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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.