Get the Best Health Insurance in India in Your 30s

Posted by kiransingh123 on October 17th, 2018

“Health is Wealth” may sound too cliché nowadays. However, there is nothing closer to truth than that. Your health and well-being should certainly be your top priority. Not only is your health important for your comfortable living, but it is also very essential from your family and loved ones’ perspective. Although we have definitely become more health-conscious as a society today, there are still obstacles that prove to be sudden and have adverse effects on our health and the well-being of our families.

 

Why should you buy Health Insurance in the 30s?

Accidents, illnesses and financial hardships are certainly part of our lives but it does not mean we cannot secure your and our family’s future, effectively. With the best health insurance plans, you get peace of mind with assured financial protection to your family in case of unfortunate incidents.

Leading insurance experts are of the belief that the best insurance plans are actually those that are bought at the earliest stage of life. It is normally in the 30s that we tend to become focused on savings and investments.

If you have a family at this age, then the burden of responsibility is even greater for you. Hence, it is highly-advised to buy the health insurance policy early on in your 30s. This not only gets you a better deal, but also makes you more likely to be in the non-risk segment.

Basically, when you buy insurance policy in your 30s, you are likely to get a better premium rate and also get comparatively more benefits too.

 

What are the Types of Health Insurance?

With the insurance sector becoming one of the largest and most expansive industrial sectors in the world, there are a myriad of options available when you want to choose the best health insurance plans in India.

Top insurance providers realize that every individual’s insurance aspects and needs are different and try to design health insurance plans which are suitable and can be customized with excellent add-on insurance benefits too.

Check out the common types of health insurance policies you can buy in India from reliable insurance providers:

1 Individual Mediclaim

Individual Mediclaim health insurance is probably the most common form of insurance policy in India, and over the world. Under this insurance plan, the risk coverage is restricted to the hospitalization and medical expenses of only the individual (policyholder). The cost of premium is set according to the value sum of the insured amount. With this type of insurance plan, you will need to buy insurance policies individually, for each member of your family.

2 Family Floater Policy

The family floater health insurance plan is an extensive insurance coverage provider. This insurance policy is designed to protect your family against financial liabilities from hospitalization and medical bills, in event of treatment for illness or even accident. Under this plan, your entire family is covered with a single sum insured amount, till the policy holds validity.

With this type of insurance plan, you are likely to get more benefits. Also, the comparatively lower premium costs give better value for money spent on payment of insurance premiums.

3 Unit Linked Plans (ULIPs)

An innovative form of health insurance is the Unit Linked Insurance Plan (or ULIP). This is ideally useful for investors who are looking to invest in insurance policies as well as make smart investments in capital markets.

Under this type of health insurance policy, a set portion of your invested amount is spent to pay for health insurance premium cost, while the remaining investment capital is subject to be invested in mutual funds and other similar equities schemes. Although these are not exactly insurance policies per se, but are a tool to make smart insurance and investment decisions. ULIPs are increasingly becoming popular in the country, owing to the highly-feasible premium rates and investment opportunities offered with it.

Although the main returns through ULIPs are based on the performance of the stock market, the ULIP allows you to pre-set a fixed amount which is paid regularly (out of ULIP account or your bank account directly) towards insurance and investment simultaneously. There is immense flexibility offered too. Under the ULIP scheme, the policyholder has the freedom to decide the set amount of premium to be paid as well as the frequency of payment (monthly, quarterly, bi-monthly, yearly etc.). This is an automated way to pay for your health insurance premium and make investment to further secure your family’s future.

However, experts recommend only those with a sufficient knowledge of equity fund investment to choose to buy ULIP health insurance plans.

These Health ULIP plans had been in existence in the Indian Insurance market, but have been discontinued by insurers from quite some time now.

4 Hospitalization Insurance Plans

Under the hospitalization health insurance plans, the cost of medical and hospital expenses are covered. The total sum insured is fixed, and can be availed by:

  • Individual family member (for individual health covers), or
  • Entire family as a whole (for Family Floated policyholders)

5 Hospital Daily Cash Benefits Plans

Under this type of health insurance plan, the policyholder is viable to receive a definite sum of money for the daily expenses during hospitalization. This is apart from the regular hospital stay and treatment costs. This amount paid is a fixed sum based on the sum insured, irrespective whether the daily hospitalization expenses are greater, or lesser, than the sum insured.

6 Critical Illness Plans

Under this type of health insurance policy, the policyholder gets the benefit of being paid a lumpsum amount, when diagnosed with a critical illness. There are specific illnesses which are covered under this plan and you will be informed of these before buying the insurance policy.

 

How to Choose the Best Health Insurance Plans?

The age of 30 years is considered to be the turning point in your life, in terms of your anatomy and overall health. This is the age when numerous body systems begin to deteriorate, at faster or slower pace, according to individual body types. Hence, expert insurance advisors stress on the importance and benefits of buying the best health insurance policies before reaching the age of 30 years and over.

There are around 5 factors that should help you choose the best health insurance plan for yourself:

  1. Type of insurance you need according to your requirement
  2. Cost of premium as per your budget
  3. Extent of protection the insurance plan provides
  4. Additional benefits of selected insurance plans
  5. Reliability of insurance provider

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