April 12, 2024

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Buying Health Insurance Early On In Life Is Critical. Here’s Why You Must Start Early

4 Reasons Why Buying Term Insurance Early Is Smart Choice

The insurance sector can now innovate more effectively and expand more quickly, thanks to the new dynamism brought on by frequent policy revisions. This has not only provided us with the flexibility to create a health insurance plan that works well for ourselves and our families, but it has also aided in the psychological transition to a lifestyle that prioritises good health.

India’s population is comparatively young today. India has a total population of about 50% people under the age of 25 and 65% people under the age of 35. [1] Although most corporate employees receive health benefits as part of their initial compensation, purchasing an individual plan might result in minimum outlays and high returns. For the remainder who manage their businesses or work for organisations that have not yet expanded to offer health insurance, here are a few factors to consider:

  • Holistic Coverage: You will gain from comprehensive and all-encompassing coverage and experience greater security both while working and after retirement.
  • Low Premium: Age is a key factor in determining the premium. When offering coverage, most insurance companies also consider age; as a result, if you buy early, your premium will be lower. ##
  • Cumulative Bonus: A policyholder receives this benefit each year their policy is not used. Younger policyholders can pool their annual cumulative bonus and enhance coverage to protect themselves against future extremities because they will likely be in better health. *
  • Less Likelihood Of Rejection: Serious illnesses are less likely to strike us as children. Your health insurance policy’s likelihood of being denied is highly remote.
  • Pre-Existing Condition Exclusion: When you purchase health insurance in your late 40s, many health insurers exclude many pre-existing conditions from coverage, undermining the point of paying higher premiums for health insurance. You can prevent this circumstance by choosing to purchase insurance when you are younger.
  • Personal Health Insurance: Your employer’s insurance may not be able to fully cover the expenses of a procedure or other advantages you want from your health insurance plans. Additionally, you run the danger of being without insurance in the event of a job loss or change, and you’ll miss out on perks like cumulative bonuses for consistency. *
  • Tax Advantages: Purchasing health insurance early on enables you to choose tax advantages for longer. Under Section 80D of the Income Tax Act of 1961, you may deduct the health insurance premium you pay from your gross income. **
  • Financial Planning: Purchasing health insurance is a defensive barrier for your regular, long-term investments. Your other economic interests and assets are less likely to suffer from unforeseen needs when you have adequate medical coverage for health emergencies.

A health insurance premium calculator is a simple and easy-to-use tool to check the amount of premium you would need to pay. It’s time to help our psychological transition to a more well-planned future, with a healthy lifestyle and a carefully considered investment-led plan to receive health insurance benefits

* Standard T&C Apply

** Tax benefits are subject to change in prevalent tax laws.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.