Been researching health insurance. If you have any questions, please share. Will clarify whatever I know.
What I am going to recommend is going to sound counterintuitive but works a lot.
Set aside a small sum in FD and keep it only for health emergencies (it could be 1L or 5L) depending on your savings. These amount will cover 95% of our healthcare treatments.
Now buy a super top up of 50 L or 1cr with a deductible equal to the savings amount. This will be extremely cheap because of deductible and will cover the remaining 5% tail scenarios
Smarty.
Can you explain the second part, didn't get it.
What add-ons should I value while taking term insurance? What are your choices
How much cover did you go for? How much does it cost per month/year
How long did you take the cover for?
Let me answer in a different order:
When to take an insurance - life insurance is a way to protect your dependents from an income loss due to death. So ideal time to take a life insurance cover is when you have dependents - parents, spouse / kids, others. The earlier you take the better it is - lower premium and better protection.
How much it costs per year - function of how old one is and how much cover one takes. Younger one is, cheaper it is.
What policy and how much coverage to take - get only a pure term insurance / protection plan. Steer clear from endowment / ulips / traditional / money back kind of policies. A scientific basis to calculate how much coverage is to figure out your earning potential till you retire and work backwards. The alternate is to evaluate how much annual expenses / liabilities your dependents will have to pay off in your absence, factor for inflation and also other loans / large spends like kids education and then calculate present value of value. The rule of thumb that people keep talking about is 10X of your current annual income. I think while that may simplify the answer, may not be accurate. Alternatively you can take a policy now and then get another after a few years as the income / expenses increase or there are lifestqge changes- getting married, having kids etc.
How long should the policy cover - only take till your working age - let’s say from now to when you are 55 / 60. That’s the protection on income your family might need. Let me give an example - let’s say your savings and investments at 55 reaches 25 cr, a 1 cr policy won’t change any outcome materially. Also the probability of death event (and premium) increases when the coverage is for longer - so stick to working years and think of it as income protection.
What addons to take - some to consider - add on for disability, critical illness etc.
So what do you think is the right coverage per person?
If you can afford it go for a health insurance with as high a sum insured - say at least 1 Cr. Refer the above image. Expenses / medical inflation are hard to predict and plan for. Better to be prepared.
Which health insurance would you suggest, I started looking from acko but found a mandatory health tests before applying. Suggest some good sources to buy health insurance without hassles. so i am looking for cover of me, my mom and sist...
Please do share what's the cover you have taken. Also, do you look only for claims settlement ratio or are there any other factors that were considered while finalizing?
Planning to move away from Star Health and looking for options.
Hey Folks,
Please suggest good health insurance (family floater) with OPD & minimum waiting period, based on your personal experience.
TIA
Can anyone suggest best health insurance other than corporate insurance which they provide of 5 lakhs.
I amd 24 years old and my income is around 1.5l per month, I want to buy the best insurances possible as I have many minor medical issues nowadays. I came to know that health is the greatest thing for me. Please suggest me or guide me so...