Nearly 75% of people in India do not have any kind of insurance. It is not because the insurance plans in India do not offer the best of features or are very expensive. The alarming number can be attributed to lack of awareness about the importance of having an insurance cover.

As people do not clearly understand insurance products like health insurance, they end up believing a lot of different myths. For instance, many believe that you should buy health insurance only after you cross 40-50 years or after you have been diagnosed with a medical condition. But are these beliefs true? Who really needs to invest in a health insurance policy? Let us have a look

Who Should Buy Health Insurance?

A health insurance plan covers the medical expenses of the policyholder. In case if you need medical care due to a medical condition or an accident, the insurance provider will take care of the treatment costs as per the coverage and the insured sum of the policy.

This itself is adequate to understand that everyone should invest in health insurance plans. There is no saying when you will suffer from a medical condition or might get involved in an accident. With the rising healthcare costs in the country, health policy is a necessity for everyone.

Is Buying Health Insurance After Being Diagnosed with a Medical Condition Right?

Waiting to suffer from a health condition so that you can purchase a health insurance plan in a way defeats the whole purpose of buying health insurance. The insurance is to protect you from the costs arising due to a medical condition that you might suffer from in the future.

While it is possible to get a health plan even after you have been diagnosed with a health condition, why wait and risk your health and finances? Many of the plans also have waiting periods for existing conditions. Moreover, such existing problems can also make the policy expensive.

When Should You Buy Health Insurance?

The right time to invest in the best health insurance plans is now. No matter if you are in your 20s or 30s, married or single, healthy or suffering from a condition, health insurance is a must for everyone. You should try to buy one as early in life as possible, preferably in your 20s, as the premiums are lower when you are young.

Get the Right Information and Choose the Best

Avoid believing such myths and try to know about health plans from an insurance advisor of a reputed insurance company. They will not only explain the benefits of health plans in detail but will also help you pick the right plan.

Learn more about different Health Insurance Plans here.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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