Which Health Insurance policy suits you?

May 18, 2018 Finance Talk Valli Sarvani No comments

Health insurance policy is very essential. Otherwise, it is difficult to meet hospital expenses in the event of any unforeseen health issue or accidents.

There are different types of health insurance policies, each one with different features. It depends on the person’s age, health and number of dependents.

Hence, different types of health insurance policies are available for you to take at various stages of your life.

Remember that as you grow older, the premium will be more as the risk increases with your age.

While you are young and single, or between the age group of 18 to 28 years, you may not fall ill. However, common infections and accidents cannot be escaped. So, it is advisable to take an individual policy for an assured sum of ₹5 lakh which is available for a premium of ₹8,000 to ₹10,000. It covers accidents and illness due to infections.

For young married couples under the age of 30 years, family floater policy is suggested for an assured sum of ₹5 lakh. Premium ranges from ₹8,000 to ₹12,000.

If you are married with 2 children, and your age is under 35 years, then family floater policy is recommended for an assured sum of ₹7 lakh which is available for a premium of ₹15,000 to ₹20,000. It covers your entire family.

Middle aged couple with teenage children should opt for a family floater policy for an assured sum of ₹10 lakh with critical illness rider option. Premium may be between ₹20,000 and ₹30,000.

Couples aged in their early 50s with adult children needs a family floater policy for an assured sum of ₹10 lakh and individual policy for an assured sum of ₹5 lakh. These policies should have critical illness rider option. You have to pay the premium in a range of ₹25,000 to ₹40,000.

Senior citizens should have an individual policy for an assured sum of ₹10 to ₹15lakh as the risk of health problems is more at this age. Moreover, most of these people are retired from their jobs, so they do not have any other health insurance policies such as employer’s policy. Premium may be between ₹30,000 and ₹45,000.

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