Health insurance is not just important for aged individuals, it is equally important for younger generations as well. Health problems can occur at any age, and the earlier insurance coverage is taken, the better. Here are five reasons why health insurance can be a vital investment for the younger generation.
Low premiums for comprehensive coverage
The younger the applicant, the lesser the premium for a health insurance plan, except for cases where there is a pre-existing, genetic, or chronic illness. As you get older, the premium for health insurance also increases significantly. Thus, it is essential to make the most of the lower premium rates offered to younger individuals while buying a health insurance policy.
Better health condition
As you grow older, the chances of getting health problems due to lifestyle changes increase. So, buying health insurance later in your life will cost you more and offer less coverage. Instead, it is better to secure yourself with a health insurance plan at a younger age. This will ensure you can deal with any kind of medical emergency in the future without worrying about the burden of heavy medical expenses on your shoulders.
Avoid the worry of waiting periods
Every health insurance policy comes with a waiting period. It is the time between purchasing a policy and activating availing the insurance benefits. The waiting period can range from 30 to 90 days. For pre-existing diseases, ENT disorders, or hernias the waiting period can be applicablevary between 2 to 4 years. By purchasing a policy at a younger age, you can manage pass the waiting period without any health issues.
Fewer chances of policy rejection
Purchasing a health insurance policy at a young age, without any existing medical conditions, reduces the chance of policy rejection. When you are young and healthy, you pose less risk to the insurance company. As a result, they are more likely to approve your application for health insurance without any hesitation.
You can purchase a comprehensive health insurancecomprehensive health insurance policy with a lifetime renewable option.
Employer/employee insurance might not be sufficient.
Many people believe that they can rely on their company's group or employee health insurance policy. However, the medical insurance that any company provides to its employees is typically a basic plan that only covers a few treatments and facilities. Also, if you decide to leave the employer, the cover will no longer be available. Therefore, you need a more comprehensive plan to cover all costs in the event of hospitalisation.
Investing in health insurance also brings peace of mind, knowing that you have financial protection against any unforeseen medical expenses. This peace of mind can help reduce stress and anxiety, leading to better mental health and overall well-being.
Choosing a health insurance plan early in life is a smart way to prepare for unexpected health emergencies for yourself and your family.
Bajaj Finance offers a wide range of health insurance plans of partner insurers that cater to the varied needs of every individual. You can also choose from various upgrades and add-on benefit covers to enhance your coverage.
Disclaimer - *T&C Apply .Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, HDFC ERGO General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings . For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. URN No. BFL/Advt./22-23/53
