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Missed Buying Health Insurance?

Muktha Tavane|4 min read|31 August, 2021

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Make sure to get it now!

Buying health insurance when you are young is the best thing to do to secure your health. Health insurance helps you stay prepared for unexpected health issues and hospital expenses that follow. Also, buying health insurance young makes it more affordable and easier to get.

For instance, a 30-year-old can avail a Rs.10 lakh health cover for a premium of just Rs.466 per month whereas a 50-year-old will have to pay Rs.649 for the same cover. Moreover, getting a health insurance cover on the PhonePe app takes less than 2 minutes and requires no medical tests.

So, if you haven’t bought health insurance already, there’s no need to worry.

You can now get an instant insurance plan within your budget that covers your health concerns while offering protection against relevant health risks like the ongoing Covid-19 pandemic.

In fact, when the pandemic resulted in numerous hospitalizations last year, the IRDAI realised crores of Indians had no health cover. Hence, they mandated all insurers to offer standard plans to cover treatments caused by the novel coronavirus. The plan secures people from spending their hard-earned savings on hospitalization and subsequent treatment.

Why Should Health Insurance Be Your Immediate Priority?

Those who have gone through the experience of getting their loved ones admitted to hospitals understand the serious dent such scenarios can cause to a family’s finances. Circumstances exacerbate when treatment is sought for the family’s breadwinner as loss of income augments the pain of losing out on savings. Buying health insurance secures you against unwarranted financial risk caused due to sudden health problems. Paying for a health plan with adequate coverage is important to pay for unanticipated medical costs including pre-hospitalization charges, the amount spent on hospitalization, post-hospitalization bills and ambulance expenses.

When is the best time to take health insurance?

The best time to get health insurance was yesterday. The second best is now.

Getting a health cover at an early age helps as it provides the necessary cover against possible illnesses caused due to lifestyle diseases and other possible reasons. Health expenses are on the rise and will continuously increase, thus, making it imperative to plan a health cover now. Getting a health cover now has numerous benefits including:

  • Shorter Waiting period: Most health insurance companies mandate a waiting period up to 24 months for around 10–15 ailments and 48 months for pre-existing diseases during which the policyholders cannot make any claims even when married with medical emergencies. Buying a health plan at a young age relieves the policyholder from exhausting the waiting period sans any concerns. Those buying insurance after turning 60 years may have to face a longer waiting period.
  • No Claims Bonus (NCB): If you buy a health insurance policy at a young age, it is quite unlikely that you will make any claims during the first few years of buying the policy. Many insurers offer a ‘No Claims Bonus’ as a reward in the absence of any claims. This way, you can avail of a cumulative bonus during the constant renewal of your policy every year, thus, lending you the benefit of an increased coverage amount when required. The NCB may range from 5 to 100 per cent of the sum insured in many cases.
  • Pre-existing illnesses: In India, most people wake up to health insurance after an illness does them in. Many insurance companies abstain from issuing health insurance plans for individuals with any pre-existing diseases or they are provided with riders attached. Please make sure you buy a cover today, rather than wait for an illness to strike you, and make the process a difficult one for you.
  • Holistic coverage: Young policyholders have access to an increased coverage than their older counterparts. This is because many health plans offer wider coverage ranging from daycare procedures and treatment of vector-borne diseases to maternity benefits and outpatient department expenses. However, policyholders after a certain age may have to pay more for coverage costs owing to increased vulnerabilities to medical conditions. Moreover, older policyholders may have certain permanent exclusions that prevent them from availing crucial medical treatments.
  • Low premiums: The premiums on health insurance plans are not static as insurance companies charge as per the age group their customers fall in. Most insurers charge premiums depending on the current age of their policyholders. More the age, higher the premium, thus, allowing young policyholders the benefit of paying low premiums.
  • Tax benefits: Policyholders can claim deduction on the premiums they pay from their total income under Section 80D of the Income Tax Act, 1961 up to Rs. 75,000**
  • Varied options: If you are young, there is an increased likelihood that you will have access to a variety of insurance options than when you hit middle age. More options mean that you have more freedom to choose a plan that best suits your requirements.
  • Financial planning: The young benefit from getting an added coverage by paying for a health insurance policy, which in turn, helps them to plan their finances better. With enough cover available to pay off medical bills, they can use their hard-earned money to plan their investments better.

Why should you get health insurance on PhonePe?

Think of an app that allows you to get a comprehensive health insurance or coronavirus focused policy in a hassle-free way, allowing you to compare different plans available in a matter of a few clicks. The benefits of getting a health insurance cover through PhonePe include:

  • Get feature-packed plan designed for you by the regulator
  • It’s hassle-free — no medical tests (for up to 65 years age) required
  • It’s a two step process — You only need to select the plan based on your choice of insurer and cover amount
  • It’s quick — Instant cover generated and shared via email
  • Get support for user queries without any pestering sales calls
  • Choose from a wide range of Sum Insured for your entire family, from Rs.1 lakh to Rs.20 lakh
  • Enjoy tax savings tax up to Rs.75,000

T&C apply
Tax benefits are subject to changes in tax laws
Group Insurance available for PhonePe users only

Steps to get a Health + COVID 19 insurance Cover on the PhonePe app:

Step 1: Click the Insurance tab on the homepage

Step 2: Select Health + COVID-19 in the Health Insurance category

Step 3: Fill details required for Health + COVID 19 insurance, view plans & get started

Get affordable health insurance plans for you & your family on PhonePe today. The battle against Coronavirus is long and unprecedented. While we are all ready to fight the battle that has assumed center stage, being prepared for any eventuality is inevitable and must not be ignored. With health insurance plans from PhonePe, you are well prepared to take on any future health uncertainties.

Planning to purchase health insurance? Check out the link below to know more

Health Insurance

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