939
5 min read
COVID-19 is far from getting over and the unseen army of the virus has surely taught us the value of our health and of course life. From eating clean to indulging in some kind of workout or yoga, we all are doing something or the other that can benefit our health. Likewise, having a health insurance policy has also become very important. Gone are the days when health insurance policies were only considered by those who wanted to save on their taxes. These days, these policies are actually bought by people who care about their health and also want to save some money at the same time. And since there are so many health insurance plans available in the market, it is not very difficult to find one that best suits one’s needs.
As we talk about health insurance, we need to understand the fact that the sooner we buy it, the better it is for us. And it is recommended that you buy a health insurance 30s.
One of the top benefits of taking health insurance early is the lower premium rates that you will be offered by your insurance provider. When the insurance companies get a request from the policy buyers for a health insurance policy, one of the foremost things that they check is the age of the individual. Older individuals are charged higher premiums since they are more prone to health issues. If you have not celebrated your 30th birthday yet, you will be paying lesser premiums for extensive coverage, which may even include maternity benefits, daycare expenses, OPD expenses, and many more.
Buying a health insurance policy when you are in your 20s means you may not be required to undergo a health checkup while purchasing a health insurance plan. Nevertheless, not all companies offer this facility. Some insurance companies do ask the policy buyers to undergo a medical check-up while buying a health insurance policy regardless of their age. The policy buyers who are in their 30s or 40s must undergo one such checkup and it is mandatory for all the insurance companies while the buyers in their 20s might skip it.
>>3 Reasons Why you should compare health insurance plans
No matter which health insurance policy you are buying, you will have a waiting period. During the waiting period, you will not be allowed to raise a claim for any type of non-accidental injuries. For any kind of illness, surgery, and any particular disease or pre-existing illness, you will be able to raise the claim once the waiting period of the insurance policy is over. However, the waiting period for health insurance policies may vary from one to the other. While one health insurance policy may come with a 30-day waiting period, for some other health insurance policies it may be years. As you purchase a health insurance policy early, you will have enough time to serve the waiting period since people under the age of 30 are at a lower risk of illnesses.
Some insurance companies do not include pre-existing illness coverage in a standard health insurance policy when it is bought at a later age. This ultimately does not fulfill the purpose of purchasing a health insurance policy.
People in their 20s are less prone to illnesses, especially critical illnesses as compared to people in their 40s. This is why the applications for buying health insurance plans by policy buyers under the age of 30 are rejected less often by the insurance companies as compared to applications by people more than 40 years of age group.
Know More: 7 Tips to Choose the Best Health Insurance Plan
You will come across several insurance companies that offer a No Claim Bonus. This means, that if you do not raise even a single claim in the preceding policy term, you will be able to avail of a No Claim Bonus. The bonus ranges from 5% to 50% of the sum insured. It can be accumulated in consecutive claim-free years. Policyholders under the age of 30 are less likely to raise any claim in the policy term since they are less likely to fall sick. Therefore, the chances of availing of the No Claim Bonus are higher if you buy your health insurance policy a bit early in life.
This point is quite related to the standard waiting period for health insurance. When you buy a health insurance policy in your early 20s, you can serve the waiting period without any worry. By the time the waiting period is over, you can avail of the maternity and newborn expenses. You will actually get time to plan your pregnancy accordingly. Under the standard health insurance policies, the waiting period for a maternity insurance cover is of two years.
Purchasing a health insurance policy can help you to claim a tax rebate. Under Section 80D of the Income Tax Act, you can claim up to INR 25,000 against the premium expenses each year.
So, for the question, “should you get health insurance before 30?”, the answer is yes you should buy a health insurance plan before you turn 30 years old. The only thing to consider is the health insurance comparison, which you can do by exploring websites that inform about and offer health insurance policies. Comparing the health insurance policies will also help you to do your research properly and make a sound decision accordingly.
Also Read: Benefits of Buying Health Insurance in Young Age
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
AYUSH treatments have recently generated massive popularity as an emerging branch of medicine. Looking at the increasing demand for the treatment, it has become imperative.
The year 2024 started with some groundbreaking measures and initiatives in the health insurance sector to facilitate policyholders with better health coverage and benefits. One.
Our knee is an important joint in the entire musculoskeletal system. The support and strength of the knee are pivotal for fluid movement and locomotion..
Updated on Jan 30, 2024 Understanding how OPD and IPD are two different terms in medical science, their coverage in health insurance plans and the.
Updated on Jan 23, 2024 February 10 marks the National Deworming Day observed every year across India. Let us understand the importance of deworming and.
Insurance is an indispensable requirement. However, not everyone can afford individual medical insurance to stay covered against major uncertainties, especially after retirement. If that is.
Updated on Feb 22, 2024 World Cancer Day aims at educating people and spreading awareness about detecting cancer and its prevention and treatment. Let us.
Updated on Jan 23, 2024 Rare Disease Day is an occasion observed on the last day of February every year. This year February 28 marks.
Cancer is a disease that needs no introduction. We all know how deadly the disease is and how rapidly it is spreading across the world,.
Updated on Jan 30, 2024 What is Insurance Regulatory and Development Authority (IRDA)? - Know in Detail The Insurance Regulatory and Development Authority of India.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue