Deferred Health Insurance

Deferred health insurance refers to saving money for payment of health insurance premiums at old age. Today, you are productive and enjoying a vigorous life, things won't remain the same in your twilight years. After you retire, your pension will be just enough to cover your day-to-day costs. So, how are you going to pay for your medical bills? Already increasing costs of health care in India is taking a financial toll on individuals and their families. Market study indicates that medical inflation outpaces the overall inflation by miles. Consider this, during the last five years the overall inflation has been growing at the rate of 6.5%. Medical inflation, on the other hand, shows an annual growth rate of 15%.

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      How it Benefits?

      So, what are the benefits of Deferred health insurance plan? Why going for it early makes sense? Here below are some reasons why you shouldn't waste any more time and go for it.

      • Your employment health coverage is not long-term but deferred insurance is.
      • After retirement, it is hard to find health insurance schemes. Even if you do, they will charge exorbitant rates in premium. So, start today.
      • Health insurance that covers your life beyond 60 comes with costly premiums. So, it doesn't make sense to buy them.

      • As you grow older, going for new health insurance becomes pointless because of numerous exclusions. Most diseases are not covered under such schemes.

      • What are the self-employed people going to do? They don't have the coverage of employer-sponsored schemes. Saving for high premiums for meeting health care costs in the old age seems the only way.

      Eligibility Criterion:

      So, who is eligible for deferred health insurance? Deferred plans in India allow you to enter between the ages of 18 to 55 and get financial benefits upon maturity.

      Current Status:

      There are no hard and fast, deferred health insurance plans in India as of now. The closest you may go is with the following plans.

      Deferred Monthly Income Plan (MIP) from PNB MET

      This comes under the retirement plan and gives a guaranteed income to families during the post-retirement years. You need to pay premiums for only 5 to 7 years and the maximum term of policy can be 20, 25, and 30 years. Upon maturity, you receive a terminal bonus and final instalment of the regular income.

       LIC Deferred Endowment Assurance Plan For Children

      The entry age here is 10 years with the policy term of 25 years. So, you have to pay annual premiums for 25 years. The sum assured in this plan is INR 1 Lakh. However, this plan doesn't pay any bonuses.

      With deferred plans, you will be able to take care of medical bills even when you're no longer in active service. Now you will have something to fall back on during your time of need. This kind of insurance allows you to accumulate premiums when you are earning at your full potential. So, when you grow old, you will be able to use this money to pay for high premiums of health insurance at that stage.

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      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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