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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