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Health Insurance for Young Adults in India

Earlier it was a notion that health insurance is the need of the people in their old age. Now, we see a change in the scenario with more and more young people buying health insurance in their 20s and 30s. Today, critical illnesses, disabilities, and death are not only showing affinity towards the elderly, these are equally affecting the young adults who are above 26 years.

In a recent study, it was published that Indians are 10 times more vulnerable to heart diseases in comparison to the rest of the world. And if we look at the age bracket developing cardiovascular problems it is mostly under the 50-year age band.

Not only this, almost 20%-40% of young people in India need hospitalization for some or the other serious illness that may require emergency healthcare.  The reason why health insurance for young adults under 26-years and above 26 is picking up in both individual health plans and family floater policies is the growing inflation rate, which is more than 50%.

Let’s read on to know more about medical insurance for young adults and how to choose one for yourself:

Suitable Health Insurance Plans for Young Adults in their 20s and 30s

If you are 26 years old or above and you are not living in a metro city, then a family floater policy of Rs 5 lakh- Rs 10 lakh sum insured would suffice to meet a medical emergency.

But if you live in a metro city then you need to check out health care plans of Rs 15- Rs 20 lakh if you want the best treatment without the need to pay anything from your pocket. A health insurance policy with a sum insured of Rs 5 lakh is not advisable in non-metro cities.

Here is an example to put things into perspective:

In today’s scenario, even a 4 to 5-day hospitalization for a common illness is enough to put a dent in your savings. And if we take into consideration any of the critical illnesses like kidney ailments, heart-ailments, it can easily cost you around in lakhs and ruin your lifetime savings. And not to mention, the COVID-19 pandemic that is posing a life-threat to all age groups. The new COVID variant B.1.617 is proving to be fatal in the young populations.

To be able to meet such a high cost of treatment, taking a cover of at least 10 lakh or above will prove to be beneficial.  

What it means to buy a health insurance plan at a young age?

It is important to buy a comprehensive health insurance plan in your late 20s or 30s. The reason behind this is simple- the waiting period clause in most medical insurance plans. This period can range from 30 days to 4 years. It depends on the type of policy you are purchasing, and till this waiting period clause is over you are not eligible to file any health insurance claim.

So, getting insured early will help you get rid of the waiting period soon while you are still young and healthy. And can easily file a claim at the time of the need.

You can avail maximum coverage benefits out of your policy if you buy it at a young age as most of the sub-limits and waiting periods apply to the older applicants.

You probably do not need to undergo any medical screening before policy purchase. Many insurers are offering a wider scope of coverage benefits to young customers including OPD expenses, maternity benefits, among others. These days, you can find various health insurance plans for sum insured higher than Rs 1 Crore.

Things Young People Should Consider Before Buying a Health Insurance Policy

If you are a young individual who is looking forward to buying a health insurance policy, there are a few things that you need to be aware of before you make a final decision. Here are certain important factors that you need to keep in mind before buying a health insurance policy:

  • Type of policy required (individual or family floater)
  • Policy duration i.e. 1/2/3 years
  • Claim settlement ratio (CSR)  should be more than 85%
  • List of network hospitals where you can avail cashless treatment
  • Claim settlement process ( both cashless and reimbursement)
  • Policy features like hospitalization cover, maternity cover, daycare procedures, add-on cover options, etc.
  • Check the sum insured amount and the premium charged against it
  • Do check the list of policy exclusions
  • No-claim-bonus, which ranges from 10% to 100%
  • Free look period, during which you can decide to continue or reject the policy
  • Waiting period before you can start filing the claims
  • Policy premium, the higher the coverage amount the more is the premium and vice versa

Now that you are aware of what all you need to keep in mind, remember to take these points into the consideration before you buy a health insurance plan for young adults online. To reiterate, there is no doubt that an early investment in health insurance will benefit you a lot in the longer run.

Takeaways

If you are in your 20s or your 30s it the time when you can plan your investments wisely, and during the Coronavirus pandemic, the realization and need to buy health insurance has increased too.  It has now become necessary for all age groups. When buying a health insurance policy, you can pick the one that serves your purpose and is worth your hard-earned money.

If you still feeling confused you can check out the best health insurance plans for young adults online on our site. This all can be done from the comfort of your home and you can also speak to our customer care team at 1800-208-8787 or write to us at This email address is being protected from spambots. You need JavaScript enabled to view it..

Written By: PolicyBazaar - Updated: 19 May 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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