Why You Should Buy a Health Insurance Plan at an Early Age?

8 Reasons to Buy Health Insurance at an Early Age

After the outbreak of coronavirus, people have realised the importance of health insurance in their lives. Still, many people are not aware of why having health insurance at an early age is of utmost importance. Thus, they buy a health policy late in life and end up regretting their decision.

Here are some reasons why you should invest in a health insurance plan at an early age

1. Low Premium Rates for Extensive Coverage

The primary reason to buy a health insurance plan at an early age is that you can get lower premium rates for comprehensive coverage. While calculating the insurance premium, the policyholder's age plays a significant role.

The insurance company charges a higher premium amount to older people because they are more prone to health risks. Thus, you will have to pay lower premiums for extensive coverage, which includes day care expenses, maternity benefits, OPD expenses, etc., if you buy a health policy in your 20s or early 30s.

2. No Pre-policy Check-up Required

Most health insurance companies require people above the age of 40 years to undergo a medical check-up before a policy is issued to them. The chances of discovering a medical condition become higher in this check-up, which could lead to a higher premium. But if you buy health insurance at a younger age, you do not have to undergo a pre-policy medical check-up, thereby, keeping your premiums low.

3. Easy to Overcome the Waiting Period

There is a waiting period in all health insurance plans during which the insured cannot raise a claim for any non-accidental injuries. Any claims for any illness, specific diseases & surgeries, and pre-existing illnesses can be raised once the applicable waiting period is over. The waiting period generally varies from 30 days to up to 4 years. When you buy health insurance at an early age, it becomes easier for you to serve this waiting period as the chances to become ill are comparatively less.

4. Age Limits

Standard health insurance plans come with an upper age limit of 60-65 years. The premium amount rises if you buy a plan after this age limit as it is a senior citizen health insurance plan. Therefore, it is advisable to buy health insurance at an early age and avoid paying higher premiums later in your life.

5. Pre-existing Diseases

Buying a health insurance plan as a senior citizen will increase your financial burden and reduce the coverage benefits. Many insurance companies exclude coverage for pre-existing diseases in a standard policy if purchased at a later age. Hence, the purpose of buying a health insurance policy is not truly fulfilled.

6. No Claim Bonus

Many insurers offer a No Claim Bonus (NCB) for not raising a single claim in the preceding policy term. If you buy a health insurance policy at an early age, you can avail this bonus to reduce your premiums as you are less likely to get ill and raise a claim. This bonus may range from 5% to 50% of the sum insured and can be accumulated in the case of consecutive claim-free years.

7. Lower Rejection Rate

When you buy a health insurance policy at an early age, you are less prone to any critical illness or disease than people above the age of 60. Therefore, the chances of raising claims by young people are less. Also, it lessens the chances of getting your claim rejected as in the case of elderly people

8. Wider Choices of Plans

You have wider options when you prefer to buy a health insurance plan at an early age. With a young age and a lower chance of pre-existing diseases, you are eligible to buy most health plans. Make sure to compare various plans based on the sum insured, coverage, waiting period, network hospitals, and other benefits before buying any online health insurance plan.

Conclusion

Health insurance is most beneficial if purchased at a younger age. Why wait to fall ill and be forced to spend lakhs of money on hospital bills? Instead, you can buy health insurance during your 20s and ensure financial protection and peace of mind simultaneously. So, go through the above-mentioned reasons and buy a health insurance plan as early as possible.

Confused which plan to buy?

Get expert advice at your home

Book at your convenience

No obligation to buy

Trusted and reliable advice

Book a FREE home visit ›

Health insurance companies

View more insurers

Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

❮ ❯

Health Insurance Articles

Recent Article
Popular Articles

28 Feb 2025

Does Health Insurance Cover Physiotherapy in...

Physiotherapy is commonly used to treat health issues that affect

14 Feb 2025

Life Insurance Vs Health Insurance – Know the...

When it comes to securing your future, insurance plays a crucial

12 Feb 2025

Do You Need Proof for 80D Medical Expense Claims?

Tax season is here, and many of you might be looking for ways to

12 Feb 2025

Time Limits in Health Insurance Claims Process

Health insurance serves as a significant financial tool to ensure

07 Feb 2025

Reimbursement Claims in Health Insurance

Health insurance is essential for managing medical expenses, but

*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

*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.

~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

##On ground claim assistance is available in 114 cities

Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies