Rs 1 Crore health insurance – Should you opt for it? Know here
Earlier, health insurance was not on the bucket list of many people, especially those who were young and wholesome. But within the last one and half years, the perception has changed utterly, and these days, people are scampering to purchase medical insurance plans to safeguard themselves and their families against various diseases, including the COVID-19. More than 340 million people got infected with this deadly virus in India, and nearly 0.45 million people died because of this pandemic. Thus, people are getting inclined to purchase various health insurance plans.
The most astonishing fact is that only 4% of COVID-19 patients in India were covered under various health insurance plans. Though many of them have purchased the best health insurance policies from the best health insurance companies, still their coverage was inadequate. During the peak of the COVID-19, the cost of a 15-day-hospitalization at an eminent hospital in an urban city was nearly Rs. 5 lakh per person. Since coronavirus is highly infectious, it has been found that all family members got infected with the virus in many cases and thus needed expensive medical care. The collective expenses may reach some of the lakhs, and thus, it’s very difficult for them to survive without health insurance coverage.
Lower sum insured health plans are not adequate anymore
Many Indians have a common fallacy that medical coverage of a family-floater policy with Rs 7-10 lakh insured is sufficient to take care of all their healthcare requirements. But very often, they found that their family floater policy is unable to support the financial costs of family members’ treatments, especially when most of them required simultaneous treatment (like a COVID-19 situation). To support their treatment costs, they often need to melt their savings or have to borrow money from friends and relatives.
According to the Indian Council of Medical Research (ICMR) data, the number of cancer cases in India will increase by 1.5 million by 2025 (up from 1.39 million in 2020). Moreover, heart diseases are also increasing in the country, along with stroke (which has increased by over 50 percent in the last three decades). These days, almost everyone is suffering from diabetes and hypertension that are the leading causes of chronic kidney diseases.
Though India is now providing more improved and effective healthcare facilities for various ailments, treatment costs are also increasing at a faster pace. So, your best mediclaim policy may not be sufficient to provide you with adequate coverage. If you purchased a health policy with the sum insured of Rs 5-10 lakh, it is inadequate to cover the most severe diseases. This coverage won’t support you in the treatment of critical illnesses because the treatment cost of critical illnesses in India is nearly Rs 30-40 lakh. If you consider the medical inflation, this cost will increase manifold in 9-10 years. Considering all these factors, you should choose a health insurance policy of higher sum assured.
Rs. 1 Crore health insurance cover: the utmost solution against diseases and health emergencies
If you want to get rid of all these problems, then you should purchase Rs. 1 Crore health insurance. 1 Crore means those health insurance policies where the sum insured amount is Rs. 1 crore. These 1 crore medical insurance plans offer comprehensive coverage to the customers. These Rs 1 crore medical insurance policies are meticulously designed as a combination of a base plan along with a super top-up plan. Moreover, top-up plans minimize the premium amount for these policies.
Due to this lethal COVID-19 pandemic, now, many people are looking for the best health plans with higher sum insured. Earlier, only 5 percent of people purchased health insurance plans with Rs 20 lakh – Rs 1 cr sum insured. Now, more than 50 percent of people are purchasing health insurance plans with higher sum insured (in the last 12 months).
These health insurance plans are suitable for those who have a history of critical ailments like heart diseases, cancer, and diabetes. These health insurance policies cover hospitalization costs, pre-and post-hospitalization expenditures, ambulance expenses, and organ donor expenses. Most importantly, you will get all these covers under an affordable premium amount if you purchase this plan early.
To enjoy a lower premium amount, purchase early
Many young people think they don’t need health insurance of higher sum insured as they are healthy and completely fine. For higher sum insured health insurance policies, you also need to pay a little bit of a higher premium than policies with Rs 25-30 lakh cover. But if you purchase a high insured policy at a young age, then your premium amount will be much lower if you purchase the same policy at an older age.
If you purchased a health insurance policy of Rs 1 crore at the age of 25, your premium amount would be Rs 10,680 per annum. But your premium amount will be Rs. 17000 if you purchase the same policy at the age of 45 years. So, everyone should purchase a Rs 1 crore health insurance cover in their 20s and 30s, instead of buying it in their 40s and 50s.In this fast-paced world, people are accustomed to a sedentary lifestyle, which means they are more susceptible to various illnesses as compared to their ancestors. Moreover, pandemics like the COVID-19 can hit at any time without any notice. So, you should try to strengthen your and your family’s protection by purchasing health insurance of Rs. 1 Crore as soon as possible.