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Top 7 Reasons of Buying Health Insurance Policy in your 30's - IIFL Insurance
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Are you in your 30s? here is why you should buy health insurance

Sachin is a 32-year-old civil engineer working with a multinational construction company. With multiple projects happening all over India, he was busy traveling to cities and was quite popular in the company for his hectic traveling schedule. On weekends, he was busy with friends and late-night parties. But the COVID-19 pandemic wreaked havoc in Sachin’s life as he got infected with the virus during travel and had to be admitted to the hospital for a month, which gave him a clear picture of his body and health. With no health insurance, Sachin had to dig into all of his savings and also borrowed a lump-sum amount from his parents and friends to foot his medical and post-recovery expenses of Rs 7 lakhs. He then realized the mistake of not taking proper care of his health and understood the importance of a health insurance policy. He immediately decided to buy health insurance online and started his search on the internet for the right health cover.

Anything and everything is possible when you are young. There is no time to think of the pitfalls of growing old. But this world is unpredictable, and things can turn around very fast without any prior notice, like that of Sachin’s. Unfortunately, there is a misconception that health insurance is only for those nearing retirement as their bodies are too tired and may require frequent medical treatments. The irony is that more people in the age group of 25 to 35 years may also visit the hospitals regularly due to a sedentary lifestyle. It is why buying a health insurance policy in your 30’s can change your life altogether by making you aware and confident of the life choices that you will make in the future.

Still not convinced? Then, read through our list of reasons to explain why you should buy health insurance in your 30’s. Probably, it should make you understand the pressing need.

Top 7 Reasons to Buying Health Insurance Policy in your 30’s

  1. Low Premiums
  2. Age Limit
  3. More comprehensive health cover
  4. No Claim Bonus
  5. Choose from a variety of plans
  6. Plan for a better financial future
  7. Income Tax Benefits

 

1. Low Premiums

The single most significant benefit of buying a health insurance policy at your young age is the low premium cost. With the premium of a policy dependent on the policyholder’s age, health insurance companies charge a higher premium for older individuals than younger ones. For example, a 40-year-old person would shell out a considerable sum as a health insurance premium compared to a 30-year-old for the same policy.

The reason behind this logic is quite simple. As a person grows older, the chance of falling ill increases drastically. Also, they are prone to contract many diseases and illnesses that could affect their entire body, which might require regular medical treatments.

2. Age Limit

There is no health insurance age limit. Any individual belonging to any age can buy a suitable health cover, but the cost and benefits extended to a younger person cannot be availed by someone who is reaching the maximum age limit health insurance. Also, the insurer’s launch offers, discounts, and even added features on the policy to those within the lower end of the age spectrum rather than those in the higher limit.

3. More comprehensive health cover

By availing of a health insurance policy at a young age, it is possible to get higher coverage for your health. People between 25 to 30 years are a lot likely not to get affected with any terminal or critical illnesses, and health insurers do not have to bear significant risks for underwriting, thereby providing you with a more comprehensive cover. And the best part is, you can lock into the coverage for most of your lifetime.

4. No Claim Bonus

Health Insurance in India is still in its nascent stage, and hence the insurance companies look at ways to bring more people into the fold. One such offering is the ‘no claim bonus (NCB), wherein a bonus is provided if you don’t file any claims in the previous policy year. This bonus is utilized in the form of premium discounts, pharmacy rebates, free health check-ups, etc. When you buy health insurance at a young age, the likelihood of you not using up the claims is more, which is going to add to your no claim bonus, which will come in handy at the time of policy renewal.

5. Choose from a variety of plans

There are many health insurance plans available in the market, with different types of features and benefits. By opting to buy a health cover in your 30’s, you are naturally eligible to apply for most plans. It gives you the ability to choose the sum assured, coverage, include unique additions, etc., to the plan and make it even more comprehensive for yourself. This may not be cause for a person buying a health plan at the age of 45 years.

6. Plan for a better financial future

Insurance is an essential requirement for the safety of yourself and your family members. By ensuring that it is taken care of in the form of a health insurance policy for the family, you eliminate the stress and pressure of constantly meeting your healthcare needs. In addition, it allows you to think of other long-term investments for proper financial planning. The premiums also on the lower side for people buying early in life give you more money to make wise investment choices.

7. Income Tax Benefits

Buying a health insurance policy is a means to secure your medical expenses and offers income tax benefits. The premium paid towards your health insurance policy can help you save up to Rs 25,000 under section 80D of the Income Tax Act. For those under the slab of 5%, 20%, and 30% rates, the maximum that one can save through health insurance is Rs. 1300, Rs.5200, and Rs.7800, respectively. These benefits are offered in addition to section 80C tax breaks of up to Rs 1.5 lakh.

Just like the saying goes, ‘Catch them while young,’ it is necessary to bring your financial life in control by the time you reach the age of 30 years, rather than waiting to know about the medical insurance age limit and then starting to plan. The first step in achieving this is to buy a suitable health insurance policy and reap its benefits for your entire lifetime by controlling your medical expenses.

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