scorecardresearch
Follow Us:
Monday, October 25, 2021

Do you need Rs 1 crore health insurance cover?

It is vital for each family member to be protected by health insurance because you never know which family member may require medical attention and if they do their healthcare costs, it would bring you financial pressure.


Updated: February 24, 2020 5:39:22 pm
A combined report by KPMG and FICCI stated that in India, only 27 per cent of people are covered under a health insurance policy. (Representational image, source: Getty Images)

Written by Amit Chhabra

With each passing year, the effectiveness of health insurance plans increases. The new medical therapies and revolutionary medications are also growing as the century is advancing. Health insurance plans are particularly important in this scenario for families. It is vital for each family member to be protected by health insurance because you never know which family member may require medical attention and if they do their healthcare costs, it would bring you financial pressure. You want what is right for your family when it comes to family health insurance plans. However, in India, with the increasing risk of critical illnesses, inadequate health insurance cover continues to put the lives of millions at risk.

A combined report by KPMG and FICCI stated that in India, only 27 per cent of people are covered under a health insurance policy. The number is startlingly low in comparison to our mammoth population especially when the cost of healthcare is escalating and is on a continuous rise. Moreover, 83 per cent of our population remains uninsured and therefore, is not able to avail the best available treatment. Despite the economic growth happening, the penetration of medical insurance still remains low as it is not yet mandatory to buy a health cover in India.

To prove the facts right, here is a recent example. A few months back, Anjali’s husband was diagnosed with a tumour in the brain and it was a life-shattering moment for both of them. Adding to the agony, they did not have sufficient health cover that could cover up for brain tumour treatment that cost them over Rs 20 Lakh. And due to the severity of his illness, Anjali’s husband could not even go to work. As a result, both of them had to go through a financial turmoil as they had to break their savings apart from asking help from friends and family. A harsh truth is that Anjali and her husband are not alone on the list. There are many people like them who don’t know the benefits of having a health insurance cover with higher sum insured. And even those who are aware are mostly in the contemplating phase. Therefore, to help people make the right decision, insurers have come up with ‘Rs 1 Crore health insurance’ cover.

People, instead of waiting to turn 40, should buy Rs 1 Crore health insurance cover in their 30s. As a matter of fact, many youngsters are also suffering from acute illnesses as a result of a sedentary lifestyle and hereditary reasons. The earlier you buy it the better and more affordable it is. People who have a genetic history of critical illnesses are probably at a higher risk than others of getting a critical illness. An individual is at a higher risk of getting a heart attack if there is a family history of cardiovascular diseases. As a proactive measure, it is advisable you get Rs 1 Crore health insurance cover to avail of the best possible treatment.

One of the major factors contributing to an increase in the number of life-threatening diseases is an unhealthy work atmosphere. As per studies, people who have a high-pressure job or profession, succumb to such diseases at an early stage. Either you can choose to balance your personal and professional life or opt for a health insurance policy of Rs 1 Crore to avoid any financial constraints in the future. You can buy Rs 1 Crore health insurance policy which comes as a combination of the base plan and super top-up policy. Under this plan, the insurer pays for the hospitalisation expenses up to the total sum insured ie. Rs 1 crore.

Here is a price comparison of Aditya Birla’s Active Assure Diamond plan that offers Rs 1 Crore coverage. The product is built with the combination of two elements – Rs 5 Lakh Base Plan (which also acts as the deductible) and Rs 95 Lakh Super Top-up. Below is the premium for the product when bought under different scenarios.

Self, 30 years old Male living in Delhi: Rs 9,552

Self-32 and wife 31 living in Delhi: Rs 14,223

Self- 34, wife 33 and kid 2-year-old living in Delhi: Rs 17,312

Self- 35, wife 34 and 1st kid 3-year-old and 2nd kid 1-year-old living in Delhi: Rs 21,058

Lifestyle diseases have been on a constant rise. While most of us make a conscious effort to follow a healthy lifestyle and healthy diet, it is imperative to be financially prepared should there be a health emergency in the future. After all, medical conditions are not always fallout of a poor lifestyle. It may be hereditary as well and Rs 1 Crore health insurance policy would serve as a financial shield against all possible odds.

The author is the Head- Health Insurance at Policybazaar.com. Views expressed are the author’s.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement