When you are young you feel that you do not need health insurance plans as you are free from health issues and there is no possibility of any contract in near future. But are you correct in your thinking?
Health insurance plans are also important at a young age, not only when you are in your middle age. In fact, if COVID infection is an indicator, then people in young age groups are not immune to the danger. According to data published by the Indian Council of Medical Research (ICMR), COVID cases in India account for more than 22.33% of people aged 21 to 30 years. have a look –
As you can see, the highest percentage of cases are in the age groups of 21-30 and years. Do you still think that you do not need health insurance when you are young?
Youth today are more health conscious. They opt for a balanced diet, exercise, yoga and healthy living to maintain their health. However, the announcement is not made despite their attention to health, diseases and accidents. The level of work-related stress, dependence on junk food, and of course, COVID all point to the need for health insurance policies.
Apart from this, when you buy a health insurance policy at a young age, you get the following benefits –
- comprehensive coverage When you are young and healthy you can buy a comprehensive health insurance policy because insurers do not impose coverage restrictions for young persons.
- The pre-existing waiting period is ending When you are young, chances are you do not have pre-existing diseases. For example, when you buy a health insurance policy, you can easily end the waiting period for pre-existing diseases. Then, when you actually suffer from an illness in later years, you can avail immediate coverage since the waiting period is over.
- Earn no claim bonus Under the health insurance plan, every year when you do not make a claim, your insurance amount increases by a specific percentage through no claim bonus. It helps you increase the sum assured by 50% or 100% of the principal amount and gives higher coverage at the same premium with NCB. When you are young, you are less likely to make a claim, which gives you a No Claim Bonus which will give you wider coverage under the plan.
- Tax benefit on policy Let’s not forget the tax benefits that your health insurance policy will provide. The premium you pay for a health insurance policy will allow you to deduct up to 25, 000 under Section 80D of the Income Tax Act, 1961 on your taxable income. Thus, this policy will not only provide coverage against sudden illnesses or injuries. , It will also help you save taxes.
- Financial security The ultimate reason for health insurance plans is that they provide financial security. With a health insurance policy you can ensure that any medical contingency, which is unexpected, will not affect your finances. A health plan gives you the necessary financial protection against medical emergencies, given that you are young and can have limited savings. Then, you can plan other financial goals and ensure that planning such goals has no effect in a medical emergency.
Modern day millennials have become smart about their finances and investing in a health insurance plan is another smart decision that you should take. Emergencies can disrupt your well-laid plans, but when you have a health insurance policy in Kavach, you can face medical emergencies without any stress.