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How much health Insurance do you need?

By Finserv MARKETS - Jul 25,2019
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Health Insurance Coverage And Its Importance

Healthcare costs in India have increased by almost 15% over the past few years. The growing instances of lifestyle diseases amongst the population are further expected to increase this percentage in a few years. To avoid these medical expenses from being a burden in the future, it is necessary to have a health insurance policy.

However, the predisposition of a person towards serious medical conditions depends on a number of factors such as age, gender, heredity, etc. Stressful work environments and close proximity to highly polluted areas may also affect your health conditions. Thus, if you take all these factors into consideration, the quantum for a medical insurance may differ from person to person.

As a result, insurance providers are offering a number of medical insurance policies, the premium for which can be customized as per a person’s past medical history and likely predisposition to certain medical conditions.

Based on these parameters, below-mentioned are a few suggestions for how much health insurance you need-

  1. Today, people who are in their 20s are a lot more health-conscious. A major percentage of the population between the age group of 20-30 years regularly goes to the gym and follows a nutrition-rich diet in an effort to improve their health. Therefore, a health insurance policy offering a coverage of Rs. 4-5 Lakh is enough for a people in their 20s.

  1. People between the age group of 30-40 years are a lot more stressed these days. This stress is a result of work as well as family pressure. People in this age group reach a level of seniority in their profession. As a result, the responsibilities and work stress is much more on them than what it was in their 20s. Similarly, when it comes to their personal life, these people have to think about their child’s education and other familial responsibilities. The worry and stress during these years can lead to the onset of several medical conditions such as high blood pressure, diabetes, stroke, obesity, heart diseases, etc. Therefore, it is advisable that people in their 30s or 40s, who are living in Tier I or Tier II cities should buy a health insurance policy online for at least Rs. 7-8 Lakh.

  1. People in their 50s are quickly nearing their retirement. Thus, it is wise if they opt for a health insurance premium that can take care of their future medical expenses. A heart surgery that costs Rs. 5,00,000 today might cost Rs. 20,000,00 in a few years. Therefore, it is advisable that individuals who are past 50 years of age, look out for a health insurance policy online that offers a minimum coverage of Rs. 10-15 Lakh.

Importance of having a Medical Cover

The above-mentioned instances discuss the need for medical insurance based on your age-group. However, there is a possibility of medical expenses arising out of other unexpected situations. These might include possible injuries sustained due to accidents, exposure to any radioactive substances, the breakout of an epidemic, etc. Therefore, it is necessary to have a medical cover in the light of any such unforeseen medical emergencies.

Today, you can choose from a number of health insurance plans in the market. Some of the popular plans include-

  • Individual health insurance plan

  • Family health insurance plan

  • Senior Citizen health insurance plan

  • Maternity health insurance plan

  • Personal accident health insurance plan

  • Top-Up health insurance plan

To get the best health insurance coverage at attractive premiums, visit Finserv MARKETS today! The Bajaj Allianz health insurance plans available on Finserv MARKETS come with benefits such as extensive coverage, instant claim settlement, and reinstatement benefit on the exhaustion of the sum insured. To buy tailor-made Bajaj health insurance plans as per your medical needs, get in touch with us at Finserv MARKETS.

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!


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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522