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Reasons to Buy Health Insurance Early on in Life

By Finserv MARKETS - Jan 23,2019
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With long working hours, food contamination, pollution and a fast-paced lifestyle, it’s becoming all the more important to stay healthy in this ever-changing world. The number of diseases affecting the young population today is increasing drastically and that’s just one of the primary reasons why you should consider buying health insurance at an early age.

Besides, the policy are beneficial to policyholders as they reduce the burden of large medical expenses during emergencies. Here are a few more reasons that will explain why you should buy health insurance early on in life:

Waiting Period

Most health insurance policies come with a waiting period of 30 to 90 days. During this time, you cannot make any claims, even in case of an emergency. So, investing in a health insurance policy at a younger age is a big advantage, since you are more likely to exhaust this waiting period without having undergone any health emergencies.

Moreover, most policies come with a waiting period for illnesses such as urinary tract infection, kidney stones, knee replacements arthritis, cataract and more. Besides, people over the age of 60 years sometimes have a longer waiting period, making it all the more difficult to get insured.

Comprehensive

If you buy a policy at an early stage in life, you can enjoy its benefits to the maximum. Buying a policy at a younger age will also ensure that you are safe and secure not only during employment but also after retirement. You can enjoy a comprehensive cover if you choose to buy one, early in life.

Low Premium

Age is one of the key factors when determining the amount of premium charged by insurance companies. So, if you opt for a health insurance policy at a young age, you would end up paying a lower premium compared to buying the same policy at a later stage in life. Amazing, isn’t it?

Duration

Another thing to keep in mind is that most health policies come with an age limit. So, buying a health insurance policy at a younger age would give you a longer duration to enjoy the benefits of the policy without having to worry about age limits at all.

Tax Benefit

This is another important reason why people invest in health insurance policies. Buying health policies early in life will allow you to enjoy tax benefits for a longer period. You can claim your health policy premium as a deduction under Section 80D of the Income Tax Act, 1961.

Coverage

Going in for health insurance policies early in life also ensures that you get greater coverage. Many plans offer you wider coverage such us maternity benefits, day care procedures and even OPD expenses. Remember, coverage cost only increases as you grow older since you become more susceptible to age-related health issues.

Wider Options

When you decide to buy a policy at a younger age, you are in a better position to decide on what plans you want to opt for rather than when you are older. You can choose from a wide variety of different health insurance plans to see which one suits you the best.

Lower Risk of Rejection

When you are young, you have less medical issues and complications. Due to this, the chances of your health insurance policy being rejected is minuscule.

It is wisely said that health is wealth and therefore, you must go ahead and buy your health insurance plan online right away!

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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