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Introduction to
Health insurance
Cigarette smoking is injurious toHealth
Medical Expenses are injurious toyour Wealth
I am young and healthy. Why should I "waste" my money on
health insurance now?
"I am 30 years old and in perfect health. My wife is 28 years old and also in perfect health. Both of us work out regularly. None of my family members (or my spouse's family members) have had any health problems before they reached their late 50s. The premium for a R 3 lakh individual policy is around R 3,200 per person or around R 6,400 per annum for my spouse and me.
If I avoid paying this premium for 20 years I will end up saving at least R 1,28,000. I will then take a health insurance policy when I reach 50, which is when I might need it. Why should I not invest this money and earn returns on it and take the health insurance policy only when I 'need' it?"
A Healthy Family.
Diseases and illness can strike without warning
Imagine what will happen if you fall ill or meet with an accident. The responsibility to pay the bills will be on you or on your family. Considering the erroneously high medical bills today, a stint in the hospital will surely eat into your limited resources.
A medical insurance will help you to tide over such unexpected expenses. The premium is only a small amount when compared to the huge medical expenses. Even if you might not need a medical emergency, there is a sense of happiness and security for those who have medical insurance.
Medical Cost
Occasional doctors visit & medical check up’s which may range from few hundred of Rupees to some thousands, But in case of emergency hospitalization 1.Cost of procedure2.Surgery3.Room charges4.Anesthesia5.Hospital stay of one or more day6.And many more services & charges Which means an emergency fund of say q 2
L to q 5 L , that too may not cover all the costs
What is Health insurance?
Health insurance is a risk management tool that help you in case of health emergency to pay all kind of medical care but is particularly important as a guarding against the catastrophic cost associated with a expensive surgery or managing chronic health condition
Health insurance are cheap
Small premium paid with
meticulous planning
aHigh financial burden of an unexpected misshape
a
Health insurance premiums leverage many times their value in coverage
See the leverage
Age Premium Leverage
30 4719 84
40 5506 72
50 9775 40
60 12871 31
Individual health policy of leading health insurance company, SI-a 4 Lakh’sLeverage defines as ratio of sum assured to annual premium
Your leverage decreases with age
30 40 50 60
See the cost benefit table of a 30year old Rs. 3 lakh individual health plan by a leading insurance Co.
Sum Insured 300000Premium Payment Duration*
Total Premium*
Present Value @
9%* 5 mths - 35
yrs 3708 6 Rs. 22,247
Rs. 18,130
36 yrs - 45 yrs 4101 10
Rs. 41,011
Rs. 17,105
46 yrs - 55 yrs 6933 10
Rs. 69,326
Rs. 12,215
56 yrs - 65 yrs 9214 10
Rs. 92,135
Rs. 6,857
66 yrs - 70 yrs 14185 5
Rs. 70,927
Rs. 2,702
71 yrs - 75 yrs 15635 5
Rs. 78,174
Rs. 1,936
76 yrs - 80 yrs 20730 5
Rs. 1,03,652
Rs. 1,668
Net Primum Paid for an individual Policy holder by a leading insurance provider
Rs. 60,613
*premium are as on date including S.tax
Get Your Health Insurance cover now
