It is the most important thing to buy a health insurance policy given to understand the high cost of medicines and hospitalisation. It is the most critical need to protect health of self and family by buying an adequate health insurance plan. The cost of medical health care is rising in India. Given to understand such scenarios it has become more then necessary to buy a policy which saves lot of money at the time of hospitalisation and helps the policy holder to be stress free when faced with such eventualities.
With the cost of health care rising in India, the premiums paid to the insurance companies for buying such policies are also on the rise in recent years. Here are we going to list out certain measures where you can avoid paying huge premiums for the policies and save some money. Whatever money you are saving, you can invest in some other assets.
Buy Policies at Very Young Age
The advantage of buying policies at young age is that the premium being paid for policies is less for the chances of person falling sick is also less at young age. As the age increases, the premium on policies also increases. As the age increases, so are the chances of falling sick increases. So if you buy policies, when you are in mid 30’s or mid 40’s, then accordingly the insurance companies charge you premium. So the best way to save some money is to start in mid 20’s by buying a policy so you can save some money.
Always go for 2 Year Policies
Most Insurance companies offer policies for a period of two years. So it is always advisable to opt for policies for two years because the premium being paid for two years is less then the premium paid for a single year policy. This way you can save some money on the premium which is being paid. As for example, if you buy policy for two year period for coverage amount of 5 lakhs, the premium being paid will be 4800, as compared to premium of Rs 2700 for per year. This way you may end up saying around 300 rupees on premium.
Avail No Claim Bonus
As the name suggests, it means that if you have not falling sick in a particular year, you can go for no claim bonus. Many a times when the person or any family member has not fallen sick in a year and was not in need of hospitalisation. Many insurance companies offer no claim bonus if no claims has been raised by the policy holder. In such cases, you can use the bonus to increase your coverage at no extra cost.