Health Insurance – Best Gift You Can Buy for Your Family

Forget foreign vacations, expensive cars and a bigger house – your first purchase for your family should be health insurance.

Take a glance at article and get to know about several reasons you need to buy health insurance policies for your family and gift them this Diwali.

The importance of having health insurance cannot be emphasised enough in today’s turbulent times. With rising stress and incidence of disease, more and more people are falling prey to various ailments that can cause an early death. Add to this the risk of accidental death or a debilitating injury that prevents one from having an income for an unspecified period of time. All of these can, together, cause financial turmoil that can take years for one to rise out of.

Thus, it is vital to take health insurance policies that safeguard the family’s overall wellbeing and ensure the longevity of its dreams. However, if you require one good reason to buy the best health insurance policy, we present you with five:

  1. Health insurance pays for hospitalisation

With rising medical treatment costs, just one night’s stay in a private hospital in India can wipe out one’s savings for months to come. In the absence of health insurance plans, you must pay for expensive hospitalisation, surgery, post-operative care and daily medication from your own finances. In contrast, a family health insurance plan will pay all of these expense heads.

  1. Your family is cared for.

The biggest fear of any responsible person’s life is that of leaving his family in a huge financial crisis after his demise. Pre-empt the repercussions of a disaster before it strikes: take health insurance plans to ensure that your family’s dreams can remain on course even in your absence. Health insurance in India provides a safety net to further the family’s future interests ranging from daily expenses to paying for children’s education, or parents’ future hospitalisation.

  1. You need not liquidate your assets.

In times of financial emergency, people living without the cover of health insurance must necessarily sell their assets to raise funds quickly. This is, at best, a temporary solution with a severe future after-effect: one must lose a hard-earned asset in the blink of an eye. But health insurance policies ensure that all your securities and savings can remain undisturbed even when a financial exigency strikes.

  1. Your retirement years are peaceful.

Most senior citizens live a cloistered existence in India, primarily because they are financially dependent on their children for their daily upkeep. This situation is a pitiable and avoidable one: taking health insurance at a young age builds a sizeable corpus for one’s retirement years when the policy matures. At the other end of the spectrum, if one has a family insurance plan, one can easily have access to the best medical care for one’s aged parents. In the absence of health cover, many senior citizens cannot afford even basic medical treatment for serious ailments.

  1. You get a higher pay-out if you purchase insurance early.

Those who buy medical insurance at a younger age, with low expenses, no diseases and a stable monthly income can buy a policy at a lower premium. The older one gets, the more difficult it is to buy a policy. Thus, purchasing it early ensures that the policy holder gets a high sum assured when the policy matures. Paying higher premiums throughout the policy’s life cycle will also ensure that more add-on benefits can be purchased. Overall, the proposition becomes an all-encompassing one which is advantageous to the family.