Youth is No Shield Against Deadly Viruses By Rakesh Jain

Published By: Financial Express ​

Published Date: 03-03-2022

Investing in health insurance at a young age is a wise decision that offers financial protection against medical emergencies and rising healthcare costs. Rakesh Jain, CEO of Reliance General Insurance, emphasises that early purchase ensures lower premiums and broader coverage. This is because policy premiums are based on the policyholder's current age and health status.

He points out that employer-provided health insurance often comes with limitations, such as insufficient sum insured amounts and exclusions. These constraints may not fully cover high healthcare expenses, especially with medical inflation rising at 15% annually.

Opting for personal health insurance provides flexibility in choosing the sum insured and the ability to include add-on covers tailored to individual needs. Unlike corporate policies, personal health insurance offers continuous coverage, regardless of job changes or employment status.

For first-time buyers, he recommends evaluating personal and family health needs and understanding policy terms like waiting periods and exclusions. Comprehensive coverage should account for potential healthcare expenses and future medical inflation.

Securing health insurance early not only safeguards against unforeseen medical costs but also ensures uninterrupted access to quality healthcare. Careful policy selection provides young individuals with financial security and peace of mind.