“Why spend the money on paying premiums for another health cover when I can spend or invest that money,” is the reasoning given. Now, this is not a financially prudent reason –according to financial planners it is advisable to have your own health insurance cover as well.
In fact, medical insurance is not costly. ET Wealth takes a look at how much different types of health insurance policies costs for different ages:
Regular health plans from general insurer
Premium for a cover of Rs 20 lakh for non-smoker males with no pre-existing diseases
Age Annual Premium (Rs)
35 10,829-16,638
45 13,798-24,307
55 24,185-46,727
65 37,183-70,799
Combination of regular health policies and top-ups
Premiums for a cover for non-smoker males, with no pre-existing diseases. Base cover is Rs 5 lakh and top-up cover is Rs 15 lakh.
Age Annual premiums for regular plans (Rs) Annual premiums for top-ups (Rs)
35 5,288-9,734 1,298-5,548
45 6,525-12,339 1,558-7,498
55 11,142-20,895 3,090-12,698
65 17,522-40,223 7,674-23,345
Premiums of critical illness policies
Premiums for a cover of Rs 20 lakh for non-smoker males with no pre-existing diseases.
Age Annual Premiums (Rs)
35 7329-9310
45 16838-27610
55 40061-78225
65 87079-184080
Premiums of cancer policies offered by life insurers
Premiums are for a cover of Rs 20 lakh for non-smoker males with no pre-existing diseases. The cover is till the age of 75
Age Premium (Rs) Tenure
35 3365-15325 40 years
45 7618-28117 30 years
Source: economictimes
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