What Is The Right Age To Buy Health Insurance Policy

What Is The Right Age To Buy Health Insurance Policy?

Did you know?

In a recent poll of 1,400 young adults between the ages of 25 and 35, 75% of respondents reported having health insurance. It’s a frequent misconception that you don’t need health insurance when you’re young and healthy. However, modern life is chaotic and fast-paced, with poor food habits and inconsistent or no exercise. As a result, the prevalence of lifestyle-related disorders that manifest in childhood is rising.

Always be prepared financially to cover unforeseen medical costs, especially after experiencing a pandemic. That is a health insurance plan’s main objective. What is the ideal age to buy health insurance, then? Let’s begin straight away!

Important Facts & Statistics Related to Health Insurance Policy in India

Here is the list of the facts and statistics related to health insurance policies in India.

  • In India, 514 million people had access to health insurance for the fiscal year 2021.
  • In FY 2021, the market for health insurance was worth INR 1,886.25 billion. By FY 2027, it is anticipated to reach INR 2,517.90 Bn.
  • During the pandemic in 2020, premium collections for health insurance increased by 40%.

Why Should You Opt For Health Insurance At An Early Age?

It’s a popular belief that those who are young and healthy do not require health insurance. However, in practise, experts advise getting a health plan as soon as feasible.

1. Low Premiums

The benefit of purchasing a Mediclaim insurance online when you are young is that you obtain a substantial amount of coverage for a relatively low price because most insurers base their rate calculations on your age. For instance, the premium you would pay for a cashless Mediclaim coverage at age 25 would be significantly lower than the premium you would pay for a new policy at age 45.

2. No Medical Check-Up or History Required

There is no requirement to have a physical examination or to disclose any information about your medical history if you apply for health insurance when you are younger. Young people have a decreased likelihood of developing a complex health problem, hence insurance companies typically do not seek extensiv vcfe medical information.

3. No Waiting Period

Most people have one or more health-related problems as they get older. Therefore, if you buy a policy while having a pre-existing condition, the coverage for that condition won’t begin as soon as your health insurance policy kicks in.

Before coverage for a variety of pre-existing conditions kicks in, there is a set waiting period. Therefore, by purchasing health insurance early, the waiting period for some ailments may have passed by the time you may need medical attention for the same.

4. A Higher Number of Options

You have the freedom to compare various health plans provided by the various insurers at a young age, enabling you to make an informed choice. Additionally, there is a smaller chance that your proposal won’t be accepted. The number of possibilities becomes less as you get older since insurers might not provide coverage for all conditions.

5. Lower Claim Rejection Rates for Young People

Applying for health insurance coverage later in life may result in denial, particularly if the applicant has previously received a diagnosis of a certain ailment.

The cost of treating such severe illnesses may fall entirely on your shoulders, which will hurt your finances. If you decide to enrol in a thorough health insurance plan in the early years, these issues won’t emerge.

6. Enhance Your Mental Wellbeing

According to information provided by the WHO and published by the National Care of Medical Health (NCMH), roughly 6.5 percent of the Indian population overall experiences some form of mental illness. Compared to any other group in the country, those under the age of 30 had the greatest rates of suicide. The pressure to balance one’s personal, professional, and healthy lives is greatest while one is young.

Generally speaking, all significant insurance companies are aware of this necessity and provide sufficient coverage with their plans. You are also eligible to get reimbursement for all costs related to receiving psychiatric treatment and taking prescribed drugs to preserve your mental health.

7. Lifelong Renewal

If you obtain health insurance coverage when you are young, insurers could offer everlasting renewal. This ensures your financial security in the event of later-life hospitalization. To guarantee continuing coverage, you must renew the policy by the due date or earlier.

8. Tax Advantage

By claiming the premium, you pay as a deduction from your total income under Section 80D of the Income Tax Act of 1961, purchasing a health insurance policy when you are young will enable you to benefit from tax advantages for a longer length of time.

9. Cumulative Bonus

Your health insurance policy receives a no claim bonus if you do not file any claims throughout the course of the policy period. There are lengthy times when you are young during which you are not required to make any claims, thus your cumulative bonus would be enhanced. When you get older and need to submit hospitalisation claims, this will give you longer coverage above and beyond the sum covered.

10. Additional Coverage

For medical expenses related to pregnancy, delivery, and fertility procedures like in-vitro fertilisation (IVF), intrauterine insemination (IUI), gamete intrafallopian transfer (GIFT), or intracytoplasmic sperm injection, the majority of insurance companies offer particular coverage for young individuals (ICSI). Given the cost of these procedures, coverage may be beneficial.

The aforementioned advantages help you to maintain your youth while guaranteeing that your financial situation is unaffected by your medical concerns. In the event of a diagnosis, quality care increases your chances of a speedy recovery, which in turn helps you maintain your level of productivity.

Is There a Specific Age To Buy Health Insurance?

Although there is no set age for purchasing health insurance, it is still advisable for you to do so as soon as feasible.

In your mid-twenties, you will be able to purchase a health insurance policy and manage the premium payments without any difficulty. Because the rates would be reasonable, you will be able to choose the finest coverage for your medical need. You’ll be able to afford maternity insurance and any supplemental special coverage. A lifetime renewal option and a cumulative bonus are both available to you.


A health insurance plan is unquestionably a crucial requirement to protect oneself from severe financial hardship brought on by unforeseen medical bills. Additionally, it is generally advised to get a health insurance policy when you are younger in order to enjoy cheaper premium costs and a bigger sum insured.

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