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For 32 y/o male, who wants health insurance - which company and how much SI and/or other additional options would be ideal ?

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21 Feb, 2021 by Pragnesh

Hello Mahavir Sir and Beshak team,


I am 32 and want to invest in good lifelong health insurance policy. So if you would have been in my place, what amount of SI and/or other options, which company you might have gone for ?


Thank you in advance for your kind help


Pragnesh

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Health Insurance

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22 Feb, 2021
Anuj Jindal

Hey Pragnesh,


Good to note you are planning to take insurance at an early age. Couple of quick recommendations. While it is not known from your post whether you are married or what is your medical history, I am assuming you are bachelor and have reasonably good health.

  1. Pick a plan that covers individual today but can convert into family-floater cover once you get married and expand your family. If one is already married, then choose family floater option. Why? Because probability of 2 or more family members getting hospitalized at the same time or in the same year is low, so all family members can easily share low sum insured. You don't need to go for a higher cover.
  2. Pick a plan with 5 lakh sum insured, with no room rent limit or capping. Prefer a plan that gives you minimum 20% No Claim Bonus every year, which you can accumulate to 100% of sum insured. It means, for the price of 5 lakhs, within next 5 years, you'll have a 10 lakh insurance policy. Yayy!!
  3. If a plan with no room rent limit is turning to be expensive and out of your budget, next look at plans with Single Pvt AC ward limit.
  4. A policy with restoration benefit is a plus, but not a deal-breaker.


I give top priority to plans or insurers who process claims in-house rather than outsourcing them to TPAs. TPAs have a poor track record in delivering decent claim experience, they only help insurers save service cost of policies. You can look a products from ICICI Lombard, Max Bupa, HDFC Ergo, Star Health, Religare/Care insurance, Bajaj Allianz etc.


By the age of 40, you can then plan buying a super top-up cover to add additional fire-power to your cover without taking higher price hit.


Happy to answer if you have any followup questions.


Anuj Jindal

Co-founder

SureClaim

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24 Feb, 2021
Pragnesh
Dear Anuj sir, Thank you for your expert advice
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