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Health insurance necessity

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17 Dec, 2021 by  subhav samarth

Hello,

I was looking for health insurance for my parents and it came around 50k/year. Taking term insurance of me and my sister, apart from health insurance for all 4 members brings the annual cost to approx 1 lac/year for term ins+health ins.

So i was wondering if it is better to just take term insurance for self and sister and NOT take health insurance for anyone.

because 90% treatments can be treated under 10 lacs in India.

So i think, instead of paying 50k annually for parents health insurance, if i invest them somewhere, i might cover the treatment cost if it arises.

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Parents-Health-Insurance

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19 Dec, 2021
harivansh agrawal

See according to me health insurance and investment are two completely different think health insurance is for protection where is an investment for your money to grow


Now it is ideal to have both and healthcare fund and a health insurance


think about it you say 90% of treatments can be treated under 10 lacs in India

but you are betting here that your family will get only one instance of this 10 lac

one instance poof your investment fund goes


where is health insurance will give you 10lac every year, no matter how much you will claim no will take your 10 lac sum insured from you every start of the policy year, think of the Akshay Patra in Mahabharata (as in beshak article says)


plus it will take time to build a 10 lac health care fund whereas, in the case of health insurance you pay the premium, you immediately gets 10 lac for your hospitalization expenses


please do not mix investment with protection, when you mix both it is the perfect recipe for the ulip

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20 Dec, 2021
subhav samarth
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19 Dec, 2021
CEO, Insurance Samadhan

Dear Subhav

1. Term insurance is taken on income generating assets . So if you and sister is generating income then do take term insurance . This is necessary expense which you must budget . Term Insurance is taken for family because you love then and want to ensure that they krep getting finsncisl support in case of your death .

2. Health insurance is more important and critical because that ensures best treatmrnt while living . So you can not ignore benefits of Health insurance for full family .

3. Diseases are nol linked to future planning . These are uncertain event . Either you have the corpus today else buy a health insurance today . If budget is an issue then buy for 5 lakh , which is good enough . Supplement it with a super Top up with 5 lakh deductible .


Hope this suffice

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20 Dec, 2021
subhav samarth
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