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How can I increase my sum assured in health insurance?

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Imagine you are a diligent individual who has already invested in the best health insurance in India to safeguard your well-being and financial protection against unexpected medical expenses. However, as time passes, you realise that your current health insurance coverage might not be sufficient to address the rising healthcare costs or cater to any future medical emergencies adequately. The good news is that there are ways to increase your health insurance coverage without breaking the bank. Let’s explore practical strategies and insights on how you can enhance your health insurance coverage at a lower cost. Implementing these methods ensures comprehensive protection for yourself and your loved ones without straining your budget.

6 Ways to Increase Your Health Insurance Coverage at a Lower Cost

1. Compare and Choose Wisely

One of the most effective ways to increase the coverage of the best health insurance in India at a lower cost is to compare insurance plans offered by different providers. Evaluate the coverage, benefits, and premiums of various policies available in the market. Look for insurers who offer comprehensive coverage at competitive prices. Utilise online comparison tools and read customer reviews to make a well-informed decision.

2. Opt for Family Floater Plans

If you are looking to increase coverage for your entire family, consider family floater plans. These plans provide coverage for all family members under a single policy, usually at a lower cost compared to individual policies. Family floater plans allow flexibility in utilising the sum insured among family members, ensuring optimal coverage for all. It is recommended that a nuclear family should at least have INR 20 lakh health insurance.

3. Increase the Deductible

A deductible is the portion of the claim amount that you need to pay before the insurer starts paying. If you opt for a higher deductible, you can significantly reduce your premium costs. While it means you’ll bear a greater initial cost, it can help you secure higher health insurance coverage within your budget. Evaluate your financial situation and select a deductible amount that suits your needs.

4. Consider Top-Up Plans and Add-on Covers

Top-up and super top-up plans act as supplemental coverage options, providing additional coverage once the threshold limit of your primary policy is exhausted. These plans are more cost-effective than purchasing a higher sum insured directly. By opting for a top-up plan, you can increase your overall coverage at a lower premium. However, remember that top-up plans have a deductible limit, which you must pay from your pocket. Add-on covers in health insurance are additional benefits that policyholders can opt for to enhance their coverage beyond the basic policy. These covers offer specific features like maternity benefits, critical illness coverage, or OPD expenses, providing comprehensive protection for specific healthcare needs.

5. Buy a Healthcare Plan Early and Maintain a Healthy Lifestyle

Leading a healthy lifestyle not only promotes overall well-being but also positively impacts your health insurance premiums. Insurers often offer lower premiums to individuals who maintain good health. By adopting a healthy lifestyle with regular exercise and a balanced diet and avoiding unhealthy habits like smoking, you can reduce your health risks and potentially secure discounted premium rates.

6. Buy Long-Term Plans and Avail of Other Discounts

Instead of renewing your health insurance policy annually, consider buying long-term plans. Insurance companies often offer discounts and lower premium rates for policies with durations of two or three years. Many health insurance providers offer additional discounts and benefits like no-claim bonuses, where the insurer provides a discount or an increase in the sum insured for every claim-free year. Explore these discounts and benefits while selecting the best health insurance in India to maximise your coverage while minimising costs.

Conclusion

Increasing your health insurance coverage at a lower cost is indeed possible, but it's also important to carefully evaluate your needs, assess the available options, and choose a plan that aligns with your requirements and financial capabilities. For a nuclear family, 20 lakh health insurance means over-insuring and paying high premiums, which may not be necessary unless you have specific requirements. Prioritising your health insurance with the right coverage is a wise investment that provides peace of mind and protects you and your loved ones from unexpected medical expenses.

Disclaimer : The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales

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