Health insurance is a financial shield against unexpected medical emergencies. It covers medical expenses incurred due to illnesses, injuries or any health-related events. With rising medical costs, having a health insurance policy is highly recommended. Certain medical treatments can cause significant financial strain, particularly during times of heightened emotional stress. Therefore, integrating health insurance into your financial plan is indispensable for securing peace of mind and financial stability.
Life insurance for the primary income earner is undeniably important, providing a financial safety net for dependents. While life insurance for dependents may not be mandatory, delaying its purchase can lead to higher premiums due to increased mortality risk.
In contrast, health insurance holds equal significance for every family member, regardless of age or income-earning status.
Unforeseen medical emergencies can affect anyone and significantly impact the family's finances.
When it comes to health insurance, families have two options: individual plans for each member or a single family floater policy covering everyone. Let's explore the nuances of each option to determine the best fit.
Individual health insurance plans are meticulously crafted to cater to the specific needs of each insured person. They can be customized to address unique health requirements, offering comprehensive coverage. The sum insured is allocated exclusively to the covered individual and cannot be shared.
Consequently, each family member requires a separate policy, with premiums varying based on age, existing health conditions, coverage needs, and risk profiles.
Esta historia es de la edición April, 2024 de Beyond Market.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición April, 2024 de Beyond Market.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
IMPORTANT JARGON
TRANSITIONING SFBs TO UBs: RBI’s NEW GUIDELINES - The Reserve Bank of India recently issued new guidelines outlining the transition process for Small Finance Banks (SFBs) to become Universal Banks (UBs).
NAVIGATING INDIA'S MARKET WITH HOWARD MARKS
Howard Marks' focus on cycles and capital preservation translates to a defensive strategy for India's frothy market: prioritize cash, target undervalued sectors, and diversify
FINDING A BETTER FIT
Switch health insurers at renewal to keep benefits such as waiting period and bonus, but weigh drawbacks
SILVER SQUEEZE
Green tech boom strains supply, propelling silver as a sustainable investment
A PODCASTING FUTURE
India's podcast scene explodes with formats and listeners, primed for digital growth, with high-quality content reigning supreme
BOUNCING BACK WITH DOMESTIC FOCUS
Despite challenges, India's tyre industry remains optimistic about doubling revenue by 2032
HIGHWAY HICCUPS?
Slowdown in awarding highway projects, driven by industry factors and project complexities, pushes NHAI towards debt reduction and private partnerships for sustainable development
CONTENT CONQUEST
JIOCINEMA'S ULTRA-LOW PLAN SHAKES INDIA'S STREAMING SCENE, AIMING FOR AD REVENUE AND LEVERAGING STRENGTHS TO BECOME A BIG PLAYER
CAUGHT BETWEEN CAUTION AND GROWTH
RBI's draft on project financing seems to be a pre-emptive measure to prevent large defaults on infrastructure loans. However, in their current form, the requirements look onerous for banks
HOT OR HYPE?
India's 2024 IPO market sizzles with investor cash, but will it be a blockbuster or a box office flop? Valuation worries linger
