Why choose a higher sum insured for your plan?
Updated On Dec 22, 2020
Due to financial crises often faced during a medical emergency, there is a tendency of people to opt for health insurance with a low insured sum. This is a common mistake that most people in India commit while buying an insurance plan. A health insurance scheme compensates policy-holders up to the highest level of the Sum insured chosen. So, it is advisable to always opt for a high Sum insured while buying an insurance plan.
Reasons To Choose Higher Sum Insured For Health Insurance
For an urban citizen, the cost of hospitalization has increased by approximately 175% and this is extremely disappointing. Following are the key reasons for which you should choose a higher sum insured for your health insurance plan:
1.Protecting One’s Savings
In life, one saves for multiple financial goals such as financing children's education, buying properties, children's marriage, or even as retirement plans. In the case of any medical emergency, one usually faces the challenge of unending medical bills. But, health insurance is a savior in such situations. If the Sum insured is low, then one has to often draw from his/her savings to pay the medical bills, which means consistent draining of the hard-earned savings. However, a higher Sum insured means complete coverage for you and your family's health.
Although you may understand the significance of a higher Sum insured, yet you may also consider the aspect of affordability since a high Sum insured also means a higher premium. The affordability issue may be resolved with top-up insurance plans but that would cover huge medical bills only partially.
3. Highly Effective Plans
A health insurance plan that has a higher premium for a higher Sum insured can be expensive but it offers utmost benefit to customers. This is because a customer can have a single health insurance policy with a higher sum insured and there is no need to have additional health plans to cover specific diseases separately or individually. With one higher sum insured plan, the entire family can avail of the service.
To conclude, a high Sum insured is always a good idea for a policy-holder to secure the health of the entire family. An insurance plan with a high sum is an ideal option for combating the huge medical expenses. So, opt for a health scheme that provides optimal coverage at times of emergency. Even if affordability is a concerning aspect, you should never compromise with your and your family's health.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.