Health insurance is a type of insurance that allows the insured to claim compensation for their medical expenses, which may include doctor’s fees, medication, diagnostic tests, and hospitalisation expenses.
The earlier you get health insurance, the lower is your premium amount. For instance, if a 20 year old person buying Rs 20 lakh cover for 20 years delays buying ICICI Pru Heart & Cancer plan and buys it at 50 years age, he/she will pay nearly 14x premium for the same coverage and policy term. Even a 5 year delay for a 20-year old leads to 33% more premium, while a 10-year delay pushes premium cost by almost 98%. If you wait to buy health insurance policy at later stages of life, you might be deprived of immediate coverage due to waiting period. So, it is better to buy health insurance as soon as you meet the minimum entry age requirements for the policy.
