While the overall life expectancy has increased significantly, it is also a fact that the number of diseases that affect us is also on a rise. Now, medical inflation and the rising cost of healthcare services in the country can burn a huge hole in your pocket and significantly impact your financial health too.
Health insurance is a necessity in today’s times as the cost of treatment and medication is skyrocketing and people are also now more prone to lifestyle illnesses than before. However, there is nothing as an ideal sum insured as this depends on various factors such as age, income, family size, the city of residence, preferred hospitals, etc.
With the passage of time, every industry in India has undergone a major transformation. Health insurance is no exception. The skyrocketing cost of medical treatment and the changing lifestyle of people has led to a rapid increase in the number of health insurance customers in the last few years.
Term insurance plans were introduced with a very basic structure – the plan will offer a sum assured upon the death of the policyholder, will provide coverage till 65 years and premiums can be paid in only the annual mode.
