If securing our life is important then securing it financially is even more important . So when it comes to life health is one of the major thing we all have to take care of. But looking at the life risk this days securing health has become more critical. Financial expenses in medical sectors are all time high. So by paying premium we secure our health expenses.
Why to purchase health insurance ?
So securing our life financially for health issues is important. Health directly impact our lives so we cannot put it into danger . But those medical expenses as a common people are unbearable sometimes. So we transfer our health risk to the insurance company by purchasing an health insurance. Here insurance company guarantee us to cover us up to the risk value (Sum Insured) we have opted.
And for that sum insured amount we pay the premium. So here big question arises , for how many years we have to deposit or pay the premium amount for health insurance ?How different is Health Insurance and life insurance ?
For How many years do we have to pay for health insurance
Health insurance is a single year term plan or in some cases it is two or three years term plan .
- So what this single or one year term plan means ?
- How long I can continue health insurance ?
- Do my health insurance premium amount increases according to my age?
Also read : Importance of Health Insurance and some useful terms
- Health insurance is single or one year term plan or we can make it into 2 or 3year term plan . But what do exactly this means ? Well this means the health insurance that we are purchasing or the one we have purchased is valid for one year the premium amount we paid is for year and if we do not renew it after an year our policy expires.
- Which means we have to renew it every year without any break to secure our medical expenses.Which we can renew till life long . Which means once we purchase health insurance . We can continue using it lifetime. similarly to get some discount in premium amount we can directly purchase it for two years or three years . Making it two or three years plan.
- Premium amount we pay or deposit for health insurance depends on our age . Some companies increase premium every year as age increases and some health insurance companies like Bajaj Allianz have 5years of age slab so after every for years when we enter into new slab our premium changes. Most possibly it increases by 10%.
Do we have to pay or deposit till life time for health insurance ?
As discussed in previous paragraph , Health insurance is a single term policy which we have to renew every year to get all the benefits. So unlike Life insurance where we pay for the term of 15 or 20years and then we get the maturity amount , In health insurance we have to deposit every year by renewing policy to get all the treatment and medical coverage without any disruption.
For health insurance we have to pay premium till lifetime to get covered by the policy.
What if we forget to renew health insurance before due date (Expiry date ) ?
Some times due to some unforeseen situation we may forgot or didn’t get able to renew our health insurance policy before due or expiry date . We may start getting scared by not having covered by health insurance anymore. So don’t worry even if we haven’t renewed our policy before due date and our policy is lapse now , we can still renew our policy without loosing continuity benefit.
yes , You heard right we can still renew our policy , as after expiry date insurance company provide us grace period . In this grace period we can renew our policy . Normally grace period is of 30 days.
So to get covered by medi-claim till life time we have to deposit or pay the premium lifetime. In short , Till the time we want to get covered in health insurance we can deposit or pay premium for health insurance.