Financial PlanHealth InsuranceInsurance

Health Insurance: The Best Investment of Young People for their Older Times

While you’re in your 20s your life seems to go on switching tracks every 20 minutes or so. So many things happening around the healthy and happy twenty-something you. But things are never going to be the same throughout your entire life, times change when we get older and get sick. Sickness hurts; not only the body and sentiments but also your pockets that too in huge amounts.

The appropriate time to invest in a health insurance policy is the minute you recognize that your health costs may in all the cases increase only in the future due to the global rise in the cost of living surrounded by many other aspects. The earlier you recognize the fact, the better it is for you. We would like to sum up few points with regards to why buying the Health Policy could be the best investment in an early age like your twenties:

  1. Low Premium: Many of the insurance providers fix the premium amount looking at the current age of the policy holder. If you go for a policy at a young age, you can get benefit of a lower premium.
  2. Benefits for Longer Duration: When you avail the policy at a young age, you have a longer duration to avail the facilities associated with the same.
  3. Tax Benefits: Twenties is the age group when people start to work in employment, where you can claim the premium you are paying as a presumption from your entire income under 80D of the Income Tax Act, 1961.
  4. Enhanced & Wider Options: A young claimant can choose the best insurance scheme from the existing wider and better options with the insurance providers. If you get a health insurance policy in your young age, there could be a chance you can avail an advantage of lifetime renewal too.
  5. Lower Rejection: In our country India, if you have a medical history that involves you suffering from any chronic disease that can be life threatening as well like heart disease or cancer; it could be like your application gets rejected by the insurance company or can even charge you very high premium. Young people are least likely to be rejected on such ground as they’re not prone to such diseases and they occur only in later stages of life.
  6. Bonus: If you go for a health insurance policy at a young age, you can get benefited from the collective bonus as you will most obviously renew your policy each year. Therefore, the bonus collected lengthens your coverage amount which is anytime an advantage at later points of life when you are old. No claims bonus also ranges from 5% to 100% of sum covered with most of the policy cases.

Nowadays the young adults have foreign trips, latest cars, big flats etc. in their To-Have list, this list cannot be made a reality until you have a policy to protect you from medical emergencies that too when buying an insurance policy have become so much easier. Having a health insurance at a young age shall not only make the young one feel responsible but would also make the recently young one turned into an employee a better financial planner or his/her life in future.

Vikas Agarwal
the authorVikas Agarwal
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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