I am 57 years old and have no previous history of illnesses. Can you suggest how can I get medical insurance with coverage of ₹10 lakh while minimizing the premium cost as much as possible? - Name withheld on request
Health insurance premiums increase with age. If you are looking to lower your premiums, you can choose one of the following restrictions: co-payment, deductibles or room rent capping. Such restrictions reduce the claim eligibility, thus help in reducing the premium.
Co-payment is the most straightforward. For each and every claim, the insurer would deduct the proportionate co-payment amount. So, if the co-payment is 10% for a claim of ₹10 lakh, you would be eligible to receive ₹9 lakh.
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