Health insurance is a financial shield against unexpected medical emergencies. It covers medical expenses incurred due to illnesses, injuries or any health-related events. With rising medical costs, having a health insurance policy is highly recommended. Certain medical treatments can cause significant financial strain, particularly during times of heightened emotional stress. Therefore, integrating health insurance into your financial plan is indispensable for securing peace of mind and financial stability.
Life insurance for the primary income earner is undeniably important, providing a financial safety net for dependents. While life insurance for dependents may not be mandatory, delaying its purchase can lead to higher premiums due to increased mortality risk.
In contrast, health insurance holds equal significance for every family member, regardless of age or income-earning status.
Unforeseen medical emergencies can affect anyone and significantly impact the family's finances.
When it comes to health insurance, families have two options: individual plans for each member or a single family floater policy covering everyone. Let's explore the nuances of each option to determine the best fit.
Individual health insurance plans are meticulously crafted to cater to the specific needs of each insured person. They can be customized to address unique health requirements, offering comprehensive coverage. The sum insured is allocated exclusively to the covered individual and cannot be shared.
Consequently, each family member requires a separate policy, with premiums varying based on age, existing health conditions, coverage needs, and risk profiles.
Denne historien er fra April, 2024-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April, 2024-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates
