One thing that is predictable in life is that it is highly unpredictable. Each one of us works hard so that our loved ones can lead a comfortable life. It is important to park some savings from the earnings and opt for a health insurance plan that suits your requirements. There are different types of insurance plans or insurance policies like term plans, money back plans, endowment plans, etc. Term plans are different from the other insurance plans since they ensure that the life of your dependents is not affected even when you are gone. Term plans are available at affordable premiums hence it is necessary that you at least have one term insurance plan.
Since there are so many insurance plans, choosing the right insurance plan can be a daunting task. Below are some of the important parameters that you should consider while selecting the right insurance plan
If you are young and do not have any dependents i.e. they are still healthy & earning well, you can choose an insurance policy that provides minimum coverage. However, the case would be different in case you are at a mature stage of your life i.e. around 30 years or more since you need to also take care of your dependents. In such cases, you should choose an insurance policy that has higher coverage so that your family members & dependents have financial security even when you encounter any untoward incident in your life.
Depending on the phase of your life, your personal & financial goals might change. The financial goal that you have when you are unmarried as compared to the financial goal when you are married (and have kids) would be completely different. Depending on the priorities in your life, you should choose a suitable insurance plan that protects you & your dependents. If you are confused about selecting the best policy, you should make use of a health insurance premium calculator that suggests the best premium by taking into consideration multiple data points.
Assets & Liabilities
You may have taken home loan/car loan/personal loan and you might be paying regular EMI for these loans. These can add to your debts and you make sure that you do not miss the deadline of any EMI since there is a penalty associated with late payment.
You also do not want to go overboard by investing in unwanted insurance plans since every plan has certain relevance and comes at a price. You should do a thorough review of your financial situation since it would be instrumental in selecting the best health insurance plan.
Apart from the above checkpoints, you should also consider other data points like lifestyle, accumulated assets, review of already held policies, etc. Health insurance premium calculator can be used to select the best mediclaim policy; some of the primary usages are below
- Choose a health insurance policy when compared to insurance plans from different insurance agencies.
- Choose add-on coverage depending on your current & future plans.
- Having a rough look at the premium to be paid before you actually purchase an insurance policy.
- Helps you choose the best health insurance plan for your own self as well as your dependents.
Selecting the ideal health insurance plan is a herculean task but health insurance premium calculator can ease that job since it gives you a bird’s eye view about the premium that you would pay for a particular policy.
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