This is the age of Informed Customer-Muninathan

Consumer expectations are evolving. Indian consumers are increasingly price-sensitive and demand high coverage with minimal out-of-pocket expenses. Customers now expect their insurers to act as partners in health management, rather than just claim processors says Muninathan.

This shift towards comprehensive coverage which underscore the growing demand for policies that include outpatient care, preventive health checks, and alternative treatments. “Consumers now expect policies that go beyond hospitalisation, covering outpatient care, preventive health checks, and even alternative treatments like AYUSH covers. Today’s Indian consumer is more informed, proactive, and demanding than ever before,” points out Muninathan, Sr Sales manager, Star Health and Allied Insurance.

Every Life Deserves the Best

Considering the uncertain times we live in, health insurance comes in handy irrespective of your age. Often, people make the mistake of underestimating the importance of getting insured in their early years, thinking that it brings value only in the later stages of life. However, no matter what the age group, unforeseen circumstances may strike at any point.

Here are some general guidelines on how much insurance one may need based on different ages:

Insurance in 20s

In their 20s, people are energetic and in the prime of health, which may be the reason why they ignore the importance of investments, including insurance.

According to Muninathan Sr Sales Manager Star health Insurance , getting insurance at a younger age comes with fewer premium costs due to no old-age ailments and related risks being involved.

"It is best to get insurance as soon as one is eligible because premiums are a lot more affordable. People in their 20s can take basic insurance first and add on coverage later in life when required. This will have many long-term benefits since they would be able to save more progressively," Muninathan told Agent News

Insurance in 30s

The 30s comes with increased responsibilities towards work, family, finances, and dependents. Now it's the time to evaluate financial ability and health and get insurance accordingly.

"If one has a cover, then he/she can increase its amount after every significant event in life, such as marriage or home purchase. He/she must also plan for comprehensive health cover for family that covers not only expenses on critical healthcare in case of unforeseen events but also out-of-pocket expenses on doctor consultation, diagnostics, medicines etc. This will also ensure a good financial health," Muninathan said.

Insurance in 60s and above

As individuals approach this age, they may be more prone to chronic lifestyle diseases such as hypertension, diabetes, and arthritis. They may require more frequent medical attention, which may increase healthcare expenses.

According to Muninathan, a health insurance plan that offers comprehensive coverage for preventive health care, chronic disease management, and hospital stays may be suitable for needs.

"In view of this, people in early 60s should have minimum Rs 31-50 lakh of insurance coverage," he told Agent News.

For people above 65, healthcare needs may become more complex, and they may require more frequent medical attention, including need for knee replacement and other orthopaedic surgeries.

"A health insurance plan that offers comprehensive coverage for preventive health care including outpatient treatment covering doctors visit, investigation and prescription drugs, chronic disease management, and hospital stays may be suitable for needs. It is recommended to have minimum Rs 51 lakh to Rs 1 crore of insurance coverage," Muninathan Added.

(Muninathan working as Sr Sales Manager at Star Health Insurance)