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Factors Which Help You To Decide How Much Insurance You Require?

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Today just taking a health insurance is not enough, picking the right one is more important. At a time when cost of new and advanced medical facilities is skyrocketing and different insurance providers are offering lucrative policies, making the right call is of utmost significance. That’s why, we are here to discuss the factors you should keep in mind while deciding how much health insurance you really need. 

5 Factors to decide insurance requirement:

1. Age- It is the primary factor on which your type of health insurance should depend.  It is believed that as you age, you are more likely to be affected by various health issues and therefore, the more aged you are, more will be your premium amount. 

2. Medical History- This will decide the insurance premium type and price. If your family members or ancestors have suffered from a serious illness and you or your doctor feels that it might be hereditary, then it is precautionary to take the insurance accordingly and go for a suitable insurance rate with a bigger coverage. 

3. Profession- The occupation in which you are will decide your premium rate. If you are working in factory, industry etc., you are more likely to be prone to chronic diseases. If your work involves more travelling, then you should opt for accidental cover as well. 

4. Discount/ Upgrades- Expect lower insurance prices if you haven’t claimed any money during your previous tenure. You can take advantage of top-ups to increase your coverage by paying a little extra. 

5. Affordability- This is another chief factor in determining your premium type, coverage and price. If you are more of a private person, then you will be opting for cabin room facility during hospitalization. So the premium amount will be higher depending on the type of hospitals and services you have opted for. Premium amount must be pocket friendly as any delay in renewal would lead to discontinuation of the plan. Go for one that doesn't disturb your budget as sometimes reimbursements take time. 

Well, to say there exists a right amount that needs to be invested in buying a health premium, wouldn't be correct. However, keeping the above-mentioned factors in mind while deciding which insurance to go for, will help you in the longer run. HDFC ERGO is an insurance provider that cares for your requirements, both present ones and the possible ones in future, and suggests you a few beneficial schemes. But just remember that your job is not done after choosing an insurance policy. You must keep an eye on better schemes, top-up plans, any substantial change in any of the factors discussed above and review them to see if your benefits can be maximized.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the purchase.