Why Indian Families Should Get Medical Insurance Before Turning 40?

Life in your 30s is often filled with many exciting milestones like career growth, raising children, and working toward personal goals. Amid all this, one key decision that many Indian families overlook is securing a family medical insurance plan. While you may feel healthy and full of energy, it’s important to remember that health can sometimes be unpredictable. Getting the right health insurance plan early on can offer valuable peace of mind, ensuring you’re prepared for the future. Let’s take a look at why investing in a solid health insurance plan before 40 can be a smart decision for Indian families.

1. Beat the Waiting Periods

One of the most overlooked aspects of health insurance is the waiting period. Most policies come with a 1–4 year waiting period for certain diseases and pre-existing conditions. That means you will have to wait for a specific period in order to claim your insurance for those particular health issues.

Now, imagine you’re 38 and suddenly diagnosed with a health issue that needs treatment. If you don’t already have family medical insurance, you’ll either have to pay from your savings or wait it out. On the other hand, if you had taken a policy at 30, this waiting period would already be over by now, and you’d have full access to the policy benefits.

2. Save on Premiums

Here is one fact that you should know: the younger and healthier you are, the lower your health insurance premium will be. When you buy family medical insurance early, you lock in lower premiums for the same coverage compared to someone buying it at a later age.

Additionally, insurers like Bajaj Allianz Generic Insurance Company offer No Claim Bonus (NCB) benefits, accumulating up to 100% of the sum insured for every claim-free year, enhancing your coverage without increasing premiums.

3. Avoid Mandatory Health Check-Ups

Once you hit your 40s, insurers often require medical tests before approving your health insurance policy. If any health conditions like diabetes, high blood pressure, or heart issues are detected, your premiums could be higher, or worse, some conditions may be excluded from coverage altogether.

However, when you apply before the age of 40, you’re more likely to be approved quickly and without needing extensive tests. Even if such health issues develop later, they’ll still be covered under your policy because you enrolled before they began.

4. Keep Up with Rising Medical Costs

Medical inflation in India is real, and it’s rising rapidly. From doctor consultations and diagnostic tests to hospital stays and surgeries, everything is getting more expensive. A simple hospitalisation can cost tens of thousands, and a surgery can drain your savings.

Having family medical insurance early in life ensures that you and your loved ones are financially protected from these rising costs. You can focus on getting the right treatment without worrying about money. The earlier you buy, the more financially prepared you are for medical uncertainties in your 40s and beyond.

5. Shield Your Savings from Medical Shocks

Most families in India prioritise goals like education, home buying, or retirement when planning finances. But a major medical emergency can derail these plans in an instant. Without health insurance, even a single hospital bill has the potential to destroy years of savings or force you to take on debt.

With family medical insurance, your savings stay intact. Instead of dipping into your emergency fund or breaking your investments, your policy takes care of the expenses. This kind of protection is not just smart. It’s essential.

6. Enjoy Comprehensive Coverage When You Need It Most

As you grow older, your chances of needing regular medical care increases. By getting health insurance before 40, you ensure that by the time you reach the stage where you might need frequent treatments or check-ups, your policy is already active and fully functional.

You’ll also be eligible for more comprehensive plans that include benefits like annual health check-ups, pre- and post-hospitalisation coverage, and more. These added benefits can make a huge difference in your quality of care as you age.

7. Tax Benefits

Under the old tax regime, individuals could claim deductions under Section 80D of the Income Tax Act for health insurance premiums paid. The limits are:

• Up to ₹25,000 per year for premiums paid for self, spouse, and children under 60 years of age.
• Up to ₹50,000 if the insured is a senior citizen (60+ years).

Additionally, up to ₹25,000 (or ₹50,000 for senior citizen parents) can be claimed for premiums paid for parents. Preventive health check-up expenses up to ₹5,000 are also deductible. In total, deductions can reach ₹50,000 for non-senior citizens and ₹1,00,000 for senior citizens.

8. Peace of Mind for the Whole Family

Above all, having family medical insurance brings peace of mind. Whether it’s a small procedure or a major emergency, you know you’re financially prepared. Your family doesn’t have to scramble for money or delay treatment. You can focus on recovery, not hospital bills.

This sense of security is something no amount of money can replace.

Conclusion

Turning 40 is often seen as a significant life milestone, and in terms of health planning, it can also bring increased risks and higher insurance premiums. By taking the step to secure medical insurance before reaching 40, you lock in lower premiums, avoid waiting periods, and ensure comprehensive coverage when you need it most. The earlier you invest in health insurance, the more financially prepared you’ll be for medical expenses, allowing you to focus on what truly matters, your health and your family’s well-being. Don’t wait until it’s too late. Protect your future and invest in a solid medical insurance plan today.

 

*Standard T&C Apply

**Tax benefits are subject to change in prevalent tax laws.

##All savings are provided by the insurer as per the IRDAI-approved insurance plan.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Claims are subject to terms and conditions set forth under the health insurance policy.

The information presented is not meant to be a substitute for medical advice. Any suggestions mentioned should be considered for general use only. For expert guidance on any health ailment or medical issue or any treatment/procedure, please consult a certified medical professional.