One of the biggest benefits is lower premium rates. Insurance companies consider younger individuals healthier and lower risk, hence charging lower premiums compared to older age groups.
Buying health insurance at a younger age may exempt you from medical check-ups. Serious illnesses are less likely at a younger age, allowing insurance companies to offer this exemption.
Health insurance policies often have waiting periods for pre-existing conditions. Buying a policy at a younger age ensures that by the time age-related illnesses might arise, the waiting period for pre-existing conditions will have elapsed.
If you do not make any claims in a year, you receive a no-claim bonus. This bonus can be used to enhance your coverage over time, making it easier to accumulate when you start early.
Health insurance also offers tax benefits under Section 80D of the Income Tax Act, where you can claim up to Rs. 25,000 per year on premiums paid. Buying health insurance at a younger age allows you to avail of this tax benefit for a longer duration.
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