Insurance
Health insurance
Also known as: Mediclaim
A policy that covers hospital and medical bills so a health crisis doesn't wipe out your savings.
Health insurance pays for hospitalisation and related medical costs, either cashless at network hospitals or by reimbursement.
One serious illness can cost several lakhs, so even young, healthy people need cover to protect their savings.
Buy it young, when premiums are low and you have no waiting periods to clear for pre-existing conditions.
For example
A ₹5L health policy costing ₹8,000-12,000/year can save you from paying a ₹4L hospital bill out of pocket after an accident or surgery.