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Buying a New Mobile Phone? Invest in a new Health Insurance First!

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August 31, 2018

Who wants to settle? Especially when there are so many new models with the latest features being launched often.

Before you get any ideas, let us make it clear that we are talking about mobile phones.

Michio Kaku, the American futurist and professor of theoretical physics in City College of New York famously quoted that today a single smart phone have more computing power than all of NASA had in 1969 when it put the first man on the moon.

As we constantly upgrade our lives, it naturally calls for owning the latest mobile phone. Applications, Pictures, Videos, Gifs that keep gushing in from the several contacts and Whatsapp groups that we are a part of, make us cry out the universal desire of young people across the world - We Need More Space.

Never settle isn't just a tag line but increasingly the norm as phones with better performing cameras, substantially higher capacity to save data and powerful processors to play the latest games come out each year - and become the preferred phone of the whole generation.

Our mobile phones have become a natural extension of us. They carry our entire world in their tiny metal bodies and make our personal and professional lives so much better. It shouldn't surprise anyone that 4 out of 10 Indians want to change their mobile phone every year. This alone proves what an important part these gadgets play in our lives.

The urge to satisfy our need to buy a new phone every year usually leads to an unbudgeted purchase as it is difficult to predict when we would need a new phone and what would the cost be.

Sometimes this urge becomes stronger. After consistently buying a phone in the range of 10 to 15 thousand rupees every year for the last few years, this time we decide to celebrate that new job with a fat pay hike by buying a phone worth Rs 50,000.

We certainly deserved it didn't we? Even though it seems crazy! However, we end up doing something far crazier. We decide not to own insurance in a market where medical inflation is rising quicker than the data being consumed by one's smart phone. And what can be crazier than this? It would be buying an expensive phone INSTEAD of health insurance! Can you imagine your hospital bills if you are hospitalized due to an accident or major ailment? Maybe the Mediclaim provided by your office can cover it. However, what if you are between jobs? Or worse, you have taken a sabbatical?

The best time to buy your health insurance was yesterday! Buying health insurance when you are young is a really smart thing to do.

Remember an investment in health insurance pays off over your entire life and not just the initial one year of the cover. Here are five reasons to get one early:

  • A low premium when you start early:

    The premium amount charged by an insurer depends on your current health status and age. The insurer also assumes that if you are young he will receive more premiums from you for a similar amount of risk covered. Therefore, starting early will mean lower premiums not just at the moment but throughout your life.

  • Save taxes by investing in your health:

    Government of India gives tax benefits on premiums paid towards health insurance. The earlier you get an insurance, the longer you get to take advantage of the tax deductible.

  • Don't have to worry about waiting period:

    Almost all health insurance schemes have a waiting period for preexisting illnesses. Further, there may also be an overall waiting period at the onset of a policy. If you buy health insurance when you are young and healthy, you need not worry about the waiting period affecting the coverage.

  • Wider options to meet your needs:

    If you opt to get health insurance early, you will be able to choose a policy that best meets your requirements. Analyze your lifestyle, family history, and medical history to choose coverage for diseases you may be susceptible to. Young and healthy can explorer wider options at low premiums and still not worry about rejection.

  • Financial planning:

    Given the rising incidence of lifestyle diseases in the young and unforeseen nature of a medical emergency, it is no surprise that many people are financially crippled by such an occurrence. Having a medical insurance lets you plan for emergency and the discipline of setting money aside helps with overall financial planning as well.

Sure, own that high end mobile phone. You certainly deserve it! But you also deserve a fantastic medical cover. So, don't settle for a life without health insurance.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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