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Here's Common Myths about Health Insurance

Often health insurance is perceived as confusing and limited by people. Here, we are debunking six common myths about buying health insurance in India.

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Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

With a global pandemic at large, people have become more cautious of where they invest their money and how they protect their health. When it comes to safeguarding health while ensuring not to drill holes in your pockets, health insurance plans prove to be one of the most dependable and beneficial solutions. Of course, buying life health insurance is an important decision, and you must have tried learning about its features, how it works, who can take it, etc. Though the information acquired from various sources cannot always be relied upon. False information, inaccurate facts, and incomplete data can confuse you and give you wrong ideas.

With this article, we aim to debunk a few of such myths associated with health insurance.

A Cheap Policy is the Best Policy

We often assume that the plans with the lowest premiums will be the best ones. However, this may not always be true. Lower medical insurance premiums might seem pocket-friendly but may only have a few basic benefits. Paying a slightly higher premium may get you a larger sum assured and additional benefits. Ensure that you choose as per your requirements to arrive at a suitable solution.

I smoke and hence won’t be offered a health cover

Though smokers are prone to health hazards, most insurers extend medical insurance to them. However, as the risk is high, smokers and alcohol consumers have to pay a higher premium and undergo strict pre-policy medical checkups.

Being Insured Under My Company’s Plan is Enough

It is an added incentive that the company covers you under their purchased medical insurance policy, however, it may not always be sufficient. This may be either in terms of the amount that you are getting as your coverage or because the coverage is limited to the period that you work with the particular company. Therefore, it is often recommended to have your own individual policy.

I am Not Covered if I Have Not Been Hospitalised for 24 Hours

Earlier medical procedures would take more than a day, however, due to technological advancement and progress made in the healthcare industry, today we do not necessarily need 24 hours for every procedure. This has led health insurance plans in India to incorporate cover for the procedures under 24 hours.

All My Medical Expenses are Covered by the Insurance Policy

This may seem like one of the most obvious notions, because people misunderstand health insurance as the means to alleviate all the financial burdens concerning medical assistance. However, health care insurance policies come with their set of terms and conditions. They either have exclusion of certain treatments or include a co-payment clause, where the insurer only covers a certain amount and the rest is to be paid by the policyholder.

I am Fit, So I Don’t Have to Buy Health Insurance

No matter how frequently you hit the gym and how well maintained your diet is, unforeseen incidents such as accidents and life-threatening illnesses like dengue, malaria can hit anyone at any age. It is important to note that hospital bills are not as easy on your pockets as before. Depending on the severity of your ailment, a single day at a hospital can hugely impact your savings, making health insurance a must-have for you.

It is advisable to choose your policy keeping all the above-mentioned points in mind. People sometimes tend to buy or stay away from these plans without being fully informed about all their features, terms and conditions. It is better to know what you are getting into to stay on top of everything!


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- A Consumer Education Initiative series by Kotak Life