Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

A Millennial’s Guide to Buying Health Insurance

Youngsters have no idea about the critical factors to consider while buying health insurance. So, here is a guide to help the millennials get the best health cover.

  • Oct 28, 2021

The millennials are often criticised for their lifestyle, where they prioritise spending over saving for the future. It is also a general notion that millennials ignore buying insurance cover. However, a recent survey by one of the leading insurance companies in India suggests that a large portion of the millennials are aware of the importance of a robust health insurance policy and actively invest in it.

Modern youngsters understand the need for having financial backup during a medical emergency. With the COVID-19 pandemic, the youngsters have realised the need for a health insurance policy to cover the medical costs. Although many youngsters are willing to purchase a health insurance policy, most find it challenging to choose the right policy. They have no idea about the critical factors to consider.

So, to help the millennials get the best health cover, we list down a few vital tips.

  • Know about the different types of plans
  • There are different types of health insurance plans. There are plans that not only cover the hospitalisation expenses but also help you avail of comprehensive coverage. Apart from the basic plans, you can also purchase critical illness plans specially meant to cover the treatment cost of life-threatening illnesses like cancer, etc.

    Since 2020, with the COVID-19 pandemic, insurance companies offer COVID-19 specific health insurance plans to cover the treatment cost if you are infected by the virus. Knowing about the different types of health insurance plans available in the market will help you choose the right policy to suit your specific needs.

  • Be aware of the sub-limits and deductibles
  • Many health insurance policies come with sub-limits and deductibles, which reduce your coverage. Make sure that you read the policy terms carefully to identify such limits and avoid buying such plans as you must pay a portion of the expenses from your pocket that are beyond the policy limits.

    There may be limits on the room rent, ICU charges, ambulance cost, domiciliary treatment, etc.

  • Choose riders to expand coverage
  • All health insurance companies offer a wide range of riders or add-ons to help you expand your coverage. You can pick any number of riders you want by paying an additional premium. Some of the popular riders include critical illness riders, accidental death riders, maternity cover, etc.

    Riders allow you to get coverage against specific risks that are not covered under your regular health insurance policy. Choose the riders carefully and get additional coverage.

  • Buy separate insurance for your parents
  • If you are buying a health insurance policy for you, your spouse, children, and your old-aged parents, it is better to purchase a different policy for your parents. There are two benefits of it.

    1. Since your parents would be the eldest members, the insurance company will calculate the premium based on their age. This would increase the overall insurance cost.

    2. If they have any illness and make frequent claims, you may not be able to accumulate NCB (no-claim bonus).

  • Take advantage of the tax benefits
  • Apart from covering medical costs, health insurance is an excellent tax-saving instrument. You can avail of tax benefits up to Rs. 25,000 on the premium paid for the policy under Section 80D of the Indian Income Tax Act.

    If you have purchased a policy for your senior citizen parents (aged more than 60), you can get an additional tax benefit of Rs. 25,000 in a financial year. Thus, with health insurance, you can reduce your annual tax liability by up to Rs. 50,000.

Final Word

Before you purchase a health insurance policy, take your time to understand the basics of health insurance and buy a suitable policy. You may be young and healthy now, but medical emergencies can occur at any time, and a health insurance policy helps you be prepared for such unexpected situations.

Kotak e-Term

Download Brochure


  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Health Insurance for Brain Tumour: What You Should Know on Symptoms & Diagnosis of Brain Tumour

Why Opting for Short Term Health Insurance Plans is a Wise Idea?

How do I Choose a good Health Insurance Plan?

Health Insurance Coverage for HIV Patients

How wellness benefits can help reduce your health insurance premium

Why Should You Opt for Cancer Insurance?

Section 80D: Everything You Need to About Income Tax Deduction for Medical Expenditure

What is the Right Age to Buy Health Insurance Policy?

Do Add-On For Health Insurance Policies Really Add Value?

Why You Must Disclose Your Pre-Existing Conditions While Buying Health Insurance?

Why You Must Review Your Health Insurance Policy/ Plan Every Year?

How to Transfer Your Health Insurance Cover Without Losing Benefits?

What is Telemedicine? How to Seek Medical Treatment Remotely?

Health Insurance Plan for Family

Health Insurance Coverage: Day Care Treatment Vs OPD Treatment

All You Need To Know About No-Claim Bonus In Health Insurance

How To Choose A Good Health Insurance Plan?

Health Insurance for Personal Accidents

5 things to consider while renewing a health insurance policy

List of Critical Illnesses Covered in Health and Life Insurance Plans

How to Switch to A Different Health Insurance Company?

Everything You Need to Know About the Ayushman Bharat Health Insurance Scheme

How to File Health Insurance Claims?

What are the Documents Required for Buying a Health Insurance Plan?

Healthy Habits to Avoid Falling Sick During Monsoon

What is Health Insurance and Why do You Need it?

Which Health Insurance Plans Cover Your Family Members?

What is OPD Cover in Health Insurance?

How to Claim Tax Benefits on Medical Insurance Premium?

What is Disability Insurance?

Is Health Insurance the Same as Medical Insurance?

What Is the Restoration Benefit in Health Insurance?

Health Insurance for Students Who Study Abroad

Saving Tax on Your Health Insurance

Which One is Better: Mediclaim or Health Insurance?

10 Effects of Fast Food on Your Body

Everything You Need to Know About Accidental Insurance Policy

Protect Your Family with Health Insurance Today

Buying Health Insurance with A Pre-Existing Illness? Things You Should Know

How Your Eating Habits Affect Your Health & How to Change Them

Seven Preventive Measures for Heart Related Illness

What is Single Premium in Health Insurance?

5 Reasons to Own Both Health Insurance and Term Insurance

What Does Health Insurance Not Cover?

5 Reasons to Consider Investing in Health Care

Health Insurance Plan for Cancer: What You Should Know on Symptoms and Diagnosis of Cancer

Critical Illness Insurance for Alzheimer's Disease

Why You Must Disclose Your Pre-Existing Conditions When You Buy Health Insurance

How Much Health Insurance Cover Should You Opt For?

Top Five Institutes for Free Cancer Treatments in India

Tax Benefits on Health Insurance Plans

How Is Your Health Insurance Premium Affected By Age?

Is Health Insurance Non-taxable?

Health Insurance Plan for Heart – What you Should Know on Symptoms and Diagnosis of Heart-Related Disease?

Why You Must Review Your Health Insurance Plan Every Year

Types of Health Insurance You Must Know About

10 Preventative Measures for Diabetes

7 Things to Audit in Your Health Insurance Plan

What is the Difference Between a Mediclaim Policy, Health Insurance and Term Insurance?

Does Critical Illness Insurance Cover Stroke?

Things to keep in mind before buying a health insurance plan for diabetics

Difference Between Open Heart and Bypass Surgery

Are You Covered for the Home Treatment Cost Under Your Health Insurance Policy?

Everything You Need to Know About Health Insurance for Parents

5 Reasons to Buy Health Insurance in 2021

What is the Persistency Ratio and Why Does it Matter to the Health Insurance Sector?

What are Health Insurance Premiums? How are they Calculated?

What Is the Restoration Benefit in Health Insurance Plan?

How Much Should I be Paying for Health Insurance?

Health Insurance with or Without Medical Tests? Which is Better

Choosing Health Insurance for Senior Citizens

Why do Patients with Hypertension Need Health Insurance?

Guide on Fraudulent Health Insurance Claims in India

Key Factors that Decide Your Eligibility for Buying Health Insurance Plans

What Medical Expenses Can You Claim in Health Insurance Plans?

Why is Cardiac Care Plan a boon for Heart Patients?

Tips to Reduce Your Health Insurance Premium

Factors to Consider While Choosing a Health Insurance Plan for Your Parents

6 Common Myths about Health Insurance

What do Health Insurance Plans Cover?

What is International Health Insurance? Meaning, Importance and Benefits

Why Your Health Insurance Cover Could be Insufficient?

Why You Need to Know About the Critical Illness Plan?

Is Cataract Surgery Covered under Health Insurance in India?

How Much Of Health Insurance Is Tax Deductible?

How is Health Insurance Cost Calculated?

7 Reason Why Should You Buy a Health Insurance Plan in Your 20s?

The Importance of a Health Insurance Claim Ratio

Health Insurance Plans for a Pre Existing Condition

Steps to Appeal A Health Insurance Claim Denial

Key Difference between Health Insurance and Mediclaim Policy

Benefits of Health Insurance You May Not Know About

Heart and Cancer Insurance

Health Insurance for Liver: What You Should Know About the Symptoms and Diagnosis of Liver Problems

Critical Illness Can Disrupt Family's Financial Goals and How Health Insurance Can be Useful

Stress and Heart Health: 4 Things You Should Know

Rashtriya Swasthya Bima Yojana: Eligibility, Coverage, Benefits

Basics of Health Insurance

What is BMI Calculator, and why is it Important?

How to Choose a Right Health Insurance Plan?