What is my worth?
You are the most priceless person on this planet for all your family members and friends and it is difficult to say how much coverage is a good amount. In terms of identifying or putting a value the fact is that there is no hard & fast rule. It is like deciding the size of umbrella one need to protect one’s family from unseasonal rain. Obviously if an adult uses a child’s umbrella to protect from rain, it would still drench him and any size of umbrella may not be able to protect one from unleashing torrential rains.
The decision on amount of coverage is based following factors:
- Age – Higher the age, higher is coverage needed.
- City of residence – Cost of treatment is higher in Metro & A Class town as compared to B & C category town and hence need for higher coverage
- Number of family member covered – More the number of people covered (specially under floater plan) higher the coverage needed.
- Living Standard / Life Style – Some people like the best facility /lifestyle and would not like to settle for B category hospital.
Considering the increasing cost of treatment, we recommend people living in Metro & A class towns and with age above 45 to go for minimum coverage of Rs 5 Lakh for family. Younger people may go for coverage of Rs 3 Lakh and increase the same as they progress in life.
More to come soon…
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