Can a ₹5 lakh medical insurance cover take care of your needs?5 min read 22 Mar 2023, 11:13 PM IST
A ₹5 lakh policy is a good option, particularly if you are young. For most people though, a top-up plan is ideal
Health is wealth, goes the saying. But a medical insurance policy is the need of the hour to meet any untoward treatment costs. Many of us buy it every year, not just for the said reason but also to take advantage of income tax exemption. Traditionally, a ₹5 lakh medical insurance policy has been the most common type of cover taken out by Indians working in the organized sector. Yet, experts often recommend a much higher cover. Mint looked at available claims data to see whether a ₹5 lakh policy is adequate or whether you need to buy a higher medical insurance cover.
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