When do you think its best to take medical insurance?


I was planning to take medical insurance for FY 2010-11 worth 15k with LIC- Apollo Munich for my family. However with the introduction of DTC from April 2012 the medical insurance limit is being increased to 50,000. Do you suggest i take the policy now or wait till the DTC is introduced as i will end up paying IT of not less than 20,000 this year?

Would it make any difference : 15k Vs 50k medical insurance?

Can some one please advise?

asked Aug 29 '11 at 21:14 by Suchdev 1112

Medical insurance is an annually renewed insurance like car insurance and does not return money in case of no claim.

Frankly, 50,000 is too huge premium for medical insurance to pay every year. You may get a good family floater insurance from Apollo-Munich or Max Bupa for around 15-20k per year. This will give atleast 5-7 lacs cover which is sufficient for most of the families.

I won't advise to buy a 50K medical insurance just for the same of saving income tax. To save 30% income tax, you are also spending 50K with no returns.

One more point, LIC does not sell medical insurance as of now.

answered Aug 30 '11 at 00:20 by Pankaj Batra 5.2k320


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Asked: Aug 29 '11 at 21:14

Seen: 1,865 times

Last updated: Aug 30 '11 at 00:20