How Much Sum Insured in Health Insurance Do Entrepreneurs Need?

Home / Health Insurance / How Much Sum insured In Health Insurance Is Needed for a Entrepreneur?

In case you are an entrepreneur, wondering about the importance of health insurance in your life, let us enlighten you then. The fact that every entrepreneur needs the right health insurance plan to enhance their quality of life is an important aspect to consider.

Entrepreneurs run their businesses by themselves, which keeps them in a dicey situation (financially). Henceforth, they should consider buying health insurance plans to safeguard their unforeseen medical expenses in the future that may arise due to their line of work or stress. In this blog, you will get a detailed idea about health insurance sum assured for an entrepreneur.

The Need for Health Insurance for an Entrepreneur

Health insurance for entrepreneurs is an ideal way to protect you and your loved ones from any unexpected financial strain regarding medical care. The majority of people think that an entrepreneur’s job role is nothing but sitting in a cabin and running a business.

Certainly, their job role does not involve much physical labour but they face a lot of stress leading to mental exhaustion. This might lead to serious medical conditions which require immediate treatment. Thus, it is important to buy health insurance for an entrepreneur to diversify your financial portfolio.

In addition, India is facing inflation every year which is affecting every aspect of an individual's life including entrepreneurs. ACKO offers a range of varied health insurance plans to meet every requirement of their customers. Besides, you will get add-on covers by choosing ACKO health plans.

What Is the Ideal Sum Insured for an Entrepreneur in India?

The ideal sum insured for an entrepreneur varies as every individual has different needs and requirements. Besides, several factors like one's age, family size, previous medical history, etc. should be considered before choosing the sum insured for your health insurance plan.

Ideal Sum Insured for a Single Entrepreneur

For a single entrepreneur, having no spouse or parents, the standard health plan is the best health insurance plan. This plan will cover every basic need like medicine coverage, pre & post-hospitalisation coverage, room rent waiver, and many more.

Ideal Sum Insured for an Entrepreneur With a Family

Unlike single entrepreneurs, individuals with a family must opt for a more comprehensive health insurance policy like the ACKO Platinum Health Plan. This plan provides a high sum insured which is more than enough to cover every medical expense of you and your family. Besides, you can enjoy zero waiting periods by opting for this insurance plan.

Ideal Sum Insured for an Entrepreneur With Aged Parents

In case you have elderly parents, you might consider purchasing the ACKO Platinum Super Top-up Health Plan. This allows the policyholders to buy a plan with or without a primary health insurance plan.

Additionally, you will get a substantial sum insured ranging from Rs. 10 Lakhs to unlimited. Alternatively, the ACKO Standard Health Plan is also preferable for entrepreneurs with aged parents.

Ideal Sum Insured for an Entrepreneur With Special Needs Family Member

Unlimited ACKO Platinum Health Plan is also ideal for individuals with family members having special medical needs. You will get an unlimited sum insured along with numerous coverage by opting for this policy. In addition, it comes with zero waiting periods which means you will get health insurance coverage from day 1.

Check out our different sum insured plans to see which one suits you best!
10 Lakhs health inurance	25 Lakhs Health Insurance	50 Lakhs health insurance	1 Crore health insurance	Unlimited Health Insurance

Is Health Insurance Free for Entrepreneurs in India?

In India, health insurance is not free but one can apply to get an ABHA Card which one can use to get free health coverage for them and the entire family. On 23^rd September 2018, Pradhan Mantri Jan Arogya Yojana (PM-JAY) was launched aiming to provide healthcare coverage towards economically lower sections of people.

Although there are a few eligibility criteria which one has to meet in order to apply for the card. PM-JAY offers a vast range of features as follows:

1400 medical procedures covered
Sum insured Rs. 5 Lakh/family (in a year)
Pre-hospitalisation up to 3 days
Post-hospitalisation up to 15 days
Free of Cost
Pre-existing Disease Coverage, etc.

Even though such free schemes may seem attractive, they may not be enough when it comes to covering your medical expenses for some critical diseases. In such scenarios, having a comprehensive insurance policy, as per your suitable budget helps you get the required assistance without any issue.

How Much Premium Should an Entrepreneur Pay for Buying Health Insurance?

The premium of a health policy differs from one individual to another. According to financial experts, an entrepreneur must invest his or her 50% of annual income in varied insurance plans including health plans.

In addition, the premium of a health insurance plan differs on varied factors like coverage included, sum insured, add-on covers, and others. For example, if an entrepreneur plans to purchase a health plan for themselves, the basic plan will be more than enough to cover all unexpected medical urgencies.

On the other hand, entrepreneurs with bigger families including elderly parents require comprehensive health plans offering huge or unlimited sums insured. As you can understand, buying a standard health plan will require fewer premiums than opting for unlimited or comprehensive health insurance policies.

Estimate your health insurance costs with Health insurance premium calculator

Factors to Consider While Getting Health Insurance for an Entrepreneur

Unexpected medical emergencies can arise anytime and anywhere, thus one must have a health insurance plan to have a financial backup. However, one must buy the right insurance plan to get optimal coverage for them and their family members. Look into the following factors which one must consider while buying a health insurance policy.

Inclusions
Exclusions
Hospital Networks
Additional Add-on Covers
Sub Limits
Co-Payment Clauses
Waiting Periods
Deduction on Claims
Claim Process
Customisation Option

What Benefits Do I Get for Choosing ACKO?

With ACKO Health insurance plans, you can ensure optimal financial protection against unexpected medical emergencies. Besides, ACKO plans offer numerous benefits which make it ideal for an entrepreneur. Here are some of the benefits of buying ACKO health plans.

Zero Waiting Periods (ACKO Platinum Health Plan)
No Room Rent Capping
Zero Deductions on Claims
Cashless Hospitalisation

Enhance your health insurance by exploring these unique benefits
OPD Cover	Accidental Disability Cover	Restore Sum Insured	Cashless Health Insurance	Road Ambulance Limit

Why is Raising Claims Easier With ACKO Policies?

ACKO is a digital-first insurance company, minimising the need for complex documentation and third-party platforms or agents. This way we are simplifying and enhancing the user experience through the online mobile appl.

Ranging from buying policies to raising claims, you can carry out the entire management through our convenient and user-friendly app. Another prominent perk of purchasing an ACKO health insurance plan is that we have lower operational costs in comparison to other traditional insurance providers.

Wrapping It Up!

Health insurance is designed in such a way that it will provide optimal financial protection regarding varied medical emergencies. Entrepreneurs face varied stress while administering their business which can lead to potential health risks.

Thus in order to have a financial backup ready, buy health insurance. Now that you are aware of the health insurance sum assured for an entrepreneur, get instant quotations for various ACKO health insurance plans by surfing the website.

Frequently Asked Questions

Have a look into the following frequently asked questions about health insurance for entrepreneurs.

1. Are there any tax benefits on health insurance for entrepreneurs?

According to Section 80D of the IT Act, from the taxable income, the premium paid for your health insurance plan will be deductible. The maximum deductible amount is Rs. 25, 000 which you can extend up to Rs. 50,000 (for senior citizens).

2. What is room rent waiver capping in health insurance?

Room rent capping is the maximum amount of hospital room expenses your insurer will bear. In case the amount exceeds, then you have to pay the additional charge from your pocket.

3. Will an entrepreneur get unlimited claims with ACKO?

Policyholders can claim for unlimited hospitalisations up to the sum insured of the plan.

4. What are non-payable expenses in health insurance?

Non-payable expenses include medical costs like gloves, syringes, admission charges, surgical blades, etc. By opting for ACKO Health Plans, you can easily get all these expenses covered.

5. What does deduction on claims mean in health insurance?

A deductible is the amount which a policyholder needs to pay before the insurance plan starts to cover or pay. By choosing ACKO Health Plans, an insured individual can enjoy no deductions on their approved claims.

Disclaimer: The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.