How Much Sum Insured in Health Insurance Do Financial Analysts Need?

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Financial analysts play a vital role in every company, as they are responsible for researching various investment strategies and making financial decisions in the business. Their job roles require strong mathematical and analytical skills, which leads to immense stress.

Nonetheless, such stress can lead to various medical conditions like severe headaches, anxiety, heart disease, etc. Henceforth, a financial analyst should consider purchasing health insurance plans to secure its future. In this blog, you will get a detailed idea about health insurance sum assured for a financial analyst.

The Need for Health Insurance for a Financial Analyst

Inflations are leading to unmanageable healthcare expenses. Not only the healthcare sector but all aspects of an individual's life are being affected by high inflation. As life is unpredictable, everyone must safeguard themselves, especially in terms of medical expenses by buying a health insurance policy.

Being an individual holds various potential health risks thus one must have the best health insurance plans for a financial analyst. By choosing ACKO Health insurance policies, one can get comprehensive protection against varied unexpected medical emergencies.

What Is the Ideal Sum Insured for a Financial Analyst in India?

Stating a fixed sum insured for financial analysts is not possible as every individual has different requirements and needs. There are varied factors that you need to consider before choosing the maximum claimable amount like their age, family size, medical history, etc. Below are some key details to consider to understand the ideal sum insured for a financial analyst.

Ideal sum insured for a single financial analyst

If you are a single financial analyst, you can opt for a basic health insurance plan. For instance, the ACKO Standard Health Plan is ideal for such individuals as it offers a substantial sum insured to cover all your basic medical expenses. Additionally, it offers zero deductions on claims along with varied other coverage.

Ideal sum insured for a financial analyst with family

In case you are thinking of covering your family and yourself with insurance, you might consider opting for the ACKO Platinum Health Plan to get a high sum insured. This plan will provide coverage for all covered medical expenses. One of the key advantages of buying this plan is that you get zero waiting periods. Thus, the coverage begins from day 01.

Ideal sum insured for a financial analyst with ageing parents

If you are a financial analyst and have elderly parents at home, then consider buying the ACKO Platinum Super Top-up Health Plan to backup insurance coverage. This plan can be bought by individuals with or without having primary health insurance. Moreover, you get a varied range of sums insured to choose from as per your needs.

Ideal sum insured for a financial analyst with a special needs family member

In situations where you have to manage the special medical needs of a family member, you can choose to buy the Unlimited ACKO Platinum Health Plan to get a high sum insured. It provides various add-on covers which you can use as per your needs. In addition, you will get health insurance 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 Financial Analysts in India?

One can enjoy healthcare coverage free of cost by applying to the Pradhan Mantri Jan Aroygya Yojana (PM-JAY) scheme. An individual can either apply through online or offline modes at their convenience.

This scheme was launched to provide healthcare financial support to lower economic sections of India. However, you need to fulfil a set of eligibility criteria in order to enjoy the benefits of this scheme. Below are some of the following coverage you will get under the PMJAY scheme.

Medicine
Pre & Post-hospitalisation
Medical examinations
Treatment
Diagnostic services
Laboratory services
Medical implant services
Accommodation
Food services
Non-intensive & intensive care services, etc.

Though the government health insurance schemes are beneficial to entrepreneurs, the lower sum insured will not be adequate to help you during medical emergencies. Moreover, the sum insured of Rs. 5 lakhs will not be able to meet your family's expensive medical treatments.

How Much Premium Should a Financial Analyst Pay for Buying Health Insurance?

As a thumb rule, a financial analyst must consider investing 50% of their annual income in varied investment options including health insurance policies. Moreover, stating a fixed ideal premium rate is not possible as it differs on varied factors, such as the sum insured, your age, family size, current health status, and the chosen coverage.

For example, if a financial analyst wants to buy a health plan for himself, then he or she can choose standard health insurance plans. Such basic plans are enough for a single person as they can cover all the basic medical expenses and emergencies.

On the other hand, a financial analyst with a family should choose a comprehensive health insurance plan. Additionally, the maximum claimable amount should be higher so that it can meet every healthcare expense of you and your entire family.

Estimate your health insurance costs with Health insurance premium calculator

Factors to Consider While Getting Health Insurance for a Financial Analyst

Choosing the right insurance plan for you and your family is crucial to ensure optimal medical coverage in future. Here are the following factors which a financial analyst must look into before starting to invest in health insurance policies.

Sum insured
Waiting period
Pre & post-hospitalisation coverage
Hospital network
Claim settlement ratio
Cashless facilities
Claim process
Co-payment clauses
Room rent capping
Pre-existing diseases coverage
Exclusions, etc.

What Benefits do I Get for Choosing ACKO?

ACKO health insurance plans offer a comprehensive range of inclusions along with multiple add-on covers. Additionally, you will get other benefits for having an ACKO health plan. Have a glance at the below-listed features of ACKO plans.

ACKO Standard Health Plan

Sum Insured (Rs. 10 Lakhs, Rs. 25 Lakhs, Rs. 50 Lakhs, and Rs. 1 Crore)
Critical Illness Coverage
Cashless Hospitalisation
Pre & Post-Hospitalisation Expenses

ACKO Platinum Health Plan

Zero Waiting Period (insurance coverage from day 1)
Rs. 1 cr. and Unlimited Sum Insured
Zero Deductions at Claim
Expensive Medical Treatment Coverage
Zero Co-Payment
Multiple Add-on Covers

ACKO Platinum Super Top-up Health Plan

Sum Insured (Rs. 10L, Rs. 25L, Rs. 50L, Rs. 1 crore, Unlimited)
Critical Illness Coverage
Multiple Ambulance Trips Coverage
Emergency Evacuation Coverage (Domestic)
Additional Add-on Covers

Why is Raising Claims Easier With ACKO Policies?

Every individual, including financial analysts, must buy the right health insurance policy. Unexpected medical emergencies can occur anytime due to which health insurance has become a necessity in today's world.

With the ACKO mobile app, raising or filing claims has become easy and convenient. The application comes with a user-friendly interface, where you can easily manage your insurance-related activities with a few clicks.

Whether you want to renew your policy or file a claim, all can be done from the ACKO app. Additionally, being a digital-first insurance company, ACKO eliminates the need for any third-party platforms or agents which reduces the operations expenses. This makes our plans much more affordable than other insurers.

Enhance your health insurance by exploring these unique benefits
Restore Sum Insured	OPD Cover	Second Opinion	Cashless Health Insurance	Daily Hospital Cash Policy

Wrapping It Up!

Every company requires a financial analyst for their excellent data-driven decision-making ability. Besides, they offer guidance and in-depth insight into various financial risks that might affect the company's core. Indeed, financial analysts do not give any physical labour however their work involves too much of their brain.

This might cause serious stress-related health issues for which one needs to have a health insurance policy. Now that you know all about the health insurance sum assured for a financial analyst, navigate and get an online quote on the website.

Frequently Asked Questions

Have a glance at some of the interesting FAQs related to health insurance for financial analysts.

1. What are waiting periods in health insurance?

The waiting period, also known as the cooling period, is the predetermined time duration after you buy a health insurance plan till the date you can use it. By buying the ACKO Platinum Health Plan, one can enjoy a zero waiting period.

2. Is it compulsory to get health insurance for a financial analyst?

Having health insurance is mandatory in India for a financial analyst. However, it is a smart decision to buy one to have adequate financial backup for any unforeseen medical expenses.

3. What is the sum insured under the PM-JAY scheme?

The sum insured for the world’s largest health insurance scheme (PM-JAY) is Rs. 5 Lakhs/family annually. In addition, one can use their ABHA card in both public and private network hospitals.

4. Are there any tax benefits on health insurance for financial analysts?

Under Section 80D of the Income Tax Act, every individual including financial analysts can avail tax deductions on the paid premium. One can get deductions ranging from Rs. 25,000 to Rs. 1 Lakh on the premium paid towards their health insurance policy annually.

5. What is a co-payment clause in health insurance?

Co-payment is the claim percentage that the policyholder agrees to pay from his or her pocket irrespective of the claim amount. It usually varies from 10% to 30% and is mostly under senior citizen health insurance plans.

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.