How Much Sum Insured in Health Insurance Do Consultants Need?

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Whether it is health care or the business sector, a consultant plays a prominent role in all fields. The importance of this profession lies in their expertise and in-depth knowledge of the respective field. Additionally, with their strategic problem-solving skills, they enhance the efficiency of a company.

Every individual including a consultant should diversify their financial portfolio by investing in an insurance plan. Among all, having health insurance has become a basic need in today's world. Want to discover more about the health insurance sum assured for a consultant? Read below.

The Need for Health Insurance for a Consultant

The majority of people think that being a consultant is an easy job. However, this profession is associated with various potential health risks like high-stress-related diseases, unforeseen medical emergencies, and a lot more.

Henceforth, having a health insurance plan has become a basic need in the life of a consultant. Additionally, due to the high inflation rate, every aspect of an individual's life is getting affected including increasing healthcare expenses.

To get a financial backup, you must opt for a health insurance policy. ACKO health insurance plan comes with a wide range of packages to meet every requirement of yours. Besides, one can customise a health plan as per their needs with ACKO.

What Is the Ideal Sum Insured for a Consultant In India?

You must understand that every individual has different medical needs and requirements. Thus, there is no fixed ideal sum insured as it is subject to change from one person to another.

However, there are a few things that one must consider while choosing the maximum claimable amount like their age, family size, previous/existing medical complications, and the coverage you need.

Ideal Sum Insured for a Single Consultant

A single consultant must primarily look for a health plan that includes all the basic healthcare expenses like pre & post-hospitalisation expenses, critical illness coverage, etc. Standard Health Plans are best health insurance plans for a consultant (single) as they provide comprehensive medical coverage along with a maximum claimable amount ranging from Rs. 10 Lakhs to Rs. 1 Crore.

Ideal Sum Insured for a Consultant With a Family

A consultant with a family must choose health plans which are comprehensive so that they cover all the medical expenses of the entire family. By opting ACKO Platinum Health Plan, one can get a high sum insured. Additionally, it covers pre-hospitalisation and post-hospitalisation expenses for up to 60 days and 120 days respectively.

Ideal Sum Insured for a Consultant With Ageing Parents

In case you have elderly people in your family, then you must consider buying the ACKO Platinum Super Top-up Health Insurance plan as it allows you to buy it with or without a primary health insurance policy.

Ideal Sum Insured for a Consultant With Special Needs Family Member

If you have a member who requires speed medical requirements, in that case, opt for the ACKO Platinum Unlimited Health Plan. It comes with an unlimited sum insured along with coverage for expensive medical treatments.

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 Consultants In India?

Under the Pradhan Mantri Jan Arogya Yojna (PMJAY) scheme, health insurance is given free of cost to lower economic families of India. In 2018, this scheme was founded by the government, aiming to offer free health protection to over 10 Crore families.

An individual can easily apply for this scheme via both online and offline modes. However, there are a few eligibility criteria that one needs to meet before applying to this scheme. Below are some of the key features of the Ayushman Bharat Yojna scheme.

Features of the PM-JAY Scheme

Sum Insured up to Rs. 5 Lakhs per family (in a year)
Cashless healthcare services at both private and public network hospitals
Medical treatment expenses
Accommodation expenses
Pre/Post-hospitalisation costs
Specific pre-existing disease coverage
Food services, etc.

How Much Premium Should a Consultant Pay for Buying Health Insurance?

The premiums for health insurance plans differ based on several factors like the age of the insured individuals, their medical history, the sum insured, and the coverage benefits. For example, below are the three common family sizes according to which the sum insured varies.

Scenario 1: A Consultant With a Spouse

In such cases, one must look into a standard health plan which will easily cover all the basic medical expenses along with other healthcare emergencies for oneself and their spouse.

Scenario 2: A Consultant With a Spouse and a Child

For such a family size, you have to opt for a comprehensive health plan which offers a high sum insured along with other useful add-on covers like non-medical expenses, daycare treatment, and others.

Scenario 3- A Consultant With a Big Family (Approx 6 Members)

In such a big family including elderly people, you must opt for a health plan which offers a higher or unlimited sum insured. Additionally, you must look into some other factors like pre-existing disease coverage, critical illness coverage, etc.

Factors to Consider While Getting Health Insurance for a Consultant

Besides, buying health insurance you must choose the right one to get optimal medical backup (financially) for you and your loved ones. Have a glance at all the below-listed factors which one needs to consider before purchasing a health insurance policy.

Inclusions & Exclusions
Network Hospitals
The Waiting Period
Premium Rate
Sum Insured
Day Care Procedures
Pre & Post-hospitalisation Coverage
Room Rent Capping
Co-Payment Clause
New-age treatment coverage
Availability of Add-on Covers
Deduction on Claims
Claim Process

What Benefits Do I Get for Choosing ACKO?

ACKO health insurance plans act as a safeguard against unexpected medical emergencies. Ranging from standard health plan to platinum health plan, all offer comprehensive coverage along with additional add-on covers. Read below to get a brief about the varied perks of buying ACKO health plans.

Zero deduction on the claim amount
No waiting period for ACKO Platinum Health Plan holders
Cashless hospitalisation
No room rent capping
Protection against inflation
Add-on covers

Enhance your health insurance by exploring these unique benefits
Unlimited Sum Insured	Domiciliary Treatment	Second Opinion	Room Rent Limit	Accidental Disability Cover

Why Is Raising Claims Easier With ACKO Policies?

As India's first digital insurance company, we offer a user-friendly and fast ACKO application online. Starting from buying policies to raising claims, one can carry out varied activities to manage their insurance policies. Besides, with the advancements in technology, we minimise the hassle of physical documentation and a lot more.

Another prominent advantage of buying an ACKO health insurance plan is that we have lower operational costs in comparison to other traditional insurance providers. ACKO offers insurance policies at competitive prices. This affordability makes our insurance plans more accessible to all the individuals of India including consultants.

Wrapping It Up!

A consultant heals the common people to make informed decisions about their health and well-being. Every individual including a consultant should make their life more financially secure by buying health insurance.

Additionally, it will not only act as a safety net during unforeseen medical emergencies but also maintain mental peace. So, what are waiting for, surf the website and get an instant quote for any of the ACKO health insurance plans as per your need. Buy health insurance and enjoy the benefits of health insurance sum assured for a consultant.

Frequently Asked Questions

Have a glance at some of the interesting frequently asked questions about health insurance for consultants.

What is the waiting period for health insurance?

The waiting period in health insurance refers to the duration policyholders need to wait before certain coverage becomes accessible after buying a health insurance policy.

How much money should you invest in health insurance?

Financial experts suggest investing 50% of your annual income in varied insurance plans including health insurance policies. However, choosing the right health insurance plan is important thus making an informed decision while buying one.

What is room rent capping in health insurance?

Room rent capping in health insurance is the maximum limit set on the amount that an insurer will bear for a hospital room/day during an insured's hospitalisation. This means that if the cost of the room exceeds the stated limit then the policyholder has to bear the remaining amount from their pocket.

What is the co-payment clause in health insurance?

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

Are there any tax benefits on health insurance for a consultant?

Yes, consultants can avail tax benefits on health insurance premiums paid under Section 80D of the Income Tax Act. You can get deductions up to certain limits for you and your family members.

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.