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

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Financial advisors play a significant role in guiding businesses and individuals in making sound financial decisions through advice on investments, tax strategies, retirement planning, and more. However, financial advisors must understand that unforeseen medical expenses could significantly impact their ability to sustain their financial growth.

Hence, buying health insurance is the correct decision to save their finances during medical emergencies. If you are about to purchase a health plan and wondering about the health insurance sum assured for a financial advisor, this blog is for you.

The Need for Health Insurance for a Financial Advisor

Due to client expectations and a high level of responsibility, the job of a financial advisor can become very stressful. Managing the clients' investments, tackling market volatility, and the pressure to consistently deliver positive outcomes can add to that pressure. Among the things that make a financial advisor feel secure and have peace of mind is a health insurance policy.

A good health insurance policy is the solution to safeguarding your family in times of tremendously expensive healthcare. In dire health insurance requirements for a financial advisor, ACKO offers well-thought-out plans that provide extensive coverage while not straining your budget.

What is the Ideal Sum Insured for a Financial Advisor in India?

There is no one-size-fits-all sum insured for financial advisors. It depends on several factors, including your average income, number of dependents, family size, location, and the coverage you require. Let us take a look at the following pointers to get a clearer idea:

Ideal Sum Insured for a Single Financial Advisor

If you seek health insurance as a single financial advisor, ACKO Standard Health Plan is the perfect solution. It comes with Rs. 1 crore of the maximum claimable amount and helpful features like pre and post-hospitalisation expense coverages. In addition, it offers a cashless hospitalisation facility at our network hospitals of more than 14,000.

Ideal Sum Insured for a Financial Advisor With a Family

On the other hand, if you have a nuclear family, a plan that covers the healthcare cost of each member would be an ideal choice. ACKO Platinum Health Plan has specific features to serve that purpose well with its extensive coverage and unlimited sum insured.

Ideal Sum Insured for a Financial Advisor With Ageing Parents

Do you have ageing parents to look after? Consider the ACKO Platinum Super Top-up Plan as the perfect plan for the seniors in your family. You can also purchase this top-up policy without a base plan. With a sum insured up to an unlimited amount, this plan is most cost-effective and acts as a backup plan.

Ideal Sum Insured for a Financial Advisor With Special Needs Family Member

Looking after someone with special medical needs can be tough emotionally and financially. You can comfortably look after the financial side by opting for the ACKO Platinum Health Plan with an unlimited sum insured. It provides financial assistance to cover expensive treatments for the family member with special needs.

Nevertheless, you must buy ACKO health insurance with high coverage, as it allows you to combat medical inflation. It also allows you to opt for expensive medical treatments in the top hospitals in India.

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 Advisors in India?

Health insurance plans like The Pradhan Mantri Jan Arogya Yojana are valuable for citizens, as the Indian government finances it. Many other schemes like this offer similar benefits by paying lower premiums regularly. These schemes include the Universal Health Insurance Scheme, Pradhan Mantri Suraksha Bima Yojana, and the Central Government Health Scheme.

The features these plans have almost in common are:

Coverage up to Rs. 5 lakhs
Premium of Rs. 100 onwards per month (except for some schemes)
May not include preventive health care provisions
The inclusion of private hospital rooms is subjective
No tax benefits are available

These schemes offer a comparatively lower sum insured than high-coverage insurance plans. Hence, purchasing an extensive policy can be the best health insurance plan for a financial advisor.

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

When you opt for high coverage health insurance, the premium will be high. Nevertheless, how much premium you have to pay depends on how much coverage you need according to your requirements. Let us take a look at the following scenarios:

A financial advisor with a spouse will only need basic healthcare coverage along with emergency hospitalisation coverage for both.
When the family consists of one or two children, along with the same coverage, one would need coverage for child and maternal care.
If the family is big, comprising elderly parents and other members, a plan that covers all their medical needs is necessary.

Estimate your health insurance costs with Health insurance premium calculator

Factors to Consider While Getting Health Insurance for a Financial Advisor

Check this short guide before you buy health insurance for a financial advisor. It gives you several things to consider before you select an insurer and a policy:

Conduct thorough research on the insurance companies and compare their plans simultaneously.
If you are between 20 and 30 years old, you must buy a health plan now, as you can enjoy paying a low premium and make fewer claims.
Look for coverages like day-care procedures, specific diseases and treatments, alternative treatments, room rent limits, etc.
Understand in detail the sum insured and the premium you must pay.
Give equal importance to the exclusion list while you choose a policy.
Make sure that there are a high number of hospitals available for cashless treatment.

What Benefits Do I Get for Choosing ACKO?

Traditional health plans cannot be as cost-effective as the plans of ACKO, as they have to bear costs for their agents and brokers. Our online distribution models help us provide you with the best plans with comprehensive coverage within your budget. Here are some significant features of our plans apart from budget-friendliness:

ACKO Standard Health Plan

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

ACKO Platinum Health Plan

Zero Deductions at Claim
Zero Co-Payment
Expensive Medical Treatment Coverage
Unlimited Sum Insured
Zero Waiting Period
Multiple Built-in Add-ons

ACKO Platinum Super Health Top-up Plan

Emergency Evacuation Coverage (Domestic)
Critical Illness Coverage
Multiple Ambulance Trips Coverage
High Sum Insured
Useful Built-in Add-ons

Why is Raising Claims Easier With ACKO Policies?

Apart from being the precursor of digital insurance in India, we also take pride in the result of our digital innovation that has resulted in the ACKO app. It is a one-stop solution for all your insurance-related needs. Raising claims through ACKO is very simple, as well as any other operation running from buying new plans to renewing old ones.

Enhance your health insurance by exploring these unique benefits
Cashless Health Insurance	OPD Cover	Domestic Emergency Evacuation Limit	Second Opinion	Accidental Disability Cover

Wrap It Up!

To be a successful financial advisor takes hard work, inclination to shoulder high stress, and preparedness to meet regulatory requirements. It is a high-paying job but with a high burnout rate. Buying an ACKO health insurance policy as a backup should be one of the few things you need for your peace of mind. Now that you know the health insurance sum assured for a financial advisor, you can navigate our site, compare plans and choose the right policy to get an instant quote.

Frequently Asked Questions

The following are frequently asked questions concerning health insurance for financial advisors.

How is a regular health insurance plan different from super top-up health insurance?

Standard health insurance plans offer coverage up to a specified limit. In a medical emergency, if this plan reaches its limit, the super top-up plan will cover the additional expenses and ensure you do not have to bear the out-of-pocket costs.

How is a super top-up health insurance plan cheaper?

A super top-up plan is cost-effective as the risk is lower for insurance companies. It complements the policyholder's current health insurance and activates only when medical expenses exceed a specific threshold.

Is it beneficial for self-employed financial advisors to buy health insurance?

Absolutely yes! Self-employed financial advisors must buy health insurance since they do not have coverage from an employer's insurance policy.

Can I purchase a health insurance plan online?

Once you have researched, compared, and selected a plan that suits your requirements, you can easily purchase it through ACKO's streamlined online process, all from the comfort of your home.

What is preventive care in health insurance?

Preventive care involves identifying and preventing potential medical issues before they escalate. It includes regular check-ups, cancer screenings, wellness services, immunisations, and other proactive health measures.

_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.}