How Much Sum Insured in Health Insurance is Needed for a Self-Employed Individual?

The government of India is constantly highlighting the importance of self-employment in India. Every year, more than 15 million individuals enter the self-employed workforce, which is crucial for India’s economy. 

Nevertheless, according to a report in 2019, approximately 55 million Indians were pushed into poverty due to medical debt. Although there are several advantages of working as a self-employed individual, it has certain disadvantages like long working hours, lack of employment benefits like health insurance and unpredictable income. 

Hence, you must opt for health insurance as a self-employed individual to protect your hard-earned money and combat medical inflation. Read on to understand the health insurance sum insured for a self-employed individual. 

Conventionally, an employee enjoys health insurance benefits from the employer, whether a private or government entity. However, as a self-employed individual, you may not have access to such health insurance plans. These factors will affect you in the case of medical emergencies and drain your hard-earned money. 

Furthermore, the rising cost of medical treatments and medications can affect your life and limit your chances of getting treatment from top hospitals in the country. It is when health insurance comes to your rescue as it provides you with financial assistance during such medical emergencies. 

As one of India’s best health insurance companies, ACKO offers health insurance to self-employed individuals, which you can customise according to your health requirements. It helps you tackle medical inflation and get the best treatment in top hospitals with zero deductions on insurance claims.  

When choosing the ideal sum insured for a self-employed individual, you must consider several factors. These factors comprise health conditions, age, family size and income level. Here are details of things you must consider when deciding how much sum insured in health insurance is ideal for a self-employed individual:

If you are looking for a solo health insurance plan as a self-employed individual, the ACKO Standard Health Plan is the perfect option. It offers you a maximum sum insured up to Rs. 1 crore and covers a wide range of medical expenses. You can opt for this plan as it has zero deductions on the claimable limit and no copayment charges. 

As a self-employed individual with a nuclear family, it will be ideal for you to opt for the ACKO Platinum Health Plan. Its high sum insured will cover your family's high medical expenses. The ACKO Platinum Health Plan is ideal for coverage of expensive medical treatments. Furthermore, it has zero waiting period for any specific illness or treatment and promotes zero deduction on insurance claims. 

If you have elderly parents in your family, the ACKO Platinum Super Top-up Health Plan is the perfect choice. It lets you purchase the plan with or without a base plan. Nevertheless, you must set a deductible limit before the plan starts to cover your medical expenses. You can opt for a sum insured ranging from Rs. 10 lakhs, 25 lakhs, Rs. 50 Lakhs, Rs. 1 cr, and an Unlimited amount. 

If you have a family member with special care and need due to a medical condition, you must choose the ACKO Platinum Plan with an unlimited sum insured. It ensures financial assistance to cover the expensive medical treatments of the family member with special needs. 

Furthermore, you must opt for ACKO health insurance with high coverage, as it helps to tackle medical inflation. Moreover, you can opt for expensive medical treatments for yourself and your family members, ensuring you do not pay anything from your pocket. 

The Government of India works towards providing good quality healthcare to the people of India. It is a state or central government-powered health insurance scheme which offers low-priced insurance plans to self-employed individuals with a sizable sum insured. These schemes include the Pradhan Mantri Jan Arogya Yojana (PM-JAY), Awaz Health Insurance Scheme, Aam Aadmi Bima Yojana, etc. 

Here are the features of government health insurance schemes in India:

Though the government health insurance schemes are beneficial to self-employed individuals, 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. 

When selecting health insurance premiums for self-employed individuals, you must consider several factors, such as family size, age, etc. If you want to choose health insurance for yourself and your spouse, ensure the plan covers basic healthcare needs and potential emergencies such as daycare treatment, hospitalisation expenses, evacuation expenses, etc. 

On the other hand, if you want to cover your children in the same plan, you must consider the healthcare needs of your children. It includes child care and other basic medical expenses. Moreover, if you want to include your elderly parents, you must go for an unlimited health insurance policy to cover your family's healthcare requirements. 

Estimate your health insurance costs with Health insurance premium calculator

When you want to buy health insurance for a self-employed individual, you must consider the following factors to select the best insurance policy:

Regarding the best health insurance for self-employed individuals in India, ACKO makes a great choice. This is due to its high insurance coverage at an affordable premium and easy-to-claim insurance amount. You can download the one-stop ACKO application to buy new health insurance, renew existing plans and claim insurance without hassle. 

Furthermore, ACKO eliminates the middlemen's requirement and their commissions to provide health insurance at an affordable premium than other regular insurance policies in the market. 

Henceforth, health insurance is a crucial investment for you as a self-employed individual. It will provide financial assistance and protect your hard-earned money during unforeseen medical emergencies. It is significant for you to understand the health insurance sum assured for a self-employed individual to choose the best plan according to your profession and healthcare requirements. 

So, if you are seeking health insurance for a self-employed individual, scroll this webpage and select a plan to get an instant customised quote for your preferred ACKO health insurance plan!

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.