I am 22 years old and have just started working. I have a term policy from Aegon Religare with CI rider and Personal accident rider.
With the rising costs for hospitalization nowadays, I felt that I need a health insurance. Then I realized that the probablity of me having a critical illness in coming years is very less. Also, I learnt about cases where the health insurance companies abruptly increase premium rates suddenly. So I decided to opt for only personal accident policy as I could meet with an accident anytime. Further, I also learnt about the Critical Illness general insurance which gives lumpsum when some critical illness is diagnosed.
But I am pretty confused with all this as there are a lot of products in the market. I tried surveying most but it is very confusing and unclear in my mind with respect to future prospects. Am I right with my understanding? Please correct me if needed.
Further, my mother is diagnosed with diabetes and my father is also expected to in near future. They are 46 and 54 years old respectively. I want to be prepared for any medical emergencies related to my parents in near future. Please suggest options for the same.
I also thought of health policies for my parents but the premiums go on increasing every year and existing illnesses are covered only after 4 years. Also, I cannot afford all of this together. It restricts me a lot in other investments towards equity, shares, etc.
Please help. Thanks in advance.
Regards,
Gaurav