I note that health insurance premiums will need to be paid once in a year (which is coverage period) and hence they are subject to change every year – i.e. a policy of 5 lakhs which will cost 5000 now – the same policy can cost 50000 in 20 years. Is my understanding correct?
However for term plans coverage period is fixed in the initial stage like 30, 35 or 40 years and we pay premium annually – and when they calculate these premiums, will stand same for throughout the period or subjected to change everyyear. I’m asking this because, if you say that they will be same, a term of 100 lakhs which will cost now 10000 now will be same after 25years as well??? Because of 10000 after 25 will be like 100…please clarify.
Thanks