Why should I consider buying a high sum assured on my family health insurance plan? Would I practically need a sum assured of more than Rs5 lakh? Most hospitalizations and medical procedures cost much less. For example, a cataract operation does not cost even Rs50,000.
—Ramdhari Negi
A large number of routine hospitalization incidents cost significantly less than Rs5 lakh. However, you should still consider a high sum assured on family health insurance for four reasons.
First, insurance is not only taken for routine hospitalization but also for complicated surgeries and life-threatening illnesses. In several situations, such as brain haemorrhage or cancer, the cost of treatment can be more than Rs20 lakh.