Deep Dive: Friendship Week - Take care of your Friends and your Friends will take care of you - Part 3

It’s friendship week and we’re talking personal finance, so it is about time we discuss that one thing that is most like a friend to you and the family - insurance. When we talk about Insurance, we generally mean term insurance. It is essentially a no maturity plan, meaning it offers only financial protection in case of any eventualities. That is, of course, the main point of an insurance plan. Safety. Looking out for our loved ones when we aren’t around. Sorry, that’s a tad filmi but probably quite true too. A health insurance is, on the other hand, is a present moment friendship kind of thing. It is a type of insurance that provides safety when it comes to medical expenses. And if there’s one thing we know for certain, it is that medical expenditure only seems to rise exponentially. In inflationary times like the one we are living through, when a liter of petrol costs 80 rupees, medical expenses can be forbidding. Think of all the movies where a hero’s best friend hands over his hard earned money to the hero to save his bedridden mother. Health insurance is the friend and you’re the hero. Hero, let’s find out all about the best way you can choose your 4AM friend on this edition of our week-long Friendship Week series. My name is Rakesh, your best friend for the day, and this is Digging Deeper with Moneycontrol - Health Insurance edition.

Ashish Mehrotra, MD & CEO, Max Bupa Health Insurance says, “cities like Mumbai, Delhi etc. have high treatments costs. Hence, anything less than Rs 15 lakhs for a family of 2 adults and 2 kids would be insufficient.” This is where health insurance comes in. Health insurance is like a friend for life, lending you a helping hand when you or your family is unwell so you don’t end up penniless.