Which Health Insurance Plan Offers The Best Coverage For A 23-Year-Old In India

Published on: 25 June 2025 Last Updated on: 21 August 2025

The decision of selecting the right health insurance policy at 23 is a turning point. It sets one up for a lifetime of financial security and medical coverage.

The young adults are thinking in terms of affordability, comprehensive benefits, and flexibility to shift as medical requirements change.

When a plethora of products are available in the market, it is essential to stay updated with the terms of a health insurance policy to make informed decisions.

This piece considers the crucial factors, the policy options, and advice on how to choose the best options for a 23-year-old Indian.

Why Health Insurance Matters for Young Adults?

Health insurance is usually taken to be something that the family or the elderly might need, but its importance during the young age cannot be exaggerated.

Medical insurance plans offer more than just coverage for hospital bills, but they are not just that; they serve as a safety net economically in times of urgency and help infuse preventive habits towards health.

The Rising Cost Of Healthcare

Indian medical bills are rising steadily, and even a minor medical problem can lead to handsome bills.

For a younger person who has less money saved, it can be a financially crushing experience. A well-chosen health insurance policy makes a person feel less anxious by paying for unforeseen medical bills.

Early Entry Benefits

Buying health insurance at an early age has its advantages. The premiums are low, and the policyholder remains healthy and is less likely to pay additional premiums for pre-existing conditions. Waiting times for certain conditions or treatments are also evenly spread among one’s 20s.

Tax Advantages

The health insurance qualifies for tax deduction under Section 80D of the Income Tax Act and therefore provides a further push to young professionals to invest in a plan for life.

Factors To Consider While Selecting A Health Insurance Policy

While buying a policy, ensure that the insurance company is stable and sound. The best health insurance providers in India are the ones with extensive networks, high claim settlement ratios, and service-oriented offerings.

They generally provide innovative policies that can fit young adult requirements, including a cashless facility, well-being programs, and e-tools for simple policy management.

Selecting a suitable health insurance policy entails a proper evaluation of your own requirements and policy information.

Here’s what to look for:

1. Comprehensive Coverage

A hospitalization plan, outpatient surgeries, diagnostic tests, and even psychiatric treatment are ideal for a 23-year-old. Preventive health check-ups and vaccine protection are a bonus.

2. Network Hospitals

See that the insurer has a comprehensive network of empanelled hospitals with emergency cashless options.

Connectivity is a nice plus point, especially for young adults who travel and reside out of station.

3. Room Rent Capping

Every plan has a room rent cap, and that is the out-of-pocket costs when hospitalized. Select those plans in which there is no capping or flexibility in selecting the room.

4. Premium Affordability

Affordability first, but do not compromise on the cover at the cost of the expense. Compare the plans and select one with the best cover that does not make a hole in your pockets.

5. Add-On Benefits

Look for optional riders or add-ons to the policy, such as maternity cover, critical illness, or personal accident cover. These are tailor-made according to your life stage and requirements.

Types Of Health Insurance Plans For Young Adults

The Indian market for healthcare insurance has many plans for different needs. Convenience and overall benefit are of paramount value for an individual who is 23 years old.

A. Individual Health Insurance

A personal health policy provides individualized coverage to the individual. It is best for young singles who do not desire an individualized plan but one that accommodates their individual medical needs.

B. Family Floater Plans

If you have parents and siblings to provide for under a single policy or if you economically keep your family together, then opt for a family floater policy.

Under this policy, various members bear the insured amount collectively, thus turning out to be cost-effective.

C. Critical Illness Plans

Though not the first thing on everyone’s mind, a critical illness policy can be a worthwhile add-on.

It pays a lump sum on a pre-defined life-threatening illness diagnosis, keeping money flowing in when times get difficult.

D. Top-Up And Super Top-Up Plans

Top-up and super top-up plans are best suited to young adults for additional cover at a reasonable premium. They provide cover on your existing policy, especially for high mediclaim expenditure.

E. Preventive Health Plans

These plans are to promote wellness by subsidizing yearly health check-ups, consultations, and diagnostic tests. A suitable choice for those who are health-conscious and would like to remain healthy.

How To Compare And Choose The Best Plan?

With so many options available, it becomes difficult while making a choice. Don’t worry, the process is given below in order to make it easier for you:

1. Research And Shortlist

Start with research in the market. Compare the health plans provided by the top health insurance providers in India. Read customer reviews, claim settlement ratio, and policy terms to shortlist.

2. Evaluate Coverage And Benefits

Check the exclusion and inclusion of each plan. Ensure that the policy applies to your medical history and anticipated healthcare needs.

For instance, in case you engage in outdoor activities or sports on a frequent basis, choose a policy on accidents.

3. Check For No-Claim Bonuses

A few insurers have the benefit of a no-claim bonus, increasing the sum insured for each claim-free year. This feature is more appropriate for healthy and young policyholders who do not make claims at all.

4. Read The Fine Print

Read policy conditions such as waiting periods, sub-limits, and co-payment terms. Avoids surprises at the time of claim settlement.

5. Take Professional Advice

If you’re unsure which plan best suits you, consult an insurance advisor or use online comparison tools to make an informed decision.

The Reason Why Health Insurance Matters

For a 23-year-old Indian, spending money on a good health insurance policy is a wise step towards a healthy and secure future.

With rising medical costs and an insecure environment, investing in medical insurance schemes at the right time brings peace of mind and advantages in the long term in terms of lower premiums and complete cover.

Niva Bupa is the best Health Insurance company in India. It offers a wide range of policies tailored to young individuals.

With an emphasis on affordability, comprehensive benefits, and seamless customer service, Niva Bupa ensures you’re prepared for any medical eventuality.

Choose Niva Bupa to start your health insurance journey on a high note and enjoy a future that appreciates your well-being at every step of life.

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Arnab

Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs.

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What Is the Best Tax Software to Be Using in 2019?

If you fail to file your taxes correctly, the IRS can fine you a penalty up to 20% of the amount you owe. Taxes are a complete nightmare for many people especially if you can't pay them. And the last thing you want to deal with is owing even more money to the government. That's why the emergence of tax software has helped so many people. It helps you make sense of the confusing terminology, perform calculations, and break the process down into easy steps. But what is the best tax software and how does it help simplify everything? This article covers everything you need to know. The Criteria for Best Tax Software: Everyone is different and the tax software available now tends to be tailored to different audiences with bank products and other solutions available. For example, a family of four with a house and one income earner will have a fairly straightforward process. But what about someone who is self-employed or a small business owner? In these cases, some companies offer tiered pricing models that can quickly become expensive. When asking questions like "Why would anyone use a bank product?" or "Is this service right for me?" it's important to consider the following. Ease of Use: There's no point paying for a system that is just as confusing as the tax forms themselves. Check out reviews from other people to see what their experiences with the company were. Or watch a 'how to' video for a preview of the software. Are Your Taxes Complicated: Between deductibles, donations, and multiple sources of income, taxes can get complex very quickly. If you're unsure what you qualify for and what options are available to you then tax software may be the way to go. Look at State Tax Prices: Some tax software companies include state tax in their services free of charge. Others ask for a fee and class it as an additional service. Be sure to look into the costs behind each one to be sure. With that said, here are the best online tax filing options out there. TurboTax: Known for its simplicity and ease of use, TurboTax has many features and designs to help you file without a headache. The use a simple step by step process that puts questions in laymen's terms and does the hard work and calculations for you. They even offer a W-2 scanner where upload a photo of your form and it automatically sorts the information on your tax forms. They have a free option for getting your taxes ready to file. But can charge past $100 if you want more premium services like a tax specialist to talk to. Tax Act: Similar to TurboTax, TaxAct offers a sliding scale of costs for users depending on the level of service they want. Their layout makes it easy to input data and offers free state tax returns for simple forms. If you're a homeowner or business owner however, then you will have to pay a fee for state taxes. If you are unhappy with the service you've received from other tax software companies, TaxAct makes it easy to import your old information over to them. H&R Block: Known for their stand-out customer support, H&R Block takes the uncertainty out of the equation with tax specialists on call and online. It has a similar model and pricing structure to the previous companies but also offers up to $3000 of interest-free loans to anyone entitled to federal tax refunds. Shop Around: Knowing what the best tax software is for you takes time and research. This list helped narrow things down but you should still look into each company in more detail to see what will work best for you. Check out our other finance articles for more tips and advice. Read Also: 6 Tips On How To Pay Off Your Tax Debt All You Must Know About Construction Business Management Software 8 Reasons Why Your Company Should Get A Vendor Management Software

What You Must Know about ELSS before you Invest

Equity Linked Saving Schemes (ELSS) or assessment sparing common store schemes as they are otherwise known similar to, a mainstream impose sparing venture. The significant reason for this ubiquity has been the introduction of Section 80C of the Income Tax Act, from April 1, 2005. This section enables the investor to put up to Rs 1 lakh in different speculation items and get an assessment deduction for the same. The rundown of speculation items additionally incorporates ELSS. Prior, till March 31, 2005, interest in these duty sparing schemes only took into account an assessment deduction of up to Rs 10,000 under Section 88. Things You Must Know However, that being stated, there are different things an investor needs to remember before choosing to bounce into an ELSS speculation. Section 80 C spoils you for decision: As has been mentioned above, ELSS isn't the only speculation road that goes under Section 80C. Other ventures, for example, Life Insurance, Public Provident Fund (PPF), National Savings Certificates (NSCs), Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS) and so forth likewise offer a comparable tax break. Then there are mandatory installments, for example, your PF, tuition expenses of youngsters and notwithstanding lodging credit reimbursements that are secured under Sec. 80C. Secure of three years: Like all venture roads under Section 80C, ELSS supports additionally include specific security. For this situation, the security is for a long time. Subsequently, an ELSS speculation can't be pulled back for a time of three years from the date of the venture. This secure resembles a twofold edged sword. On the one hand, it cultivates long-term venture, which is extremely basic while putting resources into equity. What's more, on the other, if you wind up in a situation where you require supports in a crisis, you should turn to other means/speculations - best fewer funds to invest in 2017. Withdrawals are simply not permitted, not even with a punishment. Expense sparing schemes carry the danger of putting resources into equity: ELSS stores are advanced as great speculations as they empower the reserve manager to accept long-term approaches account of the implemented three years secure. In other words, the store manager doesn't need to stress over keeping reserves fluid to oblige day by day redemptions that can occur in ordinary open-finished schemes. However, it must be remembered that Reliance elss supports for every single reasonable object are like ordinary diversified equity shared reserve schemes. Conclusion The assets in these schemes are put resources into the stock market. Consequently, the profits these sukanya samriddhi scheme create rely upon the sort of stocks the store manager puts resources into and the general condition of the market. So if an investor puts resources into an assessment sparing plan, and three years down the line, when the secure finishes and the markets are not doing great, his total returns will get destroyed. Indeed, this has not occurred in the past as the Indian market is in a sidelong bull stage (excepting the occasional hiccups). However, the capability of the capital loss is especially there and it must be considered.

5 Examples Of Passive Income You Need To Learn Now

Passive income is the lifeblood of any investor's portfolio. It provides you with a reliable and consistent stream of income while you take some time away from work. Having a passive income stream is a great way to supplement your existing income or build a retirement fund. As tax season approaches, now is the time to evaluate your current situation and determine if you are taking advantage of this amazing opportunity. Checkout Five Prime Ways Of Passive Income You Need To Learn Now Here are a few examples of passive income sources you should explore now: 1. Real Estate Investments Real estate investments can be a great way to generate passive income. Most real estate investments are done through rental properties. You buy a property and then rent it out for a monthly fee. Property owners may be able to collect enough rent to cover their mortgage payments, leaving them with a steady stream of income. Real estate investors may also want to consider buying pre-construction developments and flipping houses. With pre-construction development, you can purchase a property before it's built and then sell it for a profit when it's done. Flipping houses involves buying a home and making improvements to it before reselling it for a higher price. Both pre-construction developments and house flips can yield considerable profits in a short amount of time. Real estate investors should also look into commercial real estate investments. This type of real estate involves investing in multifamily, industrial, and retail properties. Owning commercial real estate can be a great way to generate income as well as appreciation when done right. Investors may also want to consider investing in REITs, or real estate investment trusts. REITs are investments that pool a variety of real estate assets and offer investors exposure to the real estate market without owning physical properties. Real estate investments come with the potential for great rewards but also come with their own unique set of risks. Investors should consider consulting a financial professional before pursuing a real estate investment. 2. Dividend Investing Dividend investing is another popular way to generate passive income. When you invest in a company through a stock, you become a shareholder and may receive regular dividend payments from them. Dividend payments can vary from company to company and are a great way to make a reliable income without having to actively manage any assets. Dividend payments are usually paid quarterly, but some companies can pay them more or less often. The amount of the dividend payment you receive is dependent on the number of shares you own, the type of stock you purchase, and the amount of capital growth the company's assets have achieved. In addition, dividends are also paid in proportion to how long you've owned the stock. Dividend investing can help to diversify your income stream and reduce the volatility of your investments. Dividend investing also has tax advantages and can be used to help you reach your financial goals. 3. Investing in Index Funds Index funds are a type of mutual fund that tracks a particular market index. By investing in these funds, you’re basically buying an entire portfolio of stocks without having to actively pick and choose which ones to invest in. Index funds offer a great way to get passive income while diversifying your portfolio. Index funds also typically have lower management fees than actively managed funds, which helps reduce the overall expense of your investments. The main benefit of investing in index funds is to get exposure to the broader stock market without having to pick individual stocks. By following an index, you benefit from its diversification and protection against individual stock risk. Additionally, indexes often have a good return on investment and tend to outperform actively-managed mutual funds over time. 4. Peer-to-Peer Lending Peer-to-peer lending is a type of lending that takes place between two individuals. It involves lending a certain amount of money to someone else and then receiving regular payments in return. Peer-to-peer lending is a great way to generate passive income without putting your money at unnecessary risk. It is often used to finance investments and small businesses. As the lender, you can decide how much to loan, the repayment terms, and the interest rate. Peer-to-peer lending helps to diversify your investments and can provide you with returns and future income. 5. Online Businesses Finally, starting an online business can be a great way to generate passive income. Whether it’s an e-commerce store, a blog, or a subscription service, an online business can be scaled up to generate a significant amount of income. Plus, it can be done from the comfort of your own home. An online business can be a great way to create a passive income stream, as it can be scaled up over time to generate more revenue. With an online business, you have the potential to reach a wider audience from all over the world, as the internet doesn’t have any geographical restrictions. You’re also able to work from the comfort of your own home, set your own hours, and have the flexibility to work when and where you want. Depending on the type of business you set up, some possible revenue streams include selling products, offering services, advertising, membership fees, and affiliate marketing. Setting up an online business takes time, dedication and effort, and a solid business plan. It’s also important to have a clear understanding of local and international laws, taxes, and regulations so you remain compliant. No matter which type of passive income you choose to pursue, make sure you understand the ins and outs of government regulations around the area. During tax season, it is important to ensure you complete all the required paperwork and pay taxes on any income you might generate. It is also important to ensure that any sources of passive income are reported on your paystub, otherwise, you could end up owing a lot of money in unexpected taxes. By learning what passive income sources are available, you can start to build a reliable and consistent stream of income quickly and easily. Explore the different options outlined above and determine what works best for you and your financial situation. The rewards can be great and you'll thank yourself in the long run. Read Also: How To Choose A Great Managed Fund 4 Fun Jobs After Retirement That Offer You a Monthly Income A Beginners Guide to Investing: Getting Started in 8 Simple Steps