Do I need health insurance in addition to Rs. 10L cover provided by the company policy? Or can this be taken at a later stage when I plan for self-employment/ entrepreneurship?

This is a common concern of most employed Indians. May I  give some insight on this matter. 
 

Having an Insurance provided by employer or a company insurance Or what we call group Insurance is always good but only as an addon. As most of it good maternity benefits and covers you without any waiting period, which is a luxury you won’t get in a regular health plan and above all you don’t pay the premium for it. 
 

Still its  important to have a regular Family Insurance paid by yourself.  

Why so ? 

- Company insurance serves you only during your employment.  In case of a job change or a career gap due to higher studies or the worse; in case of a job-loss due to a critical illness, you will be at risk of spending your savings for medical bills. 

- You cannot solely rely on Group Insurance, as it generally gives no continuity benefits. Also each year the employer may choose to switch the insurer based on best quote availed, regardless of the service quality.

- The coverage value also is important as for critically illnesses this medical cost may go upto 30-40 Lakhs on an average, in which case the bills may even cause bankruptcy. 

- If you decide to get an insurance at a later stage of your life, your options will be limited may be due to lifestyle illnesses Or whatever your then health status. This in-turn hikes your spend on insurance premium as well. 
 

From my past 7 years of experience, I can give you plenty of real life incidents where I had to pressure people to into getting family insurance and later they thanked me later. Especially during Covid layoffs,  cardiac & cancer diagnosis and so on. 
 

Bottomline:

So make sure you have an ample coverage while you and family members are healthy (ie, during the early ages) so you can overcome all the waiting periods applicable while you are still healthy. 

For a better understanding feel free to reach me for a Free consultation on 9809313161 (Whatsapp) @ Abhijith‘s Insurance Consulting.