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How Much Sum Insured In Health Insurance Is Needed for a Freelancer?

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Home / Health Insurance / Health Insurance Plan for Freelancer / How Much Sum Assured In Health Insurance Is Needed for a Freelancer? 

Far from the 9-to-5 work schedule, freelancers are happy working at their chosen pace, from their preferred locations, and on the days that work best for them! Who does not want the freedom to work whenever they want to? Well, freelancers are truly living this dream.

However, as in any dream, everything has a price! Besides being required to work twice as much as corporate workers, freelancers incur the price for their freedom in the form of an irregular flow of earnings. In such conditions, any sudden medical emergency could put a strain on your finances. 

Therefore, you should think about purchasing a comprehensive health insurance plan if you work as a freelancer. Read on to learn about the optimum health insurance sum assured for freelancers. 

The Need for Health Insurance for a Freelancer 
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Due to significant market inflation, the need for a freelancer to get a health insurance plan increases over time. It affects all aspects of a person's life, including increased medical bills. Salespeople should invest in health insurance to mitigate the effects of medical inflation. 

Life is unpredictable, so unforeseen health issues such as physical injuries, severe anxiety, and so on might arise. As a reputable insurance company, ACKO provides a diverse variety of health insurance policies from which to select the best one for you and your family members. Each plan includes extensive coverage for various medical emergencies.

What Is the Ideal Sum Insured for a Freelancer In India?
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In India, the optimal sum insured for a freelancer is determined by several factors, including age, lifestyle, family size, and medical history. Furthermore, when purchasing health insurance, it is important to consider your personal demands.

Ideal Sum Insured for a Single Freelancer 
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If you are seeking individual health insurance, the ACKO Standard Health Plan is an excellent choice. A freelancer can be eligible to receive up to Rs. 1 crore, with a maximum claimable value of Rs. 10 lakh. Furthermore, this plan covers a wide range of medical expenses such as nursery services, hospitalisation fees, ambulance rides, and much more. 

Ideal Sum Insured for a Freelancer with Family
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For freelancers with nuclear families, the ACKO Platinum Health Plan is more than enough because it provides an unlimited amount of sum insured. Furthermore, this health plan provides coverage for costly therapies. This policy is ideal for purchasing since it includes two crucial features: no deductions at claim and no waiting periods. 

Ideal Sum Insured for a Freelancer with Ageing Parents
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Families with elderly members should select the ACKO Platinum Super Top-up Health plan, which allows policyholders to purchase the plan with or without a primary health insurance package. However, one must establish a preset sum that he or she must pay before their plan begins to cover approved medical bills. 

Alternatively, freelancers with older family members can consider purchasing the ACKO Standard Health Plan to protect themselves and their families from unexpected medical situations. 

Ideal Sum Insured for a Freelancer with Special Needs Family Member
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If a freelancer has an immediate family member who requires special medical care owing to a medical condition, he or she must choose a health plan that covers pre-existing diseases. 

ACKO Platinum Health Plan gives an infinite sum insured, making it an excellent choice in such situations. Furthermore, there are no waiting periods and no claim deductions.

Is Health Insurance Free For Freelancers In India?
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Although many companies offer health insurance to their employees, freelancers have to manage their insurance on their own because they typically do not have a fixed employer. Government schemes are there for them, though. The Indian government introduced the Ayushman Bharat initiative in 2018. This plan, also known as the Pradhan Mantri Jan Arogya Yojana (PMJAY), intends to provide free health care to economically weak individuals in Indian society. 

One can apply for this insurance policy online or offline. However, in order to apply, one's family must be included in the SECC database. The following are some of the primary features and advantages of applying for this insurance scheme:

How Much Premium Should a Freelancer Pay for Buying Health Insurance?
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It is often recommended to purchase health insurance with a sum insured equal to or greater than half of one's annual income. On average, people should invest 10 to 20% of their income in health insurance coverage. 

However, it is not easy because the premium a freelancer should pay for health insurance is determined by a variety of factors such as the amount insured, the insured individual's age and health status, family size, and the coverage benefits included in the contract of insurance. Thus, it varies from person to person. 

Estimate your health insurance costs with Health insurance premium calculator

Factors to Consider While Getting Health Insurance for a Freelancer 
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Consider the following crucial aspects when choosing the best insurance plans for freelancers.

What Benefits Do I Get for Choosing ACKO?
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ACKO, a well-known health insurer, offers a variety of plans that meet the needs of freelancers. Furthermore, each health plan includes a significant amount of insurance to ensure sufficient coverage during unexpected medical situations. 

Here are some of the important aspects of each ACKO health insurance plan that you should take a look at for a better understanding.

Features of ACKO Standard Health Plan:

Features of ACKO Platinum Health Plan:

Features of ACKO Platinum Super Top-up Health Plan:

Why Is Raising Claims Easier with ACKO Policies?
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By getting the ACKO insurance plan, you and your family will always be prepared to face any unexpected medical emergency. Furthermore, ACKO's mobile application, as well as its website has a user-friendly layout, making it an ideal solution for all of your insurance control needs.

As India's first digital insurer, ACKO eliminates the requirement for typical insurance infrastructure and middlemen commissions. This streamlines and eliminates overhead expenses, making it more affordable than competing insurers in the Indian market. 

Wrap It Up!
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Health insurance is an essential investment for freelancers. It not only protects their health but also provides financial security in an uncertain gig economy. They can confidently carry out their professional responsibilities by acquiring a comprehensive health insurance plan.  Now that you know the significance of the health insurance sum assured for Freelancers, browse through the website and get a quote right away for your favourite ACKO health insurance plan! 

Frequently Asked Questions
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Below are some of the frequently asked questions about the need for health insurance for a Freelancer.


What is the ideal age for freelancers to purchase health insurance?

The correct time is always now! It is recommended that freelancers buy health insurance as soon as possible, while they are still generally healthy and thus benefit from lower premiums. 

What are the zero waiting periods in health insurance plans?

ACKO Platinum Health Plan provides zero waiting periods, which means that coverage begins immediately once the policy is purchased, without the need for any approvals.

Can I save money on taxes by obtaining health insurance as a self-employed person in India?

Yes, you can. Sections 80D and 80C of the Income Tax Act allow you to save significantly on health insurance premiums. 

Is it okay to skip insurance premiums?

No, it is not. Insurance companies and IRDAI are extremely tough about this. To keep your health insurance policy valid, you must continue to pay your premiums. If you skip a year, you will forfeit all of the advantages you have accrued since purchasing the policy.

How can I verify that I am an independent contractor when buying health insurance in India?

You are not required to substantiate your job status to an insurer. People who have jobs, are self-employed, or jobless can all benefit from a policy. All they have to do is pay the annual payment.

Disclaimer: The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.