Do I really need health insurance?

The other day at a social function, Aniket Gupta, a 30-year-old aggressive friend of my cousin challenged me to prove why it would be advantageous for him to buy a health insurance policy. His plea was I am young and healthy. Why should I “waste” my money on health insurance now?

I quote here what Aniket had to say:

“I am 30 years old and in perfect health. My wife is 28 years old and also in perfect health. Both of us work out regularly. None of my family members (or my spouse’s family members) have had any health problems before they reached their late 50s. The premium for a Rs 3 lakh individual policy is around Rs 3,600 per person or around Rs 7,200 per annum for my spouse and me.

If I avoid paying this premium for 20 years I will end up saving at.