Health Insurance has become imperative in this time and age. Especially with mounting medical costs in the country, one needs strong financial protection to mitigate the risks of unexpected medical emergencies. The insurance space in India currently features a plethora of health plans for you to choose from. However, an important decision such as this should be followed up with thorough research. To identify your best option and reap the maximum benefits of a health plan, you should understand the types of health insurance in India first.
This article attempts to highlight the various kinds of health insurance plans available in the country. Once you study each of these, you will be able to comprehend the one that meets your needs the best.
Health insurance encompasses two types - Indemnity Plans and Definite Benefit Plans. The indemnity plans are traditional health covers that cover hospitalization costs from the sum assured. Definite benefit plans offer lump-sum payments on the detection of illness.
Types of Health Insurance Plans | Suitable for |
Individual Health Insurance | Individuals |
Family Health Insurance | Family (self, spouse, children, and parents) |
Critical Illness Insurance | For those who are suffering from critical diseases. |
Senior Citizen Health Insurance | Citizens above 65 years of age. |
Top Up Health Insurance | Those who have a health insurance policy but its insured sum has been exhausted. |
Hospital Daily Cash | Daily hospital expenses. |
Personal Accident Insurance | Individuals |
Individual Health Insurance | Used in case of loss or damage to the owner or driver. |
Mediclaim | In-patient expenses. |
Group Health Insurance | For a group of employees in an organization. |
Disease-specific (M-Care, Corona Kavach, etc.) | Suitable for those who are suffering from pandemic-manifested conditions or prone to one. |
ULIPs | The dual benefit of insurance and investment. |
Indemnity plans are health insurance policies that allow the policyholder to claim hospital expenditures up to a certain amount. Only until the policyholder reaches the maximum limit can he or she file several claims.
Individual health insurance is coverage that covers you, your spouse, your children, and your parents. This sort of insurance covers your medical expenses such as hospitalization, surgery, room rent, and daycare procedures, among other things.
An Individual Sum Insured will be assigned to each member covered under the Individual Health Insurance plan. For example, if you buy a 3 lakhs sum insured individual health insurance policy for your spouse, two children, and yourself, each person covered will have a sum insured of Rs. 3 Lakhs. However, the premium will be greater as a result.
Individuals in the age range of 18 to 70 years old, such as yourself, can purchase this plan. One of the best benefits of purchasing an Individual Policy is that each covered member has their own Sum Insured limit.
Family Floater Health Insurance plans are superior to traditional health insurance policies. This coverage has been tailored to protect the health of your entire family. You can get the most bang for your buck with a family floater health insurance plan.
A single amount insured can cover all members in a single policy, and the sum assured is available to any member or all members in the event of an unforeseen incident during the policy's term.
When compared to individual health insurance for each family member, the premium amount paid for a family floater policy is often lower.
These health insurance policies are created specifically for senior adults over the age of 60. Furthermore, because senior citizens are more susceptible to illness, the premium for this plan is higher. Furthermore, because old age is typically accompanied by health problems, many insurers insist on a pre-medical screening before giving senior citizen insurance.
As the name implies, this sort of health insurance in India covers people aged 65 and up. The maximum age limit has been set at 70 years old.
The Senior Citizen Health Insurance will cover the costs of hospitalization and medications, whether they are caused by a medical condition or an accident. It also covers hospitalization and post-treatment fees. In addition to this, several other services, such as domiciliary hospitalization and psychiatric care, are covered.
Mediclaim insurance reimburses you for hospitalization costs incurred as a result of illness or an unintentional stay. It covers in-patient costs such as nursing, surgery, doctor's fees, oxygen, and anesthetic, among other things. Mediclaim Policy is a type of insurance that is offered in the market as group mediclaim, individual medical insurance, overseas medical insurance, and so on.
Employer-sponsored group health insurance policies are becoming increasingly common among medium and large businesses. This policy aids in the retention of talent inside a company. Employers safeguard their employees for a financial catastrophe and prudence as health insurance plans become more important.
Unit Linked Health Plans have been established by several health insurance firms. You obtain health insurance as well as investment in such schemes. The performance of such ULIPs is inextricably linked to the stock market.
When you pay your premium, a portion of it is used to provide you with coverage, as is customary. The remainder of the premium is split between equities and debt investments. ULIPs not only protect your health but also help you grow wealth for the future.
As a result, each individual has the finest grasp of his or her demands and, the best concept of the type of insurance coverage that he or she will need. As a result, before you invest your hard-earned money in any health insurance plan, make sure you have a list of needs and understand the usage of your health insurance.
Definite / Fixed Benefits provide you with a set amount of money in the event of a certain health issue caused by an accident or disease. It covers the health issues that are stated when the coverage is purchased.
The prevalence of lifestyle-related diseases is increasing. Insurance firms have created the Critical Illness Policy with this in mind. Treatment for these disorders is prohibitively expensive. The Critical Illness Plan will pay you a predetermined sum as soon as you are diagnosed with the sickness, regardless of the actual cost of treatment.
Purchasing a Critical Illness Policy is the smartest decision you can make because it protects your savings. The policy can be renewed indefinitely. If you have the Critical Condition Policy, you should be able to live for at least 30 days after being diagnosed with the illness.
Examples of illnesses covered are:
If you have a family history of certain diseases, you should get this policy. A Critical Illness policy reimburses you for the cost of care and hospitalization expenditures in addition to the lump sum amount. You can also take advantage of the complementary health screenings.
Accidents happen all the time, and the costs that come with them can quickly deplete your resources. Personal accident insurance pays for medical treatment that is required following an accident. Typically, such insurance covers three scenarios: partial impairment, entire disability, and death as a result of an accident. Some of the plans also provide education and orphan benefits, which help to pay the costs of raising children. Such plans are ideal for people who are prone to occupational hazards.
These health insurance plans are designed specifically for women. Pre and post natal expenses, as well as delivery and ambulance costs, are all covered under these plans. A newborn cover is also available, which covers expenses linked to the newborn infant for a set period of time. Before most maternity plans become active, there is usually a waiting period. As a result, it is essential to purchase such insurance as soon as a lady marries. These can also be purchased as a supplement to a standard policy.
Mediclaim insurance reimburses you for hospitalization costs incurred as a result of illness or an unintentional stay. It covers in-patient costs such as nursing, surgery, doctor's fees, oxygen, and anesthetic, among other things. Mediclaim Policy is a type of insurance that is offered in the market as group mediclaim, individual medical insurance, overseas medical insurance, and so on.
Employer-sponsored group health insurance policies are becoming increasingly common among medium and large businesses. This policy aids in the retention of talent inside a company. Employers safeguard their employees for a financial catastrophe and prudence as health insurance plans become more important.
As we all know that the cost of medical treatment is increasing day by day. It has become mandatory for the people to opt for a health insurance plan for themselves as well as for their family members. So, it is important for the buyer to research about all types of health insurance plans available in the market. It is very important for the customers to compare all the health insurance companies along with the health insurance plans. Hence,the customers need to understand ins and outs of all sorts of health insurance policies to get themselves a best suited plan.
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