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Types of Health Insurance in India 2022

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.

  1. What Are the Different Types of Health Insurance?

    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.
  2. Indemnity plans further include:

    • Individual
    • Family floater
    • Senior citizen
    • Mediclaim
    • Unit linked health plans
  3. Definite benefit plans include the following:

    • Critical Illness Plan
    • Personal Accident plan
    • Maternity Plans

Indemnity Based Health Plans

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.

  1. Individual Health Insurance

    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.

  2. Family Floater Health Insurance

    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.

  3. Health Insurance for Senior Citizens

    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.

  4. Mediclaim 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.

  5. Unit-Linked Health Plans

    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.

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Definite Benefit Plans

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.

  1. Critical Illness Plan

    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:

    • Cancer
    • Stroke
    • Kidney Failure
    • Paralysis
    • Coronary Artery Bypass Surgery
    • First heart attack
    • Pulmonary Arterial Hypertension
    • Multiple Sclerosis
    • Aorta Graft Surgery

    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.

  2. Personal Accident plan

    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.

  3. Maternity Health Plans

    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.

  4. Mediclaim 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.

Health Insurance Companies

Why is Health Insurance Important?

  • Financial support -Health Insurance Policies provide financial assistance to covered individuals in the event of a medical emergency.
  • Tax benefits -Purchasing a health insurance policy qualifies you for tax deductions under Section 80D of the Internal Revenue Code.
    Know More About: Health Insurance Tax benefits
  • Investment plus savings -Once you get a health insurance policy, you will no longer have to be concerned about treatment costs. This is because the insurance company will cover the costs.
  • Annual health exams -Insurance companies cover annual health checkups as part of your plan.
  • Dealing with medical inflation -Investing in health insurance policies will help you deal with medical inflation in a much easier and better way, without placing a strain on your finances.
  • Covers complicated treatments -A health insurance policy's coverage provisions include benefits for sophisticated procedures like bariatric surgery.
  • Benefits for organ donors - If you purchase a health insurance policy, you will be covered if you donate an organ. It provides coverage up to the insured amount.
  • Coverage for alternative treatments -Several insurance policies offer coverage for alternative treatments such as Ayurveda, Homeopathy, and Yoga.

Conclusion:

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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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.