Individual Health Insurance Plans in India 2024

Individual health plans secure you financially from the stress caused by medical emergencies or hospitalizations and planned treatments and allow you to focus on recovery. It is your shield against all your medical care worries. These plans are designed to combat medical care inflation that is on a consistent rise across the globe including India. A recent study shedding light on the workforce of India found that India has the highest medical inflation in Asia, reaching 14%. The consistent rise in medical inflation puts a heavy burden on the country's workforce.

What is Individual Health Insurance?

Individual health insurance offers medical care to individuals on an individual sum insured basis. In simple words, individual health plans have a separate premium for each family member in case each family member purchases an individual health plan. The sum insured is assigned to the policyholder for their utilization and can not be applied to any other family member. Individual health plans provide coverage for in-patient hospitalization expenses like room rent, doctor's fees, OPD, and pharmacy, along with other features like AYUSH treatments, daycare procedures, emergency ambulance service, and more. Individual health plans can be purchased for a tenure of 1/2/3 years and offer a lifetime renewability feature to customers. Individual health plans are offered by multiple health insurance providers regulated by the IRDAI.

Individual Health Plan Features

Opting for an individual health insurance plan might be the smart choice for a lot of people as per their needs and requirements. Some of the features of an individual health plan are listed below

1. Covers Young Individuals

   One of the best things a young individual can do is purchase an individual health plan. It is an ideal health plan for those transitioning from education to their first job. As the sum insured is to be utilized by only one individual, it is best to avail of individual coverage as the premiums at a young age will be minimal and provide you with optimal coverage.

2. Add-Ons

   Customers can choose among multiple additional rider benefits to elevate the overall coverage benefits of their individual health plans. Rider availability and options may vary from insurer to insurer. Some common riders offered with individual health plans are critical illness, personal accident, hospital cash, OPD, global coverage, and more.

3. Cumulative Or No-Claim Bonus

   With individual health plans, a certain percentage of no-claim bonus is offered to insured individuals which is added to the sum insured at the time of policy renewal increasing the overall coverage amount. This no-claim bonus benefit is offered to the customers if they undergo their policy tenure without filing for any claims.

4. Lifetime Renewability

   Individual health plans offer a lifetime renewability option wherein an individual is eligible to continuously avail of medical care coverage for as long as they can pay premiums. Once you have invested in a health plan, you can continue to enjoy the benefits every 1/2/3 years as per your renewal cycle.

5. Multiple Discounts

   Multiple discounts are applicable under individual health plans such as long-term discounts for purchasing health plans for 2 or 3 years. Good health discounts are offered by individual health plans wherein if someone has maintained their health, a certain percentage of discounts are applicable on premiums.

Best Individual Health Insurance Plans 2024

Mentioned below are some of our top picks for individual health plans that will help you make an informed decision

Individual Health Plan Eligibility Criteria

The generic eligibility criteria of individual health plans are mentioned below

Who Should Buy Individual Health Plans?

Individual health plans are an excellent choice for you

• If you are in your early 20s and have just transitioned into the workforce it is best for you to invest in individual health plans. It is the key to accessing the best health care for yourself at affordable premiums and also an excellent tax-saving tool.
• If you are an unmarried individual and have minimum family responsibilities it is best to purchase an individual health plan for yourself as it guarantees medical care in times of emergencies.
• If you are someone with a field job or work in an industry that has an increased risk of injuries such as mining, civil engineering, construction, chemical factories, or such it is best to invest in an individual health plan.
• If you have a family history of ailments that run in your family, it is best to invest in an individual health plan with adequate additional coverage for critical illnesses if required.
• If you are someone who has an employer health plan but still wants an additional health care plan.

How Much Coverage Do You Need?

When buying an individual health insurance plan, a common question frequently asked is if the amount of sum insured chosen is sufficient for me. As per various insurance experts, it is advised that the individual health plan sum insured should be a minimum of INR 10 Lakhs or 50% of your annual income. Individual health plans can offer a wide range of sums insured going up to INR 1 crore or more. For example, if your annual income is INR 20 lakhs, you must invest in a minimum of INR 10 lakhs health cover.

5 Factors To Keep In Mind When Buying Individual Health Plans

There are certain factors that you must keep in mind before you invest your hard-earned money in individual medical insurance.

1. Claim Settlement and Reliability

   Before selecting an individual health plan, make sure you check for the claim settlement ratio of the company. The higher the claim settlement ratio the easier will be the claim settlement process. CSR is the indicator of the number of claims settled by the insurance company as compared to the number of claims received.

2. Network Hospitals

   When purchasing an individual health plan take care of the list of network hospitals provided by the insurer. Network hospitals are the list of hospitals that have a tie-up with the insurance provider providing cashless treatments to the policyholder.

3. Sum Insured

   Purchase an individual health plan that offers you an adequate sum insured as per your needs and requirements. It is easy to overestimate the sum insured you need and pay a higher premium thinking you may require a higher sum insured but often times it may not be true. Consider all factors like age, health conditions, family medical history, and more before selecting your sum insured value.

4. Add-On Riders

   Individual health plans offer a plethora of additional riders like critical illness, personal accident, hospital cash, and more. It is essential to opt for those riders that are required by you in order to enhance the overall protection of your health plan.

5. Affordability

   The ability to pay individual health plan premiums is of vital importance. Purchasing a health plan and not being able to pay the health premiums leads to cancellation of policies and default in premium payments which might lead to policy dismissal. Opt for an individual health plan that offers affordable premiums.

What is Covered Under Individual Health Insurance

Listed below are the benefits and key inclusions of an individual health plan

Exclusions of Individual Health Insurance

Individual health plans do not cover the following conditions

• Injury or hospitalization due to involvement in any terrorist activities, act of war, civil war, or any criminal activity
• Hospitalization and injuries caused due to intoxication or overdose of drugs or alcohol will not be covered
• Injury caused due to adventure sports
• Infertility treatments are not covered
• Obesity and cosmetic procedures are not covered
• Treatment of HIV/AIDS is not covered under most individual health plans
• Congenital ailments are not covered

Waiting Periods of Individual Health Insurance

A waiting period is a common clause under individual health plans. During this time period, individual health plan sum insured amount can not be claimed by the insured individual till they fulfill the waiting period tenure. Waiting periods vary from insurer to insurer and are of different types that are mentioned below

1. Initial Waiting Period

   The initial waiting period is generally 30 days. It is the time period from the purchase of an individual health insurance policy till the policy is activated. During this time period, no features of the health plan are active and can not be claimed by the insured individual.

2. Specific Waiting Periods

   Specific ailments and diseases like cataracts, joint replacement surgery, knee bariatric surgery, and other specific procedures have a waiting period of 24 to 48 months as per your individual health plan terms and conditions

3. Pre-existing Disease Waiting Period

   The pre-existing waiting period is applicable for certain conditions that an insurance holder has before they purchase the individual health plan. PED waiting periods can vary between 2 to 4 years as per the plan you choose.

Individual Health Insurance Plan Riders

Riders are responsible for enhancing the overall coverage of the health plan by offering coverage against critical illnesses, personal accidents, and more. The riders offered vary from insurer to insurer and one must understand their requirements before opting for a rider

Difference Between Family And Individual Health Plans

Certain key differences between family and individual health insurance are mentioned below

How To Purchase Individual Health Insurance on PolicyX?

Follow these simple steps in order to purchase the best health insurance plans in India

• Step 1

  Visit the official website of PolicyX.

• Step 2

  Click on the 'Health Insurance' tab which will open up a digital form for you to fill out.

• Step 3

  Fill in all the necessary details such as your age, the sum insured required, you want and click on 'View Plans'.

• Step 4

  Select your city and click on 'Proceed'.

• Step 5

  Further, fill in your name and mobile number and click on 'Get Free Quotes'.

• Step 6

  You will be directed toward a list of health insurance plans wherein you can compare the plans of your choice and pay for the one you want as per your needs and requirements.