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What Is Individual Health Insurance?

Whenever you think about your life – job, love, marriage, etc, you want reliability, assurance and accountability for everything. You try to surround yourself with loyal people in your peer groups as well as office employees.As you know that our life is full of uncertainty and unknown circumstances which can occur anytime at any place. So in order to lead a happy and stress free life we need to assure ourselves that we are safe and secured through some backup support.Why we need insurance? To lead a happy life one needs money and a good health. So many private and public organizations have started providing reimbursement schemes for people living in both rural and developed areas.

Health insurance is an important thing because of several reasons. Those people who do not have any kind of health plan face hardships in medical treatment that leads to the complication of situation. Due to lack of insurance, the cost of health treatment becomes a burden for individuals as well as their family members. On the contrary, those who have health insurance enjoy a better and relaxed life as they are ready to meet the requirements of any medical emergency. The best health insurance policy is the one which takes complete care of medical expenses. It also includes the coverage over disability and long-term treatment and custodial care needs depending upon the company and the plan. It will also assist you in availing tax benefits.

Basically an individual health insurance means a separately defined cover for each member. It is available for an individual rather than an organization or groups. It provides health coverage to the insured individual. You may be pleasantly surprised by getting different options in the same. Nowadays the insurance market in India has come out with several insurance options.

An individual health cover will provide coverage to the insured against basic medical care cost. Apart from it, this will also provide additional benefits to make the coverage much more effective. The benefits of the plan vary from company to company. Staying healthy is an important factor for an individual. People should put healthcare as their top most priority. Remaining healthy is a necessary thing. Customers should buy the health insurance plan as soon as possible. Early health insurance will insure customers for the lifetime.

Features Of Individual Health Insurance Policy

The individual health insurance plan can be renewed only till the senior most members reach the maximum age of renewability provided by the insurer. Normally the premium of individual health plan is slightly more than the floater plan. The policy can be extended to members of family like parents and in-laws. The policyholder can avail the advantages till the plan lapses. It is a great product for older families where the health risk is high. The individual health insurance plan provides coverage to the individual and costs slightly higher as compared to floater plans. Main features of this policy are:

1. It provides broad coverage for the medical treatment in case of accidents and illness which needs in-patient hospitalization

2. Some companies also provide coverage on critical illness

3. Covers ICU charges, boarding & lodging expense, diagnostic procedure prosthetic costs, etc.

4. Customers between the age group of 5 to 60 years can take advantage of this plan, but this also varies from insurer to insurer

5. Lifelong renewal facility

6. Provides coverage against day care procedures and emergency ambulance

7. All customers can take advantage of tax savings under Sec 80 D of Income Tax Act.

Importance Of Individual Health Insurance plan

There are several factors which makes it important to have an individual health plan. Having a health insurance plan is vital for individual and for the family as well. It is essential for health and financial wellness. A health insurance provides coverage against the unforeseen medical expenses. You must buy it as soon as possible. There is a popular saying about the same

"Buy health insurance when you don't want it, because you may not get it when you want it."

Key Points on Why It Is Vital To Have An Individual Health Plan

Better health

People who do not have any health plan suffer from worst health outcomes, whereas those who have it get the quality care at the right time. A medical cover guarantees peace of mind and stable finances.

Preventative Medicare

An individual health policy provides better access to healthcare facilities. Many insurance companies send alerts to the customers related to where and when to have the diagnostic screenings.

Covers medicine & drug costs

It becomes quite hard for people to buy costly medicines for various disease under normal circumstances. Under basic individual health insurance policy, most insurers cover such medical expenses.

Financial Stability

An individual health insurance plan assists customers to achieve better financial health. Many insurers provide discounts which helps customers in saving money at the time of checkup or in case of hospitalization.

Advantages Of Best Individual Health Insurance Policy In India

Provides cashless facility

Every insurer provides a list of network hospitals. If the policyholder gets admitted in any of the network hospitals then he/she does not have to pay anything because of the facility as insurers cover such expenses

Covers pre and post hospitalization

An individual health policy may cover pre and post hospitalization expenses. The related norms depend upon the insurer and the type of plan selected

No claim bonus

The customer will get the no claim bonus if they do not file any claim in the policy term period. Policyholders can use the same to pay further premiums

Tax benefits

Some insurers provide the facility of free checkup at select diagnostic centres and hospitals which saves your time and money.

Medical checkup

You can avail tax benefits under section 80D when you buy a individual health insurance plan.

Things You Must Check While Buying Individual Health Insurance Plans

Right here we tell you the top eight essential factors to contemplate before purchasing any medical insurance plan for yourself.

Pre-existing illnesses

Medical insurance plans come with a waiting period of two-4 yrs in case of pre-existing illnesses. They are not liable to pay for any expense incurred during the above mentioned tenure that are caused by any disease that you were suffering from prior to buying the policy document. Therefor, a person desires to look for individual health insurance plans which has the shorter waiting period and an extra pre-existing illness cover.

Pre & Post Hospitalization Expense

Pre and post hospitalization prices are the ones which can be accounted before and after hospitalization. The cover of every policy differs in terms of the days, where pre-hospitalization is generally counted for 30 before hospitalization and post- hospitalization is counted for 60 days after. It isn't always fixed so strive for choosing a policy which gives you maximum range of days of this cover.

No claim Bonus

No claim bonus is the benefit furnished for the year in which you don’t claim the insurance company against any disease or illness. In many cases it gets delivered for consecutively five years. The benefit commonly varies from 10-50%.

Co-pay

Co- payment is where the insurance organization and the insured pay a few percentage of the total declared amount. The proportion is decided earlier. This procedure may reduce your premium, but it's essential to understand if you could pay your part of cash at the time of an emergency. If you can’t, then its better to not opt for this option at all otherwise you might have to face complications later on.

Network Hospitals

Network hospitals are the panel hospitals in which for any medication you don’t need to pay the bills as a substitute you could experience cashless facility wherein there is no fuss of submitting documents for repayment. All the treatment costs are settled at once between the hospital and insurer. It's prudent to avail of such policies that offer you the option of wide number of network hospitals so that you can avail the services anywhere you want.

No claim Bonus

Whenever there is a case of hospitalization, you have to bear a predefined room rent. Some policies offer a coverage amount on room rent at 2% of the sum insured while few don't have any limit for such fees. It is always better to go with the latter one as it offers more flexibility to you.

Exclusions

Last but not the least are the exclusions. It's obligatory to study the exclusions, terms and conditions of every policy. Try and choose coverage with lesser exclusions so that you don’t experience issues while availing treatment or while making a claim for the treatment done.

Keep in mind these essential features while choosing your policy, you are sure to get the best individual health insurance, that will suits) your lifestyle and requirements.

How To Compare Individual Health Insurance At PolicyX.com

Selecting the best individual health plan might seem tough to you, but at PolicyX.com we provide you simple and hassle free ways to compare individual health insurance policy in India and select the best one which suits your requirement. There are few things which you should consider before doing individual health plans comparison. At our portal, we assist you with helpful tips to get the best plan. Compare quotes and get the desired plan in few minutes without much documentation. You will receive the policy through e-mail within an hour. All you need to do is fill some basic details for taking advantage of the comparison services, get free quotes, compare plans and buy the desired plan which suits your requirements completely.

Why To Compare With PolicyX.com

You may come across a lot of portals which are offering comparison services. But at PolicyX.com, what you get is unbiased advice to take care of your health related needs. Our database is linked with leading health insurers, which allow us to offer accurate quotes and features to you on a real time basis. You can complete your policy purchase on our portal by using different payment options such as credit, debit card or net banking. Please keep in mind that few policies may require medical tests for certain age groups before purchase. Our team of dedicated telesales executives will help you in the same so that you can undergo medical tests at your nearest location and can make a payment online for policy issuance.

PolicyX.com is IRDA approved portal and thus follows the norms of IRDA for accurate and trustworthy comparison service

Comparison of individual health insurance policies at PolicyX.com is completely free of cost

PolicyX.com provides plan comparison from leading brands such as Religare Health, Max Bupa, Bharti Axa, Tata AI, Apollo Munich, Star Health, etc.

Buy policies within minutes by filling up the online form. Most of our health plans are online and you can get your policy instantly by making an online payment.

Tips To Find The Best Individual Health Plan

Check limits and sub-limits

Few limits and sub-limits can reduce the cost of the premium, but may alter the benefits. You should check your requirement, paying capacity and choose accordingly to reap maximum benefits.

Claim settlement ratio

It is an important factor that you must check before making your purchase decision. With it you can ensure that your claims would not be wrongly withheld by the insurance provider.

Don’t rely on premium

It is an important feature, but you should not make any decision on the basis of premium amount. You should also check the features of the plan rather than just the premium costs.

Renewability

It is vital to check how many years the policy proposes to cover you. Check renewability features to get the best policy of the lot.

Documents Required for Invidual Health Insurance Policy

If you have decided to buy health insurance online, then there are few documents that you need to provide such as:

Age proof - Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc

Identity proof- Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship

Address proof - Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.

Some plans require a medical check-up usually for elder people above the age of 45 years in order to make sure that the insured does not suffer from any chronic illness.

Passport Size Photo to have a record of the insured person`s identity for future references.

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