With the rise in health-related issues, there is an extreme increase in the treatment costs too. Moreover, there is an increase in the demand for Health Insurance Plans. Therefore, several types of Health Insurance Policies in the market help you save that extra burden on your pocket. These insurance plans just not let you find the best treatment for your health problems but also keep you stress-free from the expenditure point of view.
Buying the right insurance plan can be a bit complicated as there are different types of Health Insurance plans in India. To help you out, we have listed all 11 types of plans and have described all significant elements of a health insurance policy so that you may buy a plan that is best for you.
|Types of Health Insurance Plans||Suitable For|
|Individual Health Insurance||Individual|
|Family Health Insurance||Entire Family- Self, Spouse, Children, and Parents|
|Critical Illness Insurance||Used for funding expensive treatments|
|Senior Citizen Health Insurance||Citizens of age 65 and above|
|Top Up Health Insurance||This insurance plan is beneficial when the sum insured of the existing policy gets exhausted.|
|Hospital Daily Cash||Daily hospital expenses|
|Personal Accident Insurance||It can be used in case of any loss or damage to the owner or driver.|
|Group Health Insurance||For a group of employees|
|Disease-Specific (M-Care, Corona Kavach, etc.)||Suitable for those who are suffering from pandemic|
Different Types of Health Insurance in India
Individual Health Insurance
An Individual Health Insurance plan is meant for a single person. As the name suggests, it can be bought by a single individual. The individual who gets himself insured with this plan is compensated for the expenses incurred for illness and medical expenses. Such types of medical insurance plan cover all the hospitalisation, surgical, pre and post medication expenditures till the insured limit is reached.
The premium of the plan is decided on the basis of the buyer’s age and medical history. Moreover, the insured individual can cover his spouse, his children, and parents, too by paying an extra premium under the same plan. However, if you get insured for any existing illness, there is a waiting period of 2-3 years for claiming the benefits.
Family Health Insurance
Popularly known as the Family Floater Plan, Family Health Insurance Policy secures your entire family under a single cover. Health insurance plans for family covers all the members of your family including your spouse, kids, and elders. Only one member of the family has to pay the premium, and the entire family gets insured in a single premium. In case two family members are getting simultaneous treatment.
You can claim the insurance for both of them till the limit is reached. The premium is decided on the basis of the age of the eldest member to be covered up in the plan. So, try to avoid adding the members who are above 60 years in your family health insurance plan as they are more prone to illness, and thus, the premium will get impacted.
Critical Illness Insurance
The Critical Illness Insurance plan insures the person by offering a lump sum amount of money for life-threatening diseases. At the time of buying the insurance, the chosen health problems are included, and if you get affected by any of the pre-selected conditions, you can claim your insurance.
Hospitalisation is not required to file a claim under this type of insurance policy. Only the diagnosis of the disease can make you avail the benefits of the critical illness insurance. The amount to be paid is pre-decided irrespective of pre and post-hospitalization expenses. Below is a list of all the critical diseases that are covered up in the Critical Illness Insurance.
Senior Citizen Health Insurance
As indicated by the name, such types of Health Insurance in India provides coverage to people who are 65 years and above. So if you are planning to buy an insurance policy for your parents or grandparents, then this is the best insurance policy for you. The Senior Citizen Health Insurance will offer you coverage for the cost of hospitalisation and medicines, whether it arises from a health issue or any accident.
It covers hospitalisation expenses and post-treatment costs too. On top of this, some other benefits like Domiciliary Hospitalization and Psychiatric benefits are also being covered. The upper age limit has been marked at 70 years of age. Also, the insurer can ask for a complete body checkup before he sells the Senior Citizen Health Insurance. Moreover, the premium for this plan is comparatively higher as the senior citizens are more prone to illness.