Health insurance is an excellent financial shield to protect your family in a medical emergency or hospitalisation. Numerous options are available, but you must select a plan that meets your needs.
To accomplish this, you must first comprehend the various types of health insurance plans available in India. This article provides in-depth information on various health insurance types in India, allowing you to make an informed decision.
Individual health insurance plan
The Individual health insurance policy provides individual coverage. This type of health insurance plan entitles you to reimbursement for hospitalisation expenses. You can file claims up to the insured amount. *
Health insurance policy for families
The family floater health plan provides coverage for the whole family. This type of health insurance policy covers your family under a single plan. The insured amount can be shared equally by the plan’s beneficiaries. The premium may be significantly less than that of the individual health insurance policy. *
Consider, for instance, that you have purchased family floater health insurance. It ensures you, your spouse, and your two children under a total of Rs. 20 lakhs. According to the terms and conditions, if you are admitted for surgery within the policy coverage, costing Rs. 10 lakhs, the policy may cover the expenses. You can reserve the remaining ten lakhs for future medical emergencies or planned hospitalisations for you or your covered family. *
Senior health insurance
Senior citizen health insurance provides coverage for individuals older than 65. You should choose this plan if you want health insurance for your parents or other senior citizens. The senior citizen health plan typically has a slightly higher premium than the two preceding types of health insurance. You may calculate the premium using any online health insurance premium calculator. *
Critical illness insurance plan
The critical illness plan provides financial protection if a critical illness or condition is diagnosed. This health insurance policy protects against life-threatening conditions such as heart attacks, kidney failure, paralysis, stroke, and cancer.
Group health insurance plan
The group health insurance plan provides coverage for a group. Group medical cover is the most widespread type of group plan (GMC). Employers or companies typically provide GMC to their employees. *
Personal accident insurance policy
Accident-related medical expenses can devastate one’s financial stability. Personal accident cover (PA) provides protection against events such as total/partial disability and accidental passing away. It may provide a weekly benefit for permanent or partial disability and lum psum payments in case of accidental passing away and total disability due to accidents.
Health insurance for pregnancy
The maternity health insurance plan can be available as an add-on to the basic plan. The add-on can cover prenatal, delivery, and postnatal expenses. If you intend to start a family, you should strongly consider purchasing this plan. It helps reduce the costs associated with pregnancy. Maternity coverage benefits become applicable after a specified waiting period. *
Mediclaim insurance coverage
The mediclaim insurance plan typically covers hospitalisation expenses resulting from accidents or illnesses. Consider mediclaim insurance if you are looking for health insurance to cover only in-patient expenses. Typically, this type of coverage can be offered as group mediclaim, individual medical insurance, overseas medical insurance, etc. *
Disease-specific medical insurance (Corona Kavach, etc.)
Certain treatments can leave you financially drained due to the associated costs. For example, COVID-19 treatment. Therefore, it is prudent to select a plan that provides additional health insurance benefits, like exclusive medical coverage for the treatment of such conditions. The corona kavach health insurance plan can be one such plan. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and condition, please read the sales brochure/policy wording carefully before concluding a sale.