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Types of health insurance plans in India
21 October 2020
Are you prepared to deal with a medical emergency financially? You must keep in mind that a sudden and unforeseen medical emergency will take a toll on both your emotional health, as well as finances. While your family-members can provide emotional support and lift up your spirits, the expenditure incurred in meeting the medical costs can leave your financial situation in shambles. And with rising hospital expenses, you might not be able to afford the cost of the best medical treatment. It is here that the importance of health insurance plans comes to the fore.
Before buying a health insurance, it is always advisable to know different types of health insurance plans available in India. Once you compare health insurance plans, you can select the policy that fits your needs.
1. Individual Health Insurance Plans:
The first among the different insurance types, this plan provides financial support to an individual by meeting the cost of hospitalisation and other medical expenses. The health insurance premium payments of this policy is contingent upon certain key factors, like age of the individual, existing medical condition of the policyholder and the amount of sum insured. A key advantage of individual health insurance plans is that it can also provide coverage to your spouse, children and dependent parents by making additional health insurance premium payments. Depending upon the type of the plan, you can avail a wide slew of benefits, including no room rent cap, No Claims Bonus (NCB), alternative treatment, all day care treatments, OPD and diagnostic costs, in-built travel coverage, international coverage and a high-value sum insured, up to Rs 3 crore in case of a comprehensive plan like Health Premia.
2. Family Health Insurance Plans:
The second among the most popular types of health insurance plan in the country, this health policy provides financial coverage to all family-members of the policyholder. This policy can cover your spouse, children, parents and other dependent members - all as part of one policy entailing single health insurance premium payments. Because of this feature, where all family-members are covered as part of a single policy, this health insurance policy is also referred to as a family floater plan.
Typically, the health insurance premium payment is calculated on the basis of the age of the eldest family member. It is always advisable to avail family health insurance plans if you have children or family-members without serious medical conditions. This will ensure that the sum insured is not exhausted. A key benefit of family health insurance plans is that it can provide comprehensive hospitalisation cover to large and extended families. Other benefits of this policy are similar to individual health care plans, like NCB, high-value sum insured up to Rs 1 crore, zero cap on room rent and so on.
1. Critical Illness Insurance:
The third in our list of different types of health insurance plan is the critical illness cover. This is a health insurance policy, which can provide coverage to an individual or family-members (up to two adults) against a wide slew of critical and life-threatening medical conditions. You receive a lump sum amount, in the case of being diagnosed with a critical illness. Up to 20 critical illnesses, like cancer, stroke, organ transplant, paralysis, kidney failure, heart attack, among other conditions are covered under this policy.
2. Personal Accident Insurance:
Among the types of health insurance plans for specific needs, you can avail personal accident insurance. This policy provides coverage for accidental death (where your family-members receive 100% of the sum insured), permanent partial or total disability, temporary disability, and child education benefits with a plan like Max Bupa’s AccidentCare. You also have the option of adding your family members - up to two children and two adults - in this plan. Alongside you receive key benefits such as high-value sum insured, worldwide coverage and assured renewals.
3. Maternity Insurance Plans:
This health insurance policy benefits women and covers a wide range of maternity costs such as pre-natal and post-natal expenses, costs incurred in delivery, ambulance charges and so on. Some insurance companies also provide maternity and new-born cover as part of individual and family health insurance plans.
4. Unit-Linked Insurance Plans (ULIPs):
Here, a part of the health insurance premium payment is invested in a mix of debts and equities, while the remaining portion provides you with life insurance cover.
Top-Up Plans: If you have an existing health policy, you can further enhance the sum insured by availing a top up policy. Max Bupa’s Health Recharge plan can also help you enhance the coverage for your family-members.
Thus, you have the flexibility of choosing from the different health insurance types. Remember, the benefits of health insurance plans are manifold, and you must avail a health insurance policy as soon as possible to protect yourself and your loved ones from a medical emergency.