Good health is the most valuable gift a person receives from nature. Good health only enables an individual to feel fresh and live a fulfilling life. And what contributes to your health to remain in good shape is a health insurance policy. Health insurance policies contribute to the good health of people by providing beneficial coverage options. These coverage options provide all the monetary help to the person securing his/her medical and hospitalization costs which can otherwise cost you much higher!
In this article, you’ll learn about the various types of health insurance policies available in India.
Individual Health Insurance policy | Health insurance India
There are many credited general insurance companies in India which provide individual health insurance policies offering great benefits.
These individual health insurance policies are also called as ‘Standard Mediclaim health insurance policies. These Standard Mediclaim policies or individual health insurance policies are amongst the simplest types of health insurance policies in India. This individual health insurance policy as per its name covers individual hospitalization expenses up to the sum assured value. All health insurance companies of India offer this type of health insurance. However, the offerings of each of the health insurance companies in India may differ especially in terms of sum assured value.
For example, choose a policy from a company which offers a host of benefits including coverage of pre-hospitalization and post-hospitalization expenses. Also look for additional benefits like inclusion of emergency ambulance charges and free medical check-ups. Don’t forget to ensure the availability of faster claim settlements and a 24-7 toll-free helpline.
For example, Mr. Verma buys an individual health insurance policy of Rs 3 lakhs. Now in case of hospitalization, the particular insurance company will bear all the treatment and medical costs of Mr. Verma up to Rs 3 lakhs.
Family Floater Policy of Health Insurance | Health insurance India
Family floater policy is the 2nd type of health insurance policy in India. It provides coverage for the entire family which includes a person and his/her spouse along with 2 children. There are certain medical insurance companies which also cover parents in law under an equal plan.
The major benefit of this type is that each of the members under the policy is liable to receive the benefit of sum assured value as and when required.
Critical illness policy | Health Insurance policy
This type covers only certain critical illnesses as mentioned in the policy documents.
The striking benefit is that the insured gets a lump sum total amount as specified by the insurance provider when diagnosed with critical illness. This is irrespective of hospital bills.
Senior citizen Health Insurance | Health Insurance policy
This type caters to people above 60 years of age. Usually such policies require greater premiums and offer coverage up to greater renewable age.
All the above types of health insurance provide diverse set of benefits with certain drawbacks. You must select a policy after evaluating your needs as per many factors like budget, age and count of individuals which need to be covered. It’s advisable to take help of a professional to get the best health policy as per your requirements.