Types Of Health Insurance Policy In India
Tue, Oct 24, 2017
Health insurance policy is a very important need for most people today. The main reasons are a hectic lifestyle and rising medical costs.
Any person can fall ill. Some medical treatments like those for critical illnesses can cause major financial setbacks. In case you don’t have a cover for medical insurance, you need to pay big medical bills. Thus you need medical or health insurance particularly if you are the earning member of the family.
Kinds Of Policies
Select from the best health insurance plans in India. Thus you can reduce financial risks from unforeseen health problems. There are various kinds of policies from which you can choose as per health needs of your family.
· Individual health plan
This type of health insurance plans are created to give medical cover for an individual. It is the popular plan when you are unmarried or the sole member of the family who is earning. This health insurance gives cover against expenses of in-patient hospitalization, post hospitalization and day care procedure. All you need to take care is that you are not under covered and select the right cover under this policy. This policy is also called as Medi-claim.
· Family Health plan
When you desire to cover the whole family for medical expenses, this is the plan for you. Under this plan, your entire family from parents to children to spouse and even in-laws can all be insured and can claim medical benefits. Any one member can use this policy, subject to the maximum length. The complete health cover can be shared between the multiple insured within one policy year.
· Senior citizen health plan
With old age approaching fast, there are frequent chances of falling sick. If you undergo medical treatment, you will incur out-of-pocket expenses. This is a big burden if you are no longer employed. Thus it is a good idea to adopt this health insurance plan. You can choose an umbrella plan that covers your spouse also.
· Critical illness plan
It is a health insurance which guards you from medical expenses which occur after diagnosis of critical illnesses such as kidney failure, heart attack and cancer. The nature of illnesses covered and payouts may differ from one plan to another. In some cases, policy holder is awarded a lump sum payment. Such a plan can complement a basic health plan.
· Personal accident plan
This insurance plan provides you with cover against injury or accidental death. Injury may cause partial/ total disability of a permanent nature. Such injuries impact ability of person to earn income. This plan is vital for the family if you are its sole breadwinner. Sum Assured is paid out to you (in case of disability) or nominee/ family (in case of death). This is also a good complement to your basic health plan.
· Maternity plan
As per this policy, medical expenses related to maternity are covered.. Insurers usually keep a waiting period to avail this cover. Some insurers include this under primary health plan.
These are some of the major types of health insurance in India from individual health insurance to group ones.