The sky-rocketing expenses of medical treatments have made it mandatory for everyone to have a health insurance policy. Health insurance policies help one cover financial expenses during illness or an accident. There are two types of health insurance plans, “Indemnity Plans” which cover hospitalisation expenses, and “Definite-Benefit Plans” which compensate a lump amount on the detection of an illness. Here are some medical insurance plans available in India.
Mediclaim Insurance
This is a policy that compensates the insured for hospitalisation expenses incurred during illnesses or accidents. The policy covers in-patient expenses such as surgery expenses, doctor’s fees, oxygen, etc.
Individual Health Insurance
This is the best plan for those who are single. This plan is an individual policy that offers coverage on an individual basis. If any other members such as children or a spouse have to be added, an extra premium must be paid. The premium for each individual differs depending on the age, medical history, and sum insured. The advantage of this policy is that even if a member is added to the policy when a claim is filed by one member, it will not affect the sum insured of the other insured member.
The premium to be paid would be higher since the sum assured would be more
Family Floater Health Insurance Plan
This policy is perfect for those with a family including a spouse, dependent children, parents/in-laws. The advantage of this policy is that all members are covered under one premium amount and the assured sum is equally divided amongst all the members. Generally, the premium to be paid is based on the age of the oldest family member. This plan works well if the older members of the family do not have serious ailments since serious ailments would mean a major chunk of the insured amount would go to them. Overall, it is a very cost-friendly policy for the family
Critical Illness Insurance
Critical Illness Insurance covers life-threatening diseases such as cancer, stroke, kidney failure, etc. The treatment for these diseases is very expensive and might require multiple hospital visits over a long period. This policy specifies the total number of illnesses that are covered at the time of a policy tenure and offers compensation for loss of income during the time of hospitalisation.
This policy can be bought as an inclusion to an existing health insurance policy or as a separate policy
Unit Linked Health Plans
This policy is also known as ULIP, and these policies come with dual benefits of investments and insurance. A chunk of the premium paid is used in the stock market and the insured is offered insurance coverage. The returns depend on how the market performs
Senior Citizen Health Insurance
These are plans specifically for those above the age of 60 years. As one grows old, they become vulnerable to serious ailments and might need frequent visits to the hospital. This type of policy can help the elderly by providing adequate medical coverage. The premium is usually higher due to its extensive coverage.
After gaining a complete understanding of one’s requirements, an insurance policy can be bought. To know more about health insurance policies and medical insurance plans available in India, click here!
