Why Should You Get An Individual Health Insurance?

Top Individual Health Insurance Plans at Bajaj MARKETS

Features of Individual Health Insurance

There are a ton of varied health insurance plans available in India like senior citizen health plans, family floater plans, and many more. One of the most popular forms of health insurance is medical insurance plans for individuals, where only one person benefits from the coverage. Individual insurance plans have a fixed sum insured which the policyholder/insured can use to pay off their eligible medical bills till the value of the sum insured gets exhausted.

Insurance companies calculate the premiums for individual insurance plans based on the applicant’s age, the coverage required, medical history, pre-existing conditions, and some other factors. You will have to disclose any pre-existing conditions to the insurance company at the time of buying a policy. It’s a good idea to get a health insurance cover early in your life so that your premium amount is less. Here are some of the things you should look for when buying a personal health insurance plan:

• Sum insured

• Minimum entry age and renewability clause

• Room rent limit

• Inclusion and exclusion of diseases and expenses

• Type of No Claim Bonus

• Other additional benefits

Benefits of Individual Health Insurance

Medical insurance plans for individuals comes with many benefits. Here’s a look at them:

• Cheaper Premiums

One of the main benefits of individual medical insurance is the cheaper premiums that you can take advantage of. Family insurance plans usually have higher premiums as they cover multiple people. In contrast, personal health insurance plans have cheaper premiums as they only cover a single person. Your premiums can also go down if you are a young person in good health.

• Cashless Benefits

Another advantage of health insurance plans is the cashless benefit. You just need to inform your health insurance provider before or immediately after hospitalisation, fill the authorisation form with the third-party administrator (within the hospital premises) and you are done. You don’t pay anything unless your hospitalisation costs exceed the sum insured limit. To enjoy cashless hospitalisation, you must be undergoing treatment in a hospital or nursing home that is part of the insurance provider’s network.

• Pre and Post Hospitalisation Cover

Depending upon the insurance provider, you can also get coverage on medical expenses that you have incurred before or after hospitalisation, up to 60 days. However, different insurance companies may have different periods of pre and post coverage, depending on their plans.

• No Claim Bonus

Some insurance providers offer discounts on premiums of your health insurance policy for every claim-free year. Others offer a facility called cumulative benefit, which increases your sum insured by a certain percentage for every year that goes without a claim.

• Tax Benefits

You can get yearly tax deductions up to an amount of ₹25,000 if you are below 60 years, and ₹50,000, if you are above 60 years on health insurance premiums. These deductions are available under Section 80D of the Income Tax Act, 1961.

Why Choose Bajaj MARKETS?

With us, you can get access to the best individual health insurance plan in no time, so let’s understand why Bajaj MARKETS is the ultimate choice!

• Trusted Companion

We are an entrusted financial partner for more than 100 million customers all over the country. You can enjoy our services as well and get value for your money with the best of facilities!

• Quick Process

No third party involved, no long-waits and zero hassles - these are only more reasons to choose us.

• Reinstatement Benefit

Make the most of your health insurance plan and get a reinstatement benefit on exhausting your sum insured.

• Personalised Insurance Plans

Choose a personalised policy that is tailor-made to meet your insurance requirements and you shall have nothing to worry about!

• Extensive Coverage

Avail extensive personal health insurance coverage with the best facilities at over 6000+ network hospitals across India.

Who Should Buy Individual Health Insurance?

Individual insurance plans are ideal for most people who do not have any dependents. Here are the types of people who should opt for individual insurance:

• Bachelors

People who are not married should go for individual insurance plans as they do not have any dependents, so they only need coverage for themselves.

• Young Individuals

Younger people who do not have dependent parents can opt for the best insurance plans for individuals and take advantage of cheaper premiums.

• Senior Citizens

Senior citizens who are single or widowed should get individual health insurance as there are specific senior citizen plans available under individual health insurance that people of or above 60 years can benefit from.

Things to Consider While Buying Individual Health Insurance

Here are some key factors that you must keep in mind to purchase the best personal health insurance plan:

• Your Insurance Needs

It is crucial to know your insurance requirements before proceeding to buy personal medical insurance. Depending on your health condition and medical services that you may want for the future, create a list of required coverage facilities. You can also keep an ideal sum insured amount in mind to help you get a sufficient cover.

• Add-on Covers

One of the essential individual health insurance benefits is the add-on cover that enhances your plan. The add-on options may vary from insurer to insurer. Thus, ensure to check the add-on covers available with various insurance providers.

• Network Hospitals

Network hospitals enable you to enjoy cashless facilities while seeking medical treatment. Therefore, it is vital to know the list of network hospitals and opt for an insurance company that has a wide network chain across the country.

• Speedy Claim Settlement

The most important part of health insurance is the claim settlement process. Be it a cashless claim or a reimbursement claim, the process should be simple and hassle-free. To learn more about the claim settlement services offered by an insurer, you can easily check online.

Conclusion

Health insurance has become a necessity in today’s world as medical infrastructure has become exorbitantly expensive. If you are a single person looking for financial protection in case of medical emergencies, it is recommended that you buy individual health insurance for the best possible protection. You can take a look at the best individual health insurance plans available at Bajaj MARKETS and choose a plan that fits your needs.

Before that, you can estimate how much you need to pay for a policy with our easy-to-use health insurance premium calculator!

Best Health Insurance Plans Available at Bajaj MARKETS