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If the pandemic has taught us anything, it is that life is uncertain, and sudden medical expenses can burn a huge hole in your pocket. With ever increasing costs of medical treatment, securing a sound health insurance policy can help financially safeguard yourself and your family in tough times. Over the course of this article, we shall look into the various types of health insurance policies in India.

Types of Health Insurance Plans

Investing in the right type of health insurance plan is a secure form of safeguarding yourself from the ever-increasing medical costs and can protect you from financial insecurity in times of medical emergencies. By way of paying nominal premiums rates over a course of time, when insured, you can create a cache of funds to pay for unforeseen medical expenses for yourself and your family. Let us now take a deeper look into the types of medical insurance in India.

Indemnity Plans

Indemnity plans refer to health insurance plans that compensate the policyholder for the entire sum of medical expenses – offering to reimburse you for the actual expenses incurred during treatment and hospitalisation. Post the compensation, any balance amount in the policy will be set aside for future claims under the tenure of the policy. These plans come with a pre-fixed deductible, which is paid by the policyholder for any hospitalisation expenses, while the remainder is paid for by the insurer, upto the sum insured.

Defined-benefit Plan

As opposed to an Indemnity plan, a Defined-benefit plan will ensure pay-outs for a prescribed sum, on an insured event. These plans are generally opted for to supplement indemnity plans.

Let us now look at the various forms of defined-benefit plans: 

Types of Health Insurance Plans

Suitable For

Individual Health Insurance

Individual

Family Health Insurance

Entire Family- Self, Spouse, Children, and Parents

Critical Illness Insurance

Used for funding expensive treatments

Senior Citizen Health Insurance

Citizens of age 65 and above

Top Up Health Insurance

This insurance plan is beneficial when the sum insured of the existing policy gets exhausted.

Hospital Daily Cash

Daily hospital expenses

Personal Accident Insurance

It can be used in case of any loss or damage to the owner or driver.

Mediclaim

In-patient expenses

Group Health Insurance

For a group of employees

Disease-Specific (M-Care, Corona Kavach, etc.)

Suitable for those who are suffering from pandemic-manifested conditions or prone to one.

ULIPs

The dual benefit of insurance and investment

 A. Mediclaim Insurance

 

Mediclaim is a form of health insurance compensates you for all expenses pertaining to treatment for a specific medical condition. Offering benefits for a wide range of diseases, this form of insurance can cover both you and your family and comes with the additional benefit of tax rebates on the annual premium paid.

 

B. Individual Coverage

 

An Individual Insurance plan refers to a health insurance policy that you may opt for to cover yourself, your spouse, your children, and your parents, all at once. This policy will indemnify you and your family from costs pertaining to hospitalisation, surgery, daycare, and so on. The major benefit of this form of insurance is that every family member covered under the plan will be insured for the sum assured as per the policy.

 

C. Family Floater Coverage

 

If you are looking for affordable health insurance for all the members of your family, this is the go-to plan, offering insurance for all members of the family under a single insurance sum. With the possibility of covering not only yourself, but your children, spouse, and even parents, the premium offered on family health insurance policy is relatively cheaper as compared to Individual coverage.

 

D. Senior Citizen Coverage

 

Senior Citizen health insurance is designed specifically for senior citizens, i.e., those above the age of 60, and offers compensation for costs pertaining to medication, hospitalisation, and treatment. This form of insurance also offers additional benefits of Psychiatric treatment and Domiciliary hospitalisation.

 

E. Unit Linked Health Plans

 

Unit Linked Health Plans are an amalgamation of both health insurance, and savings. Similar to Unit Linked Insurance Plans (ULIP), this form of health insurance ensures that even if you do not make a claim during the policy term, your premium payments are saved and invested.

Definite-Benefit Plans

A. Critical Illness Plan

 

Critical Illness Plans are designed to offer compensation against diseases and illnesses such as cancer, stroke, paralysis, kidney failure, heart attack, multiple sclerosis, and so on. Given that treatment for these diseases often comes at a hefty cost, this plan ensures that as soon as you are diagnosed with any of these illnesses, a predetermined amount is paid to you.

 

B. Personal Accident Plan

 

As per this plan, in the unfortunate event of your death or disability due to an accident, your nominee will be paid a lump sum amount. This helps protect your family and loved ones against financial insecurity in the unfortunate event of your meeting with an accident.

 

C. Hospitalisation Cash Benefit plan

 

This is an insurance policy that pays you a fixed sum for each day of hospitalisation that exceeds the 24-hour mark. Essentially, it offers you a daily allowance, to meet hospital-related expenditures. You can opt for this as a basic plan, or even choose to use this as an add-on cover.

Conclusion

Life can be uncertain, and sudden health problems can heap an immense financial burden on you and your family. To protect yourself and your loved ones, and to ensure a more secure financial future, you must opt for a sound health insurance cover. Do so today, by visiting the Finserv MARKETS website, and choosing from the various types of medical insurance in India.

Best Health Insurance Plans Available at Bajaj MARKETS

FAQs On Types of Health Insurance

  • ✔️Why is Health Insurance important?

    Health Insurance protects you and your loved ones in the case of medical emergencies, offering financial security. 

  • ✔️What should I look for before buying Health Insurance?

    There are various types of health insurance policies in India. Before opting for one, look at the amount covered, the waiting period, the claim settlement ratio, and the range of network hospitals.

  • ✔️How do I buy Health Insurance at Finserv MARKETS?

    You can use the Finserv MARKETS website or application to buy health insurance. Follow the simple steps of filling out the application, choosing the health insurance cover, uploading the documents, and paying the health insurance premium amount.

  • ✔️Do I have to undergo a medical examination before buying Health Insurance?

    Yes, depending on the policy, you may have to undergo a medical examination. Some insurers only ask for it if you are over 40 years old or have a pre-existing condition.

  • ✔️Can I have more than one Health Insurance?

    Yes, based on your requirements, you can have more than one health insurance plan.

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