Hi there! There has been a significant rise in health-related issues, and medical treatment cost in recent times, with Corona Virus playing its massive role.
Health care has become so crucial these days, that a proper, and enough, financial backup is required all the time to face such contingencies. And this is where Health Insurance Plans become a wise decision.
In this article, we will explore different types of Health Insurance plans available in India, with their scope and benefits respectively.
After reading this article, I would recommend reading 8 FACTORS TO CONSIDER BEFORE BUYING HEALTH INSURANCE to understand what factors you should check for before buying any type of Health Plan.
Let’s now discuss 8 types of Health Insurance Plans available in India:
- Individual Health Insurance Plan is one of most common plan that people buy. This plan covers the hospitalization cost of only one individual (insured), like surgery, illness, injury, room rent, etc.. This plan is good enough when an individual wants to buy a plan only for themselves, and not for the whole family, like their spouse, children, etc.
If a family intends to buy an individual Health Insurance plan for each family member, then the premium will be relatively higher.
- Critical Illness Health Insurance Plan is a very beneficial plan for those who have a family history of critical illness, like, Hypertension, Heart Attack, Cancer, Paralysis, Stroke, etc.. Hospitalization is not required to make a claim in such a Health Plan. The insured can make a claim upon diagnoses of such a critical disease. A lump sum amount as per the policy cover is paid to the insured at the time of claim, and then the policy terminates immediately. Under some plans, insured gets the benefit of routine health checkup also.
- Family Floater Health Insurance Plan is one of the best options to cover the whole family from hospitalization, under one plan. The premium of Family Floater plan is relatively cheaper as compared to buying Individual Health Insurance Plan for the whole family. Also, the sum assured keeps floating amongst all family members to cover their hospitalization needs before the policy finally expires, or the Sum Assured is fully consumed. One of the best health insurance plans for families.
- Senior Citizen Health Insurance Plan is dedicated to the elderly people above the age of 60 years. Under this type of policy, senior citizens get medical cover for hospitalization, pre and post hospitalization, medical treatments, medicines, and even Domiciliary hospitalization, and more.
Since the rate of claims is high amongst Senior Citizens, so the premium of such plans is also onto a higher side.
- Disease Specific Health Insurance Plan offers insurance against specific disease, like COVID, Diabetes, Mosquito related diseases (Chikungunya, Dengue, Malaria, etc). Treatment of such diseases turns out to be heavy on the pocket, so an individual can opt for this kind of a plan for a specific disease to which they feel unsecured.
- Personal Accident Health Insurance Plan covers all the medical expenses of the insured in case the insured meets with an accident. These type of Health Insurance Plans cover partial or permanent disability, and even death of the insured in any accident.
Personal Accident Health Insurance plans covers Insured’s hospitalization expenses, Ambulance expense, loss of income due to any partial or permanent disability, child’s educational expense, and even a loan liability, if any. This plan is a wise investment for those whose daily work/personal lifestyle involves risk of accident, like excessive or long distance travelling, construction work, etc.
- Group Health Insurance Plan is purchased by employers for their employees, and their dependents. An insurance cover for Hospitalization provided to an organization’s employees, and their dependents, is an essential benefit provided by the organization. Important advantage of such a plan is that the policy cover is free for the employee and their dependents. Also, this plan covers hospitalization, critical illness, maternity, etc.
- Unit Linked Health Insurance Plan is a mix of Insurance and Investment. This is an awesome plan where a portion of the premium paid by the Insured is paid for Health Insurance policy, and another portion of the premium is invested in equities and debt fund. Under this kind of plan, the Insured secures a Health Insurance Plan, as well as an Investment plan. All the savings and profits from ULIP investments is paid to the Insured at the end of the Policy term.
In such uncertain times, where health is at risk, and medical treatment costs rising, it is advised to have an appropriate Health Insurance Plan as per your need. Buying a Health Insurance plan provides a financial backup for you as per your requirement.
Select a Health Insurance Plan that suits your requirement from the 8 types of Health Insurance mentioned in this article, and get secured from today.
In my next article, I will talk about the Riders, Top Ups, and Super Top Ups available with any Health Insurance Plan.
But before buying any type of Health Insurance Plan, I would recommend that you read about 8 FACTORS TO CONSIDER BEFORE BUYING HEALTH INSURANCE to understand what factors you should check for before buying any type of Health Plan.
Do leave your feedback or query in the Comments section.
Take care till then.
Prashant P. ChauhanAuthor @ The Winning Leap
Meet Prashant Pratap Chauhan, the savvy founder behind The Winning Leap, a hub for sharp financial insights and expert analysis in the realm of finance blogging.