When a medical emergency strikes, you not only need emotional support but also financial support. While you have your loved ones to lift up your spirits, you need someone to take care of the medical bills as well. This is where health insurance comes to your rescue. Thus, it is wise to know the different types of health insurance plans available in India.
Different Types of Health Insurance in India
- Individual insurance plans:This is the most common type of health insurance plan in India. Such a policy only covers an individual. It takes care of your medical costs in case you get admitted into a hospital. The premium in such cases will depend on personal factors such as your age, medical history, etc.
- Family floater insurance plans: As the name suggests, this type of health insurance plan covers the entire family. It is similar to an individual policy except that the sum insured in this case is usually higher and is shared between the family members. One of the main advantages of such an insurance plan is that you need not manage different policies. Moreover, such policies are also more cost-effective than buying an individual policy for each member.
- Senior citizen insurance plans: These health insurance policies are specially designed for senior citizens who are usually above the age of 60. Since old people are more likely to make a claim, the premium to be paid is higher in such cases. Also, many insurers don’t stress on a pre-medical screening or exclude pre-existing diseases before granting senior citizen insurance because old age often comes with health issues.
- Critical illness insurance plans: A critical illness insurance plan insures you for fatal diseases such as kidney ailments, heart attacks, cancer, paralysis, etc. In such cases, the policyholder receives a lumpsum amount on the diagnosis of the covered illness. Unlike individual policies, no hospitalization is needed for claiming the money. Such a plan is advisable for those who have a history of such illnesses in their family.
- Personal accident insurance plans: Accidents are common and the expenses they bring along can drain all your savings. A personal accident insurance covers the cost of medical treatment needed after an accident. Usually, such a policy offers benefits against 3 events – partial disability, total disability, and death due to accident.
- Maternity insurance plans:These are women-specific health insurance plans. Such plans provide coverage for pre-natal and post-natal expenses along with the delivery and ambulance cost. A baby cover is also provided wherein the expenses related to the new-born baby are covered up to a certain duration. Most maternity plans have a waiting period before they get active. Thus, it is prudent to buy such cover as soon as a woman gets married. These can also be taken as an add on to a basic policy.
- Unit Linked Insurance plans:Unit Linked Insurance Plans or ULIPs are insurance plans that double up as investments. When you pay the premium, a part of it is utilized for providing cover to you, as usual. The remaining amount of the premium is invested in a mix of equity and debt. With ULIPs, you not only secure your health but also build wealth for the future with the returns.
- To sum it up:Illness can strike anytime and the cost of treatments, medicines and other medical expenses can run into lakhs. Thus, buying health insurance should be one of the first steps of an individual’s financial planning journey. There are different types of health insurance plans in India. You must assess your needs and personal conditions before choosing one.
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