A good financial portfolio is incomplete without a health insurance policy. What is health insurance ? Health insurance protects your family financially during medical emergencies and hospitalisation*. It would help if you choose the right plan among the many available. You’ll need to know India’s health insurance programmes first. This article explains medical insurance policies in detail to help you choose. 

Here are few types of health insurance available in India – 

  1. Individual health insurance: 

Individual health insurance policies cover individuals. This health insurance covers hospitalisation* costs. Some points to note are:  

  • Individual health insurance policies cover one person. 
  • Beneficiary-specific sum insured. 
  • It covers hospitalisation*, surgery, daycare, room rent, etc. 
  • This plan usually covers 18–65-year-olds.
  1. Family floater health insurance: 

Family floater health plan covers multiple people in the family. This health insurance protects your family by providing coverage against a multitude of diseases and illnesses. Family floater health insurance benefits – 

  • Family health insurance covers multiple people. 
  • Beneficiaries share the insured amount. 
  • It pays for hospitalisation*, operations, treatment, daycare, etc.
  1. Senior health insurance plan: 

Types of health insurance for senior citizens cover those over 65. Choose this health insurance plan for your parents or other seniors.  If your parents are over 65 and uninsured. If so, you must consider this plan, which covers pre- and post-hospitalisation* medical expenses, and domiciliary expenditures are covered. 

Elders are more prone to get sick, so their health insurance premium may be higher than individual or family floater health insurance plans. 

  1. Critical illness coverage: 

The critical illness plan protects your finances if you get a critical illness. The insurer usually pays a flat sum for policy claims. Critical illness health insurance features are: 

  • If you have a critical sickness, it pays a lump sum. 
  • Critical illness diagnosis should last 30 days to receive the claim amount. 
  • Some plans offer free annual health checks. 
  • After receiving the lump sum, the coverage expires. 
  1. Group Insurance Plans: 

GMC policies can cover individuals or families. Your employer may charge more to add extra coverage. Group health insurance benefits include- 

  • It covers employees and their dependents. 
  • Employees get free basic coverage. 
  • Benefits may be available immediately. 
  • It covers injury/illness-related hospitalisation*. 
  • Maternity, daycare, and outpatient care may be covered (OPD). 
  • It may increase the sum insured. 
  • Annual health checks, online doctor consultations, diagnostic testing, and more may be offered. 
  1. Top-up health insurance: 

The top-up health insurance plan is ideal if you want to top up your health insurance. Top-up health insurance benefits include – 

  • It gives a more significant sum insured than the basic plan. 
  • Most plans have fixed deductibles. 
  • Super top-up health insurance plans offer a higher sum insured. 
  1. Personal accident policy: 

Accident treatment can bankrupt you. Personal accident cover (PA) protects against accident-related disability and demise. Personal accident insurance features include:

  • Accidental demise and permanent/partial disability are covered. 
  • Demise and permanent disability lump-sum payments are offered. 
  1. Pregnancy insurance: 

You can add the maternity health insurance plan to your primary plan. The add-on covers pregnancy, birth, and postoperative costs.  If you want a family, buy this package. It reduces maternal costs. Plan features include- 

  • It covers pre- and post-natal and delivery costs. 
  • After a waiting period, some insurers cover maternity. 
  • Some policies cover newborns for a limited time.
  1. Mediclaim plan: 

Mediclaim insurance frequently covers accidents and illness-related hospitalisations*. Mediclaim insurance covers in-patient costs solely. Mediclaim plan benefits include doctor fees, surgery, nursing, oxygen, and anaesthesia coverage.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘ 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply 

(* Standard T&C Apply )