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Benefits of Individual Health Insurance Policy

Published On Mar 15, 2021, Updated On May 03, 2021

There are various companies that provide health insurance policies and an Individual health insurance policy is one of the types. In an individual health insurance policy, only one member of the family is insured and he/she benefited to the fullest. Health insurance policies are definitely the helping aids in many aspects but an individual health insurance policy will be one of the right choices if you are planning for comprehensive health insurance coverage.

If you have a family member who needs extra health coverage and chances that his/her medical expenses may exceed, then it is always advisable to buy an individual health insurance policy for him/her. Doing so will be more beneficial from both the monetary and health perspectives.

There are many advantages to having individual health insurance policies. Let's have a look at the vital benefits of an individual health insurance plan.

Benefits of Individual Health Insurance Policy

1. Coverage for Medical Costs

The first and foremost reason why an individual buys a health insurance policy is to stay protected against unforeseen medical circumstances that may arise anytime. An individual health insurance policy helps you to be safe from a financial crisis and relieves the burden of the medical costs.

2. Pre and Post Hospitalization Coverage

In an individual health insurance plan, you can be beneficial for the coverage of medical expenses incurred 60 days prior to immediate hospitalization and 90 days after hospitalization.

3. Free Medical Check-ups

Even if a claim is made under an individual health insurance plan, you can still enjoy free health-check-up once in 3 policy years

4. Ambulance and Recuperation Benefits

An individual can get benefits up to Rs. 20,000 annually for ambulance charges under individual health insurance along with a recovery benefit for more than 10 days of continuous hospitalization.

5. Affordable Coverages According to the Needs

The major benefit of an individual health insurance policy is that you get to choose the one that fits your bill. An individual health insurance policy is easy to cover your specific needs according to your budget and this type of flexibility may not be possible with group health insurance or family floater plans.

6. Cashless Claim

In an individual health insurance policy, you can avail of the cashless benefit provided if an unexpected medical emergency arises. Cashless hospitalization facilities under an individual health insurance policy allow an individual to avail medical treatment without paying to the hospital.

7. Tax Benefits

Unlike family floater plans, an individual health insurance plan benefits in case of tax too. You can have the tax benefits on the premium paid towards your health plan as a deduction under section 80D of the income tax act.

8. Other Beneficiary Coverages

An individual can also benefit from extra coverages such as organ donor benefit, cataract surgery cover, bariatric surgery cover up to Rs. 5,00,000, maternity benefits and newborn cover under the individual health insurance plan. Moreover, parents and immediate family members can be added to the plan and there is no restriction on the maximum age for the members for the renewal of the policy.

The inclusions and exclusions of an individual health insurance plan will mostly depend on the type of policy and insurer you select. So be wise while selecting the appropriate health insurance policy for an individual.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.


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