Handy Guide For Different Types of Medical Insurance in India
Updated On Dec 29, 2020
The cost of health insurance is skyrocketing in our country and even a simple medical procedure can cost a fortune. The best way to adopt economical health care is to procure health insurance policies where the cost of hospital treatments is paid by the health insurance company against a premium. But there are several medical insurance policies available in India, confusing the end-user. Here is a quick guide to the various types of health insurance policies in our country along with their benefits.
Different Types of Medical Insurance Schemes in India
Having a health insurance policy has become mandatory to match soaring healthcare costs. But there are many types of medical insurance plans available to confuse the end-user. Understanding all of them will help in an informed decision-making process.
1. Individual Health Insurance
The individual health insurance plan offers coverage only for the individual. They can add additional family members, such as spouse and children by paying an additional premium. The premium will be calculated based on the individual’s age, medical history, and the total sum insured. The claims made on behalf of one family member will not affect the sum insured for the rest of the family members.
2. Family Floater Health Insurance
In the family floater plan, comprehensive coverage is rendered for the entire family members, including the spouse, children, parents, siblings, and even the parents-in-law. The premium for these plans is determined based on the age of the eldest family member. All the members who are insured will be brought under a single sum assured. If one of the family members utilize the maximum sum assured, then the rest of the family will be left with less cover.
3. Senior Citizens Health Insurance Plan
The senior citizens’ insurance plan is designed for individuals who are over 60 years of age. The premiums of this plan are high as senior citizens are prone to fall sick and file claims often.
4. Critical Illness Insurance
A critical illness policy covers life-threatening diseases such as cancers, stroke, kidney failure, etc. These ailments require multiple hospital visits and their treatment costs are also quite high. A lump-sum amount is generally paid as a claims settlement to cover the treatment of critical illnesses. The plan also provides for loss of income at the time of diagnosis of a life-threatening condition. It can be bought either as a rider or as a standalone insurance plan.
5. Group Health Insurance Plans
These plans are generally provided by employers. These plans do not offer extensive coverage and the sum insured is also limited. The coverage can be extended for the family members as well, by paying an additional health insurance premium. These plans will be terminated when an employee leaves the company.
Bottom Line
Understanding the different types of health insurance plans available in India, helps insurers to choose the best plan that suits their requirements. But all these policies come to the rescue at times of need and help individuals to seek the best medical aid.
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.
