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Types of Health Insurance Plans In The Market

Published On Aug 10, 2021, Updated On Aug 11, 2021

Health insurance is one of the integral parts of our daily life as it helps in shielding us against high medical expenses that usually incur at the time of medical emergency. Having a health insurance policy offers a sense of relief as it looks after the medical dues without much effort. Health insurance covers come packed with features and benefits to meet the requirements of different groups of people in the society at an affordable price. Some of the essential features include pre and post hospitalization expenses, tax deduction, ambulance charges, cashless claims, lifetime renewability of services, and a lot more. 

To cover all the possible medical treatments, the health insurance providers have classified the insurance policies into different categories so that the customers can choose and customize the plans that they need and pay for the same. The classification of the plans has been done on the basis of sum assured, number of insured members, treatment type, medical history, etc. If the standard health insurance policy is not sufficient to meet the demands of the customers then the insurers have rolled out additional and optional covers at a negotiable price. 

Types of Health Insurance Plans In The Market

Types of The Health Insurance Policies 

There are different types of health insurance policies that are available in the market to meet various requirements of the customers at a good price. These different types of health insurance plans can be either Indemnity plans or Defined Benefit plans. Let us look at the various types of health insurance plans in detail: 

  • Individual Insurance Plan 

This health insurance plan covers the medical expenses of a single individual and comes with benefits like ambulance charges, room rents, domiciliary expenses, consultation charges, medication fees, etc. This health insurance cover comes with a comprehensive coverage and the sum assured under the plan is available for the individual in various ranges. 

  • Family Floater Plans 

These plans cover an entire family under a single health insurance policy. This type of plan can insure you, your spouse, children, and dependent parents. Some health insurance providers offer discounts on family floater plans. It offers a wide coverage to ensure enough coverage for each individual insured under the plan. The total cost of a family floater plan is lesser when compared to individual plans for all the members in the family. 

  • Group Health Insurance Plans 

These health insurance plans cover a large group of people under a single policy. These types of plans are purchased by a company or an organization for its employees and their families. It protects the employees of a company against the financial crisis that can occur due to medical emergencies. 

  • Senior Citizen Health Insurance Plans 

This health insurance plan has been rolled out by the insurance providers to meet the demands of the senior citizens separately. The premium for such plans is more than a standard health insurance plan but it is highly beneficial for senior citizens at the time of medical emergency as it has a larger sum assured and it comes with benefits that are exclusively for the people above the age of 60 years. 

  • Maternity Benefit Insurance Plans 

Maternity health insurance plans offer coverage to shield the mother and the newborn baby against any medical expenses at the time of giving birth. It includes the cost of vaccination, delivery, consultation, checkups, medications, etc. It comes with a waiting period and therefore, should be bought as early as possible. 

  • Critical Illness Insurance Plans 

This plan can be bought either as a base cover or as an additional cover. It provides compensation for medical expenses incurred during the treatment of critical diseases like cancer, diabetes, hypertension, stroke, lung diseases, etc. Around 32 critical disorders are listed under this plan and it comes with a higher sum assured. The list of critical diseases can differ from one insurer to the other. 


You must analyse your needs and requirements and consider several factors while purchasing a health insurance policy. You must carefully read the terms and conditions of the policy to be clear about the inclusions and exclusions of the plan which can make the claim settlement process smooth and quick. 

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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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