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What Are Key Benefits Of Individual Health Insurance Policy?

Updated On Feb 09, 2022

Health insurance is a contract in which the insurance company commits to pay for medical expenditures if you, the insured, become ill or are involved in an accident that requires hospitalisation. Health insurance has now become a must in today's society. So because of the high cost of medical treatment, particularly in the private sector, it is critical that you and your family be protected by trustworthy health insurance coverage.
So, in the event of an emergency, health insurance coverage might come in handy, especially if the family's breadwinner is in the hospital. A health insurance coverage covers expenses such as doctors appointments, consultation fees, medical test costs, hospitalisation costs, and so on. To know more about the key benefits of individual health insurance policy, read on.

What Are Key Benefits Of Individual Health Insurance Policy?

What Is Exactly Individual Health Insurance Policy?

Individual health insurance is a type of insurance that provides medical coverage to a single person for a certain sum covered. It is a form of health insurance plan that must be acquired separately for each member of the family. It lets you tailor your coverage to your specific health requirements rather than the needs of your complete family.
Most individual health insurance policies cover a person's emergency medical expenses, including those incurred as a consequence of hospitalisation, day care operations, road ambulance services, alternative therapy, organ donor expenses, and so on. An individual health insurance policy's premium and coverage, on the other hand, can indeed be shared among family members.

Is Cashless Treatment Covered by a Private Health Insurance Policy?

Yes. Individual health insurance policies have a cashless treatment facility. Your insurance company pays the amount of your hospitalisation bill directly to the network hospital where you were treated under this arrangement. You are not required to pay for your medical bills out of pocket. You can use the cashless hospitalisation service at any of your insurance company's network hospitals.

Individual Health Insurance Plans - Are There Any Waiting Periods?

Yes. There are waiting periods in all individual health insurance policies. For starters, you won't be able to file a non-accidental claim within the first 30 days of your policy's inception. Arthritis, cataracts, joint replacement surgery, bariatric surgery, and other ailments and surgical treatments are covered after a waiting time of 1 to 3 years, depending on the plan. Similarly, you can file a claim for pre-existing conditions after a 2- to 4-year waiting period, depending on the policy terms. If you have added critical illness coverage to your insurance, you will be eligible to file a claim 90 days after the policy starts. Furthermore, the claim will be authorised after a 30-day surviving period.

What is the Ideal Amount of Individual Health Insurance Coverage?

According to insurance experts, your health insurance policy should cover at least 50% of your annual salary. To cover pricey therapies like bypass surgery, COVID-19 therapy, and accompanying consequences, a minimum of Rs 10 lakh in medical insurance coverage is necessary. Depending on the plan, the coverage can go up to Rs 1 crore.

Individualised Protection

The insurance is designed to cover an individual's health risks regardless of family health issues. Shekhar, for example, required surgery to remove gallstones. He was well aware that having such a pre-existing ailment meant that the entire family would have to wait for coverage to begin.
When a new insurance coverage does not cover pre-existing ailments, this is the situation. Shekhar wanted to make sure that his physical issue didn't put the rest of his family on hold. As a result, the best alternative appeared to be individual coverage that gave individual protection.


Individual health insurance coverage is required for those with their own medical problems. It provides you with your total insured amount alone for you and does not require you to divide it with your family members on a floater basis. 

Also read- Individual Health Insurance VS. Family Floater Plans

Lesser Known Benefits Of Health Insurance Policy

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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