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Why Having a Personal Health Insurance Cover is Critical?

Published On Feb 08, 2023 10:00 AM By InsuranceDekho

Imagine working day and night just to swing into the middle of a financial crisis one day. Post-pandemic, the “layoff season” is at its peak. Every day, we read a headline about our dream companies laying off their employees. So, the debate revolves around “Are we safe from this recession?” The answer is NO. 

Companies like Google, Microsoft, IBM, and others are doing massive layoffs, impacting the jobs of employees who have worked with them for 20 years. Besides crashing into our finances, job loss also affects the health insurance provided by the companies. As a result, any medical emergency arising during that period may place an additional financial burden on you. Therefore, purchasing a personal health insurance policy is a win-win situation. Read on to learn everything you need to know about individual health insurance plans. 

Why Having a Personal Health Insurance Cover is Critical?

What is Personal Health Insurance Plan? 

There are numerous types of health insurance plans provided by insurance companies in India. Individual health insurance is one example. Like other health policies, it protects you financially against unforeseen medical emergencies. However, health insurance companies provide financial coverage to individual policyholders. Usually, the expenses related to pre- and post-hospitalization, diagnostic tests, and other hospitalization expenses are covered. 

Why You Should Buy a Personal Health Insurance Plan? 

This layoff mania can cause you a lot of mental and emotional stress. Therefore, purchasing a health insurance policy will offer a lot of benefits that are outlined below. 

  • Stress-free Living: A health insurance policy is just like a partner who supports you in all situations. Therefore, knowing that you are covered by health insurance if any medical emergency arises will keep you worry-free even during a job loss. 
  • Customized Health Policy: Due to lifestyle changes, people are becoming more vulnerable to diabetes and cardiovascular diseases at a younger age. Thus, if you are covered under health insurance, you don’t have to worry about paying hefty treatment costs. You can customize your health insurance plan according to your needs and secure your financial future. 
  • No Claim Bonus: With the layoff, you also lose all your accumulated benefit received for a group health insurance policy over the past few years of your employment. Therefore, one of the main advantages of purchasing an individual health insurance policy is that you receive your no-claim bonus and other accumulated benefits even when you are laid off from the company. 
  • Retirement Benefits: A personal health insurance plan will also help you in future planning. While shielding you financially during the layoff, a health insurance policy will keep you protected after your retirement. You will able to get high-quality medical care during your golden age without worrying about finances. 
  • Save on Taxes: Layoffs are hard, and even little savings can help you a lot during those difficult times. Therefore, if you purchase a personal health insurance plan, you can avail of certain tax benefits under Section 80D of the Income Tax Act, according to the prevailing terms and conditions. 
  • Cashless Treatment: If any medical condition happens to you during a job loss, your family might get in trouble. However, if you are covered under a health insurance policy, you and your loved ones won’t have to worry about financial contingencies arising due to medical problems. You can simply visit the network hospital associated with your respective health insurance company and avail of the cashless treatment facility. 

Inclusions and Exclusions Under Personal Health Insurance 

While purchasing individual health insurance, you must go through the inclusions and exclusions mentioned in the policy document carefully. Listed below are some of the common things that are covered and not covered under personal health insurance. 


  1. In-patient treatment
  2. Daycare procedures
  3. Pre and post-hospitalization
  4. Domiciliary treatment
  5. Organ donation
  6. AYUSH treatment
  7. Daily cash benefit


  1. Intentional injuries
  2. Adventure sports
  3. Criminal activities
  4. Cosmetic and dental procedures
  5. Infertility treatment


Sooner or later, you might leave your organization or get laid off by the company. Whatever the case may be, with a job loss, you will also lose your group health insurance coverage. Therefore, purchasing a personal health insurance plan has become a must during this layoff season. There are numerous health insurance companies in India that provide personal health insurance coverage. So, compare different plans to make a wise purchase.

Also read: All About Measles and How to Prevent it


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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