Different Types of Health Insurance Plans in India
To meet the different requirements of people, Health Insurance Companies under the guidance of the Insurance Regulatory and Development Authority of India (IRDAI) provide different types of insurance plans in India such as Individual Health Insurance Policy, Family Floater Health Insurance, Women Health Insurance Policy, Senior Citizen Health Insurance Policy, Critical Illness Insurance Policy, Group/Corporate Health Insurance Policy, Self-employed Health Insurance Policy, Personal Accident Policy, Health Insurance Policies for newborn babies, kids, etc. Besides, insurers also offer health insurance plans specially designed for cancer, diabetes, heart, dengue, and other diseases.
These health insurance policies are broadly classified into 7 categories that are explained below:
1. Individual Health Insurance Plans
As the name suggests, individual health insurance plans offer coverage for surgical and hospitalisation expenses to the insured on an individual basis. The coverage includes expenses related to pre-hospitalisation and post-hospitalisation, in-patient hospitalisation, medicines, etc. up to the sum insured. Many individual health insurance plans offer other facilities too like daily cash benefits but that depends on the terms and conditions of the policy. With an individual health insurance policy, the insured can avail cashless as well as reimbursement treatment facility.
2. Family Floater Health Insurance Plans
Family floater health insurance plans offer coverage to all the family members. This means that the proposer can include their spouse, children, parents, parents-in-law and other dependent members by paying a single health insurance premium. In terms of coverage, a family floater health insurance policy is similar to an individual health insurance policy. Family floater insurance policy is a good option as it brings the entire family under an umbrella cover thereby reducing the chances to exhaust the sum insured.
3. Senior Citizen Health Insurance Plans
Senior citizen insurance plans are specially designed for people aged above 60 years to offer extensive coverage against medical expenses. Due to wide coverage, these plans come at a higher premium. But the insured can reduce the financial burden by availing tax benefits under Section 80D of the Income Tax Act. For elder people, it is better to opt for a senior citizen health insurance policy as it helps keep them stress-free in their post-retirement years.
4. Health Insurance Plans for Women
Women need medical attention at different stages of their lives, for which they need health insurance plans specifically designed for them. There are many insurers in the market that offer women-specific health insurance plans that not only take care of women’s health but also offer them financial security. Common benefits offered under women-specific health insurance plans include maternity cover, cover for hospitalisation expenses, critical illness cover, newborn baby cover, and so on.
5. Health Insurance Plans for Children
Health insurance plans for children offer the ideal cover for children at affordable health insurance premiums. But one can get minor children covered individually only when either of the parents is covered under the same health insurance plan. Children specific health insurance policies offer a cluster of benefits such as cover for health check-ups, cashless hospitalisation, specialist consultation, vaccinations, ambulance charges, etc.
6. Critical Illness Insurance Plans
Critical illness insurance policies are fixed benefit policies that offer cover for specific life-threatening diseases such as cancer, stroke, paralysis, kidney failure, amongst others. Under these policies, the insured gets a pre-decided lump sum amount on diagnosis of any critical illness as specified in the policy document. The insured can use the amount as per his/her own choice to pay for treatment in India or abroad, recuperation expenses, or even pay off debts if taken.
7. Disease-Specific Health Insurance Plans
Disease-specific health insurance policies cater to particular diseases. For instance, dengue, diabetes, etc. a disease-specific policy is recommended along with a standard health insurance plan as it provides cover for diseases at all stages, irrespective of if the existing illness is in dormant or critical stage. Unlike regular health insurance policies, these plans do not come with long waiting periods. But remember, disease-specific health insurance plans are no substitute for standard health insurance policies.
Key Benefits of Health Insurance Plans
Health insurance plans offer many benefits to the insured. Some of them are explained below:
Health insurance plans offer cover for cashless treatment in case the treatment is available at a network hospital.
No Claim Bonus
For every claim-free year, the insured can avail No Claim Bonus (NCB) for up to a specific limit.
Health insurance policies also cover for periodic health check-ups. Some health insurance companies also offer free medical check-ups on the basis of accumulated No Claim Bonus.
Premiums paid for health insurance policies are subject to tax deductions under Section 80D of the Income Tax Act, 1961.
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