Medical Insurance Types Explained
Losing loved ones because you couldn’t afford therapy is the hardest. Right? You’ve all heard and experienced it countless times. With healthcare costs rising, a Health Insurance Policy in India is the best protection. Several insurance policies match your needs. Let’s discuss Indian health insurance types.
7 Indian Health Insurance Plans:
- Personal Health Insurance: Individual health insurance covers your spouse, children, and parents. This insurance covers injury and illness-related hospitalisation, surgery, room rent, daycare, and more.
- Family-Floater Health Insurance: Family Floater Health Insurance is best for economical family health insurance. Family Floater Health Insurance has a single Amount Insured. Family Floater Health Insurance Plans are more affordable than Individual Health Insurance policies. This coverage covers your spouse, children, and parents. With the health insurance premium calculator, determine the amount and decide. * ##
- Group Health Insurance: A Group Health Insurance policy is for a group of employees. You should buy such plans for your staff if you run a startup or a corporation. It’s a perk for workers. To retain employees, employers might acquire the cover. Group Health Insurance Plan premiums are modest. Some insurance providers enable unlimited refills of the sum insured. Accidents, illness, critical illness, psychiatric illness, and maternity hospitalisations are covered by a Group Health Insurance Plan. Purchasing a Group Health Insurance policy covers your employees and boosts your company’s reputation. Employees are covered while employed by your company. *
- Health Insurance for Seniors: The Senior Citizen Health Insurance Plan is for seniors over 60. If your parents or grandparents are over 60, this cover is appropriate for you. Senior Citizen Insurance includes medicines, pre- and post-hospitalization, and treatment. Psychiatric and domiciliary hospitalisation are covered. Several insurers need a complete physical before selling Senior Citizen Health Insurance. Lifetime renewability limits entry to 70. Some plans cost more because seniors are sicker. *
- Maternity Health Insurance: Maternity coverage can be added to a standard health insurance plan. Covered expenses include prenatal, delivery, and postnatal. Newly married couples or families planning a baby should get this policy. It covers infertility, childbirth, and the first 90 days of the newborn’s life. 2 years is the minimum waiting period for Maternity Insurance. *
- Critical Illness Insurance: Lifestyle-related disorders are rising. With this in mind, insurance firms provide Critical Illness Insurance. This middle-class health plan covers the following:
- Kidney Failure
- Coronary Artery Bypass
- Initial cardiac arrest
- pulmonary arterial hypertension
- Grafting the Aorta
These disorders are expensive to cure. Once identified, the Critical Illness Plan pays a predetermined sum regardless of treatment costs. Buying Critical Illness Insurance protects your savings. The policy renews forever. You should live 30 days following diagnosis if you buy Critical Illness Insurance. If you have a family history of ailments, this policy is wise. Critical Illness Policies cover hospitalisation and care costs in addition to the lump sum. You can also get free health checks. Remember that the Amount Insured is released in one lump sum after a claim is submitted. The Sum Insured releases the policy. * ##
- Supplemental Health Insurance: You can purchase a top-up policy if you require additional health insurance coverage. Yet, such plans include a “Deductible Clause.” In the event of a claim, payment will be made more than the maximum specified in the policy. You can purchase this plan if you desire a broader scope of coverage than your primary health insurance policy provides. *
As the need for health insurance coverage grew, so did the number of insurance providers and their offerings. As medical costs continue to rise, it is prudent to purchase one of the policies listed above.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘