In recent years, changes in lifestyle habits and global warming have made us prone to many diseases. At the same time, hospitalization and medical costs are extremely high. Covering yourself with a health insurance plan will save you from the risk of losing all your savings for medical treatment. The insurance provider will either settle your medical expenses directly with the hospital through cashless transactions or reimburse the amount in a claim raised by you.
With so many health insurance plans available in the market, you might be confused about picking a suitable plan for you and your family. Getting maximum coverage remains the top priority for many but having a brief knowledge about different health insurance plans in the market could be beneficial.
Here we have outlined the seven most popular types of health insurance plans in India to make your choice easier.
- Individual Health Insurance:
This is one of the best health insurance policies to consider opting for. Specifically designed for individual health needs, this health insurance plan provides coverage against any illness and covers hospitalization and surgical expenses. The policy is in force till the maximum cover limit is reached. The policyholder will have to pay a premium amount either monthly or yearly to keep the plan active and running.
- Family Health Insurance Plan:
Designed to cover your entire family, this insurance policy provides coverage against several illnesses and offers a fixed sum assured towards this end. All the family members are eligible to claim the sum assured. A family health insurance plan is considered to be a more cost-effective option as opposed to buying individual health plans for each of your family members. Some insurance companies also offer considerable discounts on buying such bulk health insurance plans.
- Senior Citizen Health Insurance Plan
Individuals above the age of 60 years can claim benefits under this health insurance plan. Since old age is often accompanied by various health issues, the insurance provider company usually does not consider pre-medical tests or medical history before providing these plans. As senior citizens are more likely to claim the sum assured, the premiums to be paid are much higher in such plans. Senior health plans offer numerous benefits like cashless admission in any of the network hospitals, free ambulance transport, and coverage against critical illnesses to name a few.
- Surgery and Critical Illness Insurance Plan
This insurance plan offers additional coverage against life-threatening illnesses like heart attack, cancer, kidney failure, etc. As the medical expenses are exorbitantly higher in treating such possibly fatal conditions, the premiums are also costlier. Such plans are beneficial for individuals with a medical history of critical illness in their families. Unlike any other health insurance plan, no hospitalization is required to claim the money in these plans. In fact, you will receive a lump sum amount on the diagnosis of these diseases that can be used for your treatment costs.
- Maternity Health Insurance Plan
Motherhood is one of the greatest blessings in a woman’s life. The medical expenses related to motherhood are never-ending and if you are unprepared, then you might face financial turmoil. A maternity health insurance plan covers the delivery and newborn expenses for a mother and her baby. The policy also covers expenses related to diagnostic tests, medicines, and hospitalization. Most plans also include free ambulance services and cover medical costs of the newborn baby for a few months from the date of delivery.
- Personal Accident Plan
Unforeseen events like accidents are common these days and can happen to anyone. Some accidents can be severe and may ruin you financially. So, it is always better to be covered with appropriate health policy. A personal accident plan covers an individual against the three likely outcomes of an accident such as death, partial disability, or permanent disability. In the case of the death of the policyholder, the nominee (usually family members) will receive a lump sum amount.
- Unit Linked Health Plan
Imagine having the perfect combination of insurance and savings within a single plan? Isn’t that wonderful? When you buy Unit-Linked Health Plans (ULHPs), the insurance company will invest a part of your premium either in shares or bonds while the remaining is used to cover your medical expenses. When the policy tenure ends, you will receive the invested amount which can be used as you deem fit.
Each of these health insurance plans offers diverse benefits; having them will ease your financial burden during the time of a medical crisis. It is always better to have insurance doing the spending than giving up all your savings. Buy a health insurance plan today and lead a stress-free life.