Health insurance is the most important and cost-effective way of protecting your finances from the expenditure. It is an imperative decision that requires you to be careful while buying health insurance. By saying that, without knowing the types of health insurance plans available in India, you can’t ensure that you have got the right deal!
Health insurance mitigates those unexpected financial burden arising out of an accidental hospitalization or illness resulting in the big budget. Buying health insurance is easy, only if you follow the right way. In this regards, to guarantee sufficient amount you should be well aware of the types of health insurance policies available. Below is the list of the different types of health insurance that you can consider as per your insurance needs:
Different Types of Health Insurance Plans in India
There are two types of health insurance policies –
- Indemnity Plans
- Defined-benefit Plan
Indemnity Health Insurance
Indemnity plans are the basic health insurance that covers your for hospitalization expenses up to the sum guaranteed. These plans include:
- Mediclaim Insurance
- Individual Coverage
- Family Floater Coverage
- Senior Citizen Coverage
- Unit Linked Health Plans
1. Medical Insurance
Mediclaim insurance compensates you for the hospitalization expenses incurred due to illness or accidental stay. It includes that being the case in-patient expenses such as nursing charges, surgery expenses, doctor’s fee, oxygen, anesthesia, and other expenses too.
2. Individual Insurance
The insured can claim up to the basic sum insured at the time of buying insurance. For instance, if you own an individual health cover of Rs,
You can cover your complete family under single insurance with a Family Floater health insurance policy. One positive thing is that the premium that you shell out with these plans are much lesser than the individual or to put it briefly policies.
4. Unit Linked Health Plans
Unit Linked Plans which are commonly known as ULIPs are investment cum insurance plans that come with the dual benefits of investment and insurance. With this plan, a portion of paid premiums are invested in the stock market and the insured is offered with insurance coverage. The returns are based on how the market performs.
5. Group Mediclaim
This policy is very helpful in retaining the talent within a company. With health insurance plan becoming more imperative, the employers cover their employers for a financial crisis and even prudence.
On the other hand, under a defined-benefit plan, the insured is compensated an indefinite sum amount on the detection of illness. These plans include:
- Critical Illness Plan
- Personal Accident Plan
- Hospitalization cash benefit plan