Health insurance has become an essential part of our lives, especially when the cost of medical treatment is increasing day by day in the country. Health insurance reduces the financial burden and provides financial support during medical emergencies. Various health insurance companies in India offer different types of health insurance plans. To buy the best health insurance plan, you need to be aware of each type of health insurance policy in India.
In the article below, we will try to make you understand the different types of health insurance plans in India. Once you understand the different types of health plans, you can buy the best health insurance plan per your requirement.
Different Types of Health Insurance Plans
There are two types of health insurance plans available in India:
-
Indemnity Health Insurance Plans
- Mediclaim Health Insurance
- Individual Health Insurance
- Family Health Insurance
- Senior Citizen Health Insurance
- Unit Linked Health Insurance
-
Defined Benefit Plans
- Personal Accident Health Insurance
- Critical Illness Health Insurance
- Hospital Daily Cash Health Insurance
Overview of Different Types of Health Insurance Plans Available in India
In the table below, we have shown all types of health insurance plans available in India along with the definitions.
Indemnity Health Insurance
|
Types of Health Insurance |
Definitions |
|
Individual Health Insurance |
It offers health coverage to a single person only |
|
Family Health Insurance |
It offers health coverage to the entire family (self, spouse, dependent children, and parents) in a single health insurance plan |
|
Senior Citizen Health Insurance |
It offers health coverage to people who are above 65 years of age |
|
Mediclaim Health Insurance |
It covers In-patient expenses of the insured |
|
Group Health Insurance |
It offers health insurance coverage to a group of people such as a group of employees of a company |
|
ULIPs |
It offers dual benefits of insurance and investment at the same time. |
Defined Benefit Health Insurance
|
Types of Health Insurance |
Suitable for |
|
Personal Accident Health Insurance |
It offers coverage to the policyholder against an accidental death or injury |
|
Critical Illness Health Insurance |
It offers health coverage to the insured against critical illness |
|
Hospital Daily Cash Health Insurance |
It provides some cash expenses to the policyholder at the time of hospitalization |
Different Types of Health Insurance Plans in India
There are different types of health insurance plans available in India. Finding the best health insurance plan can be challenging without proper knowledge of all types of health insurance plans. In the below section, we have made a list of all types of health insurance plans in India and tried to explain them in detail.
-
Individual Health Insurance
An individual health insurance plan is designed to provide health insurance coverage to only one individual. Only one person can buy it. This type of health insurance covers the cost of surgery, hospitalization, room rent, daycare procedures and many more. Moreover, an insured individual can also cover their spouse, parents, and children by paying a little extra premium. The premium amount of an individual health plan is determined based on the insured age and medical history.
-
Family Health Insurance
Health insurance plan for family is a type of health plan designed to provide health insurance coverage to the entire family in a single health insurance policy. You can cover up to 6 members of the family (spouse, children, parents, self). Only one family member has to pay the premium and the entire family will get the coverage and the sum amount is equally divided among all the family members.
-
Senior Citizen Health Insurance
Senior citizen health insurance is designed to provide health coverage to people above the age of 60 years. This can be the best option for parents or senior citizens to buy a health insurance plan. Generally, the premium amount of a senior citizen health plan is slightly higher than that of an individual and family health insurance plan. A senior citizen health insurance covers the cost of medicines, doctor's consultation, pre and post-hospitalization etc.
-
Mediclaim Health Insurance
Mediclaim health insurance only covers the cost of inpatient hospitalization like nursing, oxygen, surgery, etc. In mediclaim health insurance, the health insurance companies reimburse the policyholder the cost of hospitalization after the claim is filed. This type of plan is usually available in the form of a group mediclaim policy, overseas mediclaim insurance, individual medical insurance etc.
-
Group Health Insurance
Group health insurance is a type of health plan specially designed to provide health insurance to a group of people. It is pretty popular among medium and large-scale enterprises as they provide health insurance to a large number of their employees. The premium amount of this type of health plan is comparatively less compared to individual health insurance.
-
ULIP Plan
ULIP plan is also known as a unit-linked insurance plan. ULIP is a combination of insurance and investment. It offers both financial investment and health insurance benefits under a single insurance plan. This plan invests some premium in stocks; the remaining part is used to buy health insurance for the insured.
-
Personal Accident Health Insurance
Personal accident health insurance is a type of health insurance that provides financial coverage to the insured in case of death, permanent disability or partial disability due to an accident. In case of death of the policyholder, the health insurance company provides the compensation amount to the family member/beneficiary of the policyholder. If the policyholder becomes permanently or partially disabled, he will get this compensation amount.
-
Critical Illness Health Insurance
Critical illness health insurance plans are designed to treat specific critical illnesses. Critical illness expenses are very expensive. Thus, this type of health plan can be a saviour during an emergency. Critical illness health plans offer a lump sum amount to the policyholder if he/she is diagnosed with any critical illness. Some of the major critical illnesses covered under this health insurance:
- Major organ transplant
- Cardiovascular diseases
- Cancer
- Kidney failure
- Multiple sclerosis
- Paralysis
- First heart attack
- Bypass surgery
-
Hospital Daily Cash Health Insurance
Hospital daily cash health insurance is a type of health plan that provides a daily cash allowance up to a certain limit to the policyholder for their day-to-day expenses at the time of hospitalization.
Why is Health Insurance So Important?
Health insurance can be a saviour in times of emergency. As we know, COVID-19 is still present in India, and many other infections and viruses like monkeypox are also spreading in the country. So, in this time, health insurance has become a necessary thing in everyone's life. Apart from this, some other significant benefits of having health insurance are:
- Financial Assistance
- Tax Benefits
- Annual Health Check-ups
- Help with Medical inflation
- Coverage for Alternative Treatment
Some other Important Links to Know More About Health Insurance
Best Health Insurance Plans in India
Health Insurance Premium Calculator
Reimbursement vs Cashless Claim Process
Documents Required For Health Insurance
Health Insurance Claim Settlement Ratio
Niva Bupa Health Insurance Customer Care
Conclusion
As we all know, Medical cost is becoming more and more expensive. So, buying a health insurance plan for themselves and their families is mandatory. Therefore, it is crucial for the consumer to study all types of health insurance plans offered on the market. Customers must carefully evaluate each type of health insurance company and each health plan before deciding. Therefore, in order to choose the best health plan for themselves, you need to be aware of all the details of different types of health insurance plans.