Types of Health Insurance Policies in India
One needs to ensure the security of health of oneself as well as of the family. With the increasing cost of healthcare and medical treatments across private hospitals in India, health insurance has become almost mandatory for everyone. Health insurance ensures not only health security but also hassle-free lai rei urse e t. I today’s orld of ad a e e ts, people ha e differe t hoi es when it comes to buying health insurance. There are various plans readily available in India to cover every aspect of a medical emergency. Some popular types of policies are explained below: Individual Health Insurance Policies: This health insurance policy offers coverage to an individual against several illnesses, offering benefits like cashless hospitalization and various add-ons. The entire sum assured is available for only an individual and the premium is determined by the age of the insured. Under this policy, each insured member is entitled to receive the entire amount separately. Family Floater Health Insurance Policies: With these health insurance policies, you can cover all your family members against multiple diseases under a single cover. Family floater Mediclaim cover offers a fixed sum assured for the family members that can be availed either by an individual or as a lump sum for treatment of one person. Floater benefit means that the sum assured, as specified for the proposer under the policy, is available for any one or all members of his/her family for one or more claims during the tenure of the policy. As compared to individual plans, family floater Mediclaim plans come at a marginally incremental premium. Surgery & Critical Illness Insurance Plans: This is usually brought as a standalone policy or a rider for the treatment of various critical illnesses, such as kidney failure, paralysis, cancer, heart attack etc. As the treatment of such diseases is expensive, the premium is also very high. A critical illness is a serious, possibly terminal disease, strictly defined by the insurer. Most critical illness policies provide payment as a lump sum benefit if the policyholder is diagnosed with one or a number of specified terminal conditions. Pre-Existing Disease Cover: After a waiting period of 2-4 years, various policies offer a cover against pre-existing diseases, e.g. diabetes, hypertension, kidney failure, cancer etc. Pre-existing disease cover includes the diseases or illness that the policyholder had before buying the policy.