The COVID-19 pandemic made people realise the importance of staying healthy and keeping themselves financially secure. For this reason, people are focusing on buying health insurance today more than ever. People in India have either enrolled themselves in a government health insurance scheme or an individual health insurance policy.
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Individual health insurance is an insurance plan that offers medical coverage to a person on an individual sum insured basis. It refers to the type of health insurance plan that needs to be purchased separately for each family member. It allows you to customize the coverage as per your own health needs and not of the entire family.
Most individual health insurance plans provide comprehensive coverage to an individual for emergency medical expenses resulting from hospitalization costs, day care procedures, road ambulance services, alternative treatment, organ donor expenses, etc. However, the premium and coverage of an individual health policy cannot be shared amongst your family members.
An individual health insurance policy comes with the following features and benefits:
An individual health insurance policy provides coverage for the following:
Individual health insurance plans do not provide coverage for the following:
Yes. A cashless treatment facility is available under the individual health insurance policy. Under this facility, your insurance provider pays your hospitalization bill amount directly to the network hospital where you were undergoing treatment. It does not require you to pay the medical expenses out of your own pocket. You can avail cashless hospitalization facility at any of the network hospitals of your insurance company.
Yes. All individual health insurance plans come with certain waiting periods. Firstly, you cannot raise a non-accidental claim during the first 30 days of the policy commencement. Specific diseases and surgical procedures like arthritis, cataract, joint replacement surgery, bariatric surgery, etc. are covered after a waiting period of 1 to 3 years depending on the plan. Similarly, you can raise a claim for pre-existing diseases after a waiting period of 2 to 4 years as per the policy terms.
In case you have opted for a critical illness add-on cover, you will be able to raise a claim after 90 days of the policy commencement date. Moreover, the claim will be approved subject to a survival period of 30 days.
You can easily buy an individual health insurance policy online at the website of Policybazaar Insurance Broker Private Limited. Follow the steps given below to purchase individual health insurance online:
To make a better decision, make sure to compare individual health insurance plans offered by various insurers and choose the plan that best covers your health requirements.
As per insurance experts, the coverage under your health insurance policy should be at least 50% of your yearly income. A minimum of Rs 10 lakh of medical insurance cover is required to meet expensive treatments like bypass surgery, COVID-19 treatment and related complications, etc. The coverage can go as high as Rs 1 crore depending on the plan.
While buying an individual health insurance policy, you must keep the following things in mind:
Individual health insurance plans are a must for people who have their own health issues. It offers your sum insured amount exclusively for you and you do not have to share it with your family members on a floater basis. So go ahead and buy an individual health insurance policy for yourself from Policybazaar.com after an in-depth comparison.
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