Handy Guide to Different Types of Medical Insurance in India

In the times we are living, the expenses of health care in India has surely been rising. If in recent times you would have understood that even a basic medical treatment procedure can easily create a hole in your pocket. Therefore, it is of utmost importance that you have a health insurance policy in place that will help you to avail the medical treatment and not worry about the expenses that might occur.

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      The best mediclaim policy will always enable you to stand strong during any medical emergency and access the best treatment not just for yourself but your family too.

      Today, having a health insurance plan is a necessity. However, you might get confused with the different types of health insurance plans available in the market. Let us take you through a quick rundown of the different types of medical insurance plans in India along with their benefits listed below:

      • Family Floater Health Insurance: With the family floater health insurance plan the coverage is offered to the family members that would include the spouse, children, and old parents just at the single premium. The health insurance premium is generally determined upon the age of the eldest member of the family. The coverage sum is also similar to the individual health insurance plan. However, the key difference is that this health insurance plan for family will cover all the members of the family within a single sum assured. Let us just assume that your dependents do not have any of the critical health issues then the family health insurance plan is an ideal option as most likely the chances of exhausting the sum insured is less. In case any elderly member of the family is diagnosed with a critical illness then a family floater health insurance plan might not be much beneficial. This would be so because then one of the family members would then utilize the amount of sum insured and would leave a lesser coverage sum for the other members. For instance, if you have a health insurance plan for the family of Rs 10 lakh and one member of the family undergoes a heart surgery that cost about Rs 5 lakh in a year, then the remaining family members would only be able to claim for Rs 5 lakh within that year. In such situations, an individual health insurance plan is more beneficial comparatively.
      • Individual Health Insurance: The individual health insurance policy offers coverage on an individual basis. One can easily include other members such as the spouse, children, etc. simply by paying an extra health insurance premium. This premium will be charged on the premise of the individual’s medical history, age and sum insured. With an individual health insurance plan in place, the claim that is filed by the member will not affect the sum insured of the other member. So, supposedly, if you are unmarried or do not have children then you should look forward to buying the individual health insurance plan and enjoy the sum insured amount upon an individual basis. The individual health insurance plan premium is slight on a higher side when compared to the health insurance plans for family based on the coverage and sum assured offered.
      • Group Health Insurance: The group health insurance plans are generally provided to the employees by the company or the employer. However, the features offered within such plan are not extensive and the coverage offered is also for a limited sum insured. The coverage can be extended for the family members within the same policy by simply paying an additional health insurance premium. However, that will also depend upon the employer. It is to be noted that the group health insurance plan will get terminated once you leave the company. Therefore, it is recommended to not rely on a group health insurance plan instead look for an individual or health insurance plans for the family.
      • Senior Citizen Health Insurance: As the name suggests, the senior citizen health insurance plan is designed for those individuals who are the age of 60 years and above. It is easily understood that senior citizens are more likely to fall ill or get diagnosed with a critical illness. Besides, medical expenses for any critical illness are skyrocketing. Therefore, if you have an old parent or a senior citizen in your family make sure that they have a senior citizen health insurance plan in place. However, the senior citizen health insurance premiums are on a higher side as it offers extensive coverage benefits. Also, such plans are eligible to enjoy the tax benefits on the premiums paid within Section 80D.

      The Bottom Line

      Now that you have an understanding of the different types of medical insurance plans available in the market, choose the plan that suits you and your pocket.

      Regardless of whether you are married, single, or have dependents in the family, having the health insurance policy is the smartest decision. With the soaring medical treatment, expenses make sure that you have a critical illness cover so that you are provided with the best medical aid. Before you sign below the dotted lines, read the policy document carefully and buy the best health insurance policy online.

      The best mediclaim policy will save your hard-earned money and create the financial health safety net. The most human thing to do is caring and protecting the family in every walk of life. Whether it is big or small, major or minor protecting health should always be on the priority list. The health insurance policy in India is for all those who value both wealth and health. At the end of everything, health is the biggest wealth.

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881. Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. As per the Insurance guidelines, you are allowed to cancel the policy with-in 15 days from the date of Issuance of policy. For more details, please read the Plan Brochure carefully or talk to our advisor at the time of purchase.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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