types-of-health-insurance-plans-in-india

Different Types of health Insurance Plans That You Can Buy

Health Insurance is the most important and effective plan which every individual wants to opt for. Not the people want to opt for it but there is very important need to look after the health insurance plan so that you can protect your finance in any unfortunate condition. Hence, one has to get a health insurance plan after ensuring all the other factors. Yes, it is not like that you want to buy insurance plan and you just go to the market o all over the internet and just select the one and purchase it instead you have to go through some specific identification to choose that which type of plan is best suitable for you.

It depends upon the family members and the members to be covered under a single plan. It also depends that the plan is been given to you through any company or your office or you are purchasing it on your own.

The buying process of a Health Insurance plan is very easy but first, you have to identify the type of plan which is best suitable for you. Henceforth, we are going to see all the factors related to purchasing of Health Insurance plan and we will discuss different Health Insurance plans which are available in India.

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Types of Health Insurance Plan Which One Can Opt-in India

Generally, health insurance plans are divided into two categories:

  • Indemnity Plans
  • Defined Benefit Plans

Indemnity Health Insurance Plan

These are the old plan which is covering the expenses at the time of hospitalization of the patient. The expenses will be given up to the sum insured according to the particular plan.

Different types of plans under this category are:

  1. Medical Insurance Plan: This is medical insurance which are paying the basic expenses at the time of the hospitalization of a patient. The charges for the nurse, surgery expenses, oxygen, doctor’s fee, and many more things will be included under this plan. This plan can be purchased in the name of medical policy and the purchasing procedure of this plan is very easy.
  2. Individual Insurance Plan: This is a plan under which an insured sum amount will be provided to an individual only. Only one individual could get the benefits under this plan up to the insured limit. Hence, in case if you have no dependents then you can opt for this plan.
  3. Family Floater Plan: These are the best plans for the families to get Health Insurance. In this plan, the insured amount can be used by any family member. The advantage of this plan is that under a single plan all the members of the family will get insured.
  4. Group Mediclaim: This plan is very much famous in the market nowadays are the small and big organization are providing Their employees with the facility of health insurance plan shows that in any financial crisis they can deal with the situation properly. This also shows that an organization is concerned about the employees not only about their work. Therefore, this type of tie-up of an organization with an insurance company is known as a group mediclaim.

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Defined-Benefit Plans

This is another category of the insurance plans in which a lump sum amount will be provided to the policyholder if any disease is detected in an unfortunate condition. The people are now opting for this plan to prevent themselves from the worst condition in the situation.

Some of the health insurance plans included under this category are mentioned below with some basic details

  1. Hospital Daily Cash: This is a condition which many Health Insurance plans have. In this, excluding the hospitalization expenses, only a limited amount of daily cash can be provided as the sum insured to the policyholder. Hence, one has to check the daily cash limit before opting for any plan.
  2. Personal Accident Plan: This is a plan which our individual can get. Under this, an unfortunate accident or death a lump sum amount will be provided to the policyholder or the nominee.
  3. Maternity Health Insurance Plan: This is a plan in which the expecting mother and the newborn will get a sum insured for the whole treatment. In general, we can say that as we know pregnancy is the time when most care has to be taken of women and the newborn, henceforth this plan will provide financial assistance during this period.
  4. Senior Citizen Health Insurance Plan: When a person gets older a lot of diseases nowadays irritate a person a lot. The problem is there for both things: financially and physically. Hence, this insurance tries to provide financial assistance at that stage of life so that a person could get the required treatment on time.
  5. Critical Illness Plan: This is a kind of plan in which some major diseases will be covered. If any of the diseases are detected in the policyholder or the patient then an amount up to the fixed sum insured will be provided to the policyholder. Under this plan, it is not necessary to be hospitalized even pre-hospitalization and the post-hospitalization treatment expenses will be provided under this plan by the plan providers. Hence, if you want to cover any of the potential diseases then you may opt for this plan as you will get the assistance not even at the time of hospitalization but before and after that also. Some of the diseases or the adverse conditions which are covered under this plan:
    • Any organ transplantation expenses will be provided under this plan.
    • Cancer, stroke, kidney failure and paralysis like diseases will also be covered.
    • The only first hearted will be covered under this plan.
    • And similarly, some more diseases are the illness will be included depending upon the premium you are paying.

Reasons To Buy a Health Insurance Plan And How To Buy a Health Insurance Plan

  • If you are young then you can buy the health insurance plan with lower premiums and more benefits. Therefore, it is always advisable to purchase at a young age so that you can avail the most services and extra benefits with paying lower premiums.
  • Even when you are at a younger age the diseases or the issues with your body are less and hence to pass the Health Insurance claim will be easier. For example, the premium you are going to pay in your 30 years will be double in for in your 50s.
  • Hence, there is a huge premium amount difference between them both.
  • Even the tax benefits are also there when you purchase it at an early age. As a younger person with less income has to take a left start or will get more tax benefits for purchasing a specific plan.
  • Even some of the insurer is providing very less waiting period when you are younger in an age that is only 30 days otherwise when you have a pre-existing illness the waiting period could be 2 to 4 years. Hence, it is one more advantage of buying Health Insurance early.
  • Health Insurance will help you to give financial assistance at the time of unfortunate condition. Therefore, it will be very beneficial for you pr for your family if you have a Health Insurance plan in your hand at the time of hospitalization.

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Why Pay Premiums On Time?

Yes, another condition associated with almost every health insurance plan. That one needs to pay the premiums on the time it should not be delay by one day. As if it happens your claim will be rejected and you will lose all the advantages you are getting till that time and all your premium will collapse.

Therefore, remember the date when you have to pay the premium of your insurance plan and pay them accordingly on time or before time to avail the benefits.

Also, after every premium you will pay your insurance will include more benefits every time and the coverage will increase accordingly. Hence, it is very beneficial to get an insurance plan.

Concluding

Now, if you are satisfied will all the facts mentioned above then now you can choose the type of insurance plan which is best suitable for you. Also, check that whether which type of plan along with which type of premium you could afford to pay. As not only getting the health insurance plan but paying the premiums on time is also necessary.

Hence, get the best plan according to your choice and pay the premiums to avail the benefits!!

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