Types Of Health Insurance Policy in India: Health Insurance Policy is one of the most important and cost-effective way of protecting your finances. Along with the increase in health related problems, the cost of treatment is also increasing drastically. Moreover, the demand for health insurance plans has increased. Health insurance acts as an excellent financial shield to protect your loved ones during medical emergencies and hospitalizations. There are different types of health insurance policy available to meet your requirements.
What is Health Insurance Policy?
Health Insurance, a type of insurance policy that covers medical expenses that arise due to an illness. Most health insurance plans in India cover medical expenses arising out of illnesses, accidents and cover most medical or surgical treatments to restore good health.
Different Types Of Health Insurance Policy in India
Do you want to know how many types of health insurance policy is there in India? If yes, then read the entire article. Here is the list of top 6 types of insurance policy in India –
1. Individual Health Insurance
As the name suggests, it is an individual health insurance plan that can be purchased by a single person. This types of health insurance policy covers your medical expenses for hospitalization, surgery expenses, room rent, day care procedures and more related to your injuries and illnesses. People like me who fall in the age bracket of 18 to 70 years can choose to buy this plan. Moreover, the insured can also cover his wife, his children and parents by paying additional premium under the same plan.
2. Family Health Insurance
Family health insurance is one of the best health insurance policies that protects your entire family under one cover. The sum insured is equally shared among the members. A family floater health insurance plan is beneficial as the premium is relatively low compared to individual health insurance policies. This policy can cover yourself, your wife, children and parents. Only one member of the family has to pay the premium, and the entire family is insured at a single premium.
3. Group Health Insurance
A group health insurance policy is types of health insurance policy designed to cover a group of people. This type of health insurance plan is bought by the employer of the company for its employees. Group health insurance plans come with lower premiums. A group health insurance plan covers you for accidents, illness, critical illness, mental illness and hospitalization due to maternity.
4. Senior Citizens Health Insurance
The Senior Citizens Health Insurance policy provides coverage to people who are 65 years and above. So, if you want to purchase an insurance policy for your parents or grandparents, then Senior Citizen Policy is the best insurance policy for you. It is one of the types of health insurance policy that provides coverage for medical expenses, hospitalization due to accident or illness, before and after hospitalization and treatment. The premium of this health insurance plan is slightly higher than the above two types of health insurance policy.
5. Critical Illness Insurance Plan
The Critical Illness Insurance Plan is designed to provide you with financial protection if you are diagnosed with a critical illness or condition. This insurance policy offers coverage against critical diseases such as cancer, heart attacks, kidney failure, stroke, etc. This health insurance plan reimburses you the cost of care and hospitalization. You may also avail of supplementary health check-ups.
6 Maternity Health Insurance
This types of health insurance policy covers expenses during prenatal, delivery and postnatal stages. Couples or families who are planning a baby in the coming years should buy Maternity Health Insurance policy. The minimum waiting period for maternity cover is 2 years.