In India, health insurance came into
the market back in the year 1986. Since then, the industry has come a long way.
This phenomenal growth has been achieved thanks to the economy’s
liberalisation, increasing awareness of the general public and the availability
of various types of health insurance schemes.
As per stats revealed by the National
Family Health Survey – 4, India had 108 million families benefiting from
medical insurance policies as of 2018. While the government’s efforts to cover
citizens against the cost of various medical conditions continue, as much as
56% of total urban health insurance schemes stem from the private sector.
This combined commitment towards
providing protection to Indians has resulted in the emergence of different health insurance plans. Below are explained the
various health insurance schemes you can purchase to enjoy a cover against
several medical conditions, illnesses and diseases.
Five Types
Of Health Insurance Schemes
Health insurance plan for
family
Family health insurance policies
provide cover to all family members under one scheme. These plans cover
expenses incurred on treating insured medical conditions of family members
severally as well as to multiple members up to the assured amount.
It provides a hassle-free cover to
all family members through a single premium. You can also add new family
members to this policy conveniently and enjoy long-term benefits.
With policies like Bajaj
Finserv family health insurance, you can also enjoy long-term discounts on your
policy, up to 8% for three years and up to 4% for two years.
Individual medical
insurance
Individual medical insurance policy
is among the most popular types of health insurance schemes. A person is individually
covered under this plan to receive benefits like cashless hospitalisation, cost
of treatment while hospitalised, and many more.
Other benefits you can expect from an
individual health policy are as follows –
●
Exemption from medical tests under specific
circumstances
●
Policy discounts in long term
●
Cumulative bonuses for each year without a claim
Medical insurance for
critical illness
An individual or family health
insurance plan can provide sufficient cover for illnesses. However, these
schemes do not cover critical medical conditions like kidney failure, heart
attack, cancer and the likes.
To cover yourself during such
emergencies, you require standalone policies that provide lump-sum benefits if
you are diagnosed with or suffering from any of the critical illnesses
specified.
These policies also provide the
facility to add riders on to the initial plan. Some of the best health
insurance plans in India bring them as rider covers so that you can choose
accordingly.
Top-up medical cover
In case the coverage amount from an
individual plan is not sufficient to meet the expenses of a single treatment,
policyholders can opt for a top-up health cover. The policy can provide
reimbursements for additional expenses met by the insured.
The plan also comes with floater
coverage with the sum assured for parents as well as children. You have to pay
one premium to purchase your scheme of health insurance online.
Health insurance policy
for group/employee
Usually, companies buy a
group or employee insurance policy to provide their employees with coverage
against expenses towards medical care.
The hassle-free claims for these
types of health insurance schemes cover a broad range of illnesses for
employees and their dependents against a considerably smaller premium. Group medical insurance
plans also come with add-on benefits like cover for maternity expenses, for
pre-existing diseases, etc.
Apart from these, other types of
health insurance include cover for senior citizens, maternity health cover,
personal accident insurance cover, etc.
Choose your plan based on your
individual, family or employee requirements and enjoy cover against expenses
incurred for various medical illnesses. Also, make sure to properly go through
the terms and conditions of your insurance provider to avoid any
misunderstandings in the future.
