List Of Different Types Of Medical Policy In India

Health Insurance is one such policy which is necessary for every individual. With the rising cost of treatments and medical bills, falling ill without insurance can deplete one’s savings significantly. But before buying a medical policy, it is important to know the various types of health insurance policies available. Here are they:

1. Individual Health Insurance

An individual health insurance plan is, as the name suggests, for an individual. This insurance policy covers the medical expenses for injury and illnesses for one person. It is non-transferable. Every member registered for an individual health insurance policy will have an individual sum insured. For example, if you take an Individual health policy of 5 lakhs sum insured covering your spouse, kids and yourself, then each person covered will have an individual sum insured of Rs.5 lakhs. It offers individual protection but also has a higher premium amount. It is best for persons buying insurance only for themselves.

2. Family Floater Health Insurance

A family floater health plan covers all the members of the family under one plan, and a single amount of sum insured. This means that the premium is also singular. The sum is not divided among the family members, instead, it floats according to the requirement. For example, if you have to take a Family Floater health insurance plan of 15 lakh and one member falls ill, costing 10 lakh, there will be 5 lakh left for all the family members for the rest of the policy year. If you have small kids or have family members that do not have serious health issues, then a family floater plan is a good option as the chances of exhausting your sum insured as lesser.

3. Critical Illness Medical Policy

If you are diagnosed with a life-threatening disease, the Critical Illness Insurance pays you a predefined amount irrespective of the cost of treatment. It is best for those who have a family history of such illnesses. Other than the lump sum amount, this policy will also reimburse the medical expenses and health check-ups.

4. Maternity Health Insurance

A maternity health insurance plan can be both as a separate policy as well as a rider along with a comprehensive health insurance plan. This policy covers the expenses that you incur in the prenatal, delivery and the post-natal stage. It also covers for child-delivery (including medically necessary terminations), infertility expenses and coverage for the new-born baby up to its first 90 days.

5. Senior Citizen Health Insurance

This type of health insurance plan is crafted for people above the age of 60 years. It covers the cost of medicines, hospitalization arising out of accident or illness, pre and post-hospitalization and treatment. Along with these, it also covers some other benefits like Domiciliary Hospitalization and Psychiatric benefit. It might also cover alternative treatment options such as AYUSH. The maximum entry age limit is 70 years of age with lifetime renewability.

These are just the basic types of health insurance plans. Some insurance companies also offer top-up insurance plans, group health insurance and hospital daily cash benefit plans. It is best to compare health insurance plans before finalising one.