Types Of Health Insurance Plans

Health Concerns are at their peak due to our poor and unhealthy lifestyle. Because of which we are suffering from some life-threatening diseases which not only weaken us physically but financially. That’s where Health Insurance Comes to rescue. Health Insurance Plans cover a vast range of illnesses to provide financial support against it.

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Health Insurance Companies have created so many plans according to one’s needs and his convenience. Yet when it comes to a poor or middle class, they often get confused in differentiating and choosing the best policy for themselves.

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Therefore here is a quick view of Types of Health Insurance Plans In India

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1. Individual Plan

As the name suggests, Individual Health Insurance plans cover all the expenses that are generated due to any illness or misfortune of an insured Individual. It is the most common life insurance plans usually people go for.

Premium in such plans is a little bit higher compared to rest and also depends on a few factors like age, pre-existing disease, or medical history of an individual. If you are an individual who lives alone, then this would the best option for you.

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2. Family Floater Plan

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If you need insurance that provides financial safety to your whole family in any medical emergency then this is the best plan for you. Family Floater Plan covers your entire family in a single plan. In this plan, the premium is decided according to the age of the eldest member of the family.

Family Floater Plan usually has a higher cover plan shared between each member of the family. It is the best plan for those who prefer single insurance rather than going individually and most importantly it is cost-effective.

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3. Senior Citizen Plan

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Special Health Insurance Plans Designed for the people age 60 and above. At old age with a weak immune system, our parents or grandparents become more prone to illness and diseases. That’s why it becomes very important to go for a plan specially designed for our elders.

Usually, these plans have a higher ratio of claims therefore it also has a higher premium. This plan can be avail without pre-medical screening. Our seniors can also avail of some health benefits like yearly checkups and pre and post-hospitalization expenses.

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4. Critical Illness Plan

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Critical Illness Plan designed to cover some of the most serious and fatal diseases like Kidney Failure, Heart Attack, paralysis, Tumor or cancer, or any other deadly diseases. On the diagnosis of such dreadful diseases, insurance companies usually provide a lumpsum amount of the claim without any hospitalization.

Every Insurance company has their own list of Critical Disease Covered. This plan also includes tax saving under section 80D. If you are one of those who have a medical history of such diseases or anyhow prone to it, then without any delay you should be buying it.

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5. Unit Linked Insurance Plan

The Unit Linked insurance plan also called ULIP is an insurance cum investment plan which provides the benefit of both Insurance and Investment. In this plan, the premium is usually divided into two parts, one of which to provide insurance coverage and second is invested in shares or bonds.

This way you not only insured your family from any illness but also make your money grow. ULIP provides both health security and financial security.

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6. Group Health Insurance Plan

Well, this insurance is specifically for the corporation. If you are working is a well-known company then it might be possible you know about it. It is insurance your company provides you against any medical emergency.

Premium is usually divided between the company and its worker and the worker can add any member of the family with an extra amount as premium. With lower premium and higher benefits, it is beneficial to every employee.

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7. Personal Accident Plan

Well, its name says it all, personal accident plan provide you cover against any accidental injury or any partial damage to the body. It’s needless to say how many people lose their lives every day in any shot of accident which not only hurts emotionally to the family members but also financially.

In such plans Insurance company abides to pay 100% of compensation in case of the death of insurance. Personal Accident Plan provides 24-hour worldwide insurance safety. It is necessary for both you and your beloved family.

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CONCLUSION

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Health Insurance nowadays is become absolutely necessary especially when health becomes so uncertain. Choosing the right plan for your family and yourself should certainly provide some financial backup.

Making any mistake while choosing Health Insurance can be bad for you in the long run. So it’s better to go through all the important points before choosing your best policy.

We have also provided the Article on Health Insurance: Complete Guide with detailed information or criteria you should keep in mind while choosing your policy. Feel free to read this and take care of yourself.

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