What are the Types of Health Insurance Plans in India?

Nobody can deny the importance of medical insurance in today’s scenario of increasing diseases and rising medical costs. However, it is also true that the same plan can not meet the needs of the entire Indian population, which is extremely diverse. Fortunately, insurers also recognise this and have designed various types of health insurance in India to ensure that nobody is left out.

But what are these different categories of policies, and how are they categorised? It is not enough to just know what is health insurance? You must also familiarise yourself with the various options available. This article throws light on the same.

Types of Health Insurance Plans in India

Given below are the features of various medical insurance plans that you can choose from. Always remember to go for the plan that meets your healthcare needs and budget constraints for a seamless experience.

Individual Health Plan

Individual policies cover a single person. You can buy such policies for yourself, your spouse, children, and parents. It is the most basic plan customers come across when searching for what is health insurance in India. As the entire sum insured applies to one individual, it helps cover high medical expenses incurred due to hospitalisation, surgery, room rent, ambulance charges, etc. You can go for a cashless policy or one that offers reimbursement while buying an individual plan.

Family Floater Health Plan

Under family floater plans, the entire family is covered. The sum insured and premium payments are shared, making it an affordable option. It is also more convenient as multiple documentation and payment schedules are not to be tracked. However, its protection may prove insufficient if frequent heavy expenditures are incurred on one family member. That will compromise the amount available for other members. 

Senior Citizens Health Policy

As the name suggests, these plans apply to citizens above 60 years of age. Senior citizens are more susceptible to diseases, leading to more risk for the insurance company. They thus charge higher premiums. However, the protection suits elderly people’s conditions as it is more comprehensive- pre and post-hospitalisation, inpatient care, domiciliary care, and pre-existing diseases are covered.

Employee Medical Insurance

Employees are the most crucial determinant of success in today’s competitive business environment. Thus, organisations offer a wide range of employee benefits to attract, engage, and retain them. Employee insurance is a popular benefit that provides medical protection to workers and their dependents. Also known as group health insurance, it is provided free of cost to the employees until they continue to be a part of the organisation.

Critical Illness Insurance

Due to poor lifestyle habits, critical illnesses like heart attacks, cancer, kidney failure, etc., are on the rise. As the treatment for such diseases is very expensive, a separate policy targeting them is highly advisable. The insurer, in such cases, makes one lump sum payment of the sum insured amount, irrespective of the treatment cost. There are, however, some conditions to be noted. For instance, the patient must survive a stipulated period, in most cases 30 days, after the diagnosis to be able to claim the amount.

Personal Accident Insurance Policy

If you are exposed to certain environments which make you prone to accidents, this policy is an excellent choice. It provides financial support in the case of partial and complete disability as well as death due to an accident. You can consider availing this policy if you do hazardous jobs, travel frequently, are fond of adventurous sports, etc. The unique feature of accident policy is that it also covers loss of income in addition to medical bills.

Maternity Health Insurance Plan

If you are planning to expand your family, this policy is worth your attention. It can be availed as an add-on rider along with a basic plan to cover expenses related to maternity. It mitigates bills associated with the prenatal, delivery and postnatal stages. Some plans also provide newborn cover. Before buying this plan, take note of the waiting period during which you cannot file a claim.

To Conclude

In addition to the above plans, insurers also offer disease-specific programs, for example, to share the burden of Covid-19 expenses. Once you have selected the type of plan, list all the providers in that category and compare them to choose the best mediclaim policy. To guide the evaluation process, you can use parameters like coverage, cost, renewability, network, etc.