Types of Health Policy one can consider Buying


In India, the expense of healthcare is skyrocketing. If you have recently visited a hospital, you are well aware of how expensive even a minor operation can be. As a result, having health insurance coverage is necessary to get the best medical treatment without breaking the bank. However, the variety of health plans available, ranging from individual health plans to family floater insurance to senior citizen health plans, might make it challenging to choose the proper one.

As a result, here is a short review of the many types of health policy available by an insurance company, along with their benefits:

Individual Health Insurance

An individual health policy, as the name implies, provides coverage on an individual basis. For an extra charge, family members can be added to this insurance policy. Furthermore, premiums are calculated based on an individual’s age, medical history, and sum insured. Therefore, if you and your spouse do not have children, an individual health plan is beneficial to you and your spouse.

Family Floater Health Insurance

For a single fee, a family floater health policy covers all members of the family, including parents, spouses, and children. The age of the eldest family member is used to calculate the premium. The coverage is nearly comparable to that of a personal health insurance policy. A family floater is a suitable option if you have children or members who do not have a severe health condition, as the odds of depleting your sum insured are lower.

Critical Illness Health Insurance

A critical illness health insurance policy protects you against life-threatening illnesses including – renal disease, cancer, heart attacks, paralysis, and more. If a policyholder is diagnosed with a covered disease, then a lump sum payment can be received. The money can be claimed without the need for hospitalization, unlike individual plans.  Those who have family members with such illnesses should consider such a health policy.

Senior Citizen Health Insurance

This health policy was explicitly created for old age adults over the age of 60. Because elderly persons are more likely to file a claim, the premium must be higher. Furthermore, old age is often accompanied by health difficulties. So, many insurers do not need a pre-medical checkup before coverage.

Personal Accident Health Insurance

Accidents happen all the time, and the costs that come with them may quickly deplete your resources. Personal accident health policy pays for medical treatment that is required following an accident. Typically, it is given in three scenarios: partial disability, entire disability, and accidental death.

Maternity Health Insurance

This health policy is designed specifically for women. Pre and post natal expenditures, along with costs of ambulance and delivery, are all covered under this. A newborn cover is also available that covers the expenses of a newborn infant for a set period. Because most maternity insurance takes time to activate, it is critical to purchase after a woman marries.

Unit-Linked Health Insurance

Unit Linked health policies serve as investments. When you pay your premium, a portion is used to provide you with coverage, as is customary. The remainder of the premium is split between equities and debt investments. This policy not only protects your health but also helps to grow your wealth for the future.

Final Words

Illness is something that may strike at any moment and cost you more for treatments, medications, and medical bills that can reach lakhs of rupees. As a result, purchasing a health policy should be one of the first stages in a person’s financial planning process.

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