Understanding Types of Health Insurance in India


If you are all set to buy a health insurance plan in India, it is important that you understand what the plan is all about and how it helps you. Do you know about the types of health insurance plans available on the market, these days?

Health Insurance Plans in India


There are mainly 3 different types of Health Insurance plans available on the market. Let’s take a close look at these plans:


Individual Mediclaim

This is also known to be the simplest type of health insurance. It is known as the Individual Mediclaim policy. The plan covers the hospitalization expenses for an individual. This is offered for up to the amount insured and as mentioned in the policy. The insurance premium is completely dependent on the assured sum. For instance, if you have about three family members, you can buy an individual health cover for 1 lacs INR each. Here, each of the family members is covered for 1 lac. If 3 members face a requirement for hospitalization or medical treatment, all 3 of them can get the expenses reimbursed for upto 1 lac INR. Here, all of the three plans are independent.


Family Floater Health Insurance Policy

The family floater policies are enhanced version of the individual mediclaim policy mentioned above. The sum assured value in this case floats among the family members only.
This means each opted family member falling under the policy will be covered for expenses. In short, the entire family will be covered up to the limit of sum assured. The premium for these plans is less as compared to individual mediclaim plans. For instance, there are 3 family members, you buy a Family floater plan for 6 lacs INR in total. Here, anyone can claim up to an amount of 6 lacs for hospital and medical expenses. However, the cover will reduce down by that specific amount for that year. Hence, if one of the family members is hospitalised and the expense is 3.5 lacs INR, it will be reimbursed by the insurance company and this specific amount will be reduced from the insured sum for that year.


Unit Linked Health Plans

Buying the ULIP plans will help you combine health insurance with investment. Here, you will be paid back an amount towards the end of the insurance term. The returns on this plan depend on performance of market. Before investing in a specific health insurance plan, it is important to make sure you get the best plan at affordable rate. List down your specific health insurance India requirements and the budget you are comfortable allotting towards premium payment. This is important to keep stress away from life.


About Author: – Neeta Jha, entrepreneur, blogger and activist the list of accomplishments for this dynamic Indian is exhaustive. A graduate in Commerce from the University of Pune with a degree in commerce, Neeta is an accomplished lawyer with an LLM from ILS Law College in Pune. Embarking on a successful career as a Corporate Lawyer.

Dilip Kumar

+Dilip Kumar (Author and Editor of The Tax Info) is a Chartered Accountant from Hyderabad, Loves Blogging on Tax related matter.

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