Different Types of Health Insurance Policies You Should Know About

Types of Health Insurance Plans

Here’s a detailed list of different types of health insurance policies that you can choose from depending on your age, medical needs and responsibilities:

Individual Health Insurance

An individual health insurance plan, as its name suggests, is a reliable option for individuals who wish to obtain medical coverage for themselves and their spouses or children.

What You Should Know?

• This type of plan is typically available for individuals aged between 18 to 65 years.

• Each member under the plan is insured individually.

• The sum insured under this plan is separate for each member.

• These plans usually offer coverage against medical needs like pre- and post-hospitalisation expenses, room rent, day care treatment, medicines etc.

Family Floater Health Insurance

As the name suggests, a family health insurance plan is designed to offer coverage for the entire family, including spouses, children, parents, grandparents and other dependent family members.

What You Should Know?

• A family floater plan covers all the insured members under the same policy.

• Typically, the premium is decided based on the age of the eldest insured member.

• The sum insured is shared and it can be utilised by every insured member.

Senior Citizen Health Insurance

A senior citizen health insurance plan is typically designed for individuals aged 60 years or above. This type of plan is ideal for elderly members of the family who are more vulnerable to health challenges. The plan offers specific coverage depending on the needs of senior citizens, and the premium is based on the individual's medical history and age.

Group Health Insurance

A group health insurance plan is typically a type of medical insurance offered by employers or organisations to their employees. This type of health insurance, though, varies from plan to plan, but often comes with a limited sum insured and coverage. However, the insured has the liberty to add family members by paying an additional premium.

Note: Group health insurance offered by an organisation or the employer gets terminated as soon as you leave the organisation.

Specific Plans

Apart from the above-mentioned health insurance plans, which are designed to offer comprehensive coverage, some plans cater to your specific medical needs. Here are some specific health insurance plans that you should know about:

1. Maternity Health Insurance

• A maternity health insurance plan is a reliable option for pregnant women as it is designed to offer coverage for both prenatal and postnatal expenses. Depending on the type of plan, the insured can get coverage for all types of pregnancy-related treatments, newborn baby expenses, vaccination expenses, etc.
• Did you know that the average cost of delivering a child in private hospitals for urban areas is ₹20,328 and for rural areas is ₹14,778.1

2. Critical Illness Health Insurance

• Critical illness health insurance is an ideal choice for individuals who have a family history of critical illness or have been diagnosed with critical illnesses. The cost of treating critical illnesses is usually high due to the extensive care and treatment expenses. This is why a specific plan with a high sum insured is a smart option.
• Remember that health insurance companies typically offer a specific list of critical illnesses that are covered under the plan, along with the associated waiting period, which you must carefully evaluate.

3. Hospital Daily Cash

• This type of health insurance is a smart option to enhance the coverage under your existing health insurance plan, as it offers a lump sum amount every day till the time the insured is hospitalised. This way, the insured can easily cover the daily medical expenses that might not be otherwise covered in their existing health insurance plan.
• Remember that you can opt for a hospital daily cash benefit plan, either as a standalone health insurance policy or as a rider on your existing plan.

4. Personal Accident Insurance

• A personal accident insurance plan is designed to offer coverage against total permanent disability, partial permanent disability, accidental death, etc. Depending on the type of plan, the insured can receive coverage for medical expenses, loss of income, and compensation for daily hospital expenses, among other benefits.