Individual Health Insurance Plans, Features, Coverage, Exclusions and Waiting Period

First, let us start with understanding what individual health insurance coverage is.

What Do You Mean by Individual Health Insurance Policy?

The medical coverage offered to a person on the basis of individual sum insured is called as Individual health insurance. As the name suggests, this policy can be purchased for individual purpose and thus needs to be bought for each member of the family separately. This policy allows the user to modify the coverage requirements as per his/her individual health requirements and not as per the needs of the family members.

Features and Benefits of Individual Health Insurance Policy

Here are some of the important features of Individual Insurance.

• It offers extensive coverage including hospitalization costs, pre-post hospitalization costs, ambulance expenses and much more.
• It offers solo coverage to ensure that the insured money can be used by you only.
• The individual insurance suits the elderly well who are at a greater risk of health.
• The policy offers highest sum insured of up to INR 1 crore.
• The policy also offers you the facility of purchasing add-on benefits like outpatient treatment assistance, cover for serious illness, maternity benefit and so on.
• With this policy the insured person can make many claims within a single year.
• It offers family discount for 1-2 members.
• The policy comes with renewal option for lifetime and allows you many tax benefits.

Individual Health Insurance Coverage and Inclusions with Personal Health Insurance

The individual health insurance coverage are as follows:

• Covid19 treatment expenses.
• Cost of availing daycare procedure with hospitalization where you get discharged within 24 hours.
• Expenses for in-person hospitalization.
• Pre/Post hospitalization costs.
• Costs for domiciliary hospitalization in case you avail the same.
• Cover charges for emergency ambulance on road service.
• Covers costs for organ donation.
• Precautionary check-up facility of your health.

Exclusions of Personal Health Insurance Plans

The Personal health insurance plan doesn’t offer cover for the below:

• Injuries inflicted by insured person by himself/herself.
• Costs for Dental treatment.
• Treatment for drug/alcohol abuse.
• Treatment for obesity.
• Treatment for infertility.
• Treatment for cosmetic surgery.
• Injuries caused due to participation in any unsafe sports.
• HIV AIDS treatment.

Ways to Purchase an Individual Insurance Plan online

There are many ways of buying an Individual Insurance plan online. Here are the steps to follow for the same:

• Go to the website of the insurance provider
• Click on the ‘health Insurance’ tab
• Submit your details – name, gender, age, phone number etc.
• Select the city you live in
• Now offer details of the diseases that you are suffering from or any history of treatment
• You will see details of different Individual Health Insurance plans on your screen
• Choose the best plan that suits your requirement
• Your policy will be issued in no time

Important things to consider before purchasing an Individual Health Insurance plan:

• Analyze your requirements depending on your health condition and make a list of coverage that you might need.
• While choosing the policy, check the hospitals enlisted with your insurance company. It is better if your insurance provider has a network hospital close to your location.
• Ensure that the plan you are willing to purchase offers affordable premium.
• Some of the health policies fix a sub-limit for some coverage. So, just ensure to go through the application sub-limits.
• Try to understand the claim procedure before buying the insurance plan. See if the terms are easy or complicated, and how many working days they take to settle a claim.
• Also, do check the ratio of claim settlement of the insurance provider you want to buy the claim from. Buy a plan from a company offering high claim approval ratio.