5 min read
Updated on Sep 27, 2022
The recent situation that surfaced globally due to the grave Covid19 pandemic has accentuated the importance of having a health insurance policy for one and all. People who were not serious about health insurance earlier are now actively purchasing or renewing their health policies to be financially secure in case of a medical crisis.
Increasing number of people in India are now signing up for government health policies or purchasing individual health insurance plans. In this blog, we are talking about Personal health insurance plans and everything related to it, like features, benefits and more.
First, let us start with understanding the concept of individual health insurance.
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.
Here are some of the important features of Individual Insurance.
The Individual Insurance policy covers the following:
The Personal health insurance plan doesn’t offer cover for the below:
There are many ways of buying an Individual Insurance plan online. Here are the steps to follow for the same:
Yes, it is possible to avail cashless facility for undergoing treatment with your Individual Insurance plan. In this case, your payment for hospitalization would be done by your insurance agency who can directly pay to the hospital account. However, to avail this facility, you must ensure that the hospital you are undergoing treatment should be enlisted in the hospitals available in the network of your policy provider.
Yes, there is a waiting period in Individual Insurance policy. You need to wait for a period of 30 days after the start of the plan to be able to raise a non-accidental claim. Also, there is a waiting time of 1 – 3 years before you could claim against certain diseases and surgeries like joint replacement, bariatric surgery, cataract, arthritis etc. Further, for already existing diseases the waiting time before you could claim for the insurance is 2 – 4 years, depending on the policy.
Most health insurance experts are of the view that you should have a minimum coverage, which could be equal to half of your annual income. In the present scenario, a minimum amount of Rs. 10 Lakh is required to cover your medical expenses and to meet the expensive treatments available for surgery, covid19 and so on.
Important things to consider before purchasing an Individual Health Insurance plan:
In the present situation where covid19 and many other new viral diseases are on the rise, it is very important for every individual to have their health insured. Moreover, an Individual Health Insurance plan is also necessary for those who have major health issues, especially the elderly people. The best part about Individual Insurance is that the amount insured can be used exclusively for your own purpose and you don’t need to share it with other family members as in the case of other health insurances. Just make sure to do a detail comparison of policies before investing your money so that you can enjoy maximum coverage.
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