5 min read
Updated on Sep 07, 2023
Health plans in India come in different variants. Each variant offers tailor-made insurance coverage for different needs. Let us explore the different types of health insurance plans available in the health insurance sector.
Let us first begin by understanding a little bit about the meaning of health insurance.
In simple words, health insurance is financial protection provided to an individual/family/group to help them deal with uncertain medical emergencies. A sudden hospitalization need can end up burning a hole in your pocket. This is where purchasing health insurance is a wise decision. It would take care of all unexpected expenditure for treatment of critical illness or during hospitalization.
Firstly, we can divide health plans into two categories – indemnity health plans and fixed benefit plans. Each category is then subdivided into different types. Let’s understand.
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Indemnity health plans are those types of health insurance policies which pay the actual amount of expenses incurred on medical emergencies. The maximum limit of claim is the sum insured.
These plans pay a fixed amount of claim irrespective of the actual expenses incurred. The fixed claim payable is mentioned beforehand and is paid if the claim is incurred.
Here are the sub-types of both types of health insurance policies:
Besides the above-mentioned types of health plans, group health plans are also available. These plans cover the members of an identified group. The most common example is the employer sponsored group health insurance plan taken on the life of employees.
Let us now take a quick look at whom these various health insurance plans are most suitable for:
|Type of Health Insurance Plan||Who is it Ideal For|
|Individual Health Insurance Plan||Individual/One Person|
|Family Floater Health Insurance Plan||Family members of policyholder (spouse, kids, parents)|
|Senior Citizen Health Insurance Plan||Elderly over 65 years old|
|Top-Up Health Insurance Plan||Policyholders who have a health insurance plan but its sum insured has been used up can top up the plan with this policy|
|Super Top-Up Health Insurance Plan||Similar to Top-Up plans but with a deductible limit|
|Disease-Specific Health Insurance Plan (Corona Kavach or M-Care)||Those diagnosed with health conditions that are a fallout of COVID|
|Critical Illness Health Insurance Plan||Those diagnosed with critical illnesses which may even result in death within 12 months|
|Hospital Daily Cash Health Insurance Plan||Those who require hospital expenses on an everyday basis, particularly during long-term hospitalization|
|Personal Accident Health Insurance Plan||Individuals|
|Mediclaim Health Insurance Plan||Those in need of expenses for treatment as in-patients during hospitalization|
|ULIPs Health Insurance Plans||Those interested in reaping dual benefits of insurance protection and investment returns|
|Group Health Insurance Plans||Suitable for group of employees working together in an organization|
Choose the suitable types of health insurance policies for your needs when you are buying health insurance.
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The 5 different types of health insurance plans in India are:
1. Individual Health Insurance Plans
2. Family Floater Health Insurance Plans
3. Group Health Insurance Plans
4. Senior Citizens Health Insurance Plans
5. Maternity Health Insurance Plans
Health and wellness is generally viewed as having 7 different areas:
# Physical health
# Mental health
# Financial health
# Environmental health
# Spiritual health
# Social health
# Vocational health
The 4 main types of insurance that every individual must consider investing in include:
1. Health insurance
2. Life insurance
3. Auto/motor insurance
4. Long-term disability insurance
Generally, all health insurance policies in India provide coverage to the insured for any pre-existing diseases after a waiting period that lasts between 2 and 4 years. In other words, this simply means that the insured can claim for hospital expenses only after the completion of 4 years of the policy with the said insurer.
Yes, there are short-term health insurance plans available with a validity of only 6-12 months. These short-term plans are designed to cover expenses related to ambulance charges, pre- and post-hospitalization, expenditure on organ donation, and such.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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