Given the rise in the cost of healthcare facilities, a Health Insurance Policy in India is the best saviour more than anything else. Various types of insurance policies are available to meet your needs on a medical insurance app. Let us look at the various types of health insurance available in India.

  1. Personal Health Insurance: Individual health insurance is a policy you can purchase to cover you, your spouse, your children, and your parents. This type of insurance policy pays for your medical expenses, such as hospitalisation for injuries and illnesses, surgery costs, room rent, daycare procedures, and more. Individual Sum Insured will be assigned to each Individual Health Insurance plan member. For example, if you purchase an Individual health policy with a sum insured of Rs.3 lakhs and cover your spouse, two children, and yourself, each person covered will have a sum insured of Rs.3 lakhs. However, it raises the premium significantly.
  1. Health Insurance for Family Floaters: If you want an affordable health insurance policy for everyone in your family, Family Floater Health Insurance is the way to go. A single Sum Insured floats for all members covered by a Family Floater Health Insurance policy. A Family Floater Health Insurance Plan is advantageous because the premium is lower than that of an Individual Health Insurance policy. This policy can protect you, your spouse, your children, and your parents.
  1. Group Medical Insurance: A Group Health Insurance policy is intended for a group of co-workers. So, if you own a business or a corporation, you should purchase such plans for your employees. It is a type of benefit provided to employees. As an employer, you can purchase coverage to increase employee retention.
  1. Health Insurance for Senior Citizens: Senior Citizen Health Insurance Plan available on the app for health insurance is a policy that is specifically designed for people over the age of 60. If your parents or grandparents are over the age of 60, this policy is a good fit for you.
  1. Health Insurance for Maternity: Maternity coverage is available as an add-on to the basic health insurance plan. All expenses incurred during the prenatal, delivery and postnatal periods are covered. This policy is recommended for newlywed couples or families who plan to have a baby in the coming years. It covers childbirth, infertility expenses, and new-born baby coverage for the first 90 days. The Maternity Cover has a two-year minimum waiting period.
  1. Critical Illness Coverage: The prevalence of lifestyle-related diseases is increasing. With this in mind, insurance companies have introduced the Critical Illness Policy.

This health plan is specifically designed for middle-class families and covers diseases such as:

  1. Cancer
  2. Stroke
  3. Failure of the Kidneys
  4. Paralysis
  5. Bypass Surgery for the Coronary Artery
  6. The initial heart attack
  7. Hypertension of the pulmonary arteries
  8. Multiple Sclerosis (MS)
  9. Aorta Graft Procedure

The Critical Illness Plan on the bajaj allianz mediclaim app will pay you a predetermined amount as soon as you are diagnosed with the disease, regardless of the actual cost of treatment.

  1. Supplemental Health Insurance: You can purchase a top-up policy if you need more coverage. But such plans come with a “Deductible” clause also known as the policy excess. In the event of a claim, the payment will be made in excess of the policy’s specified limit. For example, if you have a cover for Rs.15 lakhs with a deductible of Rs.3 lakhs, you will have to bear claims up to Rs.3 lakhs. The insurer will pay the additional amount. So, if you want more coverage than your basic health insurance policy provides, you can purchase this plan.

Selecting a suitable insurance policy is now possible not just online but also on the smartphone in your palm. Dedicated medical insurance apps are available that can be used.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.


Eve Nasir

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