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Different health insurance plans in India

Finance, insurance, Mediclaim

Health insurance protects you and your family from a financial crisis due to medical expenses in the untimely event that are injured or become ill. The awareness of buying medical insurance in India is growing. People have realized that opting for a medical insurance is a long-term investment. Medical insurance providers offer various types of mediclaim policies to tap this growing demand to lure their customers.

Health insurance comes with different riders, and advantages and hence there are so many variations to it. The insurance marketplace is very competitive. You must compare the best insurance plans available in India to end up buying the one that suits you and your dependents.

The types of medical insurance plans available in India are;

  • Individual health insurance policy – Also called as standard mediclaim policy is one of the simplest forms of insurance and is available for all health insurance companies. As the name suggests, this policy is crafted for individuals to cover hospitalization expenses up to the sum assured to the plan.
  • Family floater – this policy provides a cover to the whole family under one roof. This plan covers self, wife and two dependent kids in one policy. Some companies also allow parents or in-laws under the same plan. The plans are cheaper than individual insurance policies and offer wider cover at a lower premium.
  • Critical illness health insurance – Offers coverage only for critical illnesses. The highlight of the plan is that the insurer gets a lump sum amount as specified in the policy on being diagnosed with a critical ailment.
  • Senior citizen health insurance – Available for individuals above the age of 60. This policy has a high renewable age and a shorter waiting period and high premium.
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