types of health insurance plans

Types Of Health Insurance Plans Online In India

The ever-rising healthcare costs and increasing lifestyle illnesses can bring stress and worry of the financial burden. To overcome these challenges, over the last decade or so, the insurance market in India has introduced new solutions in the form of different types of health insurance plans.  

Health insurance companies have taken proactive steps to cater to the various needs of customers. Whether the need is for health insurance products for women, senior citizens or the entire family; whether the requirement is to enhance an existing insurance policy or change it to another type, the insurance market is chockfull with options of types of health insurance plans

Do you often find yourself at sea with the different types of health insurance plans? Find it difficult to navigate these new developments? We’ll help you sail the ship with ease. Read on as we tell you all about:

  • Individual Health Insurance
  • Family Floater Health Insurance
  • Critical Illness Insurance
  • Senior Citizens’ Health Insurance
  • Top-Up and Super Top-Up Health Insurance Plans

INDIVIDUAL HEALTH INSURANCE 

Synonymous to its title, an individual health insurance plan provides coverage to only a single person. It is also called a personal insurance plan. 

Key features:

Premium: The premium for an individual health insurance plan is calculated by considering factors such as age, pre-existing health conditions, current health status, lifestyle and habits, family medical history, claims history of the insurance plan seeker, and of course, the sum insured. A high sum insured would cost more than a low sum insured.

Flexibility: Certain types of individual health plans offer the flexibility of adding new members to the existing plan. For e.g. spouse, parents or children.

Who should buy individual health insurance?

  • Those individuals who do not have dependents (spouse and children).
  • Individuals who are covered under a group health insurance provided by their employer must go for a personal health insurance, as the sum insured of the employer-provided plan may not be adequate. Moreover, a group health insurance plan does not provide tax benefits to the policyholder, whereas a personal health insurance plan would provide tax saving benefit.
  • Individuals who have family members with a wide difference in age must opt for an individual plan so as to pay lesser premium.
  • Individuals who are healthy or have a serious health issue should go for an individual plan, not a family floater.

Individual health insurance plans in India

PLANFEATURES
Religare Health Insurance Super Saver Plan 
  • Deductible Rs 10,000
  • Offers no-claim bonus
  • Organ donor treatment coverage
  • In-patient hospitalization up to sum insured
  • Pre-hospitalization (30 days)
  • Post-hospitalization (60 days)
  • Alternative treatment cover up to Rs 15,000 
Max Bupa Health Companion
  • Sum insured variants of Rs 4 lakh to 1 crore
  • In-patient hospitalization up to sum insured
  • Free health check-up once in 2 years
  • Hospital cash: up to Rs 1,000 per day
  • No-claim bonus 
Bharti AXA Smart Super Individual Health Insurance Plan
  • Organ donor treatment coverage
  • Domiciliary hospitalization cover
  • In-patient hospitalization
  • Pre-hospitalization (60 days)
  • Post-hospitalization (90 days)
  • Entry age: 5 years to 65 years 

FAMILY FLOATER HEALTH INSURANCE

Family floater insurance plans offer coverage to different members of a family under a single umbrella policy. Spouse, children, parents, and in some cases, extended family members such as siblings, grandparents and others, can be a part of the same health insurance policy. Family floater is among the most common types of health insurance plans preferred by insurance seekers.

Key features:

Premium: In family floater insurance plans, the cost of the premium is determined by the age of the eldest member part of the policy. The older the insured, the more the premium.

Flexibility: While some family floater plans have a cap on the number of members that can be a part of the policy and is limited to the immediate family members (spouse, children and parents), there are many family plans that allow extended family members to be a part of the policy.

Who should buy a family floater plan?

  • Those who have a large family should consider family floater insurance as each member can avail of a higher amount of coverage with a lower premium.
  • Those who have children, spouse and parents who do not have any serious ailments should go for a family plan, as the premium for such members is affordable and not high compared to policies that insure people with diseases.
  • Those who have a limited budget should opt for a family floater plan as it is comparatively cheaper than buying individual plans for each family member.
  • Those who have family members who have serious health issues like diabetes, cardiovascular diseases and cancer, should not opt for a family floater. 

Family floater plans in India

PLANFEATURES
Star Health Family Health Optima
  • Sum insured up to Rs 25 lakh 
  • Coverage for newborn baby
  • Air ambulance cover up to 10% of the basic sum insured
  • Bonus and additional sum insured 
Future Generali Health Suraksha Family Plan
  • Age group: 18 years to 70 years
  • Sum insured Rs 5 lakhs to 10 lakhs
  • Children 5 years to 25 years
  • Policy term: 1 year to 3 years
  • 4 plan variants – Gold, Platinum, Topaz, and Ruby 
Aditya Birla Activ Health Platinum
  • No upper age limit
  • Sum insured up to Rs 2 lakh to 2 crores
  • Up to 30% of annual premium can be earned as Health Returns
  • Critical and chronic illness coverage from day 1
  • 100% reload of sum insured in case of unrelated illnesses

CRITICAL ILLNESS INSURANCE

Critical illness insurance plans are specially designed to provide financial coverage against critical illnesses. Diseases such as cancer, diabetes, cardiovascular diseases, hypertension, kidney failure, and paralysis are included in critical illness plans. Usually, the sum insured for these plans is paid in lump sum by the insurer.

Key features

Premium: The premium for critical illness plans is usually on the higher end as the risks of life and high expenditures are more in the case of critical ailments.

Flexibility: Policyholders with critical illness are risky for the insurer and hence insurers are cautious when underwriting these plans. These plans usually have lesser flexibility for add-ons, compared to general comprehensive insurance plans. These plans do not cover medical expenses arising out of other health issues not related to the critical illness.

Who should buy a critical illness insurance plan?

  • Those who have a family history of critical and chronic illnesses must opt for critical illness insurance early on as it would come at a cheaper premium price.
  • Those who live an unhealthy lifestyle, a sedentary life and have poor eating and exercising habits should opt for critical illness insurance as it gives financial security and peace of mind.
  • Those who have elderly family members with chronic or critical illnesses must buy critical insurance plans for their family members, as it would reduce financial burdens off their shoulders.

Critical illness plans in India

PLAN  FEATURES
Aditya Birla Critical Illness Health Insurance Policy
  • Variants of 20, 50 and 64 critical illnesses covered
  • Sum insured up to Rs 1 crore
  • Lump sum payout on detection
  • Option for second e-opinion 
MaxBupa CritiCare
  • Covers 20 critical illnesses
  • Sum insured up to Rs 3 crore
  • 30-minute cashless claim process
  • Lifetime renewability 

 

SENIOR CITIZENS HEALTH INSURANCE

Senior citizens health insurance plans are specially designed for citizens above the age of 65 years. 

Key features:

Premium: The premium for senior citizens health insurance policies is usually higher considering the age of the policyholder and the health risks attached to their age. The probabilities of senior members utilizing insurance claims is much higher.

Flexibility: Senior citizens’ health insurance offers provide limited flexibility such as limited or no add-on facilities, no portability, and a cap on the age for renewability.

Who should buy senior citizens health insurance plans?

  • Those who have senior members in their family must opt for a senior citizens health insurance plan as it provides more benefits. Moreover, it is financially smarter to buy a separate senior citizen plan and not have them in the family floater plan.
  • Those aging individuals who do not have family and children to financially support their healthcare needs should buy senior citizens health insurance plans as a financial protection for their future needs.

Health Insurance Plans For Senior Citizens in India

PLANFEATURES
Bajaj Allianz Silver Plan
  • Sum insured: up to 5 lakh
  • Entry age: up to 70 years
  • Pre-existing diseases waiting period: 1 year
  • Day care treatment coverage: 130 treatments
  • Free health check-up: every 4 years
  • Cumulative bonus: 10%
Oriental Insurance 
  • Maximum age: no limit
  • Sum insured: up to 5 lakh
  • Pre-existing illnesses waiting period: 2 years
  • Waiting period: 30 days
  • Co-payment: 20%
HDFC Ergo Health Insurance For Senior Citizens
  • Entry age: no limit
  • Day care treatment coverage: all treatments
  • Critical illness coverage: ad-on available
  • Additional coverage: AYUSH treatments

TOP-UP AND SUPER TOP-UP PLANS

A top-up health insurance plan is just like an extra wheel stored in a car for when the need arises. Top-up plans provide coverage only after a certain amount called deductible is crossed. A deductible is a base amount, which is to be paid by the insurance holder. Any expense beyond the deductible would be paid by the insurer, which is called top-up. 

Top-up health insurance plans can be bought by employees who are covered under a group health insurance plan or those who have an existing plan and want to enhance its sum assured.

In the case of top-up, the deductible applies to every claim made during the policy period. In the case of super top-up, the deductibles are calculated on a cumulative basis. 

E.g. Arvind has a health insurance policy of Rs 5 lakh from his employer. He wants a sum insured of Rs 10 lakh so as to have sufficient security. Instead of buying a new policy of Rs 5 lakh, he buys a top-up plan of Rs 5 lakh to complement his existing health insurance plan. 

This means, the existing policy coverage will kick in only after Arvind utilizes the top-up of Rs 5 lakh in a single event of hospitalization. 

Who should buy top-up and super top-up insurance plans?

  • Those who have a family could opt for top-up and super top-up insurance plans. 
  • Those who want to be well prepared and are cautious could opt for top-up and super top-up plans, as these would take care of medical emergencies. 
  • Top-up and super top-up plans make sense when one is looking to supplement an existing health plan.
  • Individuals who have a group health policy from their employer could opt for a top up or super top up plan. This will also allow tax benefits to the insured. 

OVER TO YOU

With so many options for health insurance plans, there is definitely one plan that fits your bill. Whether you’re looking for an insurance policy for yourself, your parents or for your entire family, the Indian health insurance market is dynamic and vibrant with options for everyone. All you need to do is make a choice. 

FAQs: Types Of Health Insurance

What can I do if I am not happy with my health insurance policy?

If you are not satisfied with your existing health insurance plan, you can opt for insurance portability. Insurance portability is a service through which a policyholder can shift an existing policy to another insurance plan within the same company or another insurance company.

What documents are required to buy a health insurance plan?

Typically, insurance companies ask for these documents: ID proof such as passport, Adhaar card, drivers license; proof of age such as birth certificate, school leaving certificate; pre-policy health check-up in some cases; and address proof.

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