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Types of Health Insurance Plans Available in India

types of health insurance plans in india

Types of Health Insurance Plans in India

The expenses incurred by healthcare keep hitting the roof and it is not something that you don’t already know. Bump into any medical emergency, go to the hospital and the cloud of bills comes bursting on you which ends up making a hole in your dearly pocket. This situation is the foundational reason why health insurance is important. Once you decide to purchase a health plan, there appear a lot of factors in your way that need to be considered. One of such factors includes the type of health insurance that suits you. From an individual health plan to group health insurance, there are different types of health insurance plans in India. Read on to know about all of them.

Different Types of Health Insurance Policies in India

Here we have brought you a listicle with an introduction to the various types of medical insurance policies in India which will help you consider your options for a suitable plan.

  • Individual Health Insurance 

An individual health plan is one of the common types of health insurance policies in India that offers benefits based on an individual. But let us tell you that you can add members including your parents, spouse, children etc. for which you will have to pay an extra amount of premium. 

The insurance companies charge a premium per the age of each individual, their medical history and respective amount insured. If one of the insured individuals files a claim, it won’t make any difference in the sum insured of another individual. 

You can buy an individual health plan for yourself and your loved ones and get benefited with the amount insured on an individual basis. However, the premium in this plan is comparatively high, looking at the family health insurance plan. 

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  • Family Health Insurance 

A family health plan is yet another type of health insurance plan in India that offers coverage to all the family members. You can get a family health insurance to get coverage for your family members including your parents, spouse, children or any dependent members on a single premium. 

In this type of health plan, the premium is usually determined by the age of the eldest member in the family. When it comes to the coverage, there is not much difference between the individual health plan and this one. What is different here is that you pay only a single premium for a family health insurance plan.

This type of plan is the saviour of your pocket and your piggy bank if you want to get your loved ones insured and make sure their treatment doesn’t get hindered by any financial reason, in case any unforeseen medical condition occurs 

  • Critical Illness Insurance

A critical illness health insurance policy offers coverage for the treatment of daunting diseases including cancer, stroke, paralysis, kidney failure etc. Since the price one has to pay for the treatment for such illnesses is like a bomb, this type of health plan makes a good idea to back yourself with financial support in times of need.

You may need to visit multiple hospitals for the treatment of any of such diseases and then, there are tons of other costs including doctor’s consultancy, medicines etc. Thus, you can really count on this plan and get the sum insured that is used to get the medical costs covered. If you are opting for this plan, then make sure that you double-check the number of illnesses covered under it. 

  • Senior Citizen Health Insurance Plan

Senior citizen health plan is another important type of health insurance plans in India that is crafted for the individuals ageing above 60 years. Since the elderly people are more likely to fall prey to critical illnesses, the bills of medical treatment stay on the rise. This is what makes it ideal to get this plan for your parents and make sure that they get good medical coverage.  

This plan comes at the cost of a higher premium, given that the coverage benefits in it are quite extensive. However, the health insurance brings tax benefits which you can use to get the relief on the premium paid. 

  • Group Health Insurance

Group health insurance is a type of health insurance policy in India that is usually offered by an employer or an organisation to its employees. The coverage offered under this plan is restricted to a limited sum insured. This plan does not quite feature a slew of benefits. However, you can get the benefits extended for the family members under the same plan for which you need to pay an extra amount of premium. 

Know that extending the plan to others depends on the approval from your employer. Besides that, this health insurance policy gets wrapped up after you leave the company. A corporate health insurance plan is not recommended as a reliable source of coverage and it is better that you purchase a separate plan to have the medical emergencies covered.

  • Hospital Daily Cash Benefit Plans

This one comes with the coverage that is broken into a lump sum amount required every single day during hospitalization. The total sum insured is decided at the time of policy purchase and remains fixed. This plan works ideally to cover additional medical costs that are not there in a basic health insurance plan. Thus, you can get this type of health insurance plan as an add-on.

Types of Medical Insurance Plans: Summary

Now that you know the different types of health insurance plans in India, it should be easier for you to decide the type of plan you would like to get for yourself as well as your family. You can purchase an individual plan for yourself or a family health insurance policy in case you have children, parents, spouse or any other dependent member in the family. A critical illness health cover is ideal if a serious medical condition is threatening your or your loved one’s life and a senior citizen plan is perfect for taking care of your elderly parents.