A brief introduction to different types of health insurance available in India

An increasing number of people in India are finally realizing the significance of having a health plan. They have perceived buying insurance policies as a long-term investment and not pouring money down the drain. In order to cater to this growing need, online health insurance providers in India have come up with a plethora of policies to attract prospective buyers. Since there is a variety of health plans on offer, it is better to be aware of different types of plans available in India.

Individual health plans

These policies are meant for individuals as the name suggests. These plans are also known as 'Standard Mediclaim policy'. The hospitalization cost of individual policy holders is covered in these plans. The maximum amount will be the sum assured in the policy. For an example, if you purchase a health plan online with Rs. 3 lakhs sum assured, your insurance provider will pay you up to 3 lakhs as the medical costs in case you get hospitalized.

Family Floater plan

If you are looking for a single health plan in India to cover all your family members this plan would be perfect for you. Usually these plans cover the policy buyer, spouse and two children. Some modified plans also have parents and even parents-in-law included in one policy. Here are some features of this health plan that you should know;

• The sum assured in family floater plans floats among all the members of the family mentioned in the policy.

• The total sum assured can be utilized by any member of the family.

• More than one member of the family can use the sum assured in a particular year.

Critical illness health policy

In this type of health policy only the critical disease that is mentioned in the policy is covered. The insured person is entitled for a massive amount of money as stated in the policy regardless of the hospital expenses.

Senior citizen health insurance policy

These health plans are specifically meant for people above 60years of age. Some of the notable features of these policies include;

• The premium amount of these policies are higher than other plans

• These health plans come with higher renewal age

• The waiting period is shorter for most of these plans