Health Insurance is a good plan that everyone should opt for at least once in their lifetime. If you are worried about your health and dealing with financial expenses, then you should scout for it in need. But did you know that this policy is a massive field? Yes, not only numerous insurance companies provide this policy to you but various categories fall under this policy too. If you do not know about them, let us help you take a look right away.
Generally, there are two types of health insurance plans available in India. These are indemnity insurance plans and defined-benefit plans. But don't worry. There are several categories for you to tailor your shopping approach in no time.
Indemnity Health Insurance
These are the traditional expenses of hospitalization that are responsible for covering your medical expenses. It has many categories under it.
1. Mediclaim Insurance
When you fall ill and receive hospitalization assistance, whatever facilities are covered fall under the mediclaim insurance; whether you consider the nursing charges, doctor's fee, oxygen, and more, all of them come under this category. Thus, this health insurance plan can be helpful to you.
2. Individual Insurance
The insurance policy that is availed to a single person where the hospitalization expenses are only covered for them is called individual insurance. With this policy at hand, anybody covered under this plan is the one to receive the sum insured.
3. Family Floater Plan
Opposite to what the individual insurance offers, a family floater plan allows you to get your entire family covered under the same plan. So, you do not have to worry about opting for an individual insurance policy for everyone. This best health insurance in India is also available at Max Bupa, where you can get this at a nominal rate. So, why keep waiting? Grab it today.
4. Unit Linked Health Plans
These plans are more interesting than the others. In this type of health insurance policy, one gets to make investments and receive insurance simultaneously. So, as an individual, you can choose according to your budget and preference. Either way, you will receive several benefits. The premiums here are used in the stock markets too. So, the returns you receive are based on the market performance.
5. Group Mediclaim
The best health insurance policy is one that allows insurance for everyone without costing a fortune. Group mediclaim could be a primary part of it. This type of insurance policy is coming to the rescue as it offers insurance to the employees of any company. As an employee, this could come in handy for you and secure your financial and healthy future forever.
Defined-Benefit Plan
This is the type of plan where the policyholder receives compensation when they are diagnosed with the illness. So, they can use the money in any way they wish to use it. Generally, it has three categories under it.
1. Critical Illness Plan
When anyone is diagnosed with a critical illness, this plan can come in handy. Treating these illnesses can be costly. Thanks to insurance companies that they compensate for it.
2. Personal Accident Plan
Anyone, whether an owner or a driver, is covered under this plan. So, if you meet with an accident, you will be provided a lump sum as compensation for your accident.
3. Hospitalisation Cash Benefit Plan
Under this plan, the cover is paid using a daily allowance amount available to a specified limit. But this does not include any hospitalization expenses.
The Bottom Line
These are the various types of health insurance plans available in India. Make sure you scout for the best one without enough hassle.
