It is no lie that a blooming economy leans heavily on good national health. However, healthcare can be an expensive affair. It is something not every family in India can afford. The cost of hospitalisation, medical tests, outpatient treatments, and other medical expenses slowly pile up a massive amount, which you have to pay out of your pockets. It may also be possible that some emergency knocks at your door without prior notice, making the situation more of a hassle when you need to arrange money in a short time.
And that is where medical insurance comes into the picture! What is it? And how does it help? Are there different types of plans available? Well, settle down! This article will answer all your queries and more and give you a walk of the best health insurance policy in India. So read ahead!
What is Health Insurance?
Health insurance is an agreement between a policyholder and the insurance company to compensate for medical expenses. It acts as a shield and protects you and your loved ones during hospitalisation and medical emergency.
Purchasing health insurance guarantees several benefits. For instance,
- It offers comprehensive medical coverage.
- It provides cashless treatment at network hospitals.
- It comprises expenses for domiciliary home treatment.
- You can access cumulative bonuses at renewal.
Types of Health Insurance
There are multiple alternatives in the market, making it perplexing to choose the best health insurance policy in India. So how to claim health insurance that is ideal and reasonable? For that, you must know and understand the types of plans available.
Individual Health Insurance Plan
Individual health insurance plan is for an individual only. You can claim the basic sum insured and receive the incurred amount during hospitalisation. It covers hospitalisation expenses against illness, injuries, surgeries, ambulance, daycare treatment, etc.
- The policy offers individual sums insured to the covered members.
- It ensures quality treatment for insured patients.
- Any person between the age of 18 years to 65 years can opt for individual health insurance.
Family Floater Health Insurance Plan
The Family Floater Health Insurance Plan covers the entire family in a single policy. All the beneficiaries share the insured sum. You can rest assured that the insurer will have your back in your time of need. However, you must keep your plan active even if you did not raise any claims to continue reaping its perks.
- Comparatively lower premium than other policies.
- It covers expenses against bed and ICU charges, doctor visits, surgery, daycare procedures, AYUSH treatment, etc.
- More than one person in the family can utilise the sum insured.
Critical Illness Insurance Plan
The Critical Illness Insurance plan promises financial protection if you are diagnosed with a critical condition or illness. The policy offers coverage against diseases such as paralysis, stroke, kidney failure, heart attacks, cancer, etc. The insurer typically pays a lump-sum payment when you raise a claim and terminates the agreement.
- It has a lifetime renewability feature.
- Multiple plans include complimentary health check-ups.
- The amount you pay to buy a critical illness plan is eligible for tax benefits.
Top-Up Health Insurance Plan
Top-up health insurance is a part of indemnity insurance. It provides extended medical coverage once you exhaust the current sum of your existing insurance or mediclaim insurance. It gets activated to provide financial support when your claim crosses the threshold limit.
- It replenishes the sum insured to a certain amount over and above your primary insurance plan.
- It allows you to pay a definite deductible amount.
- It enhances your overall financial security against various health-related concerns.
Mediclaim Health Insurance Plan
The Mediclaim health insurance provides financial protection in case of illness or an accident. The plan includes in-patient expenses like nursing charges, doctor’s fees, surgery expenses, anaesthesia, and oxygen, among other daycare expenses. It comes with a fixed policy period; hence you have to renew it to enjoy its advantages.
- You can exercise its benefits by paying a premium yearly.
- It offers cashless hospitalisation for self or the entire family.
- It is eligible for tax exemption under Section 80D of the ITA 1961.
Selecting the ideal and best health insurance policy in India is challenging, especially when tons are available in the market. It is advisable to research thoroughly and evaluate each policy to make an informed decision. You can also take professional assistance to narrow down and choose the best health insurance plan in India.
Niva Bupa Health Insurance gives a hand in ensuring that a medical emergency does not disrupt your happy life. It strives to impart knowledge about various medical insurance, guide customers with expertise, and furnish them with an array of services.
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