Modern healthcare has advanced rapidly, and hospitals provide us with elaborate medical care. But with better healthcare services, medical costs are also increasing by the day. With a health insurance policy, you can easily cover your medical expenses. But, with so many insurance plans on offer, it might get confusing regarding which plan to choose. Through this article, we attempt to clear a bit of the jargon and make it simpler for you-
The Different Types of Health InsuranceEvery insurance provider has many different health insurance plans available. Each plan has its benefits and caters to different needs. The most common types of health insurance plans are-
Individual Health InsuranceIndividual health insurance is meant for a single person. An individual health insurance plan entitles you to receive the hospitalisation and surgery charges incurred up to the basic sum insured. It is one of the simplest kinds of health insurance, and many consider it to be the best available option.
Definite Benefit PlansA definite benefit plan is one that compensates the insured with a lump sum amount on the event of a medical emergency.
Definite benefit plans are of three types-
Critical Illness PlanThis plan is designed for specific illnesses like Cancer, Stroke, Organ transplants etc.
Personal Accident PlanThis type of insurance policy covers the driver against any accidental injury/death.
Hospitalization Cash Benefit PlanIn hospitalisation cash benefit plans, the insured is paid a cash amount daily, apart from the hospitalisation expenses, up to a certain limit.
Family Floater PlansIf you want to opt for health insurance plans that cover for your whole family, family floater plans are the way to go. These health insurance types provide protection to your entire family, and any member of your family can claim hospitalisation and surgical charges.
Unit Linked Health Insurance PlansUnit-linked health insurance plans are a mixture of both insurance and investments. Here, a part of the amount paid as the premium is invested while the remaining amount is used to buy a health cover. This invested amount helps you earn a return on the investment at the end of the policy period.
Types of Health Insurance and YouEvery health insurance provider has many types of health insurance plans. Apart from the ones mentioned here, insurance providers can add extra features to their plans to make them more attractive.
Health insurance is necessary for all of us to have a life without worrying for sudden medical expenses. However, it is essential for you to go through the various features and clauses of any insurance plans to select the plan best suited to your needs.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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