Health insurance policy is one of the cost effective means of a copious healthcare security for every individual and his/her family. In addition, today, there are various types of health insurance plans and benefits available in the market. But which of the available health insurance plans is the right one for you and your family, can be a difficult question to answer.
As the list of health insurance policies available is a long one, in this article we will look at the types of health insurance. In the process, we would try to understand, which of these plans is apt for you
Primarily, there are three types of Health Insurance covers:
- Individual Mediclaim
- Family Floater Policy
- Unit Linked Health Plans
Individual Mediclaim: This is the simplest form of health insurance. As the name suggests, Individual mediclaim offers risk coverage to an individual towards hospitalization expenses. The premium amount is as per the value of sum assured value. In this type of health insurance plan, you can buy independent healthcare policies for each member of your family.
Family Floater policy: Family Floater plans are improved forms of healthcare policy. This policy is suitably adapted to safeguard the health of your whole family. Through family floater health insurance plan, you can avail maximum benefit for money spent.
Floater means a single sum insured can cover all members in the one policy and the sum assured is available to any one member or to all members in case of any eventuality during the term of the healthcare policy. Reliance HealthWise policy is a similar family floater policy which is the superior version of mediclaim policy and is extremely popular and beneficial.
The premium amount paid, in case of a family floater policy, is generally lower compared to individual health insurance for each family member.
Unit Linked Health Plans: Mediclaim plans through ULIP route is yet another form of health insurance. Many health insurance companies have introduced Unit Linked Health Plans. In such plans, you get health insurance along with investment.
Returns in such ULIPs definitely depends on stock market performance. In India, such plans are still considered as new and are still in development phase . Only experts who understand equity market movements can handle market linked products like ULIP and ULPP .
Hereby, every individual has the best understanding of his/her needs and accordingly has the best idea of the kind of insurance policy he/she would require. Thus, before you invest your hard earned money in any health insurance plan, ensure you list of requirements and turn your health insurance into an investment and not expense.