Sign In
For assistance with claim related queries in the CYCLONE affected regions of Tamil Nadu, Andhra Pradesh, and Kerala, please click here

Finding the Best Among the Rest: Different Types of Health Insurance Policies in India

‚Äč

The world of health insurance is like a muddy pool. You don't want to get into it nor can you see what's inside. It's difficult to understand one plan let alone understand the different types of health insurance policies. 

Or so they say. 

Health insurance is easy to understand if it's explained well. So, we've listed and explained each type of health insurance policy so that you can make the right choice. 

Different Types of Health Insurance Policies

No matter what stage in life you're in, there's a health insurance plan for you. Read the list below to find out which one suits you best: 

1. Individual Health Insurance

An individual health insurance plan covers one person under it. This could be yourself, your spouse, your children or one of your parents. This health insurance policy works best for any individual or family member that's yet to be covered for medical expenses and emergency hospitalisation. And it also works perfectly if you're an unmarried working individual who is yet to buy their first health policy. 

2. Family Health Insurance

In a family health insurance plan, you have the option to include every member of your household. That means your spouse, children, parents and even in-laws can be covered under one plan. In this plan, you have to pay only one premium amount to cover all your family members. This makes a family health insurance policy an economical choice compared to individual health insurance. 

3. Group Health Insurance Policy

, or Group Mediclaim Insurance, is a health insurance policy that companies offer their employees. It's usually a benefit extended to employees as part of the company's perks. If you or a family member works in a company that offers health coverage then you'll be automatically enrolled for it. Having a Group Health Insurance in addition to a separate Individual Health Insurance or Family Health Insurance is recommended. 

4. Senior Citizen Health Insurance Policy

A Senior Citizen Health Insurance is made for those who are nearing or in their retirement age. These plans have benefits that cater to the needs of people like our ageing parents or in-laws. It's wise to have this type of health insurance policy if you have parents or in-laws who are nearing retirement age. It'll save you from huge medical bills if they fall sick and need hospitalisation. 

5. Maternity Health Insurance Policy

This type of health insurance policy covers any expenses related to childbirth. Since hospitals charge high rates for delivering a baby, Maternity Health Insurance will help you deal with those expenses. A maternity plan is offered as an add-on to your standard health policy. Such plans also take care of pre and post-natal treatments for a defined duration too. If you're planning to start a family soon, don't forget to buy a health insurance policy with a maternity benefit. 

6. Top Up Health Insurance Policy

A Top Up health plan acts as a backup to your existing health insurance policy. If you find yourself in a situation where you exhaust your current health plan's Sum Insured then the Top Up Health Insurance will absorb any of the excess medical expenses. You should buy Super Top Up Health Insurance if you want that extra layer of financial protection. Moreover, a Top Up Health Insurance policy has its own set of benefits which will be like a bonus for you. 

7. Critical Illness Health Insurance Policy

There is a list of several illnesses that are considered life-threatening or critical illnesses. These illnesses may require multiple hospitalisations in addition to doctor visits and related medical expenses. Critical Illness Health Insurance‚Äč helps you tackle the financial burden that hits you if a critical illness hits you. 

Here is a list of a few critical illnesses:

  • Open heart replacement/Repair of valves
  • Coma of specified severity
  • Quadriplegia/Permanent paralysis of all four limbs
  • Total blindness
  • Kidney failure requiring regular dialysis
     

What is the Best Health Insurance Plan for You?

Now that you've seen the different types of health insurance policies, it's time to decide what's the best insurance policy for you. 

Look at the below list and find which category you find yourself in: 

For unmarried working individuals

If you're a salaried employee yet to be married, an individual health insurance plan will suit you best. Look for a Sum Insured between Rs.5-10 Lakhs with a Cumulative Bonus either as a base feature or add-on. If you don't have any pre-existing diseases and if age is on your side, then a longer waiting period for pre-existing diseases wouldn't hurt. 

For young couples (with and without kids)

If you're only a few years (or months) into married life, it's recommended to get health insurance coverage with a family plan. A family floater policy will protect both you and your spouse under one coverage amount and one premium. Opt for similar parameters as mentioned for unmarried working individuals. If you're planning for a child, make sure to include the maternity cover add-on. 

For parents

For parents nearing retirement age, you should take a health insurance plan that does not hedge on any of the hospitalisation benefits like no limit on room rent, plus includes useful add-ons like unlimited restoration of the Sum Insured. Opt for a shorter pre-existing disease waiting period and a higher sum insured. Critical Illness Health Insurance will also be useful to cover a list of potentially life-threatening diseases. 

Conclusion

The best type of health insurance policy for you depends on your age, number of dependants, pre-existing diseases and any other specific need you have like planning for a child. If you're able to zero down on what you need, you can easily find a good health insurance plan for you. 

Need help selecting a health insurance plan? Call us now on +91 22 4890 3009 (Paid) to find what you need.